5 easy steps to start with a white label payment service provider
June 26, 2020
4 min
A white label payment service provider (PSP) is the best solution if you consider establishing your own payment company without significant investments.
We've already deep-dived into the world of white label solutions for the payment business, learning what a white label PSP is, why it is better than developing your own software, and how to choose the best solution to work with.
This guide can be helpful to those who have already decided on which white label PSP to use and those still exploring the market, as we are going to figure out what happens next. We will answer essential questions, such as:
- How to get ready?
- How does a white label solution's connection happen?
- How can you get started and onboard your clients?
Spoiler: white label payment service provider integration won't require breaking a sweat.
Preparing for white label PSP integration
There are plenty of things you should handle yourself before stepping into a white label PSP solution integration.
These include, of course, legal procedures, such as registering a trademark and a legal entity following your jurisdiction requirements. It's worth having a legal specialist guide you through this. You should also acquire a domain and work on your brand assets (i.e. logo, brand colours, fonts).
Another critical step is creating a business plan, figuring out your exact offering, how much you will charge, how much money you need to start and maintain operations, etc.
Having a detailed business plan on hand will help you when contacting banks to open accounts for your activity.
It is a minimum list for those willing to enter a payment service provider market relying on a white label PSP solution. Having it all covered, you can start seeking out potential white label payment gateway service providers. And once the stars are aligned, and the choice is made, you can start setting up a white label PSP.
Step-by-step white label PSP setup guide
Let's segue into the five main steps of the white label PSP integration. These might differ slightly depending on the payment gateway service provider, so this guide is based on how this process goes with us:
- Connecting with the solution provider. We set up an organisation for your company on our platform. From there, you will have access to all the features and tools our platform provides. You can add your team members as users and control their access levels to manage your merchants together.
- Merchant portal. Once you are onboarded, we brand the merchant portal with your company name and logo and roll it out on your domain. The merchant portal is a back office for your merchants, where they can monitor their transactions and activity and manage payments and payouts.
- Checkout. Our clients are free to choose one of our suggested looks for the checkout and have it branded and customised for them, or design their payment page on their side for us to create and set it up on your domain.
- Documentation. For the convenience of your merchants, we prepared detailed documentation explaining the platform's features and capabilities and offering step-by-step guides. It will be branded for you, just like the merchant portal and checkout.
- Onboarding merchants. Now that you're all set, you can start onboarding your merchants by creating merchant accounts for them on your white label PSP.
Unquestionably, our collaboration with you won't stop here. We ensure stability, provide maintenance and technical support, along with establishing more connections with global payment service providers and enhancing our platform for your benefit. All in all, a white label payment service provider deprives you of technical headaches and allows you to focus on doing business.
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