Why Branded Payment Experiences are so Important
Demand for online B2B products and services is growing. In turn, there’s a growing demand for superior digital experiences. But it’s not just about how a product or service works. Today, the look and feel of your offerings are equally important.
That’s where branded experiences and white label solutions come into play.
What is a branded or white labeled customer experience?
Branding is what influences the public perception of your company. It helps businesses stand out from the competition, encourages trust, and fosters loyal customers. Your brand includes your logo, colors, tone, voice; basically any element associated with your business.
A branded or white labeled experience entails making sure your entire customer journey is seamless across all touchpoints. Where it gets tricky is when third-party applications are thrown into the mix.
Using external products as an extension of your business is common practice. However, sending customers to an outside service that isn’t white labeled disrupts their experience. This is especially problematic in the payments world.
The benefits of white labeling the payments experience
White labeling your payments creates a better customer experience and instills more confidence in your brand. This is vital as you're handling sensitive information about your customers. But the benefits don’t stop there.
As the saying goes, time is money.
Another benefit to white label experiences is that you don’t have to build something outside the scope of your main product. You can utilize another company’s service as an extension of your business, but still make it your own. You’ll also be up and running faster, and consequently, generating revenue faster too. Win-win.
Considering 66% of software projects run over budget and 33% take longer than scheduled, using a white label system can make a major difference to your bottom line.
With an embedded payments solution like Finix, you have a complete white label payments system. In addition to the cost savings above, you’ll get the added benefit of reduced customer churn. This is because you’re adding more value for your customers and creating a seamless experience for them at the same time. This is incredibly important as 72% of people claim they’ll leave a brand after just one bad experience.
White label merchant onboarding experiences
Onboarding is one of the first touchpoints a customer has with your product. Unfortunately, many payments providers use third-party vendors for onboarding and underwriting.
This is a problem for three reasons:
Merchants have to visit multiple websites to complete the onboarding process.
You have little to no control over the process or the look and feel of the onboarding forms.
Another company’s branding likely appears on the form.
To begin onboarding, a customer needs to sign up from your website. If you're not handling the process in-house, the customer is routed to a third-party site.
Without your branding, there's a disconnect between your business and the customer. A lack of consistent branding can also arouse suspicion, which can lead to sign-up abandonment. At least 29% of customers admit to bailing on a form due to concerns over security, so this isn’t something you want to ignore.
Examples of payments providers that rely on third parties for onboarding are traditional Independent Sales Organizations (ISOs) or solutions that are integrated rather than embedded.
How Finix helps you create branded experiences for merchant onboarding
At Finix, you’re able to white label our prebuilt onboarding form. And the best part is, there’s no coding required. We host the form and do all the data collection but your logo, primary color, and branded subdomain are what your customer sees. We make white labeling super easy! You can change colors and upload your logo right from our dashboard, in just a few clicks.
Our form is mobile responsive and includes all the data fields required by our processors for proper underwriting. This helps prevent unexpected account terminations or delayed payouts, which frequently arise with other providers that only gather basic information to speed up their onboarding process.
Of course, you always have the option of building your own custom form on top of our API. This takes additional time and development resources and you’re responsible for collecting all the necessary information. The tradeoff is complete control over the look, feel, and flow of your onboarding process.
How Finix helps you create branded dashboard experiences for your merchants
It’s important for your customers to have a seamless experience when they log on to their sub-merchant dashboard as well. That’s why we also let you white label our payments dashboard for them.
As with our onboarding form, you can create a branded customer experience for the dashboard in just a couple of minutes. Once done, your customers will see your logo and colors, as well as your company name in the URL when they’re checking their payments details or downloading a report.
The same disconnect that occurs with non-branded onboarding experiences also happens when your payments dashboard isn’t white labeled.
Starting to see the trend?
It may seem trivial, but if your merchants see a third party's branding when they log on instead of yours, it can be jarring. Worse, it could affect your credibility in the eyes of your customers. This is because their expectations are already set.
Added value for your customers through white label dashboards
Of course, there’s more to it than just onboarding forms and the look and feel of your dashboard—that’s the experience. It’s what’s under the hood that provides the most value for your customers.
Finix provides onboarding, underwriting, dispute management, on-demand reports, and the ability to create custom fee structures all in one place—right from the dashboard.
You and your customers receive unparalleled visibility into fees and transactions. You’ll know exactly what’s happening with your payments business as soon as you log on to your dashboard. We make it easier to manage and fight chargebacks. You can also create fee structures by merchant type and more.
And the best part—it all looks like it’s a part of your business. That’s the beauty of an embedded payments solution!
Good payments experiences make happy customers
Choosing a provider that lets you white label your payments experience—and that has the tools your team needs to succeed—is an easy, effective, and cost-friendly way to build brand trust and loyalty and grow more revenue for your company.
If you want to be the superhero of your organization, download our eBook today. You’ll learn all the ways Finix can help you unlock your payments superpowers.
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