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Credit card programs can be effective vehicles for enhancing customer loyalty and brand awareness and adding new streams of revenue. This is why credit cards continue to provide value to both large corporations and smaller businesses. Thanks to Deserve’s innovations in fintech, businesses can easily launch competitive and modern credit card programs. Within our platform, we’ve developed two distinct offerings that can be adapted and customized to the needs of your business: the Consumer Card Platform and the Commercial Card Platform.
In this blog, we’ll break down the differences–and commonalities–between a consumer and commercial card, and show how they can create value for your business.
While Deserve’s card programs take entirely unique, modernized approaches to consumer and commercial credit cards, there are basic differences.
Consumer cards are personal credit cards issued to individuals. For partners like Glorifi, BlockFi, M1 Finance, Notre Dame Global Partnerships, Sallie Mae, and many more, our Consumer Card Platform helped them not only launch credit card programs but also increase brand awareness, incentivize purchases, and differentiate their offerings with attractive rewards and loyalty perks.
Within the last year, we also expanded into the commercial credit card space. The inspiration was simple: if we could offer a frictionless, mobile-first platform on which businesses could build and issue consumer cards, then why couldn’t we do the same for financial institutions and B2B businesses looking to tap into the benefits of commercial cards?
Commercial cards are issued by employers to employees and are primarily used to make purchases on behalf of a business. Especially in the B2B space, launching a co-branded commercial card can strengthen relationships with customers by providing reliable access to cash flow and controlling corporate spending. Our Commercial Card Platform helps B2B companies like Enova launch both corporate credit and charge cards to their customers.
More than you’d think. Both of Deserve’s platforms provide everything you need to successfully launch a credit or charge card, regardless of whether it is under our Consumer or Commercial platforms. We give businesses the flexibility and innovative capacity to build card programs that reflect their brand’s unique mission.
Innovative, customizable rewards programs
Rewards programs are becoming increasingly competitive, making it more important than ever to offer customers a modernized rewards structure that leaves a lasting impression. Deserve’s platforms allow businesses to completely customize their rewards structures, from simple cashback perks and flexible earn-and-burn points programs to cryptocurrencies. (Check out our customers page to learn more about how our partners have built unique rewards with our platform!) Want to build a rewards structure that the industry has never seen? We can help you build it.
Enhanced user experience on mobile devices
Having a seamless, fully-branded, and intuitive app experience for your consumer is essential to competing in today’s marketplace. According to a study from the World Bank, two-thirds of adults make or receive digital payments; and, according to a recent study by Marqeta, 71% of Americans are using their mobile wallets to make payments. That means that people can easily forget their wallets at home but not their phones. At Deserve, we anticipate that mobile-centric adoption is only going to increase. That’s why our platforms are built “digital-first”: we prioritize enhancing mobile payment experiences because we know it’s the future of cardholder behavior.
When you launch on Deserve’s platform, your customers can manage and use their cards through an intuitive mobile application, and your business will receive access to an exhaustive supply of valuable marketing and operational tools, from enriched merchant data to transaction insights.
Approve more great customers
We minimize the hassle associated with approving customers to increase applications and boost adoption. Most credit card offerings today are still utilizing outdated approval methods and doing very little to make those processes more efficient. But with Deserve’s industry-leading underwriting engine–powered by award-winning artificial intelligence and machine learning (AI/ML)–your business can customize, test, and launch your underwriting flow to maximize cardholder approvals. You can integrate your own customer data or leverage our data to determine underwriting parameters, and then easily build an underwriting flow with our drag-and-drop functionality.
Above all, we believe your credit card program should not only reflect your brand’s mission and identity but also offer a unique value proposition in the credit card space. If you’re interested in learning more about how we can help, contact us today to get started!