3 things to look for when choosing white label PSP
Now that you know why choosing white label PSP is better than building your own, you probably could use a hand with picking the right solution. And this is a tough task, as there are plenty of them. Not only they named differently (white label PSP / gateway / processing / platform / whatever), they have different features, and their capabilities vary greatly. If you struggle to wade through the ungodly amount of available options, this brief checklist will definitely come in handy.
Checklist for choosing the right white label PSP
Nobody knows your business needs better than you, so we’ll assume you know for sure what kind of capabilities your perfect white label should have (payments, payouts, recurring billing, anti-fraud, analytics, etc.). We also won’t be focusing on stuff like PCI DSS compliance or the myriad of supported payment methods — it’s a no-brainer your solution provider should grant you these. Instead, let’s drill down to three main characteristics that are not that obvious, but allow to differentiate truly great white label solution from an average one.
Merchant portal, or merchant app, is a space you as PSP provide to your merchants. Merchants can use it to access and monitor information about their business activity, customers, settlements, etc.; manage payments and payouts; create accounts; add users and control their access levels.
When considering a white label PSP offering, scrutinise the merchant portal that comes along with it. The entire experience of your merchants (and thus your success) will be built upon this self-service instrument, so it’s better for it to be straightforward and alluring.
As you scope out, pay attention to available account settings, dashboard features, analytics, conversion tools, etc. Check out if all the necessary technical documentation is in place.
It is also important to point out who will be hosting a merchant portal. Most of the solution providers host it themselves, meaning no need for development efforts, but some allow you to host a merchant portal on your side.
It may seem vague as you start, but odds are there will be no two merchants having the same needs among your clients. It is your task to cater to those unique needs and aspirations. That’s why flexibility should be one of the foremost criteria when choosing a white label PSP solution.
As a payment provider, you should be able to meet the requirements of your clients and impose agile commercial conditions on each of them individually. Err on the side of the solution that offers intelligible tools for:
- Fee management — you might want to set up different fees for different merchants.
- Accounting — balances and complete transaction records for each merchant and double-entry bookkeeping instruments.
- Technical ability to demand rolling reserve — it will come in handy when working with high-risk businesses.
- Flexible account settings — an opportunity to adjust commercial conditions for each client separately.
As for accounting, find out beforehand if the solution provider suggests doing it manually or automatically. Bear in mind that manual accounting requires lots of time and effort and can be error-prone.
As an alternative to custom-built PSP software, the white-label solution you’re acquiring has to provide you with sophisticated customisation opportunities. For instance, you should be able to customise:
- Domain name — your merchants and their clients should see only your website name everywhere along their journey, not the domain of your solution provider. It creates a seamless experience and allows you to flaunt your brand, increasing trust and awareness.
- Payment page — being a customer-facing element of the business, payment page should be customisable. Typically, providers offer the ability to change the colour scheme, logo, and structural elements of the payment page (footer, header, etc.). For instance, our customers can make all these changes without development efforts, using user-friendly settings on the Dashboard.
- Documentation — white label solution provider should have all the documentation in place for you. If it is customised, there will be no mentions of the provider, only your company name.
Some white label PSP providers go far beyond that, establishing more connections upon merchants’ request, or offering the ability to order a tailor-made solution. They can bring your ideas into life and cover the consultancy, design, development, deployment and quality assurance for you. For example, you can order developing your own unique merchant app.
Focusing on the three points covered above when choosing a white label PSP will help you to make a well-informed decision. Don’t stick with the first solution you come across. Do your research, book a couple of demos to take a look under the hood. We would be happy to show you what our white label solution is capable of and answer all questions you might have if you decide to book a demo with us. Hop on!