According to a report by Polaris Market Research, the global payment processing solutions market is expected to cross more than US$192 billion by 2030. This humongous size of the payment processing industry is a true testimonial of the diversity of opportunities that exist along with the massive business value & growth potential of the payment processing industry. The primary reason behind this unprecedented growth of the payment processing industry can be largely attributed to white-label payment gateway solutions.
A white-label payment gateway can be described as a versatile solution that allows businesses to process online payments using their brand name without spending a fortune on building a custom payment gateway. This also saves it from waiting for countless months and even years in many instances. A white-label payment gateway also allows businesses to have a quicker and almost instant go-to-market approach and offer their products and services to their existing and potential customers like never before.
The list of benefits associated with white-label payment gateways doesn’t end here. Businesses that embrace white-label payment gateway solutions don’t have to spend anything on software development, maintenance, and updates. This helps them save invaluable human, monetary, and other critical resources. These “saved” resources can then be diverted to the core activities of the business to delight customers.
White-label payment gateways also provide better real-time analytics and reporting tools that can be used to analyze and interpret transaction data. This, in turn, helps in making proactive, informed, and data-driven choices to enhance operations.
The Way Out
You should search for reputed and successful providers of White Label Payment Gateway Solutions that enjoy a stellar reputation. Moreover, you should compare the pros and cons of different white-label payment gateway solutions and prefer a fully brandable, end-to-end ready-to-use, and PCI DSS gateway that supports different currencies and payment methods (such as debit cards, credit cards, digital wallets, bank transfers, etc.).
Furthermore, the white-label payment gateway solution should be characterized by out-of-the-box customizable APIs and plug-and-play features to deliver exceptional and memorable customer experiences throughout the buyer journey. It should also be fully compliant with industry regulations such as the General Data Protection Regulation (GDPR) and the Payment Card Industry Data Security Standard (PCI DSS) so that all card transactions get processed in a secure environment.