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 processing 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 online. So, cash flows and this flourishing market generates billions of dollars of fees for the payment processing companies that enable it.
Much to business owners’ regret, starting a payment business and organising smooth payment 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 payment management. But starting your own payment business does not always mean creating it from scratch.
White label payment provider: start payment processing business in a snap
Many entrepreneurs are now choosing white label solutions — ready-made services developed by other companies that can be sold under their own brand. It means you start running your business at once without losing time on building it on your own from scratch. Opting for a white label payment processor, you eliminate the four main payment processing challenges.
Payment business challenges & ways to cope
So, let’s figure out the main pain points of the payment business and how a white label payment provider solution solves them.
Being tempted to create a payment gateway from scratch, people in the payment business often face a major issue — time-consuming and budget-draining development. Hiring experienced developers (you don’t need others, right?) is essential. 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 hiring more specialists – marketing, sales, and support teams. So, the costs persist.
Solution: all you need is a white label payment provider solution that covers all the above-mentioned hassles. Opting for a white label payment processor, 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.
A payment platform you’re up to create will deal with the sensitive transaction and cardholder data. It means you should affirm its security, trustworthiness, and reliability — undergo a PCI DSS certification, 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 payment processing companies reaffirm their certificates annually, and you don’t need to worry about this.
Maintenance & support
Developing your own payment processing solution 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 integrations with payment providers and establish new ones. Here we go again — you need to invest heavily to provide the best services to your clients. Any payment processing 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 eliminating many payment processing challenges and getting a holistic solution maintained and supported 24/7 by a team of professionals.
Processing transactions is not the only feature your merchants await from a payment solution. To stay competitive now, it’s vital to provide the ability to conveniently manage all the cash flows and monitor the overall performance. To do so, having a unified dashboard to track all transactions and other actionable insights will be great.
Solution: chances are you already know the answer. Yes, it would help if you had a feature-rich white label payment vendor with a payment gateway 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 business 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 catering 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:
- an out-of-the-box solution with anti-fraud features 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;
- 250+ ready-made connections and the 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 answer 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.