The tendency of many business owners is to do everything themselves.
There are too many things that you need to do to focus on perfecting every single one of them on your own.
For this reason, many businesses turn to other perfected products and services and form an agreement or partnership to use that product or service under their own business’s name. This legal practice is referred to as white labeling.
White labeling is a meaningful tool that can save your business plenty of time from developing the product or service in question.
Even many grocery stores have their own generic brands that appear to produce many different products in-store, but this is just an example of many different companies in agreement with that grocery store allowing them to place their generic brand name on the products (ever wonder how Market Pantry produces so many different products at your neighborhood Target?).
But how does white labeling come into play in the digital world? Similar to a major grocery store purchasing products from many different retailers to place under their private label brand name, Business A can purchase the right to use digital services from Business B to present to their customers under the brand name of Business A.
White label companies outsource their products and services to be used by other companies under the brand name of those other companies. It ends up being a mutually beneficial agreement for both parties involved.
The white label company can place its full attention on bettering their product and service and save in marketing and branding costs, which allows them to resell their product or service at an economical price.
Businesses who wish to purchase from white label companies can serve approved and tested products and services to their customers without any time away from the important aspects of their day-to-day operations.
How does white labeling work?
White labeling another system or software into your business’s website takes place through API integration. Businesses make an agreement with an API integration platform to use said service on their website. With approval from the API integration platform, you can white label the software to appear under your business’s name.
Among the many things that are important to you as a business owner, towards the top of that list is being able to process the payments of your customers.
Our recommendation: white labeling your payment gateway
The partnership that your business has with its payment gateway is a critical one, as its ease of use could be a make or break for your customers.
If your payment gateway is too complex, then your customers could easily be deterred from purchasing your product or service.
Furthermore, some customers may feel uneasy about being transferred to a separate application to process their payment and would feel more comfortable staying on your website to complete the transaction.
This is where white labeling becomes a significant tool for your business to process payments.
What are the benefits of white labeling your payment gateway?
- Close more sales. Your customers will feel more comfortable completing their transaction on your website, so by whitelabeling your payment gateway, your customers will feel more confident to complete their transaction, which can boost your business’s revenue.
- Increase your business’s credibility. Whitelabeling your payment gateway helps your customers to trust your business even more, as they will not realize that they are using a different system or software to complete their transaction.
- Build your business’s brand and visibility. By using your business’s name and logo on your payment gateway, you can keep the attention of your customers, as they will not have an opportunity to be distracted by the name of a different company. It will also build your business’s reputation as customers will assume that your business is the genius behind the payment gateway.
- Save time and money. As a business owner, you save money and resources by using a separate functional payment processor instead of developing your own.
- Control the customer experience. With the payment gateway white labeled on your own website, you can ensure a positive customer experience, without sending your customer somewhere different and simply hoping for the best.
What is the best white label payment gateway for my business?
While many white-label payment gateways exist, it is best to choose one that you are familiar with and that meets the needs of your business.
Denefits complete payment solutions offer API integration with your business’s software so that you can best serve your customers under your own business’s name.
With Denefits’ API, your business can complete payment transactions on your own website and software, create your own tools and applications for payment plans and contactless payments, and also send electronic invoices to past-due customers.
The process is easy and takes only a few days rather than months or years. Learn more about how your business can benefit from Denefits’ Whitelabel payment gateway by requesting a callback from our customer service team.