Becoming a PSP has never been easier

To make the concept more digestible, let’s figure out what its two parts mean: white label and payment service provider.

White label is a business model that implies purchasing an unbranded solution from a provider who created it, customising it to your brand, and selling it as your product.

An online payment service provider (PSP) is an intermediary between customers, businesses, e-payment gateways, acquiring banks, and issuing banks. PSPs offer online payment processing services and technological solutions to handle payment transactions for businesses.

As it becomes clear now, white label payment service provider is a ready-made solution through which you can offer online payment processing services to companies under your brand.

Payment orchestration platform Corefy also offers such a solution. We named it a White label payment provider, highlighting that it allows you not just to process payments but to enter the payment market as a service vendor.

White label payment provider is a great way to enter the market much more swiftly and effectively than without it, as it releases you from the burden of:

• Developing the payment software. This process includes planning, analysing, designing, and coding and requires a lot of time and money. One of the crucial products you would have to develop is a payment page, as it is an essential customer-facing element of your system.
• Purchasing hardware security modules, tokenisation appliance, or both to enable secure card transactions and encrypted cardholders’ data storage and transfer.
• Building a server infrastructure and completing a PCI DSS assessment to prove you’re able to process and store transactions details and cardholders’ data securely and prevent fraud.
• Integrating banks, processors, online payment portals, and payment service providers to offer a competitive selection of payment methods, currencies, and tools to customers. It is crucial to have many partners in the industry.
• Continuously maintaining and upgrading your software, as it is a cornerstone of a successful PSP company.

With a white label provider, all the technical aspects are taken care of for you to start managing your payment business, building relationships with customers, and earning money right away.

Here are some of the pros and cons of using a white label provider in comparison to developing your own system.

Advantages

• Speed. It will take you more than three years if you decide to develop your own platform, while white label customers get all the technology needed in less than a month.
• Costs. Development, licensing, compliance, equipment, and many more account for a considerable share of the expenses you’ll have to bear when building a payment product. White label payment provider is all yours for a reasonable price and with minimal risks.
• Sophistication. You’re free to choose any payment partner whose international online payment solution matches your needs. It swiftly brings you online with all the necessary payment methods, currencies, and features, making your business highly scalable and appealing to customers with no development efforts on your side. Without a white label, you’d have to spend money, effort, and time establishing connections with APIs of payment service providers and banks.

Drawbacks

The pros of the white label software vastly outweigh the cons. Still, it would be best if you considered the drawbacks to make an informed decision.

Due to white label platforms versatility and comprehensiveness, they may lack customisation tools and tailored features.

Besides, some companies are afraid of becoming technically dependent on the service provider. By doing thorough research, you can minimise such risks and find a genuinely reliable payment partner.

You should take into account that there are some business-related preparations before integrating a white label payment provider.

For instance, you’ll have to register your entity and trademark following the regulations of your jurisdiction. You should have a business plan, laying off the basics for your company’s roadmap, future offerings, pricing model, etc. Then, calculate a launch budget to know how much money you need to start, and don’t forget to include things like domain purchase and brand identity creation. You also need a bank account for your business activity. Having all the documents mentioned above in place would help you get an account.

After all these preparations, you can start integrating a provider you’ve chosen. The process slightly varies from one service provider to another. Here are the steps Corefy’s white label clients pass.

Integration with a solution provider

The type of integration depends on the software vendor. We at Corefy start by creating an organisation for our client on the platform. They receive access to Dashboard, a starting point for managing all their operations within the platform.

Set up a merchant portal

We roll out a merchant portal on your domain and under your brand. It’s a place where your merchants can manage their transactions, monitor activity, view balances, etc.

Brand a payment page

We offer customisable payment pages, applying clients’ brands to them. Optionally, a company can use its own designs.

Get a documentation

Branded detailed documentation and full API references are available for your merchants to help them explore the platform's capabilities and the features of the back office.

Start onboarding your merchants

That’s it! As the owner, you’re free to open merchant accounts on the platform and onboard your clients. Use your Dashboard for convenient management of all operations.