How to start your own payment gateway business in Singapore
By the way, Did you Know??
In Singapore, Nearly 3 Out of 4 Singaporeans are avid shoppers. Making Singapore the Country with the best online buyers digitally. With such a push for online shopping follows the Online Payment Service Requirement. To establish Start your own Payment Gateway Business, what you need is a White-Label Payment Gateway Solution. The one where the Payment Gateway Software is Customized to work as your organizational asset.
White Label Payment Gateway?
White Label Payment Gateway, Before entering the formal introduction to White-Label Payment Gateway. We will try and understand this term by dividing the same term into two parts - "White Label" & "Payment Gateway".
The Label" & "Payment Gateway". White Label"- A Label is a particular point of interaction where we can acquire the info about the object labeled. And therefore a "white label" refers to a blank label upon which you can address anyone.
Payment Gateway"- A Digital Secure Online Platform, which transmits the business transactions to banks (acquirer) for an online business.
Using the info above, we can easily state that a White-Label Payment Gateway is a customizable Payment Gateway. It can help other organizations in providing as well as utilizing online payment services for themselves and other merchants.
White-Label Payment Gateway creates a Payment Experience for your organization's Clients. i.e. The Complete payment process, till its end, is in your organization’s name.
How Can One Find A White-Label Payment Gateway?
So till now, we have come across a general understanding of the White-Label Payment Gateway and its definition. And now we are about to discuss the source of these kinds of services.
There are two different ways through which you can start your own payment gateway business:
Buying - Getting White-Label Payment Gateway from an IT SaaS Company.
Renting - Getting White-Label Payment Gateway Solution from a Payment Service Provider (P.S.P).
Through an IT SaaS Provider:
Using any IT Company which designs Software as a Service, You can get your complete White-Label Payment Gateway Solution. Which allows you to further act as a PSP to provide online payment services. The point to remember here is to check whether the SaaS provider has experience with Payment Gateway Software or not. Using a White-Label Solution from an inexperienced Developer can lead you and, start your payment Own gateway business in the:
"PIT OF DOOM".
It's like buying complete software and developing the same in your organization's name.
Pros:
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Higher level of Safety & Security.
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Encapsulation of Transaction Details.
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No 3rd Party Online Customer Redirection.
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Decrement of Transaction Processing Charges.
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Quick & Internal Transaction Processing.
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Ability to customize payment processing.
Cons:
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High-Cost Solution.
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Higher Integration Time.
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Higher need for payment service professionals.
Through a Payment Service Provider (P.S.P):
Using a Payment Service Provider for a White-Label Payment Gateway can be more beneficial. This method to start a payment gateway business is efficient. Which takes low cost, less integration time, and the best in class security measures of your chosen PSP. You just need to find your acquirer for services and your PSP will provide your Payment Gateway Functioning thorough Application Programming Interface (API). Where now you can take the transaction details from your business and send them to the white-label payment gateway which would then process the same and help you in completing the online payments.
It's like renting the complete software and utilizing the same in your organization's name.
Pros:
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Cost-effective Solution.
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Ready-to-use Solution.
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Hassle-free Solution.
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Resource Need-Free Solution.
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Hi-tech Solution
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Up-to-date Solution.
Cons:
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PSP-Dependent Solution.
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Few Functionality Restricted Solution.
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A Sensitive Solution.
Which amongst the two is a better White-Label Solution?
Depending upon your business and your parent organization. Any method out of the above-mentioned two can be your desired solution, i.e…
If your business is running on financial fumes then a White-Label Solution from a PSP sounds promising. And if the financial fuel is up to the brim there is no better solution than a SaaS provider.
If your business is running on limited employees. Where you can't appoint professionals at the start, then a white-label solution from a PSP is best for you. And if your business has a dedicated team for this then a White-Label Solution from a SaaS provider would be magical.
What to Assess in any White-Label Solution?
Development Time:
You need to understand that you can opt for any service provider. But the crucial paramountcy is in the "Time for Development". Since this solution is a customized one every final payment gateway functions differently according to its business. It is of high consequentiality that you find a provider with the best development time available in the market.
P.C.I. Compliance Validation:
P.C.I. Compliance avails you in distributing secure payment services to your buyers online. Where your transaction is heavily secured via the solution. You just require to check whether your service provider has a technology that is affiliated with P.C.I. Or not?
Variety Of Available Plug-in:
This is one of the most paramount features which you require to assess while opting for your white label solution. You are required to find a solution that is present with multiple functional plugins. So that you can integrate these payment services to your or your prospect's organization efficiently. Do recollect that for your white label solution to work you require to verify the plugin with your provider first.
Hybrid Technology:
You must assess your service provider based on different types of technology integrated within the solution. For your payment gateway business, the central point comes down to the payment gateway software. Which you are going to use for online payment services. And therefore you need to find the appropriate provider with more features of hybrid technology integrated.
Open API:
Once initiated your payment gateway business needs to have the capability to provide your payment services to your clients. But until now, we only came to know that using a payment gateway software allows us to provide payment services. But this is not the end the actuality began from the moment your business starts. Where your clients could be having their own digital business already built and functioning efficiently, on a particular platform. And you need to provide your services over the same. For this particular task, you need to integrate your solution with this client. And doing so with an Open API is highly beneficial. This allows you to easily integrate your payment services with a variety of open platforms.
And here we are at the end of this article, until this point you all might be having greater knowledge about this business.
It is a matter of great concern when it comes down to a particular service that is playing such a crucial part in your clients' businesses. Therefore, whenever you think about Start your Own Payment Gateway Business, All the above-discussed points are to be kept within one's mind. So that the final product for the payment gateway business comes out to be profitable for your business's future.
Remember!!! The better your research for the solution, The better fruits your business would bear.
