Why does your company need a separate white label card? Fintech startup Wallester explains – TechCrunch
Financial processes can inevitably become time-consuming and can even leave you feeling overwhelmed, but the reality is that they don’t have to be complicated. There are many benefits to optimizing your business financial processes with technological innovation, such as introducing white label card issuing solutions, at the forefront of driving this simplicity.
Financial technology company Wallester is helping to lead this innovation. Headquartered in Tallinn, Estonia, Wallester develops financial digital technology and issues Visa cards to businesses and corporations of all sizes. Different types of businesses can benefit from a wide range of diversified solutions and individual approaches offered by Wallester via their revolutionary product. Wallester has been an official Visa partner since 2018, holding the statuses of Visa FinTech Fast Track Member and Visa Principal Member, which officially allows issuing all types of Visa cards: debit cards, credit cards, prepaid cards and corporate cards. But why is it so important to have access to a white label card solution? What are the benefits of having white label cards and why does your business need them? Here is everything you need to know:
What is a white label card issuing solution?
Creating and issuing cards is an expensive and time-consuming process for businesses, both large and small. But a white label issuing solution can be used to provide this service cheaply and easily. At the simplest level, a white label card issuer is a provider that issues businesses with ready-to-use cards that can be used in a variety of ways that will meet your unique business needs. Wallester is the perfect example of this supplier.
Wallester is an official white label VISA card issuer that will create and brand the cards you need, while providing the behind-the-scenes financial infrastructure you need to have in place for the card scheme to succeed. Wallester’s white-label card solution comprises an entire ecosystem. At its heart is a sophisticated CRM system that processes payments in real time. The Wallester white label solution helps companies brand their financial products and create an identity through their transactions. As a white label service, cards can be branded according to the business that plans to use them. Whether you are a client, customer, partner or employee, your card solution will be closely tied to your overall brand.
Examples of businesses using white label card solutions successfully include lending services that use the cards to transfer funds or cryptocurrency exchanges, which can offer debit cards for their consumers to spend their crypto funds in hard currency.
COO Dmitri Logvinenko emphasizes that this system is unique: “We have been building this platform for five years, to ensure 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 on a daily basis. Now we offer all the tools for large and small issuers, including back-office portals, mobile apps and API. Our mission is to make the accessibility of bank cards easier than ever.”
Wallester business can save you money
If you were to issue a corporate credit card to each of your employees from a legacy bank, you would be responsible for paying the annual card fees for each individual employee card under your organization’s umbrella. If any of your employees use their cards abroad, you also pay for them usual currency exchange and withdrawal fees. That means using a conventional employee credit card system is probably costing your business a lot more than you think! However, joining Wallester Business can help save money.
Wallester Business is a world-class leading solution for optimizing the company’s financial processes. One of the functions of the Wallester Business program is to issue both virtual and physical business expense cards and salary cards with an IBAN account, expense monitoring, border regulation, practical accounting and subscription control. These allow you to monitor your employees’ spending and expenses. Access to this easy-to-use platform will save both employees and finance teams significant amounts of time and simplify the process of managing the financial needs of an entire organization full of individuals, and that’s a significant benefit. The user-friendly platform of Wallester Business will provide invoice payments and real-time control over the company’s consumption at the fingertips. Refunds are also quick and easy, and if staff use their cards to claim back their expenses, for example, they can scan their receipts into the Wallester app as soon as they make a purchase, meaning they never have to throw away waste their time, or their energy, recalculate the expenses. According to Wallester CEO Sergei Astafjevthe platform “is fully built in-house [making] confident that the technology is scalable and will allow us to continue to add more exciting features for our business partners as we grow.”
Many companies also use Wallester Business to issue payroll in the form of pre-loaded payroll cards, especially if they regularly employ members of the gig economy.
You can use Wallester Business to secure one company expense fee free, if you’re just looking for a team spending card that’s accompanied by basic platform features and multi-purpose cards. At this level you can havee an unlimited number of physical cards, up to 300 virtual cards for free, and if you have a larger organization, each additional virtual card costs just €0.35 per card per month. Premium and Business tariff plans are chargeable, but they come with significant additional benefits, including advanced functionality to streamline financial processes, robust expense controls and competitive exchange rates for foreign transactions. These cards can be integrated into your e-wallet and used to pay over a wide range of networks such as Apple Pay, Google Pay, Samsung Pay and so on. When you open your Wallester account, the card account is opened in euros; however, you can make payments in any currency. You can top up your account balance using your IBAN details and then make a transfer from any bank operating in the European Economic Area and the UK.
Conclusion
Changing the status quo and exploring a whole new financial system for your company has the potential to completely revolutionize your fintech and make life easier for each of your relevant employees. Saving your business both time and money, innovative fintech solutions from Wallester can be implemented in minutes, moving you away from the restrictive regulations of legacy banks and giving you a whole new form of financial freedom.
