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        Beware of 'turnkey' and 'custom'                                           should clearly understand why the
                                                                                   business wants to start a program,
                                  e wish to thank Steven Foster, founder of        what their specific marketing goals
                                  KnowByLity Financial Services, for contacting    are,  and  who  the  customer  base  is.
                                  us. KnowByLity develops custom  mobile,  desk-   They also should allow for flexibil-
                      W top and customer experience platforms. Foster              ity in the program should data show
                      recently urged businesses seeking white-label solutions to real-  that  changes should  be  made. Any
        ize providers and their customers can have very different understandings of the   provider that presents a proposal
        terms "turnkey" and "custom." He recommended learning a few fintech basics   without asking lots of questions up-
        and offered the following tips:                                            front is not the right partner—for
        "Be sure the program is not one-size-fits all. The platform and software provider
                                                                                   "Ensure upfront that the software
                                                                                   works seamlessly with the business’s
                                                                                   existing systems, websites, etc.
                                                                                   "Find out the level of expertise the
                                                                                   provider’s executive team has in the
                                                                                   fintech and prepaid card realms. Be
                                                                                   sure the organization has dedicated
                                                                                   compliance and risk assessment
                                                                                   plans, a highly skilled IT team and a
                                                                                   collaborative and innovative corpo-
                                                                                   rate culture.

                                                                                   "The business’s logo, brand colors
                                                                                   and fonts should be applied to all in-
                                                                                   terface points to exact specification,
                                                                                   even the API reference. Likewise, the
                                                                                   business’s own domain names/URLs
                                                                                   should be reflected.

                                                                                   "Improving the customer experience
                                                                                   and revenue growth are the overrid-
                                                                                   ing goals, so data mining is essential.
                                                                                   The provider should measure and
                                                                                   monitor information and provide re-
                                                                                   ports that are actionable.

                                                                                   "The right white-label provider abso-
                                                                                   lutely must have relationships with
                                                                                   sponsor banks, acquirers, central
                                                                                   payment networks and other ser-
                                                                                   vice providers and be well-versed in
                                                                                   alternative payment methods. They
                                                                                   must also have relationships with
                                                                                   regulatory bodies and be adept in
                                                                                   acquiring  and  maintaining  licenses
                                                                                   and ensuring all compliance rules
                                                                                   are adhered to."
                                                                                   What advice do you have?

                                                                                   Do you know of common pitfalls in
                                                                                   your sector of the payments indus-
                                                                                   try? Share your knoweldge with our
                                                                                   readers right here. Send up to 300
                                                                                   words on your topic to  greensheet@
                                                                          We look forward to
                                                                                   hearing from you.

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