Nobody knows your customers better than you do. So, when it comes to designing your customers’ experience, why give control away to someone else?
If you’ve already done the heavy lifting by drawing customers to a site or app, you don’t want them to slip through your hands when they’re just about to interact with payments. But you run this risk by passing the payment baton to grey labelled banking solutions, which appear to offer great form and function but don’t go far enough.
It’s a grey area with grey labels
The path to building a successful brand online is laden with enough obstacles as it is without throwing the complications of banking in the mix as well.
The number of restrictions and compliance issues surrounding the banking industry means getting a banking solution to do the heavy lifting for you is vital. But if you aren’t being offered a seamless white label solution, it can also be damaging to your brand.
A small number of companies are starting to take on banking responsibilities from a compliance perspective. But they can limit the user experience you’re able to build for your customers.
By requiring you to display their branding on your site or requiring your customers to download their app to authenticate payment, they are creating more clutter around the payment process, which can trip up the user experience.
People are increasingly used to perfectly designed, frictionless software. So payments, too, should be seamless, leaving your customers with a positive impression of your brand after they complete a payment.
This is why Weavr offers you control of every component that makes up the payment process – from designing your own payment flow to the position where sensitive card details such as the card number and CVV/CVC are to be shown.
Your brand should be the only one on display
Gray label banking solutions can also bring about confusion for your customers. If someone is visiting your marketplace, they are expecting to deal with your brand.
In today’s world of hackers, cyber fraud, and malware, people are already fearful about financial transactions online. Users will therefore gravitate to brands they know. They’ll trust marketplaces like Uber, like Deliveroo. But crucially their users don’t need to trust the underlying services that these brands use – they’re not even thinking about it.
Invisibility is the answer. Grey label solutions can distort the consistency of your brand’s communication, or require customers to extend their trust a step further. But when the banking fades into the background and becomes invisible, purchasers don’t have any cause for hesitation.
Weavr offers an invisible white label banking solution which integrates seamlessly into your branding and software. This means customers are only dealing with the brand that matters – yours. Weavr and its partners are of course there in the background, taking the heavy lifting of keeping your customers’ money safe, but the delivery of these services are always fronted by your brand.
You want integration to be seamless
Some payment processing platforms, like Stripe, are recognisable enough that there’s unlikely to be any confusion or concern about fraud when using them.
But if your app is using Stripe Connect to make payments, your customers will have to register with Stripe Connect when they sign up to use your app. This is just another portal for them to be redirected to unnecessarily. Payment platforms should be reducing the hurdles customers need to hop over to make a payment, not the other way round.
This is why we ensure Weavr’s onboarding process is seamlessly integrated into your application. Any verification emails you need to send to your customers while onboarding them are all fully customisable too. You don’t need to sacrifice your branding’s aesthetic, branding, or tone of voice when contacting your customers about a payment they’ve made. You have the control.
You want to control your own purse strings
For you to design the best experience for your customers, you need to be in the driver’s seat yourself. Through APIs, we provide the control and the flexibility you need to create the pixel perfect solution for your customer base.
Let’s take spend controls for cards, for example. We allow innovators to configure spend controls on a card, letting them set their own parameters that will reduce risk and ensure cards are used in a way that aligns with their brand.
Nothing ground-breaking there. But then for corporate cards, we also allow the innovator’s customers to tweak these parameters on a card-by-card basis as well. This gives companies maximum flexibility and smart innovators ways of creating controls from context, such as only allowing travel transactions when an approval to purchase travel is granted through the application.
From a corporate benefits point of view, these restrictions and controls can be tweaked to stop the card being abused. For example, you can set a rule prohibiting the purchase of alcohol on the card. Or you can set rules that funnel purchases towards online learning or health and wellbeing or whatever it is that aligns with your company values.
From an expense management perspective, the control we give can help with accountability. Companies can see the granularity of where money is spent and they can make tweaks to card controls simply and quickly if they have any concerns.
Other card solutions might use Excel sheets or software for this process, but these are often unwieldy and inflexible. Instead, we enable companies to make changes on the fly using our APIs – without the company needing to contact their innovator or Weavr. So companies have much more direct control.
And this is what all of our solutions offer. From card configurations to white labelled embedded payment systems, we give innovators and companies the control they need. You keep control of your branding, control of your payment options and control of your customer experience. Ultimately, this means you don’t need to compromise on your vision for your business.
Interested in becoming a financially integrated digital business? When it comes to true white-labelled solutions, Weavr makes the process easier, more affordable and faster than any other embedded finance provider. Get in touch with us to discover just how quickly you could be generating revenue and going to market.