This issue is especially critical for a rapidly growing business, as every minute of downtime incurs financial and reputational losses. Integrating multiple payment gateways helps you to avoid it and ensure operational continuity no matter what. Flexibility is a fundamental principle of the Paymentech industry. So, present-day payment software companies are striving to develop robust and flexible payment solutions. While long-established large providers stick to standardized offerings, these companies develop solutions, that are highly customizable and come in different flavors.

Rates are higher when high-risk industries are involved. However, Akurateco’s gateway is not the best choice for companies looking for a wealth of customization options. Still, the solution has all the necessary features for practical use and comes without excessive bells and whistles. Whether or not you should work with a third-party payment processor depends on your existing business and/or goals for your business. Remember that a typical outline of the payments ecosystem involves a series of providers each performing their own role to facilitate a successful transaction. To use Stripe Connect, you need to integrate the API and codes into your mobile app, web app, or desktop application.

• The set of features you require depend on your business type.
• Having your transactions processed through multiple payment gateways deprives you of a comprehensive view of your performance.
• This process includes planning, analysing, designing, and coding and requires a lot of time and money.

This lets the SaaS businesses collect revenue by accepting card payments. While payment gateways and payment processors work together during the transaction, these payment service providers play different roles. Using several payment gateways allows you to offer support for multiple payment methods white label payment gateway while enabling customers to pay in their preferred currency. It is also highly beneficial for growing merchants expanding globally. The more robust your payment stack is, the more local specificities and preferences you can cover. It converts directly into customer satisfaction and later loyalty.

How to determine if your business needs multiple payment gateways?

With the growing popularity of online shopping, the demand for white-label payment solutions grew exponentially. As a response, new technology vendors emerged turning the market into a highly competitive one. We’ve looked into the market leaders and are now ready to present the best white-label payment gateways you can choose from.

That is helpful when proposing a subscription service. It is about displacing an IBAN and sensitive data with random alphanumeric tokens. The processor is then the only one capable of handling the transaction. In case a gateway is attacked by some hackers, no private information will be stolen or somehow damaged. A bank makes the batch settlement query of the debit/credit card issuer.

Separate your networks to reduce security risks

And you can easily get that with a reliable white-label provider. These are the top white-label payment gateway providers you should consider when choosing one for your business. In the meantime, let’s look into the advantages of having white-label software. A white-label payment gateway is created, powered, and maintained by a third-party technology vendor.

The payment gateway transmits the encrypted information to the merchant’s acquiring bank processors. Here’s an overview of how a payment gateway works during online payments. Your organization should review support documentation and other resources before making a decision. A good payment gateway platform will have rich support resources for developers and your organization when it comes to implementations and help configuring solutions for your product. It is important to consider the level of support you will receive from a gateway provider. If your gateway is causing issues and making life difficult for your organization, it is a bad payment gateway.

Benefits of using a White Label Payment Gateway

If you use PayPal Online Card Payment Services, for example, the transaction fee goes from 2.59% to 3.09%, plus a fixed amount. When using a hosted payment page, also known as third-party checkout, ensure that the page is consistent with the rest of your eCommerce site’s design. This will help create a more seamless shopping experience for your customers. The payment gateway passes this response back to the eCommerce site to let the customer complete the transaction. A bank that issues payment cards to customers on behalf of the card networks. Also known as a cardholder, it’s the one that initiates the transaction by purchasing products or services from the merchant.

Due to the support of these credit card networks, you can also accept payments in over 135 currencies. In addition to credit card options and debit cards, Stripe also lets you accept payments through mobile wallets, bank transfers, and buy now pay later mechanisms. Stripe Connect is different from Stripe Payments, but lives and operates under the Stripe company umbrella. Through this service, Stripe Connect offers payment integration for platforms and marketplaces. Because platforms can stack their own rates on top of WePay’s rates, the payment processor might not be the cheapest option for small businesses working with WePay’s platform partners. However, having an all-in-one payment processor and software platform is certainly convenient.

Additionally, the payment processor would receive all the revenue generated from processing credit card payments. WePay is a payment service provider, or PSP, that partners with independent software vendors and software platforms. For example, if you sell many products internationally, you need a payment gateway that accepts foreign currency payments and credit card transactions. Review API documentation and features carefully to ensure your chosen gateway aligns with your business needs. The time when payment service providers offered only payment capabilities has passed. To stay competitive today, you have to expand your offering with both global and local options, as well as with value-added services catering to merchants’ needs.