Open Source Payment Gateway Might Be The Solution You Are Looking For
The sphere of electronic payments is constantly developing, more and more payment processing solutions emerge every year. Traditionally payment gateways were closed-source products, but today there are companies which offer payment gateways as licensable platforms. Let’s try to point out three the most important advantages of the open source payment processing solution.
First, open source payment processing platforms allow saving a lot of time and money. In order to use it you just need to buy the license and star utilizing it immediately. Second, problems often emerge when you need to establish relationships with different financial institutions such as banks, processor, other gateways, because usually it takes a lot of time and there are certain costs associated with integrations. But if you decide to license an open source payment gateway you will not have to do that on your own. Third, you will be able to benefit from the updates made for all businesses which have licensed this payment processing software. There are three types of companies which need open source payment gateways: PSPs, legacy system users and software companies.
PSPs usually rely on several payment gateways while it provides them with the functionality they require. That’s why an open source payment gateway can play the role of the intermediate element that all other systems will be integrated with. Or it can be integrated with processors and replace the other systems used by PSPs previously.
There are some companies which use payment systems which were developed for them long time ago. These systems met their requirements perfectly well, but today they do not satisfy their needs any longer. Of course, they can build a new payment system from scratch but it is going to demand significant investments and time. Obviously the easier way is to license an open source payment processing platform.
Many software companies have support for payment gateways within their systems. Different clients depending on their needs prefer to use different payment gateways. Consequently, software companies are adding new and new integrations. At some point it might become difficult to manage it on their own then they can use an open source payment gateway and delegate all payment processing logic and management to the external payment system.
Those who are interested in the good example of the open source payment processing platform can have a look at UniPay Gateway (visit the website). Additional information on the advantages which can be obtained from open source payment gateways is available at #Paylosophy.