Every year, the popularity of payment solutions is growing rapidly, and it is easy to see this in the market volume. Unfortunately, with large sums of money at play, it’s essential to be vigilant about potential fraudsters.
With losses from online payment fraud due to exceed 350 billion U.S. dollars over the next five years, according to a 2023 study from Juniper Research, the time for action is now. However, many companies are hesitant to develop their own card payment solutions into their business and continue using well-known banking institutions’ services. They mistakenly assume that proprietary card issuing platforms cannot provide the proper level of information and transaction security. Whether this is the case, let’s consider in this article.
What are card issuing solutions for business and their benefits
A card payment solution is a multifunctional platform with many software tools for issuing your card product for clients or managing your company’s expenses. Such solutions have a lot of advantages:
- Avoid extra costs for own production and licensing;
- Allow issuing cards of any type and purpose;
- Help to focus on achieving business goals and not think about the technical part of a solution;
- Allow for the management of expenses and the prompt adjustment of the budget.
With its own payment card solution, a business is independent of the whims of banking organizations. At any moment, it is possible to issue unlimited virtual and physical cards.
What is the White-Label card issuance platform?
Now that you know about the advantages of your card-issuing solution, you know that it also has significant disadvantages. It is not enough to create a program; you need to take on a lot of legal, organizational, and financial tasks. To develop the platform, you need to engage high-end specialists and make significant investments at the initial stage. You must create the infrastructure from scratch and ensure its further maintenance.
Indeed, it is a very time-consuming and expensive process. It is much easier to use a platform for issuing white-label cards. Wallester provides a full stack card issuing solution and enables customers to launch their own branded VISA card program, create a customizable mobile app, or integrate services through REST API rapidly and cost-effectively. The provider undertook all organizational, legal, and financial issues regarding the creation of this platform. The client pays a certain implementation fee for its use and receives the following benefits:
- High speed of launching a new product: The client can save time and effort to create the platform. Already a few days after signing an agreement with the provider, the business starts issuing cards, processing transactions, and making payments;
- Low costs: The provider bears all costs for building the infrastructure, software development, and maintenance. The client pays a specific tariff for the use of the service monthly, or in some packages, it is free;
- Individual customization: Each client can customize the solution for his brand, combine it with already used programs, choose tools and services to meet the needs of their business;
- Generating additional income: White-label payment solutions can not only be used independently but also sold to other users, earning a profit;
- Increasing brand awareness: Visa cards with their design can be issued through the platform. In this case, they will have all the options and features available for popular cards, and their design will be exclusive, made in corporate or individual style. Such cards attract attention and increase brand recognition and loyalty of employees, partners and clients.
The main advantage of the white-label card issuing platform is that the provider is responsible for the security of the card’s use. It handles functions such as risk management, fraud prevention, legal compliance, and various other security-related options.
Security measures of Wallester’s White-Label solutions
Right now, there are a few major concerns related to the security of digital corporate finances. Some of them are:
- Identity theft: The card-issuing platform stores sensitive data about a company’s employees and corporate spending. Their theft can lead to significant financial losses;
- Phishing and cyberattacks: These are fraudulent methods of taking over customer data that involve installing malicious software or disclosing credentials;
- Regulatory non-compliance: Failure to comply with established payment system regulations can result in significant fines or loss of reputation;
- Technical vulnerability: Since technology is not standing still, it is crucial to improve software protection methods constantly. Failure to do so increases the likelihood of unauthorized access to a company’s finances;
- Human factor: Average users only sometimes know which passwords are more secure and how to manage access rights properly. Because of their illiteracy, they open the door for cybercriminals.
The developers of the Wallester card issuance platform paid particular attention to studying the issue of cybersecurity in corporate finance. They assessed all the risks and possible problems, so they used all their knowledge and skills to protect the solution from any cyberattacks and fraudulent actions reliably. To ensure the security of payments and customer data, the Wallester platform utilizes the following methods and tools:
- Encryption: Multi-layered cryptographic protection guarantees the security of any data. Even if an attacker somehow gets hold of vital information, they will never be able to decrypt it;
- Access control: You can manage access to critical financial information on the platform. Authorization can be configured, and different access rights can be granted depending on the role in the company or the duties performed;
- Monitoring and detecting fraud: Wallester monitors all transactions and detects and prevents fraudulent card activity. This vigilance significantly reduces the likelihood of financial loss;
- KYC/AML compliance: The provider fully supports all regulations and international anti-money laundering rules.
Every year, fraudsters develop new methods of deception and seizure of other people’s funds. Hence, the constant development and modernization of the technical base is a critical point in ensuring security. Wallester constantly modernizes and improves its platform in security matters. The provider also pays special attention to improving its customers’ cyber literacy. Realizing that education and security awareness play an essential role in achieving it.
Conclusion
A proprietary card payment solution allows businesses to respond quickly to market changes and settle accounts with customers, partners, and suppliers much faster. To launch your card program, you don’t need to spend much time and money on developing special software; using Wallester’s white-label card-issuing solution is much more profitable. Here are more reasons why:
- You don’t need to create infrastructure, modernize and maintain it yourself;
- You can issue cards of any purpose and type, both physical and virtual;
- Any number of transactions can be processed simultaneously by the platform, no matter where in the world they are made;
- The card program is managed directly through the platform and has both holder and client accesses;
- Physical cards can have individual designs;
- Customized branded Mobile App;
- The platform adapts to the needs of business in any niche;
- It has a large arsenal of built-in features for analyzing and managing transactions;
- Easy integration with any software already used by the company.
However, its security is the main advantage of Wallester’s card issuing platform. To ensure it, the provider uses modern encryption methods, constantly monitors transactions, uses modern security protocols, and complies with all regulations and international standards. Such platforms are the future of corporate finance, combining ease of use and maximum security.
