If you want to avoid the hassle of building an online payment gateway from scratch, a white label payment gateway solution would be more feasible and beneficial. Some companies find it difficult to profit from white label payment gateway services because they aren’t skilled enough. They will spend more time and money making those mistakes, which is why you should understand this process before you dive in. For your white label payment gateway to be a success, following a strict sequence of steps is essential. If that’s the case, the white label option might be disconnected or not function properly and will remain disconnected or defective. In the most extreme scenarios, you will not be able to provide your customers with white label payment services.
The first issue to address is key partnerships, just as in white label merchant services.
A white label payment gateway service has four primary partners.
As a first priority, you need to concentrate on four categories of partnerships. Please see below.
· Sponsor bank – who will provide access to the card companies.
· Acquiring bank – the institution that authorizes you to accept payments.
· Payment Processor – to process payment transactions.
· Commercial bank – to provide funding for merchants.
There are banks, like Chase, that offer all four services under one package.
You may move ahead on the project’s real execution once you’ve found, or at least determined, who your collaborators will be.
How to build a white label gateway in 3 steps
1. Set the deadlines. You aren’t creating an entirely new gateway product. Be cautious, though. Implementing a white label gateway may require 6 to 12 months.
2. Specify the process. What architectural solutions will be required? Is there a plan for their deployment, certification, and integration with other systems? That’s what’s most important at this point.
3. Assign responsibilities. The listed solutions will be developed, implemented, certified, and integrated with the target platforms by whom? Your team or your provider?
Conceptually, the steps might appear unimportant and straightforward, but they are filled with pitfalls.
Do not hesitate to contact us for more information about limiting the possibility of costly mistakes and losses during the setup of your own white label payment gateway.