Business without growth is not business, but money wasting. Therefore, one of the main tasks for business owners is always to provide different ways of development and growth. One of the ways is white labeling. The white-label payment solution may become the turning point in business, leading to revenue increase, expansion, and higher conversion rates.
Here, we will discuss the actual advantages of the white-label solution and the specific steps for choosing a trustworthy white-label payment provider.
How does white-label payment work?
The secret to expanding the geographical reach and engaging new customers is to provide as many payment options as possible. The white-label solution is the key to implementing the payment infrastructure, including payment methods that are easily adaptive to the brand itself. Let's now dive into the white-label work process. The actual steps include:
- Connecting a white-label payment processor;
- Setting up the payment solution;
- Adding the payment methods and optimizing payments;
- Processing payments.
White-label payment platform benefits
The list of the top benefits of choosing a white-label solution includes:
- Optimization of business processes;
- Increased number of successful transactions;
- payment security;
- Analytics
Moreover, businesses of various scales, from large to small, appreciate another notable advantage, such as ease of business scaling. Due to the new opportunities a white-label solution opens to a business, it's now easier to expand the brand and enter new markets.
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How does a white-label solution affect the conversion rate?
It's not a secret that a white-label solution is also an effective way to increase conversion rates. But how exactly does implementing this payment solution help to grow in sales?
- Providing a wider variation of payment methods
A modern customer really appreciates the lack of boundaries, especially regarding e-commerce. Offering a wide selection of payment options, such as digital wallets and crypto payment gateways, proves your online brand's inclusivity.
- Ensuring a simple process of order placement and payment
The experience of placing an order and paying for the purchase must be easy and almost effortless. The more complications and extra steps in the transaction process – the lower the conversion rate will be.
- Increasing brand recognition
The payment identity is one of the needs for a modern e-commerce brand aimed at growth. The white-label solution provides tons of instruments and strategies to create a unique payment identity.
How to choose a white-label payment provider?
There are a few factors that can help you find a perfect white-label payment provider, including the following:
Available payment methods
Payment providers can be considered suitable for your business only if the list of available payment options is suitable to the business requirements and market of operation.
Following the industry standards
If the provider complies with the PCI DSS standards, you can definitely consider it safe and secure. These standards are the key to reliable user data security and protect the funds of the card owners.
Offered features
Each business is unique, needing its own special elements. Therefore, paying attention to the features offered by a provider is important. These features may include fraud detection systems, tools for analyzing customer behavioral traits, automated reporting, personalized support, etc.
Costs
Signing up for the white-label solution is usually offered on a daily basis. Also, it's common in the industry for providers to offer different service packages to different companies, considering the unique requirements of the brand.
Conclusion
Summing up, a white-label solution is the way to expand the range of supported payment options. In addition, a brand will have a chance to increase customer trust and loyalty.