From pain to gain: handling 4 payment business challenges
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From pain to gain: handling 4 payment business challenges

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The e-commerce sector is constantly expanding. For instance, after a dramatic fall in 2020, caused by the pandemic restrictions, retail e-commerce sales are forecasted to rise 16,8% by 2021. Payment companies play a pivotal role in this, enabling the whole industry to perform. With the help of payment service providers, merchants can sell products and services, and purchasers can buy and pay for their purchases online. So, this flourishing market generates billions of dollars of fees for the payments companies that enable it.

Much to business owners’ regret, starting a payment business and organising smooth payments processing can be full of pain points. While they should focus on developing proper customer service, sales channels, and increasing sales, they deal with time-consuming and cumbersome payments management. But starting your own payment business does not always mean creating it from scratch. Many entrepreneurs are now choosing white label solutions — ready-made services developed by other companies that can be sold under their own brand.

So, let’s figure out the main pain points of the payment business and how a white label solution solves them.

Development hassles

Being tempted to create a payment gateway from scratch, people in business often face a major issue — time-consuming and budget draining development. Hiring top-class developers (you don’t need others, right?) is an essential point. Finding a team of experts takes at least several months, setting aside the expenses for salaries. Creating a ready-made product in such a case will take you about a year and hundreds of thousands of dollars. Don’t forget to include certain mistakes in your budget. For sure, after launching your gateway, you need to maintain and support it. This requires you to hire more specialists for a support team. So, the costs persist.

Solution: all you need is a white label payment provider solution that gets you covered on all the above-mentioned hassles. Opting for a white label solution, you start your own fully customised PSP in a matter of days, getting a payment team at a lower cost than the average salary of one experienced developer.

Regulatory compliance

A payment platform you’re up to create is going to deal with sensitive data. It means you should affirm its security, trustworthiness, and reliability — get a PCI DSS certificate — and reaffirm it annually.

Solution: no surprise, but you need a white label payment provider solution that is already PCI DSS compliant. It totally removes the PCI burden from you, for such companies reaffirm their certificates annually, and you don’t need to worry about this.

Maintenance & support

Developing your own payment service platform doesn’t mean you can just relax and start counting your profit. Your solution won’t be competitive unless you properly maintain your infrastructure, existing features and connections, and establish new ones. Here we go again — you need to invest heavily to provide the best services to your clients. Any payment business requires ongoing attention to its technical side.

Solution: can you guess? Having all technical issues covered and thought about instead of you is real. Choosing a white label payment provider means you get a holistic solution maintained and supported 24/7 by a team of professionals.

Transaction management

Processing transactions is not the only feature your merchant await from a payment solution. To stay competitive now, it’s vital to provide an ability to conveniently manage all the transaction flows and monitor the overall performance. To do so, it’ll be great to have a unified dashboard to track all transactions and other actionable insights.

Solution: chances are you already know the answer. Yes, it would help if you had a feature-rich white label payment service provider with a Dashboard.

Why choose a white label payment provider?

White label payment provider resembles the renting process. You get a solution, that is fully ready for operation, for a reasonable cost that is far from that of developing it from scratch. Moreover, you’re all covered with technical issues and further scaling. So, from a bird-eye view, this variant appears to be the fastest and the cheapest. In a couple of weeks, you can start cater payment services to your merchants and gain profit on fees and infrastructure you provide them with.

Renting a processing system or choosing a white label PSP model is the most efficient way to launch your business and provide merchants services.

With Corefy white label PSP, you get:

  • out-of-the-box solution to start your business fast;
  • payment team as a service to assist you and your merchants;
  • fully customisable product to apply your branding to it;
  • 100+ ready-made connections and ability to establish new ones on request;
  • PCI DSS certified platform with annual audits;
  • intuitive Dashboard to manage daily operations and track all data.

Getting a white label PSP is an efficient way to start, especially if you already see your potential clients and want to launch quickly and hassle-freely. Our team is ready to provide answers to any questions you have about our White label payment provider features, so don’t hesitate to book a live demo and see how it works.

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