How does White Label Card Issuing Solution help your business? Detailed analysis from Fintech-Startup Wallester

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Fintech businesses of all types and sizes are under enormous pressure to innovate and evolve all aspects of their operations. From expense management to employee compensation to embedded financial digital services – the bar continues to get higher.

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Businesses struggle to divide resources between managing the business/coming up with new strategies and the enormously time-consuming, work-intensive, and investment-heavy task of developing new products and services.

Introducing Wallester – an innovative fintech payment solutions provider. Wallester has been an official Visa partner since 2018, currently holding the statuses of Visa FinTech Fast Track Member and a Visa Principal Member. This partnership enables Wallester to issue official VISA cards of all types, whether physical or virtual, including debit, credit, prepaid, business expense and employee cards.

In line with modern banking practices, Wallester’s solution also integrates with digital wallets and payment solutions, like Apple Pay, Google Pay, Samsung Pay and others.

CEO, Founder and Chairman of the Management Board Sergei Astafjev as well as COO and Member of the Management Board Dmitri Logvinenko are two of the driving forces behind the development of Wallester in pursuit of its mission. In his own words, Sergei is “proud to be leading the company as we provide innovative, secure, cost-effective card payment solutions for all kinds of business.”

“We have complete confidence in our built in-house unique platform. Our technology is scalable and allows us to add additional exciting features for our business partners. There are many companies – and eventually people – across the World that we can help and are looking out for us! For the long-term, we are thinking globally.”Sergei Astrafjev.

According to Dmitry, “We’ve been building this platform for five years, ensuring that we offer the right technology to our business partners. Other issuers built their technology when virtual cards didn’t exist, while we built our technology when virtual cards and real-time cards were something everyone used daily. Now, we provide all the tools for big and small issuers, including back-office portals, mobile apps, and the API.”

Below, we’ll look at the Wallester White Label card solution in more detail and what it offers businesses.

 

What is a White Label Card Issuing Solution?

Simply put, this is when a third-party payment solutions provider issues businesses with ready-made cards that can be used in a variety of innovative business models. For example, crypto exchanges offer debit cards for customers to spend their crypto funds. Or payroll cards for gig economy employees and contractors, like Uber drivers, food couriers, etc.

Usually, it would be a very complex and intensive process for businesses to create and issue their cards. The more financial products or services they want to offer through their cards, the more difficult it would be. Not only do you need to create and brand the actual cards, but you also set up the behind-the-scenes financial infrastructure. The cards also need to integrate with your in-house financial or accounting systems, whether physical or virtual or both.

A white-label card solution takes care of all these technicalities, offering companies a turn-key, out-of-the-box solution. However, at the same time, they can issue card solutions that adhere perfectly to their brand.

For example, by using business.wallester.com, businesses can use the platform to issue self-branded Visa business cards effortlessly. In doing so, they leverage the existing infrastructure and capabilities of the Visa card network for their business needs.

These cards can be used for a variety of purposes. One of the most common is to issue salaries in the form of pre-loaded payroll cards. However, they can also be used to transfer funds in banking, loan   services, or even niche markets like travel agencies.

As a white-label service, cards can be branded according to the business that plans on using them. Whether a client, customer, partner, or employee, your card solution will be tightly bound to your overall brand.

Wallester’s White-label solution is focussed on providing businesses BIN sponsorship and personalized branding. Basically, the ability to build your own financial product or service. However, for those looking to adopt a ready-to-use fintech solution to power the business Wallester also offers Wallester Business.


What are the Benefits of the Wallester Business product for Your Company?

Wallester Business is a ready-made payment solution for companies of different types and sizes. It allows the issuance of corporate cards with individual limits and integrated accounting services to help efficiently control corporate finances internally.
Wallester2

In line with modern banking practices, Wallester’s solution also integrates with digital wallets and payment solutions, like Apple Pay, Google Pay, Samsung Pay and others.

CEO, Founder and Chairman of the Management Board Sergei Astafjev as well as COO and Member of the Management Board Dmitri Logvinenko are two of the driving forces behind the development of Wallester in pursuit of its mission. In his own words, Sergei is “proud to be leading the company as we provide innovative, secure, cost-effective card payment solutions for all kinds of business.”

“We have complete confidence in our built in-house unique platform. Our technology is scalable and allows us to add additional exciting features for our business partners. There are many companies – and eventually people – across the World that we can help and are looking out for us! For the long-term, we are thinking globally.”Sergei Astrafjev.

According to Dmitry, “We’ve been building this platform for five years, ensuring that we offer the right technology to our business partners. Other issuers built their technology when virtual cards didn’t exist, while we built our technology when virtual cards and real-time cards were something everyone used daily. Now, we provide all the tools for big and small issuers, including back-office portals, mobile apps, and the API.”

Below, we’ll look at the Wallester White Label card solution in more detail and what it offers businesses.

 

What is a White Label Card Issuing Solution?

Simply put, this is when a third-party payment solutions provider issues businesses with ready-made cards that can be used in a variety of innovative business models. For example, crypto exchanges offer debit cards for customers to spend their crypto funds. Or payroll cards for gig economy employees and contractors, like Uber drivers, food couriers, etc.

Usually, it would be a very complex and intensive process for businesses to create and issue their cards. The more financial products or services they want to offer through their cards, the more difficult it would be. Not only do you need to create and brand the actual cards, but you also set up the behind-the-scenes financial infrastructure. The cards also need to integrate with your in-house financial or accounting systems, whether physical or virtual or both.

A white-label card solution takes care of all these technicalities, offering companies a turn-key, out-of-the-box solution. However, at the same time, they can issue card solutions that adhere perfectly to their brand.

For example, by using business.wallester.com, businesses can use the platform to issue self-branded Visa business cards effortlessly. In doing so, they leverage the existing infrastructure and capabilities of the Visa card network for their business needs.

 

  1. Corporate expense cards: Issue physical or virtual cards with a full-fledged IBAN account.
  2. Expense controls: Monitor transactions and spending in real-time and set individual card limits.
  3. Payment approvals: View and approve purchase requests from employees at any time.
  4. Media buying: Conveniently and quickly issue virtual cards for purchasing online advertising or marketing campaigns.
  5. Invoicing: Invoices can be uploaded via the app and will be consolidated for centralised accounting.
  6. Budget management: The integrated accounting services allow you to easily manage your corporate card solution budget alongside the rest of your business finances.
  7. Reports: The Wallester platform provides detailed, visual graphs and breakdowns of all corporate expenses.

 

Wallester Business can easily integrate with your existing systems using the powerful, developer-friendly API. The companion mobile app makes it effortless to manage all company expenses from a central system and disseminate that information to employees, the finance team, managers, etc.

A profile can be created for each user/employee, and access can be controlled by setting account-level permissions.

While using a Visa-issued card, both your company and employees can enjoy Visa Platinum benefits. That includes benefits like lounge access at over 1,000 locations worldwide, customer support, and special offers at spas, shops, and restaurants. Not to mention discounts at over 900 hotels across the globe.

Let’s take the retail industry as an example. You can issue physical or virtual employee expense cards. Goods supply managers can be authorised to use cards to purchase stock when levels are low – within predetermined levels. Payroll cards can also be issued quickly and flexibly as employees come and go and topped up at the end of the month according to the number of hours/shifts worked per employee.

 

Conclusion

Wallester White Label card issuing solution helps businesses solve several existing challenges. At the same time, the pioneering technology sets companies up for further innovation regarding their payroll systems.

By offering a turn-key, ready-made White label card Wallester will drastically bring down the lead time, complexity, and resource investment needed for businesses to revolutionise their payment systems.

Photo Source: https://unsplash.com/photos/VvAcrVa56fc

Photo by Austin Distel on Unsplash

 

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