The electronic payments industry is only one of several nowadays that regularly employs the white labeling principle. White-label payment facilitator models and white-label payment gateway are also available. You also have white-labeled solutions for processing payments, including merchant services. Generally, gateway development term ranges from six months to a year or more, depending on the complexity of the technologies you plan to use in transaction processing.
Buying such software is much faster and cheaper than developing one from scratch. The company offers a white-label payment gateway on the on-premise model, i.e. the software will be hosted on the customer’s infrastructure. EComCharge allows integration with 50+ banks and alternative payment systems.
Assess security measures
Additionally, you get a little percentage/commission from every transaction they complete. Whether you develop a payment gateway by yourself or rent it from a reliable payment provider, it is always clear who is legally responsible for the functionality. However, with open-source code, there is no one liable for its performance. The main risk is that as a payment gateway provider, you will work with the sensitive data of the clients on potentially unsecured software.
A white-label payment gateway is an up-to-date software that is enhanced with advanced in-house and external anti-fraud filters to detect, analyze, and prevent potentially fraudulent transactions. One of the necessary steps to ensure the security of cardholder data is PCI DSS certification. Usually, it is one of the most time-consuming and complex processes for a gateway provider.
Business 101
Those wondering how to start a payment processing company know that it’s impossible without a good payment gateway. The need for this tool is really high, but developing it from scratch is an impossible task for young startups. Fortunately, there is an alternative in the form of buying a white-label payment gateway. In this article, we will explore what a white-label gateway is, who it can be useful for, and how to choose the best solution available on the market.
In many cases, buying a white-label solution can mean that you get a finished product without the ability to add any features. If you need to add a rare function, choose a software vendor that provides the ability to customize the solution. To answer the question, we need to look at the idea behind open-source software. During the early days of software development, developers and programmers shared software to learn from one another and evolve the field. Primarily, each company is willing to outdo the others in innovative payment technologies in order to get more customers and profits. That is why it is inefficient for developers to share their source code for free.
Why choose a white label software?
That way you can be sure that the solution meets all the needs of a business that focuses on this niche. Payment gateways help ensure the security of transactions by encrypting sensitive information, such as card numbers and personal details. And alongside other players in the payment process, they contribute to verifying transaction authenticity to prevent fraud. Payment gateways also help authorize transactions, communicating with card issuers to confirm that customers have sufficient funds to complete their purchases. Payment tokenization is a technology used in payment processing to enhance the security of sensitive payment information, such as credit card numbers, by replacing them with unique tokens.
It is difficult to find such a specialist and even if the search is successful, there is no guarantee that all the nuances and aspects necessary for smooth operation will be taken into account. By buying a white-label payment gateway you get a proven solution that has already had successful use cases. Moreover, suppliers of such software can also provide you with other support, such as hardware selection and compliance with all regulatory documents in the US, UK, EU and other countries. Getting the same level of experience and expertise through your own efforts will take a lot of time and money. The main disadvantages of an open-source payment gateway are now on the table.
Saves time and effort
The gateway’s job is to encrypt their payment data and send them to the issuing bank, card network, and acquiring bank to confirm or decline payment and notify a customer about the result of his transaction. To become a regular payment gateway provider, you have to develop its software from scratch. It is the main difference between a traditional and white-label payment gateway. If you’re in the payment processing industry, chances are you’ve heard the term white-label payment gateway before.
In the end, it is up to you to choose whether to use an open-source payment gateway to enter the market, but make sure to evaluate all your options beforehand. One of them is a white-label payment gateway, a brandable PCI DSS-certified payment platform with a multi-acquirer approach and advanced payment technologies. If you want to see it in action, book a Free Demo with our payment experts who are ready to answer all your questions. The white label payment white label crypto payment gateway gateway enables a firm to offer a payment method for its products or services without devoting excessive time or resources to creating, testing, developing and releasing it. A white-label payment gateway, without a doubt, holds the top spot in the online payments industry. To gain a deeper understanding of the white-label payment gateway, feel free to book a Free Demo with Akurateco’s payment experts and see the cutting-edge software in action.
White-label payment gateway solutions and pricing
Before making a final decision, you should also consider alternative options on the market. One of the most efficient and cost-effective is a white-label payment gateway. Make sure the company permits you to market their services under your name.
- A white label payment gateway is a game-changer for online retailers, marketplaces, and businesses conducting transactions over the internet.
- Adding a supplementary solution to existing items will increase customer loyalty for firms with pleased customers.
- Additionally, charging back a payment from an unscrupulous client is more manageable with traditional payment processors, as chargebacks can be filed more efficiently.
- As they increase their processing volumes and customer bases, their needs become more sophisticated.
- By doing thorough research, you can minimise such risks and find a genuinely reliable payment partner.
- It puts your customers at risk of having their personal information leaked, which could result in a huge fine for your company as well as irreparable damage to your reputation.
- Instead, businesses can keep customers within their environment, ensuring a seamless and consistent brand experience throughout the transaction.
If your customers would benefit from receiving payment processing capabilities as part of your service, a white label gateway might be for you. As such, businesses should consider employing white-label payment alternative variants to improve their payment processing operations. To achieve this, they can turn to Corytech, a fully-featured platform that offers innovative waging solutions. Interested businesses can request a personalized demo from Corytech to see how it can help them streamline their payment processing operations. Increased Customer Loyalty – For businesses already enjoying happy and satisfied customers, adding this type of complementary solution to their existing services will improve their customer’s reliance on them. Consequently, customers will be more likely to stick around for the long haul.
Key Highlights of White Label Payment Gateways
White-label technology offers a seamless and user-friendly revenue experience by providing a simple and intuitive interface for vendees to make payments. This know-how integrates with various https://www.xcritical.com/ funding methods, making it easy for customers to use their preferred revenue option. Additionally, they employ advanced security measures to ensure safe and secure transactions.
The customisation options and secure transaction processing of a white-label payment gateway align perfectly with the dynamic nature of startups and tech companies. Integrating a white-label payment gateway into platforms such as websites or mobile apps streamlines payment processes, eliminating the need for customers to navigate external payment portals. This improves the user experience, reduces friction, and boosts conversion rates.
This way, you can provide options that appeal to a broad range of customers. Shared Responsibilities and Ownership – As long as the payment gateway is working correctly, the business will not be solely responsible or saddled with any problems. They can alternatively concentrate on fixing or improving the payment service. Specialized assistance and customer feedback for service improvement are also available to the business. The main advantage of Boxopay is its very broad functionality for providers, including all the software needed by the financial and customer service department.