The Reseller Margin Trap: Why White-Label SaaS Revenue Depends on What You Own

White-label platforms convert agency labor into recurring revenue, but the margin only holds when the agency owns the client relationship, the data, and the switching cost. Vendors increasingly control pricing, feature access, and dispute resolution on the software underneath, so an agency that resells without building its own layer is renting a business model. The strategic question is not which platform to rebrand but how much of the stack survives if the vendor changes terms.