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ReadersSpeak

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
anyone.
"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@
greensheet.com. We look forward to
hearing from you.

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