Being a payment processor is highly profitable. Companies are making millions while giving payment services to businesses. With the rapid increase in internet use, people are burning their feet. Every startup is looking for a reliable payment service provider.
Gatewayeast has brought a fully customizable and scalable payment solution. White Label Payment Gateway is for firms who want to start their business as a payment processor. Our part of technology is advanced and secure. It comprises all the local and international payment methods and rarely lets any payment fail.
How to be a Payment Service Provider?
If you want to start your payment gateway business reading this article will help you a lot. This article will differentiate between all the possible ways and solutions in the market. To become a PSP there are three ways.
1. Buy Box Pack Solution
2. Build your Gateway
3. Get White Label Payment Gateway
Box Pack solution is a licensed copy of software purchased by the user having full command. This is for payment services and contains too many drawbacks like the software will be very expensive. The onboarding takes several months to start service until then no option of income. You will hardly find anyone going for this.
Building your Payment Gateway
Start your own payment gateway is not a bad idea. Whenever a person thinks of becoming a payment processor, he wants to draw his software. But is it that easy? Things get very complicated with time. To be very sure, a person will need too much money and a lot of time. To build payment software, he will need a long list of experts.
1. Backend - PHP, JAVA, NET. Ruby
2. Databases - MySQL, Logstash, Kibana
3. Frontend - Angular, Javascript, Typescript
4. Application Deployment - Docker, Kubernetes.
5. Quality Assessment - Gherkin, Behat
For making your payment gateway, the fewest 5-6 experienced individuals comprising
1. Developers
2. DevOps Specialist
3. Information security officers may seem necessary.
You may even need more by offering the least salary of $3000 to $4000 per month. A monthly expense of $15,000 to $20,000 will be for sure. Entire software development with other compliances meeting international security standards needs 12-24 months. The calculation will give you an idea of the expense a person is going to make. It will be around $1,80,000 to $4,80,000.
But things will not end here once the system is live. The developers have to look after maintenance. Own gateway requires system up-gradation, integration, bug fixing, and developing new features.
Thus, before planning to start your own payment gateway, do some math. You will get a clear idea. The self-built solution is always a good sign as you are aware of it from tip to toe. Developing your payment gateway can be a good idea for big and established companies. Startups and smaller companies usually cannot afford the expense. They should go for White Label Payment Gateway Solution to start their own payment gateway business.
White Label Payment Gateway
Buying White Label Payment Gateway is the easiest method to be a payment processor. Investing a smaller amount can bring enormous benefits. With this, an enterprise or individual can start his own payment gateway business.
White Label Payment Gateway is the payment solution that comes with no brand. The person owning the software can rebrand and run under his brand name and logo. It is fully scalable and brand-able software that can get easily customized as per demand.
White Label Payment Gateway is a fully developed program so there are no requirements for developers. Your Development cost is zero for this type of payment software. However, you will need experts for the maintenance and integration of services.
This software is like what big brands are using to furnish their merchant’s needs. It supports all major payment options like credit & Debit Cards, APMs, etc.
White Label Payment Gateway can be customized. You can provide services as per the client. Every business needs payment services differently. Many enterprises involve only accepting while others need to accept and make payments. For example, forex trading requires it for both accepting as well as transferring.
It encompasses other facilities like:
1. Higher rate of transaction approval
2. Powerful dashboard - Real-time monitoring, analytics, listing, etc
3. Capacity to store, locate, and manage transaction data.
Similarly, there is a comprehensive list of advantages that comes with White Label Payment Gateway.
How to get White Label Payment Gateway?
To get the most versatile solution to start your own payment gateway business, contact us. There might be other payment service providers in the market, but we guarantee this solution will meet your expectations. To own software, You will have to prepare and provide us with a small list of documents containing your application furnishing.
1. Name of the business
2. Your Business formation document
3. Your ID (SSN)
4. Incorporation Document, etc.
Getting a White Label Payment Gateway will never disappoint you, as we have been serving merchants from all over the world.
Conclusion:
White Label Payment Gateway is an excellent solution. With extraordinary features and capacity, it ensures your business growth. It takes no time to start live onboarding of payment services. Getting the right solution from the superior PSP can plunge immense benefits.
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