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Choosing the right mobile wallet provider - factors to consider

As businesses across the globe are incorporating mobile wallets to better serve their customers, many benefit from enterprise services that drastically reduce the cost and time that would be spent building a ground-up solution.

White-label wallet providers are a good bet for companies that want a functional digital payment system that can effectively represent their brand and support their existing infrastructure. But with a bevy of options available within a quickly growing market, it is crucial for businesses to make a thoughtful buying decision when investing in a solution.

Here’s our shortlist of items to consider when choosing a white-label mobile wallet provider:

Security

Security is always first and foremost when it comes to customer payments. An outsourced, pre-built e-wallet solution can save an enormous amount of research and development work for your company. However, in choosing a provider, you need to be 100% certain that any potential partner checks all the boxes when it comes to data integrity. 

Remember: your customers’ experience - and ultimately your brand - is at stake.

It is essential that your potential vendor ensures Payment Card Security Data Security Standard (colloquially, “PCI”) compliance and end-to-end encryption of cardholder data. 

In many ways, digital wallets are more secure than conventional credit or debit cards. Since customers do not need to carry a physical card, it can reduce the risk of cards being lost or stolen. That said, your digital wallet provider must prove to be stringent in their adherence to the legal requirements and best practices for handling payments. 

This should include encrypting card details from the wallet to the payment gateway for tokenization. The “token” - representing the encrypted card versus full card details - is used to process secure payments while keeping sensitive data unexposed.

Usability and adoption

Once you’ve covered security must-haves, it’s a good time to consider the overall user experience and where a digital wallet solution fits in. 

When businesses introduce a “solution” that creates additional effort for their staff and customers, there is little hope for adoption. It is likely to result in wasted time, lost revenue and a damaged reputation. 

In the digital realm, friction typically comes down to a technology’s usability - i.e., how easy it is for users to achieve their goals. Intuitive design anticipates a user’s behaviour to help reduce unnecessary friction, boost adoption and create a seamless experience for everyone involved.

Try approaching a mobile digital wallet solution from a consumer perspective. You’ll want to come to terms with:

  • How you can pay (what payment options are available, the scope of devices covered, and how fast and easy it is to pay)
  • When you can pay (the time windows of transactions through the wallet)
  • Where you can pay (the areas within the business that support the wallet)
  • Why you might choose to pay through your wallet vs. other means

In considering the above, you can determine the feasibility of the solution to meet your customers’ needs and bolster your operational processes. In turn, you will also start to understand the breadth of your business’ responsibility in endorsing the wallet’s adoption.

Training and support

Next in line is receiving clear expectations on the operational and technical support you will be privy to as a client and partner. This might be proven by:

  • A plan and timeline for building necessary integrations, deploying technology, onsite testing and ongoing support
  • Launch training and marketing resources
  • Dedicated staff members assigned to your account after sales
  • Consultative communication and guidance on new product features
  • Development and API documentation

A prospective wallet provider should demonstrate that they are prepared to invest in your mutual success throughout the entire partnership. 

Actionable reporting

When support appears to be accessible, you will also want to have a handle on how well a mobile wallet partner empowers you to autonomously problem solve, promote progress and readily answer to KPIs.

During operations, it can be difficult to see the big picture. Far too often, event organisers need to settle with a post-mortem account of “what happened.” The introduction of a white-label mobile wallet paired with a real-time reporting mechanism can seamlessly move event operations into the realm of “what’s happening. right now”

A business intelligence platform, like Tappit Insights, allows you to drill down into your customers’ purchasing behaviour and identify opportunities to increase engagement with targeted discounts and incentives during your event. 

Alternatively, a promising e-wallet provider should be able to set up a data stream that carries those insights into your active analytics platform so you can view all your data in one place.

Integrations

Overall, a competitive vendor should be cognizant of your current transaction processes and tech stack and look for ways to customise their product to fit within your ecosystem. Their ability to easily integrate with your existing tools - and potentially open doors to complementary solutions - helps reduce the deployment timeline, streamline operations and create a seamless customer experience.

When comparing providers, you will want to check for integrations with your point-of-sale technology, CRM system, payment providers and ticketing providers, and also discover what other third party capabilities, such as reward and loyalty schemes, they can bring to the relationship.

Scalability

As you uncover what a particular mobile wallet solution can do for you today, you should also be thinking about how the e-wallet provider fits into your future ecosystem.

Whether it means supporting an increasing demand or introducing cutting-edge capabilities, like biometric authorisation or cryptocurrencies, you’ll want to know that the provider you choose is equipped to see and even help guide you through those transitions.

The payment landscape is rapidly changing. It’s imperative that you find a nimble partner to not only support your current payment processes but also be fully equipped to keep you ahead of the curve.

Interested in a digital wallet option that covers all of these items and more? Book a demo with the Tappit team to find out about our Mobile Pay solution.



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