White Label PSP Service: The Perfect Solution for Payment Service Providers
A payment gateway does the work of keeping the payment ecosystem rolling smoothly. It enables online payments for both consumers and businesses. You need not be a payment gateway expert if you are an online merchant, but it’s worth understanding the basics of the online payment flow.
The PSPs are the payment service providers – entities that allow issuing the virtual address to the users and providing payment services to the individuals. Because of their services, they represent the vascular system of online payments. The PSP industry is evolving and this shows a great opportunity to be a payment service provider with a white label payment gateway for PSP services.
What is a White Label Payment Service?
Let’s break these terms into two parts: one is white-label and the other is PSP.
White label is a model which means buying an unlabeled solution from a producer, placing your brand on and selling it as your own. In this model, multiple vendors under different brands can market a single product.
A PSP is a company that you as a merchant choose. You will choose your PSP to process your incoming and outgoing online transactions. In short, this acts as a mediator between the customer, merchant, payment gateway, and the issuing banks.
White label payment gateway is one of the best solutions for the payment service providers, and merchants as it builds their brand value and can also earn money.
Why Choose a White Label Payment Service Provider than Building Your Own?
There is a list of reasons that conveys that a white label payment service provider is much more efficient than developing your solution. Here are some of them that you have to consider:
It’s quick and easy to brand
White label payment gateway platform solutions can offer a list of advantages if you are trying to add new features to your business. White-label solutions are integrated and are ready-made and this feature makes branding easy. You are the resellers and need not think about spending time and money on research and development. You can just add your brand and identity and get back to the business.
Keeps your customers happier
Your customers will surely have an end goal. Using the white label payment gateway solution will provide your customers with a clear and simple idea and will help them in reaching their end goal.
It saves you time and money
Developing any product from scratch will take more money, human capital resources and time. Even if you want to build it yourself you can do it, but it is also necessary to consider time as an important factor. That is the time it takes for architecture, design, building, and testing the solution. Here time is the king and investing in an existing solution may be more cost-effective.
Focus on your business core competency
Solutions that companies hope to build fall far outside of their area of expertise. It is not smart to do something that doesn’t fit within your core competencies. Be sure you have a look at the solution you need and compare it with the resources available. This would help you in deciding whether a white label payment gateway solution would help you reach heights.
The pre-packed solutions provide an opportunity to trust the experts and avoid making the same mistakes that you have made before.
Therefore white label solution for PSP can help you utilize our business’s unique branding to offer a product or a service without investing in the infrastructure and technology. But this even makes you more dependent on the service provider. Make sure you do some research and get a reliable provider for the white label PSP services.
At PayCaps we offer a customizable white label payment gateway for PSP services that can fully be branded according to your brand’s theme.