Are you aiming to take your business into the fast-paced world of fintech? Do you see the potential benefits of having a custom payment card program but don’t know where to start? We’re here to help. Welcome to the future of embedded finance, where the boundaries between finance and technology blur, and the power to revolutionise your business operations is at your fingertips.

Payment card programs have taken centre stage in the digital revolution, transforming how businesses and their customers interact. Whether you’re a non-financial business looking to offer a better customer experience, a developing fintech, or an established financial organisation seeking to enrich its portfolio, a custom payment card program could be just what you need to take your business to the next level.

We’ve put together this step-by-step guide to help you navigate the process. Together, we’ll walk through each stage of launching your payment card program, from understanding the concept and structuring your program to consulting with our specialists and the thrilling moment your program goes live. 

Understanding Wallester White-Label

Wallester White-Label is an innovative payment infrastructure solution that lets businesses launch their own payment card programs, opening new avenues of customer engagement and potential revenue streams. 

The Wallester White-Label solution offers a versatile range of card types, including physical credit cards and disposable virtual cards, to meet diverse business needs. These cards are backed by the globally recognised and trusted VISA scheme, ensuring a seamless and secure payment experience.

Wallester White-Lavel can be tailored to the unique needs of every business type. The solution is ideal for:

• Non-financial companies looking to enhance customer experience with payment cards.
• Emerging fintechs eager to launch innovative card programs.
• Established financial institutions aiming to enhance their banking services with cards.

Structuring the card program

With a solid understanding of what Wallester White-Label is and what it can offer your company, we can now focus on the next critical step: structuring your own card program. This serves as the blueprint for your project, shaping the framework and direction of your payment card program. It requires strategic thinking, market awareness, and a clear vision of your business objectives.

At this stage, creating a comprehensive business plan is crucial. Your plan should include:

• Goals for the card program
• Target market analysis
• Competitive analysis
• Marketing strategy
• Operational plan
• Financial projections

Your business plan is more than just an operational tool; it is your roadmap, guiding your business towards its envisioned future.

Credit, debit, or prepaid cards

Wallester’s White-Label solution offers several card types: credit, debit, and prepaid. The choice here largely depends on your target market’s needs and your business model. 

Consider a credit card program for customers who want more financial flexibility. These cards let customers make purchases on credit, settling the balance at the end of the billing cycle. This program suits businesses and individuals who wish to manage their cash flow more effectively, adding convenience to their spending habits.

Alternatively, a debit card program suits those who prefer to use funds already available in their accounts. Directly linked to the customer’s account, these cards provide an immediate, secure, and convenient way to make payments, reflecting the real-time balance of the account.

A prepaid card program is ideal for customers who want more enhanced expense control. Customers pre-load these cards with funds, setting a limit that helps avoid the risk of overspending. This feature has the convenience of card payments while maintaining tight control over expenses.

Physical or virtual

The choice between physical and virtual cards is important. Physical cards cater to traditional card usage at physical points of sale and ATMs. On the other hand, virtual cards are great for online transactions, offering unparalleled convenience and security. Your choice between these options would depend on your understanding of your customers’ payment habits and preferences.

Consumer or business

Will your card program serve individual consumers or cater to businesses? Consumer cards are typically used for everyday personal purchases, while business cards are designed to manage corporate expenses. Offering both can open an additional revenue stream for you, as interchange fees generated from every transaction using the cards are shared.

A finely crafted card program reflects your target audience’s unique needs and preferences. It aligns with your business goals while offering your customers a distinct and valuable service. The choices you make at this point of the process shape your card program and define the user experience you offer.

Since you have already chosen a custom card program tailored to your business’s needs, it’s time to move directly to the step-by-step launch procedure.

Step 1: Kick-off

Starting your partnership with Wallester White-Label begins with a foundational step that sets the tone for the entire project. It’s about laying the groundwork and establishing a clear path forward.

Signing the Letter of Intent (LOI)

The first step in our collaboration is formalising our partnership through a Letter of Intent (LOI). This document outlines the key terms and conditions of the agreement and demonstrates our mutual commitment to launching your custom payment card program.

Subscription model for card program maintenance

Upon signing the Letter of Intent (LOI), you will be enrolled in our subscription model, which encompasses the Card Program Maintenance Fee. This approach streamlines the financial aspects of initiating and sustaining your payment card program. It includes the initial setup and continuous maintenance, guaranteeing easy operation from its launch to its scaling phase.

Step 2: Due diligence

The due diligence step is where Wallester begins to tailor the project to fit your specific needs.

Onboarding

With the formalities out of the way, the onboarding process begins. We assign a dedicated team to guide you through the early stages of our partnership. These experienced professionals will initiate the due diligence process, an essential step in understanding your business, its objectives, and its unique requirements. This in-depth analysis helps us tailor our approach and design a payment card program that aligns with your goals. The dedicated team will be your primary point of contact, guaranteeing an easy transition and addressing any questions or concerns you may have.

Due diligence process

During the due diligence process, we gather comprehensive information about your company, including its legal structure, ownership, financial standing, and operational processes. This ensures compliance with relevant regulations and helps us identify potential risks.

Project scope confirmation

Based on the insights gained from the due diligence process, we work closely with you to confirm the scope of your payment card program. This includes defining the card types (credit, debit, or prepaid), user journey, target audience (consumer or business), whether physical or virtual cards are required, program currency, tokenisation, etc.

Signing the master agreement

Once the project scope is finalised, we will sign the Master Agreement. This legally binding document outlines the terms and conditions of our partnership, providing transparency and alignment between both parties.

Step 3: Implementation

With a clear understanding of your business goals, the implementation phase is where your vision starts taking shape through precise and expertly managed technical processes.

Dedicated implementation manager

With the Master Agreement in place, we assign a dedicated Implementation Manager to oversee the technical and operational aspects of your payment card program launch. The Manager will lead a team of experts and be your primary point of contact during this critical phase.

Visa co-brand approval

We’ll initiate the process of obtaining Visa’s co-brand approval for your payment card program. This involves submitting your card designs and program details for Visa’s review and approval, ensuring compliance with their standards and guidelines.

Dedicated BIN range setup

We set up a dedicated Bank Identification Number (BIN) range specifically for your program. This unique BIN range ensures flawless transaction processing and enhances the security and traceability of your card operations.

Visa card design approval

In parallel with the BIN range setup, we work closely with you to design and approve the visual elements of your payment cards. Our team guarantees that your card designs comply with Visa’s branding guidelines while accurately representing your brand identity.

Technical integration

An essential aspect of the implementation phase is the technical integration between your existing systems and our payment infrastructure. Our IT experts work hand-in-hand with your technical team to establish secure connections and facilitate seamless data exchange, ensuring a smooth operational flow.

Configuring your card program

With the technical foundation in place, we configure your payment card program according to your specific requirements. This includes setting up card issuance procedures, transaction processing rules, and other operational parameters that align with your business objectives.

Online security setup

Maintaining the security of your payment card program is a top priority. We implement reliable online security measures, including fraud prevention systems, 3D Secure for safe online purchases, and risk management protocols. Wallester is compliant with industry standards such as PCI DSS and GDPR, ensuring that all financial transactions and personal data are handled with the highest levels of security and privacy.

Testing period

Before the commercial launch, we conduct comprehensive testing to identify and resolve any potential issues. This includes both technical and user acceptance testing, ensuring your payment card program’s reliability, security, and user-friendliness.

Step 4: Go-Live

The Go-Live phase marks the exciting moment when your payment card program is ready to be launched, a significant milestone that brings your fintech vision to life. With approval, your custom payment card solution, tailored to your customers’ needs, takes flight in the real world.

Dedicated Client Relationship Manager

To ensure ongoing support and smooth operations, we assign a dedicated Client Relationship Manager to your account. They will be your main point of contact for any questions, concerns, or assistance you need post-launch.

Operations support

Our operations support team is available to give guidance and assistance with the day-to-day management of your payment card program. From card issuance and transaction processing to dispute resolution and reporting, we ensure your program runs efficiently.

Visa settlement

As part of our comprehensive services, we facilitate the settlement process with Visa, ensuring timely and accurate transaction settlement and fund reconciliation.

Support covered

After your product’s launch, the journey with Wallester doesn’t end. Ongoing support guarantees your payment card program continues to grow and succeed in the fintech environment.

Operations support

Our operations support team continues to provide guidance and assistance with the day-to-day management of your payment card program.

Technical system maintenance

To keep your payment card program running at peak efficiency, our IT experts perform regular system maintenance, software updates, and security patches, maintaining the highest levels of performance and security.

Tokenization

Our tokenization services integrate with leading digital wallets, including Apple Pay, Google Pay, Samsung Pay, Garmin Pay, Fitbit Pay, and Fidesmo, to offer a streamlined and efficient payment experience. This feature allows for the secure and convenient execution of transactions across various platforms.

Congratulations on making it this far, but now, it’s time to actualise your vision. Are you ready to take the leap?

Unlock new revenue streams with Wallester’s flexible pricing model

At Wallester, we understand that every business has unique needs. That is why we offer a tailored subscription pricing model to guarantee our White-Label solution is accessible to all. Revolutionise your operations with our cost-effective plans.

• For non-financial institutions: €2,495 / month
• For financial institutions: €3,995 / month
• For Virtual Asset Service Providers (VASP) financial institutions: €5,995 / month

Our pricing plans have no setup or hidden fees. Embrace our “Pay as You Go” model; the sooner you launch your project, the more you’ll save. Time is money, and we’re here to help you maximise both.