What is a Global Payment gateway for card processing, and what are its pros and cons?
A payment gateway is a complex system that enables online and offline merchants’ debit/credit card payments. It develops a smooth course of such transactions by encrypting confidential data and sharing them between a buyer, an online shop, and a bank. Thus, the Global Payment gateway for card processing specifies contact between the three parties of the payment procedure. It ensures every transaction runs safely by applying various anti-fraud tools and acting under PCI compliance. From a technical point of view, the payment gateway is a layer above the payment processor. It accepts information from the user and, relying on the selected payment method, diverts the payment to the processor in an intelligible structure.
Why build a custom gateway?
There are many ready-made payment methods that you can take and connect to your store. The last article examined the best payment gateway providers and gave a credit card processing comparison chart. Nevertheless, none of these options will give you complete control over the payment process. Similarly, there will still be issues that you would want to modify or add.
Given this, the team decided to communicate our concept of building a custom gateway. They list the disadvantages and advantages and reveal some tricky points of such a project.
The pros and cons of global development
Pros
Lower fees.
With mass-produced online payment procedures, you are convicted of lively fees for every process. Similarly, in most circumstances, you should pay an enrollment fee. The global solution will permit you to be your leader and lower payment processing costs.
Custom features.
Even the best global payment providers cannot satisfy all your expectations. If you look through the list of payment methods, you can see that some do not support multi-currency transactions, others do not work with recurring charges, and others are too expensive. By choosing global development, you can obtain the exact product you want.
Additional revenue.
You can become a provider by holding a Global Payment gateway for card processing. It implies you can charge enrollment fees and transaction fees from other vendors. Thus, you can consider a new way of enterprise development that will assist grow your earnings.
Disadvantages
Development time.
With custom gateway development, you will spend time in the preparatory phase, pure development, testing, and maintenance. This process will take extended reach to incorporate a ready-made explanation. Nevertheless, in the long run, you will aid, as you will be released from recurring expenses and gain an extra source of income.
Certification costs.
To run your gateway, you must connect to the payment processor and comply with the PCI requirements. Besides, it requires high costs. If you choose a white-labelled solution, you avoid such a headache as you connect to the gateway with all the dust settled.
Sole responsibility.
Being a payment service provider, you are in charge of transaction security. It would be best if you guaranteed the protection of cardholder data and the minimum risk of fraud.
