Financial processes can inevitably become time consuming and may even leave you feeling overwhelmed, but the reality is that they don’t have to be complicated. There are many benefits to optimizing your company’s financial processes with technological innovation, such as introducing white label card issuing solutions, at the forefront of driving this ease.
Financial technology company Wallester is helping to lead this innovation. Wallester, who are headquartered in Tallinn, Estonia, develops financial digital technology and issues Visa cards to businesses and companies of all sizes. Various types of businesses can benefit from a wide range of diversified solutions and individual approaches that are offered by Wallester via their revolutionary product. Being an official Visa partner since 2018, Wallester holds such statuses as Visa FinTech Fast Track Member and a Visa Principal Member, which officially allow to issue all kinds of Visa cards: debit cards, credit cards, prepaid cards, and cards for business. But why is having access to a white label card solution so important? What are the benefits of having white label cards, and why does your company need them? Here’s 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 big and small. But a white label card issuing solution can be used to provide this service inexpensively and with ease. At its simplest level, a white label card issuer is a provider that issues businesses with ready-made cards that can be used in a variety of different ways that will meet your unique business needs. Wallester is the perfect example of this provider.
Wallester is an official white label VISA card issuer that will create and brand the cards you need, whilst also providing the behind-the-scenes financial infrastructure that you need to have in place for your card scheme to be successful. Wallester’s white-label card solution comprises an entire ecosystem. At its heart lies a sophisticated customer relationship management (CRM) system which 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 on using them. Whether a client, customer, partner, or employee, your card solution will be tightly bound to your overall brand.
Examples of businesses that are using white label card solutions successfully include loan services who use the cards to transfer funds or cryptocurrency exchanges, who may offer debit cards for their consumers to spend their crypto funds in hard currency denominations.
COO Dmitri Logvinenko emphasizes that this system is unique: “We’ve been building this platform for five years, ensuring 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 daily. Now, we provide all the tools for big and small issuers, including back-office portals, mobile apps, and the API. Our mission is to make the accessibility of banking cards easier than ever”.
Wallester business can save you money
Image Credits: Wallester (opens in a new window)
If you were to issue each of your employees with a company credit card from a legacy bank, then you will be responsible for paying the annual card fees for every single employee card under your organization’s umbrella. If any of your employees use their cards overseas, then you will also pay for regular currency exchange and withdrawal fees. That means that using a conventional employee credit card system is probably costing your business much more than you think! By contrast, joining Wallester Business could help to save you money.
Wallester Business is a leading world-class solution to optimize your company’s financial processes. One of the functions of the Wallester Business program is to issue both virtual and physical corporate expense cards and salary cards with an IBAN account, expense monitoring, limit regulation, convenient accounting, and subscription control. These allow you to monitor your employees’ expenses and expenditures. 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 a whole organization full of individuals and it is a significant benefit. Easy-to-use platform of Wallester Business will provide invoice payments and real-time company spend control at your fingertips. Reimbursements are also fast and easy, and if your employees are using their cards to reclaim their expenses, for example, they can scan their receipts into the Wallester app as soon as they make a purchase, meaning that they never have to waste their time, or their energy, calculating their expenses again. According to Wallester CEO Sergei Astafjev, the platform “is fully built in-house [making] sure the technology is scalable and allows us to keep on adding more excited features for the business partners as we grow.”
Many companies also use Wallester Business to issue salaries in the form of pre-loaded payroll cards, particularly if they regularly employ gig economy staff members.
You can use Wallester Business to secure a company expense charge for free, if you’re just looking for a team expense card that is accompanied by basic platform features and multi-functional cards. At this level you can have an unlimited number of physical cards, up to 300 virtual card free of charge, and if you have a larger organization then each additional virtual card is just € 0.35 per card per month. Premium and business tariff plans are chargeable, but they do come with significant additional benefits, including advanced functionality to streamline financial processes, robust expenses controls, and competitive exchange rates for overseas 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 the account balance using IBAN details, and then make a transfer from any bank operating in the European Economic Area and Great Britain.
Conclusion
Shifting the status quo and exploring a brand-new financial system for your company has the potential to completely revolutionize your fintech and make life easier for every single one of your relevant employees. Saving your business both time and money, innovative fintech solutions from Wallester can be implemented in just minutes, moving you away from the restrictive regulations of legacy banks and giving you a whole new kind of financial freedom.