Businesses worldwide are using mobile wallets to provide better customer service, and many of them gain from corporate services that significantly cut down on the time and expense of developing a solution from scratch.
For businesses looking for a workable digital payment solution that can complement their current infrastructure and successfully represent their brand, white-label wallet providers are a suitable option. But in a market that is expanding rapidly, there are many possibilities. Therefore, businesses must choose wisely when investing in a solution.
Security
When it comes to customer payments, security always comes first. Your business can save much money on research and development by using an outsourced, pre-built e-wallet solution. But when selecting a service, you must be positive that any prospective collaborator satisfies all data integrity requirements.
Keep in mind that the experience of your customers matters, and ultimately, so does your brand. Your prospective provider must guarantee end-to-end cardholder data encryption and Payment Card Security Data Security Standard (often referred to as “PCI”) compliance.
Digital wallets are safer than traditional credit or debit cards in many ways. Customers may be less likely to have their cards lost or stolen because they are not required to carry physical cards. The mobile wallet software platform needs to demonstrate that it strictly follows the law and industry standards for payment processing.
Tokenization should involve encrypting card information as it travels from the wallet to the payment gateway. To conduct safe payments and prevent sensitive data from being revealed, a “token” that represents the encrypted card instead of the complete card details is utilized.
Usability and Adoption
It's a good idea to think about the whole user experience and how a digital wallet solution fits in once you've addressed the security requirements. Adoption is unlikely when companies offer a “solution” that requires more work from both their employees and clients. Time lost, money lost, and reputation loss are likely outcomes.
In the digital sphere, friction usually relates to the usability of a technology or the ease with which users may accomplish their objectives. Predicting a user's behavior, intuitive design helps to lower needless friction, increase adoption, and produce a smooth experience for all parties.
Consider a mobile digital wallet solution from the standpoint of the user. You need to acknowledge:
- What payment methods are accepted, whose devices are covered, and how quick and simple it is to pay
- When the wallet's transaction windows open, you can make a payment.
- Where you can pay (the sections of the company that handle payments)
- Reasons for choosing to use your wallet instead of other payment methods
By taking into account the above, you can assess whether the solution is feasible to satisfy the demands of your clients and improve your operational procedures. As a result, you will also begin to comprehend the extent of your company's obligation to support the wallet's adoption.
Training and Support
Getting precise instructions regarding the operational and technical support you will access as a client and partner comes next. This may be demonstrated by:
- A schedule and strategy for developing the required integrations, implementing technology, conducting on-site testing, and providing continuous support
- Introduce educational and promotional materials.
- After-sales, committed employees are allocated to your account.
- Advice and consultation regarding new features for the product
- Documentation for development and APIs
Potential wallet providers ought to show that they are willing to invest in each other's success for the duration of the collaboration.
Actionable Reporting
In addition to assessing how well a mobile wallet partner enables you to solve problems independently, advance development, and quickly respond to KPIs, you should also consider how easily accessible support is.
It can be challenging to perceive the big picture during operations. Event planners far too frequently have to make do with a post-mortem description of “what happened.” A real-time reporting system combined with the launch of a white-label mobile wallet can easily bring event operations into the realm of “what's happening right now.”
You may delve deeply into your consumers' buying patterns with a business intelligence platform and find ways to boost participation at your event by offering tailored discounts and incentives.
As an alternative, a good e-wallet provider ought to be able to create a data stream that feeds those insights into your running analytics program, allowing you to see all of your data in one location.
Conclusion
Selecting a mobile wallet software platform that fulfills all your requirements and is appropriate for your purpose will only get harder as the payment industry grows. Before choosing a provider, businesses must carefully evaluate each one's core capabilities.
Make sure you evaluate the cost of the digital payment’s provider, the services it offers, and whether your consumers can rely on it for security and support.
