Card issuing services are as much in demand as never before today. Why so? First, businesses are looking for methods that help easily implement personalised payment solutions and lead to the most satisfying customer experience. Second, employees want more secure and faster compensations. Finally, lots of outdated banking systems fail to come up with modern and powerful modes of money movement, in such a way coming short of customers' expectations.
Consequently, trying to cover the demand, many innovative banking models appear, developing a modern payment infrastructure. Among them — card issuing providers with an API technology. What are their advantages? Well, for starters, accessibility. For instance, virtual cards enable clients to handle their cards remotely and make transactions no matter where they are. Another indisputable benefit is security. It’s most likely that you’ve been authorising your transactions by only one means — a pin or a signature. But the solutions fintech companies offer today are much more advanced. You can verify your identity by setting certain customised criteria like merchant ID, transaction amount, location, and even facial recognition. And these are just a few examples!
It stands to reason that nowadays Marqeta has become one of the best representatives of modern fintech organisations. What does Marqeta do? It simplifies payments for businesses and supports card programmes in Europe, the US, Canada, and Asia. Why have they become leaders in the realm of digital transactions? And what are their competitors you can choose to successfully automate your company’s payment processes? Let’s start with the beginning.
What Is Marqeta?
Marqeta is a modernised card issuing platform enabling clients to generate tailored and leading-edge payment cards. Here are the main facts about the company:
- Founded in 2010 by Jason Gardner;
- Headquartered in Oakland, CA;
- Over 320 million Marqeta cards issued;
- Running in the US, Canada, UK, EU, APAC (36 countries in total);
- 500+ employees;
- Partnerships with Visa, Mastercard, and Discover.
And what are the reasons so many clients choose it? Below you may find the key pillars the company is based on.
- Simplicity. Because of open APIs and developer SDKs, Marqeta customers can obtain personalised cards or payment products double-quickly. No need to wait for months. The program enables customers to build the solutions that meet their exact needs really fast.
- Trust. The company has proved its reliability by delivering 99.99% uptime for the world’s fastest-growing companies, so their track record is truly impressive. This all is possible due to built-in redundancy, disaster recovery, and failover that were specifically developed for the platform.
- Customised approach. There are customisable solutions for expense management, E-marketplaces, on-demand services, digital banking, disbursements, and many more. Users can be in control of their card programmes, limit expenses, and handle fraud.
In a word, if you choose Marqeta, you get a big team of payment innovation specialists dedicated to their digitally savvy customers. However, there are other payment processing companies proving competence and reliability to their clients for years now. What are they? And what are the criteria to stick to when choosing a partner to deliver financial solutions for your firm? Intrigued? Let’s break it all down for you.
What to Keep in Mind When Choosing Marqeta Alternatives
When looking for a reliable company to help you better manage and control your expenses, check if it meets all the requirements first. Here are the primary points to consider:
- Ease of use. This is a fundamental part of user experience. Designing a user-friendly product can be really complicated, and you need to make sure the service you’re going to use has managed this task. A few universal metrics to pay attention to are task success, number of errors, number of user actions, and learnability.
- User rating. One of the best ways to check if the service is good is to see what its clients think of it. Read reviews, collect the information, and ask colleagues for a recommendation.
- Affordability. Don’t pay more where you can pay less! The choice is huge, so look for alternatives that are more cost-effective. Take time to compare prices and research the market.
- Functionality. Consider what exactly you expect to get and study thoroughly a company’s offers. All of the above is unimportant if they can’t provide you with quality services your business requires.
10 Marqeta Competitors Providing Best Financial Digital Services
One of the fintech companies below can be a great match for your needs. So let’s get started.
If you’re looking for a simple spending solution for your business, Pleo would be a good choice. The company is valued at $1.7 billion and has a unicorn status. They offer a spending tool that helps entrepreneurs forget about cash, receipts, and monotonous paperwork. In what way? By issuing a Pleo card. It enables enterprises to automate expense reports and simplify financial processes. For instance, you can process, approve, and pay invoices in one place. There’s also a possibility to integrate Pleo with your accounting tools and monitor all company expenses in real-time. And no more paper shuffling! Get notifications when the card is used, match receipts in the app, and categorise all company’s purchases.
2. Amazon Pay
What are the reasons to join Amazon pay service? Well, what about making your business flourish and increasing sales? There’s a study showing that 24% of online consumers abandon a site because they’re asked to create an account. 18% of them do it because of a long checkout process. Don’t want to lose potential customers? Amazon can help reduce checkout friction and cart abandonment by simplifying the payment processes. Your clients pay Amazon credit card bills and forget about constant waiting and user-unfriendliness. The service is great for everyone — big and medium businesses, huge enterprises, and even non-profit organisations striving to implement optimised, fast, and easy mobile payments.
The company’s prior mission is to make the financial processes effortless. In short, Stampli is an AP automation platform that brings together accounts, payable transactions, documentation, cards, and payments all in one place. In such a way, you’re fully in charge of your corporate spendings. This is a truly cutting-edge program with duplicate detection, built-in calculations, and PO support. Moreover, there’s your personal intelligent AP bot, Billy, that’s able to discern the invoice data in real-time and learn your accounting processes for correct coding. The platform is so flexible that it can be easily integrated into other financial systems if you have such a requirement. Stampli competitors have to work hard to catch up.
Recurly Inc is the subscription management and billing platform that thousands of companies choose for managing their revenue. Hopefully, you know that almost every major industry is being transformed by the influence of subscriptions today. How can Recurly be helpful in such a situation? In fact, in many different ways. For instance, there’s a smart Revenue Optimisation Engine designed to help you retain more subscribers and increase their LTV. Among other services is strengthening recurring income streams, developing business models, expanding income to a significant degree, and automating revenue-optimising decisions. The numbers speak for themselves — the top 100 Recurly customers, which are usually mid-market enterprise businesses, had 20x revenue growth.
AvidXchange Inc is known for developing an automated AP technology that helps businesses effectively manage their financial processes. What are its advantages? First is accessibility and flexibility. The platform works with your current accounting software, and it’s cloud-based. Thus, you can reach it anytime and anywhere. The second is security. Fraud can be reduced greatly if you leverage e-payment adoption. Finally, convenience and efficiency. Collect, track, and approve invoices just in a few clicks. No more piles of paper checks and constant signing. By the way, AvidXchange competitors lag behind in terms of lots of characteristics. Thus, it can surely become your partner in simplifying all the financial processes that are slowing down your company.
How can your business benefit from Bento? The company assists in creating tailored card management programs, attaining visibility in spending models for easy budget allocation, and optimising cash flow. A single Bento for Business debit card helps you effortlessly manage company-wide spending. How? Apply, have your account approved, create cards, and here you go! By the way, you can issue each employee a plastic or virtual card and set detailed controls individually. It’ll automatically limit where, when, and how much they spend. All the transactions are recorded in real-time and all the receipts can be uploaded in the app, too. If you have a certain accounting system, it can be connected to the platform. Thus, you save money, time, and effort.
It doesn’t matter whether you’re a small company or a big enterprise. Square makes card payments swift, smooth, and safe. No extra charges and no long period obligations. You can accept all major cards and receive deposits as soon as the next day. Square card payments are possible in person, online, or even on the go. Customers are provided with fraud disclosure and account takeover protection, so you can concentrate on your business and stop worrying so much about the security. Experts will take care of it. By the way, no bank interviews, background examinations, or retailer profiles are needed to start your cooperation with Square Payments.
Podium tech company, surprisingly, managed to make some noise in the world of payments. Even though its main mission is making communication between enterprises and customers easy and effortless, they decided to go further — make payments a part of the conversation. The thing is, statistically, the majority of consumers prefer messaging for interacting with businesses. So, Podium company came up with a brilliant solution — selling while texting. You may simply send a link to close your deal before the customer loses interest. By requesting payment in a Podium text chat, companies get much bigger response rates than with classical methods. In such a way, you get the best of both worlds — increase customer satisfaction, decrease fees, save time, and make better profit!
Because of Plooto’s accounts payable and receivable software, companies can worry less about handling financial issues and put more effort into growing. More than 6k businesses choose Plooto for secure payments, cash monitoring, and automatic reconciliation. And you know what lots of them say? They admit that now they have full control of cash flow because they’re fully aware of when and how much is paid-out. Plus, thanks to eliminating Accounts Receivable headaches, companies manage to save 40+ hours a month previously wasted on finance management. Additionally, they’re more than happy to say goodbye to paper cheques and bank electronic fund transfers.
Nvoicepay changes the way businesses make payments to their suppliers. The company developed an intelligence-driven payment program which even most complex businesses can use to simplify financial processes. In what way? Forget about following long payment guidelines or going through a complicated ERP integration to pay supplier invoices. When you need to pay an invoice, just review and confirm the transaction straight within the cloud software, and the platform will do the rest. By the way, suppliers may choose any payment and remittance options they desire, while you enjoy the easiness of complex financial processes. That’s why Nvoicepay customers are so satisfied with the provided services.
Marqeta Card Issuing or Its Alternatives: What to Choose?
In the long haul, the choice is yours. It’ll depend on the services you expect to get for your business. Because of a huge variety of offers, the first thing you should do is to specify what kind of help in the matter of financial management you require. Research, compare, and decide. If you need any assistance regarding fintech, looking for solutions to simplify financial processes in your firm, or interested in developing your own financial product, contact the experts from DashDevs and get immediate feedback. We’re here to answer all your questions and give you a high-quality consultation!