A white-label payment gateway is an all-in-one solution suitable for a business of any scale. It is easy to implement and offers multiple advantages at a reasonable price to payment service providers (PSPs), financial institutions, and merchants worldwide.
Read on to find out how this system works, what its strengths are, and for which businesses it can play a very important role.
What Is a White-Label Payment Gateway?
Every online business needs a payment gateway. It is a software through which merchants can receive payments for their products from clients online. Unlike traditional gateways that need to be built in-house, white-label gateways provide the option to utilize a pre-built payment system, saving businesses plenty of time, money, and effort in developing their own.
While many payment service providers offer systems for online payment acceptance to customers worldwide, white-label payment gateways focus specifically on delivering software crafted for rebranding under a customer’s identity to be presented as their own.
How White-Label Payment Gateways Work
White-label payment gateways work on the principle that the vendor gives you a ready-made system tailored to your specifications before going live. These are tweaked and proven solutions from reputable and well-established companies that you can re-brand with your brand’s unique attributes, such as logos, colors, and style. These attributes effortlessly infuse a sense of distinctiveness and alignment with your brand’s style, requiring minimal effort.
Benefits of White Label Payment Gateway
The following is a list of some of the global benefits that white label payment gateways offer.
Domination over Rivals
When organizations integrate a white label payment gateway, they gain a serious advantage over their competitors regarding payment integrations and technologies. As white-label software vendors operate in the highly competitive market, they strive to provide the most innovative features and a vast number of payment integrations that traditional payment gateway providers often cannot afford. All this inevitably leads to your solution looking more attractive from the outset in the eyes of ordinary customers.
And yes, you should not forget that this approach opens up many business development possibilities. Since you don’t have to focus on software maintenance, you can put all your energy and resources into expanding into new markets and attracting new clients.
Enhanced Client Acquisition
Utilizing a global vendor’s software for white-label payment processing facilitates customer attraction from all over the world. With coverage across diverse regions, these vendors provide pre-built integration with numerous banks and payment methods, catering to customer payment preferences on a global scale.
Ultimate security
The security of white-label payment systems goes beyond all borders. The fact is that the white-label software typically uses advanced anti-fraud measures to protect the customers’ sensitive information. Modern encryption technologies and fraud detection features allow users to be calm about their sensitive data. The level of security meets all the international standards and guarantees the prevention of any unauthorized access.
Compliance
Every technology related to financial transactions should comply with certain international and local regulations. For a white label system, these are Payment Card Industry Data Security Standards (PCI DSS), Anti-Money Laundering (AML), General Data Protection Regulation (GDPR), and others that differ by region. They assign strict rules for developers and give additional guarantees that the gateway will perform at the highest level.
Serious Time-and-Hassle Saving
Time is the most valuable commodity in business. Unfortunately, developing your solution from scratch is a pretty time-consuming endeavor. Even if you hire a team of experienced developers and they build a payment solution on their own, you’ll still need an inordinate amount of effort to keep it running. And, of course, you will still require a motivated and skilled team of programmers to whom you will have to pay a hefty salary. Their recruitment will require your expertise in payment software development to ensure they are up to the task.
It’s much more beneficial to turn to an organization that already has a knack for it. White-label payment gateway developers will not only provide you with a ready-made system but will also support it and help you in any way possible to solve any problems.
Who will benefit from white label payment gateways?
Certainly, some companies can work without a white label payment gateway. This may include small coffee shops or a souvenir store. However, if your business offers its services online, attracts customers via the Internet, and intends to scale, a customized gateway is a must. Below we enlist the most common types of entities that can benefit from their unique payment system.
Online retailers
Whether your E-commerce business is B2B or B2C, a convenient and straightforward payment process will be a crucial part of it. A proper and unique gateway will enable your customers to quickly purchase the goods. By integrating a flawless and branded payment system, your enterprise improves user experience and increases confidence and loyalty.
PSPs
Emerging PSPs can establish their company without a substantial initial investment by leveraging an advanced white-label payment gateway. This way, they will offer a high-quality system under their own name that addresses various challenges, including low conversion rates and high declines. In turn, for experienced payment service providers, white label payment processors can become a way to seamlessly transition from their obsolete system to a more efficient one.
Financial institutions
These entities may choose a white label payment solution for its user-friendly interface for customers and contemporary features designed to tackle diverse payment challenges. While developing in-house software takes a lot of time and expenditure, ready-made solutions can seamlessly complement their existing offerings, contributing to additional revenue streams.
Marketplaces
White label payment gateways are quite beneficial for numerous marketplaces around the world. These platforms allow every merchant to sell goods and offer online services. As soon as thousands of transactions run securely through the payment gateway, the payment system should operate with a high load and without interruptions.
Small and medium-sized enterprises
This category includes existing companies and newly formed startups. To cater to their customers’ payment preferences, these enterprises need state-of-the-art payment systems with customizable checkout and a branded design. As they usually lack the resources to pay a team of developers, a white label payment platform can become an indispensable solution for them.
Website developers
If your business is developing turnkey online websites, a pre-established payment solution will complement your service offering with a reliable and customizable payment system, allowing you to capitalize on it.
Other companies
The digital sphere has been evolving rapidly. Nowadays, new and existing companies compete strongly to attract and retain customers. Therefore, a white label solution can be right for almost any enterprise that offers its products and services online.
How to choose and implement a white label payment gateway provider
Choosing a white label payment gateway can be a complex task. We believe it makes the most sense to start by understanding what you want to accomplish in general and what your business wants specifically.
- Does your business fall under the low- or high-risk category?
- What are your target regions? Are there any specific governmental regulations regarding sensitive payment data?
- Which payment methods do your customers typically use to pay for goods or services?
- What currencies and languages do you want to cover?
- What is your expected monthly transaction volume?
Once these fundamental questions are addressed, there are three more factors to consider.
Pricing and Features
Each provider is different: you’ll find better pricing with some, while others have more features demanded in your niche. Choose based on your business needs and non-negotiable requirements. Consider factors such as the variety of integrations, on-demand development capabilities, and pricing structure.
Reputation
Let’s say you’ve found the right vendor for your enterprise. What comes next? Well, now, you need to dig around and find out as much as you can.
Start by searching for them online. Check their reviews and social media. What are people saying about them? The good? The bad?
Live Demo of the System
Next, it is vital to check the demo of each company’s system they usually offer on their website. Demos are typically provided for free to help you understand how the system works from the inside out, as well as ask the experts any questions you may have regarding system setup and operation.
Finally, we do not advise relying only on catchy headlines and promotional materials. Filter the information and pay attention only to the facts: contract terms, vendor responsibilities, and prices.
Introducing the Akurateco White-Label Payment Gateway
In a competitive financial technology environment, it can be challenging to navigate and choose a partner with a combination of a solid reputation, innovative technologies, and affordable pricing. Akurateco has established itself as a reputable cutting-edge white-label payment gateway vendor on the market that is worth considering.
The company offers brandable software to a wide range of businesses, including payment service providers, merchants, marketplaces, and financial institutions worldwide, boasting integration with over 330 banks and payment providers through a single platform. It also has multiple payment technologies to manage multi-channel transaction flow easily. With a re-brandable system, Akurateco allows customization of every aspect, from the payment page and admin panel URLs to logos, buttons, and reports. Explore more about the state-of-the-art Akurateco White-Label Payment Gateway here.
Conclusion
White label payment gateway solutions have evolved beyond online payment enablement. Their benefits have become widely accessible, allowing people to start their businesses using pre-existing software with advanced technologies for optimizing payment flow. It’s fast, convenient, and, most importantly, proven.
As we mentioned earlier in this article, most of these solutions come from large companies that have been in business for many years and have perfected their processes. If you’re considering starting a business and building your brand, there’s no better time than now.
