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FinTech

Online Payment Gateway Integration: Choosing a Provider

Business operations allow customers to conduct payments with ease in a similar manner. Sportech PLC – A horse-racing betting system where users can bet through the payment gateway. Develop a merchant administration web application, or simply an admin panel to allow your staff to control merchant operations. The service is fully loaded with its comprehensive documentation, international support, and monitoring system.

  • Current age requires less paper and banknotes and more remote control systems.
  • In this case, the organization that provides the payment technology for ISVs, SaaS companies, or other organizations to use as their own, is known as a white-label payment processor.
  • The metaverse economy is growing rapidly, and with it, greater potential for the payments industry to get in on the action…
  • Business operations allow customers to conduct payments with ease in a similar manner.
  • White Label Payment Gateway Solutions have many advantages.

Refund – the result of a canceled order for which a merchant will have to apply a refund payment processing to return the money. Co-branded credit cards and general rewards cards are good alternatives to private label cards. A private label credit card is a type of credit card that’s restricted to a specific retailer or brand. White Label Payment Gateway Solutions have many advantages. Outsourcing allows you to keep your expertise and professionalism. You are enjoying benefits like high ROI, the provision of innovative and practical payment solutions, and a strong brand reputation.

We design custom pricing and tailored payment services that work for you and your business model. You set the price to your merchants and keep full ownership of your customers and offers. Programmatically create merchant accounts or manage terminals. Our SDKs make it easy to integrate Hips into your own mobile and web applications for mobile, unattended, online or in-store payments. White label payment gateways offer several benefits to companies without brand recognition or with a large enough client base to warrant investing in their e-commerce site.

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Authorize.net is designed for small- and medium-sized businesses. Their service also provides all the major payment method support, including PayPal payments and Apple Pay. Authorize.net protects users from fraudulent transactions via its Advanced Fraud Detection Suite. A merchant account is an agreement between a merchant and an acquiring bank, by which a merchant allows a bank to process their transactions. Additionally, a merchant agrees to follow the operational regulations of credit card processing established by credit card companies.

Drawbacks of a white-label payment gateway

If any of data is stored by a payment gateway, it is settled in a specific type of secured storage. Usually, gateways don’t store actual credit card numbers, but rather save tokens. A private label credit card is a type of branded credit card that can only be used with a specific retailer or brand. Banks partner with retailers and brands to extend a revolving credit line to cardholders. The bank provides the funding for the transactions, while the retailer handles marketing the cards and encouraging credit card applications. Citi, Synchrony, and Comenity Bank are examples of private label credit card issuers.

Are you and your merchants protected from phishing attacks?

Maintaining your brand identity should be a proactive process followed from first contact to final payment. And this is where a white-label payment gateway becomes useful. Vladimir is the CEO and Managing Partner at Akurateco Payments Orchestration Company, founded in 2019.

Drawbacks of a white-label payment gateway

If you are passionate about developing your payment gateway, you have to invest a lot of time and money. Even then, you may not have a guarantee over the final product’s ROI. When you rely on the third-party solution and white labelling it, you retrospectively pay the developers to create your business product. Further, paying for white labelling is the whole lot cheaper than developing the solution integrating with your in-house team.

Payments Trends Shaping the Industry

Banking companies are not the only ones who can receive a positive outcome from such popularity of fintech white label financial solutions. If you are a complete newbie to this industry with finite resources, the variety of fintech white label services is waiting for you! This way, you can easily try your hand at a brand-new business and contribute to the industry.

Braintree is a separate payment solution, but it is a PayPal division. The main advantage of using Braintree is that it bills international transactions without an additional fee. Depending on the country you’re running your business in, mobile wallets may or may not be available. But the three major applications, Apple Pay, Google Pay, and Samsung Pay, currently support all four main credit card networks and operate in hundreds of countries. So, you have to scan the provider’s page and find the corresponding information on whether the gateway supports mobile wallets and which ones. As of 2019, the most popular payment methods remain credit cards, varying from 82 to 69 percent of all shoppers in different regions according to Statista.

It acts as a mediator between a customer’s and a merchant’s bank. To integrate a payment gateway on your website, you need to open a merchant account. As a global payment provider, we offer an extensive list of payment methods. Besides Visa and MasterCard, we support 100+ other options. All the major e-wallets, cryptocurrency, remittance systems, and local credit cards of 177 countries are on the list. We guarantee a 20% increase in transaction approval ratio thanks to the high-end technology distributing declined transactions between different connectors.

Who needs a white payment gateway, and how do they obtain one?

Choosing the right payment gateway partner can be the key to your brand’s success, so try to approach the choice of white-label solutions as carefully as possible. If something goes wrong with the service, the payment gateway will take responsibility and work on a patch or upgrade. They will also provide support and gratefully accept input to better their operation. This frees you up to focus on your core business and service. Hopefully, your current customers are happy with your service and goods.

Plus, there is always an option to develop a gateway product from scratch. But that is a different story, involving really impressive costs and efforts. Don’t miss other equally valuable articles prepared by software development experts from CrustLab. Below you will find articles related by topic or by the author. Develop an API for your gateway and write robust documentation as required within PCI DSS compliance. Keep in mind that there are also different transaction limits set for a given time period, for example, PayPal.

So check what customizations are available with respect to using your brand logo, color scheme, font, etc. The first step to implementing white-label payment processing is to find the right payment tech partner. The white label model means buying an unbranded solution from a producer, putting your brand on, and selling it as your own.

Of course, Spell has all of these features, plus numerous other unique features that empower partners to optimise and scale their business. As we’ve mentioned, there’s a variety of white labels on the market. Competition drives innovation, so payment service providers equip their offerings with a range of supporting features and enhanced capabilities. White-label payment processing is a way to process transactions using third-party payment technology fully-branded after your company’s brand identity guidelines. As a merchant, you get to sell technology developed and supported by an external team of payment experts. In the meantime, your customers will perceive the system as your own.

Unattended payments with the user in mind

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Sale – a combination of authorization and capture transactions. It’s a regular payment for immediate purchases, like a subscription purchase, or e-tickets. You may be risking your good name and reputation by using the gateway as your own. Maintaining PCI compliance and combatting fraud is critical since any flaws or data breaches can harm your organization and white label payment gateway put you at risk of fines, litigation, and other penalties. The solution allows you to segregate your merchants and resellers from clients of other ISOs (i.e. the respective merchant and reseller data is not “mixed” with data of other ISO’s clients). This instance is intended to service only your needs and the respective technical support team is assigned.

What’s white-label payment processing?

In finance, the number of startups that decide to take the software “off-the-shelf” is increasing with lightning speed. White label fintech is an absolute choice even for traditional banks that choose to turn into digital ones. Current age requires less paper and banknotes and more remote control systems. That’s why digital banks, mobile payment companies, and other fintech startups wouldn’t wish to have a poor quality of their services. The following points will be dedicated to figuring out how a white label fintech platform can improve your business. The white label payment platform has many advantages in the payments industry, and Cardstream is one of the few reputable payment gateways that offer white labelling to hundreds of their resellers.

Top Benefits of Using White Label Payment Gateway Solution

All financial products, shopping products and services are presented without warranty. When evaluating offers, please review the financial institution’s Terms and Conditions. If you find discrepancies with your credit score or information from your credit report, please contact TransUnion® directly. Can the provider customize the platform to the specific needs of your business? Are they ready to integrate new payment methods your target audience is most comfortable with?

JPMorgan has agreed to acquire payments startup Renovite to expand the bank’s merchant acquiring space, assist cloud payme… ISVs are playing an ever-increasing role in how payments are delivered to merchants. Our https://xcritical.com/ Head Of Product Marketing, Peter Alcock, discusses how the expectations around contactless payments have evolved since… ISOs are feeling the pressure from software companies stepping into the payments arena.

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