A white-label payment gateway solution is a sure way to equip your business with a multifunctional solution that will bring profits and help you gain a foothold in the market. And really, why spend a lot of money and time to develop your own tools from scratch when you can just buy white-label software and arm it with your brand? This way will help you stay competitive, and with the right solution, even outperform your competitors by investing the freed-up funds in other areas. Nevertheless, sometimes you can just get lost in the variety of options available, especially if you don’t have enough technological expertise. There are many good solutions with a variety of features. So how to choose white-label payment gateway? In this article, we’ll answer this question and figure out what features new PSPs and acquirers should pay attention to for their business to flourish.
How to choose white-label payment gateway for new PSPs: Key features to pay attention to
Functional back office
Perhaps the most important feature for acquirers and PSPs when choosing a white-label payment gateway is the availability of a multi-functional back office that will fully meet all of your business requirements. This element may seem basic, but sometimes white-label payment gateway providers do not provide customers with this element. You need to look for a solution that will not only fully serve all of your business processes but also automate them.
If you wonder how to choose white-label payment gateway for new PSPs, pay special attention to the solution’s ability to handle different types of cards and currencies. A perfect solution should support all types of cards, Apple Pay, Google Pay, and be able to handle different currencies for maximum audience reach.
Advanced payment processing
Another important factor in choosing a payment gateway is extensive payment processing and management capabilities. Consider buying a solution with such features as payment routing, a transaction monitoring system, the ability to make recurring payments, as well as split payments and card tokenization.
Security is one of the cornerstones of every good payment gateway. For acquirers and PSPs, the reputation of a reliable partner is extremely important, because this is one of the main factors merchants look at when choosing an acquirer. In particular, the payment gateway should be equipped with the most advanced anti-fraud systems. Among other things, security functionality may include:
- Powerful scoring features. These will prevent fraud and have a clean reputation with merchants.
- Automation. Solutions can include mechanisms to automatically confirm payments when the terms of your contracts with merchants are met. In turn, if the conditions are not met, such payment will be automatically rejected.
- AI implementation. Artificial intelligence can do things that would take an exorbitant amount of time for humans in any industry and payment security is no exception. Introducing AI in the form of self-learning anti-fraud algorithms can significantly increase conversion rates. The algorithms will analyze payer behavior and check it. After that, suspicious transactions will be automatically sent for additional processing and verification.
If you want to know how to choose white-label payment gateway for new PSPs, one of the most important factors is the ability to adapt it to your business needs and add third-party services. Entering the market, a new acquirer or PSP should have something special to establish themselves in their niche. Good white-label payment gateway providers understand this, so they initially build customization into their solutions.
Today, most advanced software vendors use an API-first approach for this purpose, allowing them to integrate third-party services on demand. Here are just a couple of examples of basic functionality extensions that solution providers can offer:
- Loyalty software. In addition to the payment gateway, acquirers and PSPs can offer their merchants a powerful solution for customer retention. This will make the choice of this particular acquirer or PSP more attractive in the eyes of the merchant, and in the long run will result in a large number of repeat transactions, which will be beneficial for all parties.
- KYC automation tool. Another way to offer merchants more than just a payment gateway could be to automate customer onboarding. This would greatly increase conversion rates and free merchants from unnecessary routines. Onboarding a new customer with such a solution can take as little as 15 minutes for all security and AML compliance processes. Merchants will appreciate this option, as clients are often distrustful of the identity verification process and get frustrated at this stage if the procedure causes even minimal difficulties.
So, now you know how to choose a white-label payment gateway. Of course, when choosing such an important tool, you should, first of all, be guided by your needs and compliance with business processes. Nevertheless, the list given in this article will help new acquirers and PSPs immediately reject options that lack the listed functionality. Thus, you will at least save time when choosing a solution and, in the long run, save money spent on the purchase and implementation of a technologically backward solution. Nevertheless, when making such a responsible choice you should be guided not by your personal preferences, but by the real expertise of competent specialists. Find yourself a reliable technological partner and with the support of professionals, you will select the best solution for sure.