If you've been in the payment processing industry for a while, you would have realized that the development of fintech software or apps from scratch can be a dauting and expensive task, especially for a business that has just entered the market. This is the reason why most financial institutions count on a White Label Fintech Platform to leverage out-of-the-box white label payment gateway solutions.
What is a White Label Fintech Platform?
A White Label Fintech Platform can be described as a seamless payment processing solution provided by a white label provider. It is unbranded to a reseller who integrates its branding and then sells the access to the app as if it was developed by it.
The primary purpose of a White Label Fintech Platform is to offer seamless online financial services while making use of innovative products from white label providers specializing in Fintech products. For instance, a Fintech company may decide to adopt existing application programming interface (API) from a bank or a white label provider as the primary base to sell its financial products and/or services. In simple words, the Fintech company may utilize existing apps to put together its final branded financial products and/or services instead of creating a financial product from the scratch.
Let us simplify the concept of white labeling further. Have you ever come across grocery stores that deals in goods with their name at slightly lower prices than other products at their stores? That's a good example of white label products. Do you know the concept of a ghostwriter where a book is written by an author but all its credits go to a completely different person? That's another example of white label products.
Instead of creating best-sellers on their own, white label companies focus on creating apps, software, and programs.
Ideally, the final delivered product must be reliable and in line with expectations of the target audience. Also, it must be innovative, scalable, intuitive, and futuristic to meet and exceed the evolving expectations of consumers.
The companies that usually benefit from white label payment gateway solutions are fintech startups, banks, financial institutions, retailers, insurance and eCommerce companies, and telecom companies. They are also embraced by companies that deal in mobile payment solutions and peer-to-peer lending.
If you're thinking of boosting the revenue of your business through a seamless White Label Fintech Platform to leverage out-of-the-box white label payment gateway solutions, the following benefits may be of great interest to you.
Why Choose A White Label Fintech Platform?
- Significantly reduces the time-to-market
- Robust payment processing and fraud detection capabilities
- Best in-class security and state-of-the-art infrastructure
- Fully brandable product to suit specific business requirements
- Reduces cart abandonment rates
- Significantly enhances ticket sizes and conversions
- Compliance with local and federal regulations
- Saves businesses from extensive costs of software development, R&D, and testing
- Accommodates business growth without major system overhauls
- Great UI/UX experience to deliver streamlined, frictionless buying experience
- Supports integration with most payment systems
- System updates and maintenance handled by service providers
- Characterized by unmatched customization
- Ideal for companies that don't have the resources to create products independently
- A ready-to-use product that is time-proven, already tested, and not error-prone
- Ready-to-go white label fintech platform improves brand awareness, recognition, and acceptability
- Complete control over pricing, marketing, and distribution
Let us have a close look at some interesting white label banking market statistics.
- The global white label banking market is expected to grow at a Compound annual growth rate, or CAGR, of 10.6 percent from 2021 to 2028.
- 89 percent of banking executives surveyed believe white label banking market is a gamechanger.
- The global white label banking market is expected to reach US$5.1 billion in 2023, compared to US$1.6 billion in 2020.
Conclusion
A white label payment gateway solution allows businesses, especially small and medium enterprises (SMEs) and startups, to tap into the expertise, products, and services of industry experts while remaining fully compliant with all relevant regulations. This helps them gain uninterrupted access to a ready-made fintech white label product that matches their unique business needs and brand.
If you're looking for a reputed provider of seamless white label payment gateway solutions, you can count on ITIO to deliver innovative customer services to your customers. ITIO has been helping financial institutions and other businesses across the globe to successfully leverage the concept of white label payment gateways to scale their business to effectively address specific market needs and extend their product portfolios.
Embark on your fintech journey with the industry leader. Get in touch with ITIO now to start your own payment gateway business.
