Choosing the Right White Label Payment Gateway: Benefits and Drawbacks by Aayushi

Many firms prefer to build their payment gateway, while others prefer to use a third-party solution. Payment orchestration platform offering, among other things, a white-label payment gateway. Get onboard with Lyra and start accepting online payments with your own customized payment page. While making online payments, customers often question the authenticity of the payment portal. It also securely forwards this information to the payment processing solution. 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.

The transaction info is then sent to credit card networks, which forward it to your bank. These alternatives have various tools and interfaces that allow merchants to collect transaction info in different ways, like through APIs for websites, business software, and mobile apps. In other words, all businesses can choose to accept payments online via a white label payment gateway.

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. With open-source code, your payment gateway’s time-to-market is supposed to be reduced. But, in practice, you will still need time to certify your software to process transactions securely, integrate with the necessary banks and payment providers, and so on. When a customer decides to part with their money because of a good or service offered, they need to be sure they are not being scammed. This will increase their loyalty and make you retain such customers for a long time.

• They can alternatively concentrate on fixing or improving the payment service.
• White label payment gateways commonly incorporate advanced technologies, such as intelligent routing and cascading, fraud prevention, automated merchant onboarding, and more.
• When it comes to payment processing, white-label payment alternatives don’t play around with security.
• For comparison, if you develop a payment gateway on your own, it will take you no less than six months to start operating.
• This allows customers to make payments conveniently and securely while businesses can maintain control over the entire payment experience from start to finish.

Companies can accept credit card payments in various currencies using our white label gateway. It enables them to offer payment processing services to their consumers, conduct financial transactions on their separate websites, and collect payments. If you want to save money on payment transaction costs while still processing payments under your brand with a customized solution, this is the ideal choice for you to go with. You should contact your service provider to negotiate the ultimate pricing of our white label payment solution. White Label Payment Gateway Solutions offer numerous advantages to businesses.

With White-Label Payment Solutions, you get a polished, ready-made product for your brand, which is ready to board your customers. We’d love to meet you and showcase how you can use our platform for your benefit. You should take into account that there are some business-related preparations before integrating a white label payment provider. Besides, some companies are afraid of becoming technically dependent on the service provider. By doing thorough research, you can minimise such risks and find a genuinely reliable payment partner.

With tokenisation, merchants get rid of storing credit card data – it is stored on a gateway’s side. It also allows for convenient and secure recurring charges, for the payment details are stored as a token. If a business has a little turnover and doesn’t use multiple payment methods – for instance, only bank cards, then setting up payment acceptance is quite simple. Difficulties may arise along with scaling – when the number of transactions and new payment methods grow, and there is a need to accept international payments.

This benefit is particularly noticeable in organizations that offer several supplementary third-party services or products. Think of an independent sales organization that resells merchant accounts from banks, card terminals, and E-Commerce platforms, for example. Using a white label payment gateway or branded payment gateway is an approach to improve brand recognition and presence across numerous channels. In today’s fast-paced business landscape, staying ahead of the competition requires offering seamless and secure payment solutions. As businesses shift their operations online, having a reliable payment gateway has become essential. One such solution that has gained significant traction is the white-label payment gateway.

It wouldn’t be surprising since the product is highly demanded in electronic payment processing. It appears that if you launch your payment gateway based on open-source code, you will not have https://www.xcritical.in/ to hire a team of developers. The truth is that you will still need to install the software, remove bugs and other user experience issues, and constantly manage the gateway’s development.

It is a combination of easy-to-understand pictures and textual descriptions that clarify what a codebase does and how it can be used. Simply put, well-written documentation is what makes the code understandable and allows you to use and modify it in the future. According to the GitHub white label payment gateway survey, 60% of contributors say they rarely or never contribute to the documentation. Thus, if the open-source payment gateway is not well-documented, and consists of several rather randomly interconnected parts, it can take weeks to find and fix one seemingly simple error.

They go above and beyond to protect customers’ payment information from fraudsters and other malicious actors. They use state-of-the-art security measures like encryption and fraud detection, which help to safeguard sensitive data from unauthorized access. Encryption jumbles confidential data, such as credit card numbers, making it indecipherable to hackers. Meanwhile, fraud detection tools raise red flags on suspicious activity like multiple transactions in a short period, which might indicate fraudulent activities.

The duration of going live, depending on the branding, technology, and integration requirements, can take between a week to a month. In contrast, developing a compensation option on your own would take at least six months to start functioning. As an online business owner, it is crucial to understand whether the onus of PCI-DSS compliance falls on you or the payment gateway provider. The main disadvantages of an open-source payment gateway are now on the table.

It’s possible to host your solution on a third-party server or prepare your own. If you opt for the latter, you’ll be totally your own boss but with the need to reaffirm your PCI DSS compliance annually. By using this form you agree that your personal data would be processed in accordance with our Privacy Policy. The boom of artificial intelligence is apparent in almost every sector, including the eCommerce industry. Building and nurturing customer relationships is crucial for any eCommerce business.

Furthermore, when you choose to collaborate with us, we will provide assistance in seamlessly transitioning all your data and servers to your own dedicated data centers. When it comes to payment processing, traditional solvents offer a one-size-fits-all approach, leaving little room for customization. However, white-label online payment gateways let businesses break the mold, adding their own unique flavor to the payment process. This allows businesses to stand out in a sea of competitors and create a memorable payment experience for their customers in numerous countries. From simple payment acceptance software developers to market professionals whose products and services are used all over the world. Payment companies, from startups to large companies, use the software, tools, and services provided by BlueSnap to process and manage their online merchants’ transactions, as well as to protect their businesses.