Nowadays, prepaid cards allow people to have direct and fast access to their money, yet they do not have to be carrying any cash around. There are a few options for companies to choose from when they plan to issue prepaid cards to employees, customers, or others.
One of the options is white labeling. The process goes like this:
- One company develops a product, for ex. a prepaid card
- The use of that product is sold to another company
- That second company puts its branding and logo on the product.
The pro of this approach is the fact that a company does not need to build a card from scratch. Meanwhile, it can take advantage of using reloadable prepaid cards.
Advantages of white label prepaid cards
Using the white label method of issuing prepaid cards has many benefits. To illustrate, here is a list including some of the advantages:
- Easy setup
White label prepaid cards save your company efforts and time because you do not need to research the best strategy and technology to bring the product to the market. You only put your logo and the rest of the product is created by another company.
Prepaid cards can be customized when it comes to color and design. Moreover, you can also define who is able to use the cards: customers, contractors, employees, etc.
- An additional stream of revenue
The fees always depend on the settings put into the prepaid cards. For example, your company can receive a percentage from every sale and get the fee that was charged when a cardholder used the ATM. These opportunities represent an additional source of revenue.
- Optimized payroll
Your company can save a lot of money and time thanks to prepaid cards because they really streamline the payroll process. This characteristic especially applies if a business has a large workforce. Once the prepaid cards are connected to employees’ earnings, the process becomes automated. In addition, no extra money spent on paper checks.
- Higher customer loyalty
Prepaid cards can be a way of offering customers rewards like cashback and bonus points. Thus the customer is motivated to choose your company among others and builds personal loyalty to the brand.
Are you already thinking of offering prepaid cards to your employees or customers? Are you looking for an additional revenue stream? COREDO can help you issue prepaid cards using white label technology.