Is your business still using standard bank cards with a typical design? Then you are missing a great opportunity to boost your marketing efforts and tell the world about your brand. These are the benefits of white-label card issuing, which fintech startups, e-commerce platforms, retailers, restaurant chains, and other companies actively use today. Providers like Wallester allow you to issue cards for your customers and employees, for example, for payroll or corporate expenses.
So, how to start the process of white-label card issuing, and how to get a finished product? To answer this question, we have prepared a short step-by-step guide based on the example of Wallester services.
The Agreement — Signing on the Dotted Line
Nothing is more valuable in the business world than a brand, image, and reputation. So, before you begin cooperation, you should confirm your willingness to enter into an agreement by signing a Letter of Intent (LOI). This is the first step to partnership — consider it a kind of “handshake” when you first meet a company representative.
You will also need to choose a payment plan and enroll in a subscription model that covers the ongoing maintenance of your white-label card program. This step is mandatory because cooperation does not end with the release of virtual or physical payment instruments — they still require ongoing support.
Due Diligence — The Necessary Paperwork
This phrase may sound scary, but don’t worry. No one is forcing you to sit in a receptionist’s office for hours, fill out endless forms, and collect huge packages of documents. Today, the process of company acquaintance before white-label card issuance is carried out digitally. You submit information about your business, accounts, and compliance with local regulations online.
Actually, there is still plenty of bureaucracy in this process. But it is a necessary evil because the financial sector is complicated and has many rules at different levels — regional, national, and international. Moreover, protection against fraud and anti-money laundering is still essential.
Product Customization — Making the Card Yours
Fortunately, the most boring stage is followed by the most exciting one. When ordering a Wallester white-label card, you can personalize it by choosing the perfect image for it. It’s not just about adding a logo to a standard design. You can choose and modify a ready-made template, offer your version, or order a development service from a provider — the choice is yours.
But the card design is only half the battle. You can also determine how it will work! Choose between a credit, debit, prepaid, or bonus card, add cashback and other rewards, set limits, and regulate transaction rules. However, remember that your decisions directly affect the user experience, so make an informed choice.
Technical Integration — Time to Call in the Tech Team
At this point, you cannot do without a reliable provider. VISA, MasterCard, and other payment systems are highly scrupulous about checking their counterparties, so contacting them independently can start a process that will take months and not guarantee the decision you need. But this is where white-label card issuing providers like Wallester come into play. They are trusted partners of payment systems, so their applications are accepted automatically.
When you turn to Wallester, you also take all the technical burden off your shoulders. Wallester’s dedicated team manages the integration with your existing systems, setting up everything — from API connections to the VISA approval process.
Compliance Checks — Crossing the T’s and Dotting the I’s
To make your planned card program a reality, you first need to prove that you will use it only for legitimate purposes for the benefit of society. To do this, you must go through anti-money laundering (AML) and Know Your Customer (KYC) checks.
Inspections by regulatory authorities may also seem like something scary and unpleasant. But even in this case, Wallester has got you covered. The provider will ask you for the necessary information and fill out all the required forms for you, ensuring you get a quick permit. It will also take care of the ongoing monitoring, so you won’t have to constantly watch over every single detail.
Pre-launch Testing — Let’s Make Sure It Works
Even in the near-perfect world of fintech, there is still room for error. It would be very unpleasant if some mistakes ruin the presentation of your product and undo all the efforts you’ve put into it. Therefore, before launching, it is necessary to double-check all systems in a controlled environment as close to reality as possible.
The provider’s specialists will perform test versions of all possible transactions — even erroneous and theoretically impossible ones. They will make sure all functions are working properly and the security system monitors potential violations.
Go Live — Launch Day is Here!
The day has come! Your card program goes live, providing customers and employees with additional benefits, as well as promoting your company’s brand. But that doesn’t mean you can take a step back and rest on your laurels. You must conduct constant monitoring to ensure all technical, administrative, and legal processes in the system are correct.
It’s quite a challenge even for large companies, let alone young startups. That’s why the best choice for white-label card issuing is to work with reliable partners like Wallester. Their support will help you make sure your program stays compliant with any changes in regulations, technical glitches are fixed, and your business continues to benefit from new features and improvements.
