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How to Become a Payment Provider? What is a White Label Payment Gateway?
A payment provider is a mediator that connects merchants to the broad financial systems. Consequently, it helps accept money from the debit/credit cards of clients. All the procedures are processed efficiently and quickly. Being an essential link between all the financial elements, such a component is invisible for participants but plays an important role in innovative and layered commerce making.
Steps towards a Payment Provider Becoming
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Set up infrastructure. There’s a possibility to host the gateway on an outsourced server. Of course, you can prepare the server in-person but such a solution causes the need for the data center to maintain and face an annual PCI audit.
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Integrate with a payment processor. This refers to the financial institution that is responsible for online transactions. To reach the desired integration, you have to get the API documentation and undertake it in accordance with the conditions. It’s essential to develop an external API for the customers. Such an interface is critically useful, as it sends payments for further processing and picks up the payment feedback.
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Develop CRM. The mentioned CRM system is regarded as the innovative powerful digital product that keeps information, manages revenue operations, and controls managers. Such a service helps forecast various moments and reduce the risk of mistakes appearing. Actually, CRM is an increased consumer database.
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Perform tokenization. It’s about keeping credit card information on a secure gateway side.
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Obtain a 3DS certificate from EMVCo.
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Initiate a request for PCI.
After all these steps making, you are capable of becoming a secure payment provider that can be perceived as a scalable partner. If you are looking for expertise to strengthen your business, it’s better to check out the white label payment gateway.
Close Attention to a Payment Gateway Solution
Such a tool brings the opportunity for the company to perform payment processing procedures under its own brand. Meanwhile, the real-time processing is provided by the outsourced electronic channel. A Corefy Company is a great example, as it helps perform all the in-house financial procedures. Provided white label solution makes it easy for the business to become a payment provider and improve its reputation in the eyes of clients, including cardholders, merchants, PSPs, etc.
It’s important to underline some cooperation advantages, as the Corefy Company offers
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Increased point-to-point system for comfortable leveraging.
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The possibility to take your marketplace to the global level.
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Transparent terms of cooperation.
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The use of expanding protection resources for successful encryption and reliable cash protection against fraud.
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Informative consultations and responses to the questions.
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Maximal mobility and adaptability of the presented products.
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The possibility to change some settings according to the business needs.
The platform delivers only cost-effective and reliable services for payment institutions and online businesses.
