Wallet as a service is a big part of the fintech revolution. It is a service that allows people to create and manage digital wallets where money can be kept, disbursed, and managed. It is growing in popularity because it simplifies the process of transferring funds between different accounts, making it easier to manage finances. Additionally, it can potentially reduce fraud, as people can store their money in a secure location. IntaSend is a wallet service provider that focuses on digitizing payments in Africa - for developers and fintechs.
This article introduces you to the world of digital wallets and IntaSend as a reliable wallet service provider. However, before we get into that, let’s take a quick look at some of the things that make a good wallet service provider. If you’re looking for a good wallet service provider, these 10 factors are a good place to start;
10 Things That Make A Good Wallet Service Provider
Easy integration
A good wallet service should be easy to integrate into new and existing systems without the need for complex programming. Customers should be able to readily test integrations and use the wallets as soon as they’re ready without any complexities or complications. For a wallet service to be successful, it must be simple to use and integrate into other systems. A good wallet service should have various features that appeal to customers, including an easy-to-use user interface and the ability to store multiple currencies.
Mobile compatibility
What’s the use of an e-wallet when it’s not compatible with mobile devices? A good wallet service should be compatible with mobile devices and smartphones, with no significant differences in ease of use between mobile and web versions. There are several benefits to using a good wallet service on a mobile device. First, having your wallet with you is easier, whether shopping or out and about. Second, it is easier to manage your funds if you use a mobile wallet.
A user’s experience should be the same regardless of their device. This is important as users may not want to switch to using a different device when handling their e-wallets.
Security
If a wallet service provider doesn’t guarantee a maximum security level for your e-wallet, you should look elsewhere instantly. PSD2 and PCI-DSS compliance security protocols must protect your wallet. A wallet service provider that doesn’t guarantee a maximum security level for your e-wallet is not doing their customers a favor. You should immediately look for a different provider if they don’t meet the required security standards.
Many wallet service providers do not guarantee a maximum security level for your e-wallet. If you do not want your wallet to be at risk, you should look for a service provider that complies with both PSD2 and PCI-DSS compliance security protocols.
Multi-currency support
One of the good things about e-wallet services is that it allows you to manage your money in different currencies, and that’s exactly what you’ll get from a good e-wallet service provider. A big advantage of e-wallets is that they let you store different types of money. This can be useful if you often travel to different countries or do business with people in other countries. For example, with an e-wallet, you can store Euros, US dollars, and British pounds, all in the same place. This can save you time and hassle when figuring out how to pay for things or send money to people.
This advantage is that it can save you a lot of money on currency conversion fees. Another good thing about e-wallet services is they give you much control over your spending. You can set spending limits, and you can also track your spending. This can help you to stay on budget and to avoid overspending.
Quality customer support
You don’t want to deal with a payment provider whose customer support is below-par. You should be able to get answers to your questions quickly and easily. If a payment gateway doesn’t have 24/7 customer support, don’t use it. You want to get answers to your questions as quickly as possible without having to wait on hold for hours. You should also be able to reach customer support through various channels, including email, phone, and live chat. That way, you can always get the help you need when you need it.
Any great company has great customer service. This is especially true for a payment processor, as you trust them with your transactions. You should be able to easily reach customer service and get answers to your questions promptly.
Minimal charges
When dealing with a payment or e-wallet service provider, you should always look out for transaction charges/fees. If they’re outlandish, you should consider other options because there’s no point in dealing with a provider that will charge you a lot of money to process your transactions. A payment provider can charge two main types of fees: a flat fee or a percentage fee. A flat fee is charged regardless of the amount you’re sending.
For instance, you might be charged $5 for each transaction you make. A percentage fee is charged based on a percentage of the amount you’re sending; if the percentage fee is 3% and you’re sending $100, you will be charged $3.
Regarding payment and e-wallet service providers, it is always important to know any transaction charges or fees. If the fees are unreasonable, it would be wise to look into other options since there would be no point in working with a provider that would charge a large amount of money to process transactions.
Proper tracking and reconciliation
If you’re dealing with a good e-wallet service provider, you should be able to enjoy tracking and reconciliation solutions. You should also be able to track your spending and receive notifications when there are discrepancies. The tracking solution lets you know exactly where your money is going, and the reconciliation solution ensures that all of your payments have been accounted for. This is a great way to keep track of your spending and ensure you’re not overspending.
The benefits of tracking and reconciliation extend beyond just financial management. If you’re running a business, you can use these solutions to track your income and expenditures to understand how your business is fairing properly. This information can improve your business operations and ensure you’re always on top of your game.
Intra-wallet transfer
If you’ve created a wallet service for your business, you should be able to transfer funds from one wallet to another within the same wallet platform. With this feature, you can transfer funds to your workers and business associates with wallets on the platform. The idea is to centralize all payments for proper accountability and tracking. The process of transferring funds from one wallet to another is a simple one. If you have a business associate with a wallet on the same platform, you can simply go to their profile and initiate the transfer. The funds will then be transferred to their wallet instantaneously. There are no fees involved in this process, so you can rest assured that all funds will be transferred correctly.
Many ways to fund
A good wallet service provider offers you multiple ways to fund your wallet, including bank transfers, card funding, mobile money, and cryptocurrency. Also, the platform should support other payment options used in different regions of the world. The service should be able to receive payments from different platforms and convert them into cryptocurrency. This will be an advantage to users who want to buy cryptocurrencies using other payment methods besides the popular ones. The user should also be able to receive payments in cryptocurrency from other platforms.
The different funding options offer you the convenience of choosing the most suitable for you. For instance, you can instantly use your debit or credit card to fund your wallet. Alternatively, you can also use a bank transfer which usually takes a few days. Mobile money is another convenient option as it is widely available in most parts of the world.
Funding your wallet with a credit or debit card is usually the fastest way to use your wallet. Many providers offer bonuses for using a card to fund your wallet, so be sure to check that out. The downside of using a card is that you’ll usually be charged a fee, so it’s important to compare the fees charged by different providers. You should also be aware that all providers do not support some cards.
Technical support
A good wallet provider offers quality technical support, although you may be charged a monthly fee for this service. This fee is often worth it, as the provider is usually very responsive to your inquiries. However, if you need help immediately, you may be charged a fee for this service. Although the fee may be a bit high initially, it's generally worth it for the high quality of service you receive.
This fee may cover hosting, but it depends on the provider’s structure and mode of operation. Whatever fee you’re charged, the most important thing is to get the reliable technical support you need whenever you need it. Again, the fee may be inconvenient. However, it’s usually worth it if you push through to get the service available to you.
IntaSend’s Wallet Service
IntaSend’s wallet service is arguably the best in Africa. The goal is to provide a reliable wallet service that is secure for operations for banking solutions, marketplaces, and SAAS. Suppose you’re a business owner or developer of marketplaces and fintech. In that case, IntaSend’s wallet service gives you the liberation to run your business with confidence, knowing that your customers are provided the quality digital wallets they need. IntaSend has made it so easy to enjoy this wallet service as the low cost ensures that moving funds from one wallet to another is totally affordable. What if it’s between IntaSend wallets? Then you’ll enjoy free transfers!
What makes IntaSend the best wallet service provider in Africa? Let’s explore some of the benefits below;
Multi-currency support
The goal of having a wallet that supports different currencies is that you don’t have to use different wallets to perform international transactions. IntaSend supports GPB, EUR, KES, and USD, so it doesn’t matter what business you’re trying to do; wherever you’re trying to do it, you can always move money easily to users in different currencies without any stress. This even helps widen your customer base as you can transact with international users without needing multiple wallet providers.
Several ways to fund
Funding should be the least of your worries with any wallet service. However, we understand that some wallet service providers limit how you can fund your account to perform transactions. With IntaSend, the options are almost endless. You can opt for card funding, the most popular method. All you need are your card details, which are protected by the highest level of encryption. You can also transfer from a traditional bank account to your wallet without stress. On the other hand, the option is also available if you want to fund your wallet with Bitcoin. IntaSend offers many ways to fund your digital wallet, making it the best choice for any business owner looking to take their game to the highest level possible.
Faster time to market
When you use the IntaSend wallet service, you can go live in days rather than weeks. This is a good option for businesses that don’t have time to build anything from scratch. Instead, you can integrate the API and deploy it as soon as possible without wasting time.
Who Can Use the IntaSend Wallet Service? (Use Cases)
The IntaSend wallet service has a wide range of use cases, which means you can always find a good use for it, whatever business model you run. Below are some of the popular uses cases for the IntaSend wallet service;
- Wallet solution for gaming and e-sports
- Mobile banking and micro-lending applications
- Charges tracking and reconciliation solution
- E-commerce vendors' payments and collection systems
- Crowdfunding solution
Conclusion
The survival of any online business depends on a lot of factors. If you’re in the e-commerce or fintech sector, you need a good payment solution for your customers. User experience is a big deal in that industry, and it’s only a matter of time before you’ll be forced to forgo your business if you don’t pay attention to that part of your business. Think about it; your customers are why you’re in the business in the first place. If you don’t do whatever you can to make them have the best user experience on your platform, they’ll look for better alternatives, and millions are out there.
Having a good payment solution is essential for any online business. If you’re considering adopting a wallet service, there’s no better provider to trust than IntaSend. IntaSend is arguably the best wallet service provider in the region. Thousands of users trust the brand to provide quality payment products that are essential for their businesses and personal use. We’ve explored the different ways in which IntaSend can help with its wallet service to move your business forward. Learn more about the IntaSend wallet service here, and ensure you get started as soon as possible to enjoy every benefit of having an IntaSend account. Explore our Developers API to get started with integrations.
