Beyond Payments Processing: Three Game-Changers Fintechs Need to Go to Market

In the rapidly growing financial services and payments industries, payment processors are uniquely positioned to enable fintechs to be catalysts for change. The global fintech market size is projected to reach $460 billion by 2025, with increased adoption of mobile banking solutions driving demand from consumers and businesses. As fintechs bring digital banking and payment solutions to life, many feel limited by the need to relinquish revenue and control of their programs. But it doesn’t have to be that way.

Choosing the right payments processing platform is one of the most important decisions fintechs can make to supercharge their payment card and digital banking programs without sacrificing revenue, control or flexibility. Leveraging an API-based payment processing platform gives fintechs the power to bring their financial products to market in a way that is architected for reliability and scalability. To achieve success, fintechs must partner with a payments processor that offers three game-changing capabilities within its platform:

Ability to own card program management to capture interchange revenue.

Payments processors that enable fintechs to act as their own card program manager maximize the benefit of capturing interchange revenue. With exponential growth from customers using your card or digital banking solution to make purchases and pay bills, card interchange can provide a major revenue stream.

Powered by Galileo, companies like Chime realize 100 percent of their interchange revenue by fully managing their own card program.

End-to-end control of your card program.

Whether you’re issuing debit, credit, prepaid or virtual cards, card program managers need to leverage a payments processing platform that enables end-to-end control. By doing so, they can make payment card and digital banking solutions that are entirely their own. Yes, you’re in the driver’s seat – 100 percent. With the ability to select your partners across your card program – (i.e., sponsoring bank, payment network, and card manufacturer/ personalizer), fintechs can directly negotiate fees and other arrangements to customize and bring their financial products to market.

A great example: Skrill, powered by Galileo, offers unique online payments, money transfer services and loyalty programs. By leveraging a payments processing platform that enables end-to-end control of their card program, Skrill successfully delivers a payments solution to millions of customers worldwide.

Maximum flexibility to differentiate and design your card program.

The key to successful new card issuing and digital banking solutions is differentiation – solving your target audience’s pain points better than any other provider. If you can’t differentiate, what’s the point? Card program managers must have maximum flexibility when partnering with a payments processor and other partners across the payments ecosystem. This flexibility enables fintechs to design the exact program they want, with features and functionality that are highly targeted to an audience.

Shipt is an excellent example, using it’s simple, ever-present ordering and delivery platform to do what it does best – distribute products from national retailers to millions of customers. But, Shipt leans on Galileo’s payment processing platform because it provides the flexibility needed to deliver instant or near-instant payments to physical or virtual cards to its gig workers. In turn, gig workers’ receive fast and seamless access to their money to pay bills, make purchases and get cash.

Bottom line:

If you’re a fintech looking to launch digital banking and card programs that drive loyalty and grow revenue, your success relies on a powerful and flexible payments processing solution, Galileo Pro –  offers the capabilities to supercharge your programs.

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