FinTales: how to go global painlessly and uncover new revenue stream

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FinTales: how to go global painlessly and uncover new revenue stream

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Welcome to the third episode of the three-part column by our Lead Product Architect. In the preceding part, you discovered how Mr. Baker scaled his business to a new geography, integrated some more payment providers, and got mired in managing all his payment flows, merchant accounts, and operational tasks. The current article reveals the solution to Mr. Baker's payment pains. Have a good read!

Lead Architect Developer

Hi, I'm Ivan. I've been working at Corefy for almost five years. Today I will share the insights I got from my experience and the best scenarios for payment management. Also, I'll answer the most common question about our company – how our products simplify online payments processing and help businesses boost their profit.

How to operate in several markets painlessly

Mr. Baker has successfully entered the e-commerce market and started expanding his croissant business to new markets in different geographies. The number of his merchant accounts grows, incurring a surge in costs and the number of needed employees. His developers keep supporting the available payment providers and integrating the new ones. Bit by bit, his bakery morphs into some kind of IT company. Sooner or later, Mr. Baker realises that something needs to be done about this. And I hope he'll be lucky to meet us on his way.

Income & expenses

Mr. Baker's main challenge is the need to open new merchant accounts, integrate providers, reconcile transactions, and ensure the compatibility of different providers' protocols. Our platform is designed to remove this complexity and curb the exponential growth of costs. Here is how we do it.

Streamlining integrations

Let's suppose Mr. Baker reached out to Corefy. After that, we'll say to him something like this:

"Look, we have integrations with more than 200 providers. Their establishment and support are entirely on us. We control the changes in protocols across all providers and take responsibility for the correctness of messages transmitted by them. We get all transaction statuses and provide a single register of all data."

So, the only thing needed from Mr. Baker is to authorise his developers to integrate our API to his site.

income growth

Cutting development costs

Mr. Baker no longer needs to maintain the whole development staff for integration needs. His website now has only one integration with an external system – Corefy. So, Mr. Baker can switch the vacant resource for the site optimisation or solving other tasks. One or two developers will be enough for him to accept payments and make payouts, and the need for more employees won't arise due to the opening of new accounts. It means his development costs become fixed.

Smooth reconciliations

We also provide Mr. Baker with a reporting system that standardises and aggregates the payment data from all providers in one place. It's an immediate relief for Mr. Baker, who used to reconcile manually. Such an opportunity allows him to switch his focus to solving business tasks and maybe finally invent new recipes to delight his customers.

Corefy Dashboard

Scaling up

Mr. Baker no longer thinks about opening new merchant accounts. And he's happy, for it was a real challenge for him: each new account required one more developer and analyst, increasing his expenses. But as our client, he can just tell us: "Guys, I want to enter the markets of other Central European countries. What payment systems have you already connected there?". Then we offer him a list of available connectors to choose from or establish a new connection at his request. We have contacts with a range of providers and can help Mr. Baker choose the most relevant and open an account there.

How Mr. Baker runs his croissant business now? His expenses stop growing exponentially and depend on the number of transactions rather than connected PSPs. Now the situation is the following: the more transactions, the greater the benefit. Also, Mr. Baker doesn't need to tackle many tasks manually anymore.

How do we help? We provide Mr. Baker with a single interface, and we know which payment system to go to, how to process payments and messages of a particular payment system and help compare reports from PSPs.

How to turn your payment setup into an additional income source?

Mr. Baker is now busy developing his project – exactly what a business owner should do. Undoubtedly, some competitors will notice his growth and global expansion sooner or later and ask him, "Mr. Baker, how do you sell offline, online, and abroad and stay sane? How much effort and money do you spend implementing the whole scheme?"


On the one hand, Mr. Baker can recommend Corefy, but by doing this, he'll reveal the secret of his success and help the competitors to his detriment. On the other hand, Mr. Baker can say, "Hey, guys, I have a cool payment system where I set everything up to work seamlessly. I verified where the fees are lower and configured the processing scheme to let the transaction go first via a provider with a lower fee. I also have a failover system. If a payment goes, for example, to LiqPay and gets a decline, the system switches to Provider 2, and everything works like a clock. Do you want to connect it?" And our platform provides this opportunity.

Mr. Baker's competitors realise that by connecting to this system, they will be able to sell their goods or services in different countries and attract new customers. Doubtless, they become interested because they also went through the nightmare of connecting several PSPs, reconciling, searching for necessary payments, making refunds, and so on. They decide to give it a try and agree to connect his system.

Reselling the payment expertise

Mr. Baker can resell his expertise, settings, and accounts to other merchants. Our payment orchestration platform has a particular integration process for non-owners of the system, i.e. for Mr. Baker's merchants.

It is clear that being a witty guy and having assembled such a complex setup, Mr. Baker will not share it for free. He might say, "My friend, I can provide you access to my cool and efficient payment system. But you should pay me a fee for every sold product." It allows Mr. Baker to generate some interest on each partner's transaction. If LiqPay claims 2.75% commission for each transaction, he can claim 4% or 5%. It depends on Mr. Baker's ambitions and his relationship with this partner.

Receiving 4% from each partner's sale while paying, on average, 2.5%, Mr. Baker will earn 1.5% on his partner's sales. That is, he gets a source of effortless income additionally to the prosperous croissants business. At the same time, he doesn't have to hire additional bakers, open new stores, or buy equipment or warehouses – he simply resells what he has already set up for his business. Isn't it brilliant?

additional income

Thus, Corefy enables Mr. Baker to sell not only croissants but also financial services. And he will not tell his partner about Corefy. Because if they see us, they might wonder, what is Corefy? Then visit our site and connect with us directly. Thus, Mr. Baker's 4% commission will disappear, and he won't have this additional income. But how can Mr. Baker resell his expertise without revealing Corefy?

White label payment provider

This business model is called «white label» and implies reselling something under your brand. Mr. Baker will provide his partner with his own provider – let's call it Bakerfy, using our white-label payment provider. He'll customise it with his brand's look and feel so that the partner won't see any signs of our brand and ask uncomfortable questions. The logo of Bakerfy will always remind him of who provides these services.

Mr. Baker will help his partner open a merchant account in our system and keep a record of all partner's transactions. The partner will be able to withdraw their money later.


Your sales grow, you access the new markets and add new payment methods. All these aspects spawn the need to open merchant accounts in various financial institutions, payment providers, and acquirers. Accordingly, the greater the need for the new accounts, the more difficult it is for the system owner to access them all and tackle the operational tasks. The system's complexity and the need for more staff grow.

Corefy relieves these pains by implementing all the integrations and providing businesses with a single entry point to manage all accounts. Also, our platform offers the opportunity to resell this system to other merchants and earn money on it. Thus, you get pain-free business growth and additional income.

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