Are you an investor looking for ways to make your customer lives easier? Or are you a start-up wanting to create a cryptocurrency wallet but have no time or resources to develop one from scratch? You know how app development can be costly and time-consuming. Hiring a mobile developer will take around a year to complete the task. That milestone will set you back a few thousand dollars.
With ready-made solutions, you can redeem some months and cash with a white-label wallet development. You can launch or upgrade your application more quickly. Also, it is a more affordable solution. This article discusses how to choose the best white-label wallet provider for your business.
What is a White-Label Wallet?
Readily-completed projects and features can help you scale up your business faster. Providers like Holywally offer such white-label mobile wallet platforms. You can integrate them into your existing app as new features and updates or use them to create a mobile wallet within minutes.
Choosing a White-label Wallet Development Solution
Once you outsource parts or the whole process, you must find a reliable solution matching your business needs. For instance, you may want to enable direct funding to a mobile app for customers to spend on your eCommerce store.
Follow these tips to identify the best white-label wallet service.
1. Identify Your Needs
What is your position in the market? Do you want to build a brand-new app from scratch or improve an existing one? Also, what do you intend to achieve with the app? Knowing your needs is crucial to finding a white-label solution that will save you time and money.
Run through your business objectives to determine your most urgent need. For example, credit card payment integration will differ from in-app purchases. If you want to develop a brand-new app, check if the provider can handle your project fully or if you need only specific aspects and features.
2. Industry Experience
Service accessibility matters to your customers. Design a user-friendly interface compatible with their devices. It should also suit their level of technical expertise. Look for providers who have launched similar projects and completed them. They know what works in the market and will develop a solution tailored to your business needs.
Also, their expertise must apply to your business domain. The features and products of one business model may not work for another. Ensure the provider you pick understands your business, customers, and market needs well. Firms in the crypto world will need features different from an insurance company.
3. Reputation
How well past clients speak about them says a lot. If they always complain about unmet deadlines, hidden costs, and project delays, you are better off running in the opposite direction. A reputable provider will always meet their deadlines and deliver within the agreed budget.
Research is essential to determine if you can trust the provider with your project. Check out third-party review sites to see what others say about their experience working with them. Also, follow them on social media to see how they interact with clients and prospects. If you notice any red flags, do not hesitate to look elsewhere.
4. Pricing
The cost of white-label wallet solutions differs from one provider to another. It all comes down to the size and scope of your project. You can find all-inclusive packages that fit your budget or à la carte services to get what you need only.
Even if you have a limited budget, do not sacrifice quality to save a few bucks. A cheap solution may only end up being costly in the end. Bugs, security vulnerabilities, and other errors will plague your app and frustrate your users. The costs of fixing them later may exceed the price of working with a reputable provider in the first place.
5. Technology
The technology a provider uses can affect the success of your project. For example, open-source code will allow you to customize your app as necessary. But that will only work if you have the in-house expertise to make the changes.
Also, some features may require specific technologies your provider does not have. Card processing, for instance, needs EMV (Europay, MasterCard, and Visa) compliance. You may have to look for another solution if they cannot deliver that. Ensure the provider has the tools and technologies necessary to complete your project before you commit.
The application must be cross-platform compatible to serve the maximum number of users. Also, it should be able to integrate with other applications for a seamless user experience. Picking features that require a lot of integrations may end up being costly and complicated.
6. Security
Your app will hold sensitive information, such as the user’s date of birth, credit card numbers, and home address. A security breach can jeopardize your brand reputation and cost you lots of fines. You are better off working with a provider who takes security seriously.
Ask about the steps they take to protect user data. Also, inquire about their experience with building secure apps. They should be able to share some examples of similar projects they have completed successfully. Contact the references to get first-hand information about their experience.
7. Customer Support
Even with the best practices, errors and glitches do happen. When they do, you will need quick and efficient customer support to resolve the issues quickly. The provider should have a dedicated team to attend to your needs whenever necessary.
Inquire about their customer support policies before you commit. Some may ask for a separate customer service subscription, which may not be ideal if you are on a tight budget. Also, ask about the channels through which you can reach them. An available provider will give you the peace of mind to focus on other aspects of your business.
Maintenance and updates are inevitable with any software solution. But you will not need to pay for them separately. A reputable provider will include them in the initial subscription fee.
To Round It Up:
A mobile wallet is a versatile and convenient tool that can benefit businesses and consumers. However, creating one from scratch can be costly and time-consuming. White-label mobile wallet solutions offer a fast and affordable way to get started. When choosing a provider, ensure they deliver quality, value, and security. Also, consider other factors, such as customer support and technology. It will help you make the best decision for your business.
