Initiating a White Label Payment Gateway Project
Although, the economic downturn, induced by the pandemic is still underway, white label payment gateway services remain a lucrative option for many companies. Before implementation of a white label payment gateway solution, you should define a clear strategy to follow. It will allow you to avoid costly mistakes and unnecessary losses of time, efforts, and resources.
Conceptual steps are more or less intuitive and common for any white label service provision project (including white label merchant services, white label payment services, or white label payment facilitator model).
White label gateway solutions come in different flavors, each associated with different degrees of control and responsibility. Let us briefly outline the key steps and partnerships a white label payment gateway project involves.
White label payment gateway project: key steps
As you are starting your project, here are the steps you should take:
- Allocate the time. Remember, that although a white label payment gateway project is less time-consuming than development of a payment gateway product from scratch, it can take up to a year of your working time.
- Define methodological solutions. These include architectural solutions, as well as certification, infrastructure, and deployment-related requirements. Plus, you will, probably, need to add new software and hardware to your system.
- Distribute the tasks. Mainly, this step concerns responsibility-sharing between you and the provider. Which party is going to deploy, certify, and integrate the product with target platforms? That is the key question you need to answer.
White label payment gateway project: key partnerships
Before actually starting any works, you have to establish several important partnerships in order to be able to connect your solution to the banking and processing ecosystems.
These include:
- Sponsor bank partnership
- Acquiring bank partnership
- Processor partnership
- Remittance bank partnership
If you are lucky, you might be able to get them within all-in-one solution. But do not expect your provider to deal with these partnerships for you (although it might be able to help you find potential partners).
As you can see, implementation of a white label payment gateway solution is not an easy task to accomplish. However, if you carefully follow the prescribed sequence of tactical steps, you will be able to make money on white label payment gateway services within a relatively short time.
You are welcome to contact the payment specialists at UniPay Gateway for details.
