Growing financial institutions often struggle with the best way to meet customer needs while improving their own profit line. The challenge is especially difficult for treasury departments, who need to attract and retain loyal business customers. These customers are often looking for ways to incentivize employees, distribute payroll more efficiently, and facilitate B2B payments.
To better serve their business customers, many financial institutions white label and resell funds disbursement platforms. Not only do funds disbursement platforms solve customer payment problems, they also provide a new revenue stream for financial institutions to increase their profits. It’s a win-win situation for everyone involved.
But while making the decision to resell a funds disbursement platform is easy, choosing the right platform to white label isn’t. To select the right platform, you need to evaluate which option is best for your financial institution in terms of resell ease and value, then marry that with the needs of your customers.
In this article, we’ll look into three essential questions that will help your treasury department identify the best funds disbursement platform to resell to customers.
To find the best funds disbursement platform that increases your revenue and solves customer payment, you need to ask (and answer) three key questions. Each question is designed to help you identify the greatest needs of your customers and financial institution.
Dealing with regulatory compliance, payment processing complications, and difficulty managing payments are common problems faced by corporate customers. An effective funds disbursement platform should address each problem with user-friendly options that make the money-moving experience easy and convenient.
Any platform you white label should include the most common payroll distribution and B2B payment methods: checks and ACH deposit. If you want to give your customers a truly exceptional experience, however, look for a platform that also offers faster, more efficient payment methods. Instant payments, virtual payment accounts, payroll cards, and virtual card numbers are all options that will get your customers’ attention and help sell your solution. Some funds disbursement platforms even offer incentive cards to make it easier to reward high-performing employees.
The best funds disbursement platforms make payments faster, easier, and more efficient for businesses by cutting down on time-consuming, manual tasks. If you choose a platform with these features, you can use them as selling points when pitching your solution to customers. There are several features you can look for, including:
The easier a funds disbursement platform is to implement, the easier it will be to sell the platform to corporate customers and the less work your organization will need to do. Look for a platform provider that will assist in implementation so your institution isn’t doing the heavy lifting.
For customers, consider how long it takes to get the platform up and running. Open APIs will help speed up implementation, as will an existing network of issuing banks for any debit card solutions offered by the platform. Choose a platform that has the capabilities necessary to make implementation fast and easy, from a provider with the expertise needed to solve any problems that may arise for your institution or your customers.
The key to finding a platform that offers a solution to each of these questions often comes down to whether or not the platform simplifies the payment process for the payer.
Look for a funds disbursement platform that increases the efficiency of your customers’ business—whether they’re in the insurance, healthcare, or travel industries —and lowers their payment expenses. Anytime you can make payment solutions simpler and more effective you’ve created a win-win situation for yourself and your customers.