payment gateway
Payment Gateway

Start Own Payment Gateway

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Starting your Payment Gateway? What is a Payment gateway?

A payment gateway should allow you to accept payments quickly and easily. The most important part of a payment gateway for secure transactions processing and storage of money and the details of your customer safely. A secure payment gateway helps you to win, so they are willing to hand over their money. Customer confidence a payment gateway costs money, but also helps you grow your business.

There is a wide range of payment gateways to choose from, each with their own advantages and problems that may affect the services you can provide gateway. When paying Determine whether the pros outweigh the cons, finding the right payment gateway for your business is a time consuming process.

There are several factors you should consider before you choose the right payment gateway. The main one is the cost factor. Sign-up fee and transaction costs associated with a payment gateway, your budget and should not eat a large portion of your profits.

To add to this, you can have a good, reasonably priced payment gateway that offers low transaction costs, but find yourself limited. Because of the limitations of this gateway For example, a payment gateway that is owned by another person does not support recurring payments and transactions in multiple currencies that your ability to handle such transactions will reduce.

There are many good reasons to do so. Your own payment gateway that suits your business needs and requirements
here we discuss the advantages and disadvantages of creating your own payment gateway, the main components of a payment gateway portal pitfalls differentiators to your payment gateway in an already crowded market, and what are the shoppers looking for.
Pros & Cons of your own Payment Gateway

Pros:
Save on Fees Payment Gateway - Exterior payment gateways have a sign-up fee and a fee for any transaction that you thus make to eat a portion of your profits. With your own payment gateway you save on these costs and expenses.
Custom Functions - With external payment gateways can be limited by their limitations, such as not accept recurring payments and / or transactions in multiple currencies. Some payment gateways charge extra for these add-on features. With your own payment gateway allows you to customize and add new features, depending on your business needs and requirements.

Offer Payment Gateway product to other traders - You can bid and sell your payment gateway as a product to other merchants, ISOs and agents.

Cons

Payment Gateway Development & Maintenance Costs - There is the development and maintenance costs associated with building your own payment gateway. The initial cost of making your own payment gateway is much higher than paying the appropriate fee to go through an external payment gateway.

Payment Processor Integration & Certification costs - Integration with payment processors is a time consuming process and requires going through their certification process. Using an external payment gateway is easier and faster in this regard, if you pay for the convenience of using an existing gateway.

Handle Settlement Reports Processors - payment processors send billing reports in RAW format, you need to analyze and present it in a readable format.

> Central portions of the payment gateway Portals
> Financial Application Development

Integration of multiple processors - integration with other payment processors provides more opportunities for retailers to choose from when choosing the bank that they will use to make a sub-account. This also helps to give your merchants if different processors competing transaction interchange fee rates have different rates depending on factors such as grocery business and transaction volume.

Security – PCI Compliance & Fraud Management - Every trader looking for a secure payment gateway that will help you to win the trust of the customer them. The trader looking for fraud detection mechanisms built into the gates of recoveries and other issues arising from fraudulent purchases to avoid.

Scalability to add new features - The payment gateway should be able to adapt to the ever changing world of online payment processing of new types of payments to add and accept him. We already see a future golf and global acceptance of new Bit currency.

Litigation / Arbitration & Recovery - The payment gateway should register a merchant interface and handling of disputes arising from the issuing banks.

Common pitfalls Payment Gateway Portals:

Fast with a single processor - A payment gateway integrated on a single processor will not be able to offer competitive fee rates to dealers. The payment gateway will not be able to have more opportunities to make settlement offer accounts between banks and merchants.

Manual processing of Settlement Reports Processor - The settlement reports from the processor to be broken down and presented in a readable format. Manual processing of these settlement reports can be a very time consuming and tedious work.

Not supports recurring payments - Most of the traders would not want to save their credit card information from the customer and looking for a tokenized approach to accept recurring payments from their customers.

Not providing an off-site Payment Interface - Traders tend to look for a “PayPage” a payment gateway to redirect their customers to process payments.

Differentiators in a crowded market:

APIs to the outside world - Building a simple to use API for use by merchant application.

Improved security (3D Secure Transactions) - Merchants are always looking for extra security in payment gateway that will reduce chargebacks.

Ability to handle disputes Chargeback and Arbitration - Merchants need a good interface and reporting mechanism to watch their backs and manage.

Providing off-site Payment Interface - Merchants looking for a “PayPage” of Payment Gateway to send payments and ad hoc process.

Support recurring payments - Merchants do not want the customer’s credit card to store data on their side and looking for a tokenized approach to accept recurring payments.

Customer - Traders seek round the clock customer support to ensure that their business is not adversely affected by disruptions in the payment gateway page.

Conclusion – What Merchants are looking for in Payment Gateways?

Owning a payment gateway that is designed to your specifications can be a valuable tool for your business. This gives you a single, integrated solution for point of sale and payment processing, which you can then offer the merchants as a replacement of the current payment gateway they can offer. Use however, to ensure that traders are willing to part with their current provider, your payment gateway is safe to reduce the risk of chargebacks and have a wider range of options to choose a bank for the creation of sub-accounts. It should also offer competitive prices, faster processing, excellent customer service and high quality reporting.

Alex

Alex is co-founder ofTechnical Support Today, a leading remote support company in United States. Alex loves to write and share the news about Remote Support Services.

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