Redefining Consumer Lending: Wallester's Seamless Payment Card Solution

Redefining Consumer Lending: Wallester's Seamless Payment Card Solution

If you need more money to buy the goods you need, there is no need to postpone buying them until later, when you have enough money. You can apply to any of the consumer credit providers, and with a minimum package of documents, you can get the necessary amount. Consumer credit helps to realize dreams and make purchases without having money for them. People like to fulfill their wishes with minimum effort, so the demand for such loans is increasing yearly. With the increase in demand, the number of providers is growing. However, only some providers provide quality and convenient service. Optimizing the customer service process as much as possible is necessary to become a leader in consumer lending. First, it is worth modernizing financial processes, making the business efficient in the shortest possible time. To achieve this, you should use an innovative payment card solution.

Peculiarities of Consumer Lending

Consumer credit is a loan issued directly to an individual for the purchase of consumer goods. It can be household appliances, food, mobile phones, or other goods. Consumer lending can have several types:

  • Sale of goods with deferred payment
  • Granting a loan for consumer purposes
  • A credit card with a certain limit

The borrower is charged a certain interest for using the loan. The sooner the borrowed amount is repaid, the less additional expenses the borrower will incur. At the same time, the borrower has the full right to repay the consumer loan before maturity.

Consumer loans can be issued by banks or other financial organizations that have the right to provide such services. Getting a consumer loan from a bank can be quite difficult, as they impose strict conditions on borrowers. For banks, the client's credit history and income level are important. In many cases, banks refuse those who do not fit their parameters.

Now there are many financial organizations involved in consumer lending. After confirming the loan, many of them use the bank's services to transfer funds to the client. The loan is approved, but funds from such lenders can go to the borrower for several hours to several days. Such slow service discourages clients, and it is unlikely that they will ever apply to this financial organization for a consumer loan. Wallester's Co-brand Solution can speed up the crediting process and eliminate the involvement of banks in loan disbursement.

Wallester’s Offer for Consumer Credit Providers

With Wallester's solution, consumer credit providers no longer depend on the banking system. They can carry out Card Issuing themselves. These can be either physical or virtual cards. They can be single-use or multi-use. Funds are credited to the card instantly, so the borrower does not have to wait hours or days to make the desired purchase. In addition to the high speed of crediting funds, there are several other reasons to choose a payment solution from Wallester:

  • Issue cards for any purpose - debit, credit, physical, virtual
  • Tokenize all types of cards for connection to mobile payment systems
  • A wide range of analytical tools allow for development of personalized credit products for clients
  • Earn additional profit by setting fees for withdrawals, card usage, card replacement, and other services
  • Check all transactions for fraud; after the transfer of funds, the cardholder gets a SMS or Push notification

Many borrowers refuse to take out a loan when they learn that information. Especially, when they learn the arrangements between them and the lenders will be passed on to the banks. They worry that taking out a loan from a third-party company will affect their credit history. With Wallester's solution, consumer credit providers can exclude banks from the chain of cooperation. Thus, issue loans on their debit cards. It provides their customers with complete privacy and helps to significantly expand their customer base.

White-label card issuing will also help increase company loyalty and find new customers. These cards with an exclusive corporate design will always remind the client of the company that helps them make the purchase. After all a branded payment card, self-service platform, and mobile application will help to increase brand recognition and significantly expand the client base.

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