How to Set Up Your Own Payment Gateway 101
You must consider many crucial components when developing your own payment gateway. Only after you have established all necessary processes and partnerships can you actually accept digital payments. Regardless of whether you create your own payment gateway from the ground up or license a pre-built solution.
Let’s look at what gateway solutions are available.
4 payment gateway solutions you can create on your own
- Possibly integrating an existing payment processor platform. A single acquiring partnership is fine if that is your only concern.
- A payment gateway that’s built within your company. This option is probably the time-consuming and most expensive one. In addition, it provides maximum customizability and unparalleled control.
- Open-source payment gateway that is properly licensed. The idea here is to create something that is already pre-built so you won’t have to do it from scratch.
- A payment gateway white label solution. You own only the name and logo of a classic white label gateway. Essentially, it is controlled and managed by a third-party provider. For startups and SMEs that have basic needs, it functions just fine.
The top issues for implementing a payment gateway are as follows.
These are the top 10 key features of your own payment gateway:
- The merchant category codes (MCCs) you want to use.
- What currencies and geographies do you intend to target?
- Getting an account with a merchant account provider.
- Your processing platform or gateway should support the features and acquirers you need.
- Details of integration and specs, according to the acquiring company.
- The development team will receive your integration specifications from the gateway vendor.
- Providers of future gateway services need to be informed of the details like costs, deadlines, and technical limitations.
- Providing an integration strategy for potential new partners, merchants, and partners.
- The PCI specialist, gateway vendor, and acquirer have clear contracts in place.
- In addition, PCI assessment may involve PCI audits.
Every company is different. This means you need to figure out how to create a payment gateway that best fits your business model. After that, you need to consider the listed factors. If you fail to do so, you cannot implement the payment gateway process. An easy to use white label payment gateway might be a great place to start. Furthermore, if the source is licensable, it might be all that you need.