Bond Financial Technologies Inc., the leading embedded finance platform, today unveiled the industry’s first white label solution that allows B2B SaaS platform providers to launch their own commercial charge cards without writing a single line of code. With a fully featured, branded platform including built-in compliance and requiring minimal engineering effort, SaaS companies can unlock new revenue streams, build brand loyalty, and meet their customers’ needs by offering better and more relevant financial products.
Total volume of payments made with a commercial card is expected to reach $1 trillion by 2024 as businesses modernize away from check payments. Leading this growth is the use of on-demand virtual cards over paper checks as it helps companies reduce manual or paper-based processes, reduces their costs, generates a new revenue stream, and has built-in protections against fraud and misuse.
Bond’s new White Label solution makes it effortless for B2B SaaS platforms to launch commercial card programs and tap into this growing market across multiple verticals that include:
Expense & spend management: More and more finance departments are turning to platforms to control business spending and reporting while automating manual processes. Now, any SaaS platform focused on managing expenses and spend, can issue its own branded cards – like Brex, Ramp and Airbase – either directly to its customers’ employees or for specific purposes, enhance those cards with custom spend limits, and integrate the rich transaction data into reports and insights in a matter of weeks not months. Since launching its commercial charge card program with Bond, Cledara has helped its customers to manage SaaS spending across thousands of vendors and rapidly scaled its subscription and interchange revenue.
Service management: Home and property repair services have increased their addressable audiences by turning to service management platforms to manage scheduling, billing, customer acquisition, and other tasks so technicians can focus on their service jobs. Now, field service management platforms such as ServiceTitan, Jobber, or HouseCall Pro can issue one-time use or recurring cards to technicians on the ground for a specific job, property, or service area that reduces manual paperwork and reconciliation.
Other SaaS platforms: Commercial charge card use cases are relevant across many other SaaS platforms. Fleet and logistics platforms can better manage spend and reporting; bookkeeping and tax platforms can further reduce manual processing; and treasury management platforms can build tools on top of high-fidelity transaction data.
These solutions uniquely create more integrated, value-added experiences for customers of SaaS platforms, unlock a new revenue stream from interchange revenue, increase customer loyalty and brand equity, and provide access to greater insights from spend data, which can enhance the platforms’ core products and increase customer acquisition efficiency.
“Our customers kept telling us that they wanted to launch a commercial charge card product, but they just didn’t have the engineering resources allocated to their roadmaps to execute on the product offering,” said Roy Ng, CEO and co-founder. “Bond listened, and we’re proud to be the only fintech infrastructure platform that allows brands to launch a B2B charge card product without the need to write a single line of code. Bond White Label enables companies to go to market with complete trust in a fully functioning and compliant financial product.”
Until now, if a company wanted to offer a branded charge card, it would have meant a long and painful process: establishing relationships with card issuers, manufacturers, banks, and card networks, then building complex technical integrations with each. Bond has drastically simplified this process. When a company partners with Bond, it benefits from pre-existing partnerships and integrations; with one single agreement it can launch a card by working just with Bond’s APIs. Bond White Label pushes this concept even further, eliminating the need for an API integration. Now, a company can go live without writing a single line of code.
Bond’s White Label product is the only full no-code commercial credit card solution. Complete with compliance, underwriting, and financing, Bond White Label provides a one-stop solution right out of the box that gets companies to market fast and with complete confidence in their credit capabilities on Bond.
The Bond team will be at SaaStr Annual 2022 in San Mateo, CA from September 13-15, 2022. Companies interested in learning more can make an appointment here to meet at Booth #153. Use our code BOND20OFF to save 20% on registration.