White-label payment processing
What is a white-label payment gateway solution?
A white-label payment gateway solution allows merchants to accept digital payments without having to invest in their own hardware or software, saving them money on upfront costs and helping them get started quickly. With a white-label payment solution, you can set personalised rules for money transfers within the service, choose the most promising external payment channels, easily track transactions, and generate reports. And, of course, you can customise the payment page to fit your brand and design fully.
Another option in the world of white-label payment processing is a white-label PSP solution that represents a ready-made gateway system you can customise to provide payment processing services to other merchants under your brand and design.
As you can see, the key to understanding both terms is awareness of the white-label model – a business arrangement where one company produces a product or service and other companies rebrand and market it as their own.
How does it work?
When people hear the phrase 'payment gateway', they immediately think of a complex system, the development of which requires lots of time and funds. While this is a valid association, white-label payment service providers allow people to start a payment business faster and with fewer investments. Such a solution contains a ready-made infrastructure for processing online payments and all the necessary licenses and certificates. But all of these offers have various features and capabilities.
By launching the white-label payment gateway solution, you:
- Reduce your costs on technical issues and get a holistic solution at once – there's no need to invest in expensive hardware or software licenses and hire programmers who specialise in creating these kinds of applications. You only pay for what you use and get all the benefits of a ready-made technical solution.
- Get the opportunity to apply your branding elements to the design of the payment platform for brand awareness and added trust of your customers.
- Get a bunch of ready-made integrations with payment service providers and integrate more of the available payment systems on request.
- Start processing different payment types and making payouts globally via various payment methods and currencies.
- Automate daily tasks, perform less manual work, and eliminate the necessity of undergoing PCI compliance validation.
Relying on a ready-made payment gateway empowers you to shift your focus from technical issues to handling business operations and building strong relationships with your clients. Some solution providers also offer their industry expertise and support to you as their direct client or even to your merchants – this offering is known as white-label support.
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Benefits of choosing white label solution
There is a range of advantages to choosing a white-label model. Here are the essential ones:
- Time efficiency. Choosing a white-label payment processing model helps save the time and effort needed to develop a PSP from scratch. The latter may take up to three years and includes hiring a team of experts, developing the software, getting the necessary licenses, passing compliance audits, etc., not to mention establishing integrations and onboarding first clients. Getting on board with a white-label solution usually takes up to a month.
- Cost-efficiency. You don’t have to pay for equipment, licenses, audits, etc., and waste your resources on things that may not work or go wrong. Because of this, using a white-label PSP is much cheaper.
- Labour-efficiency. The white label provider will execute all the development issues, and get you covered with technical support and maintenance. So, you’ll have the support of professionals at your disposal, without any need to hire ones.
- Enhanced security. Meeting all safety standards requirements requires expenses and extensive knowledge of the subject. In cooperation with a white-label payment processing provider, you get both in full.
- Simplified data management interface. All billing data is collected in one convenient platform.
- Flexible billing. You can easily customise payment actions for each client based on the specifics of your business relationship and industry.
Increased throughput of payments. With smart routing and cascading, you can easily reduce the number of reduced transactions from day one.
- Variety of payment methods. White-label systems usually have a huge list of payment methods already available. And if the required connector is unavailable in the list, its integration is usually possible upon request.
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Who can benefit from white-label payment processing?
White-label payment gateways are best suited for payment software providers and ISOs selling payment processing. These companies generally support several payment channels, but they rarely boast of a high-quality and convenient dashboard or back office.
So, they can use a white-label payment gateway to process their transactions. While its cost is often lower than that of other solutions, a white-label one offers a huge selection of payment methods, advanced functionality, and high-tech security methods. Moreover, the provider of this technology takes full responsibility for maintaining and constantly updating the system. Ultimately, this solution is more profitable in terms of cost and value proposition.
What to consider when choosing a white-label company?
As you research white-label payment platforms or payment gateway providers, consider the following:
- What are your business needs? Define your audience and its geography to understand what payment methods you'll need at the start and whether integrating payment providers is an option in the future.
- Does this business support a recurring payments model?
- Does this payment platform support customisation? Will you be able to apply your branding to a checkout page? Entering payment information on a payment page with your brand's look and feel increases your customer's loyalty and trust.
- Does it offer proper fraud prevention features? The presence of built-in anti-fraud features or the ability to integrate third-party services into the gateway of your choice is important for your company's profit and reputation.
- How much will it cost to implement and maintain the solution?
- What are the integration options, and do they suit you?
How Corefy can help
Choosing the best payment processing solution depends on your budget and business needs. As can be seen above, white-label payment processing often turns out to be a more profitable solution for companies representing the payment industry than building their own solution from scratch.
Business owners and those who provide payment processing services to other merchants, sooner or later, face the need to choose the payment solution to process and consolidate their entire transaction flow. Opting for Corefy, you get an all-in solution that helps you generate revenue as soon as possible. It allows you to focus on your business tasks instead of tackling labour-intensive technical issues.
If you want to take a closer look at the functionality of our platform, book a live demo, where we will be happy to answer all your questions regarding our software and demonstrate its key functionality.
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