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Shaw Merchant Group
Thursday, February 15 2024
Best White Label Payment Gateway Reseller Options

Are you a merchant services representative or an Indendent Sales Organization that’s looking to make it to the big leagues of the merchant industry; the payment gateway providers? Well, it might require some serious investment to set up a complete infrastructure that can even break your bank. However, there’s an alternative - white label payment processing.

It’s a low investment, low-risk solution allowing you to set up your own payment gateway without having to manage any technical aspects of the payment gateway. Curious? Read on to know more about a regular payment gateway, how a white label payment gateway is different and what main advantages it can offer you.

Let’s Discuss What Payment Gateways Do:

Before we move towards the payment gateways for white label merchant services, let’s talk about the regular ones to ensure everyone reading this is on the same page. Payment gateways are crucial for every business for credit card transaction processing. When the card is swiped against the machine, the payment is cut and sent through the payment ‘gateway’ to the processor for authorization. This additional gateway ensures the security of customer’s data and the authenticity of their transaction.

Once it’s cleared, the information of the transaction is added to the credit card networks and sent to the bank that issued the card to the user (customer). If everything is correct and there’s a balance available to be charged, the transaction is approved; otherwise, due to any reason, it can get declined.

How Payment Gateways Do What They Do?

Payment gateways equip the merchants with interfaces and tools to collect the information for credit card transactions from the customers. This can be done in several ways. Most of the gateways offer APIs (Application Programming Interface) that enable the websites, business software, mobile applications, and POS (point of sale) device to connect and send transactions right to the payment gateway for authorization.

They also offer virtual terminal abilities allowing credit card info to be input directly in a webpage form, which can then be submitted for a transaction.

You can also find a range of value-added functions in payment gateways allowing merchants to easily manage their business and transactions. These added features can be fraud detection, recurring billing, tokenization, PCI compliance, and more.

Merchant Acquirers & Payment Gateways:

Merchant acquirers and ISOs (Independent Sales Organizations) act as agents/salesperson of the payment gateways by reselling their services to the merchants. ISOs or merchant acquirers employ a team of salespeople and support agents to connect with merchants, nurture them and eventually sell them the payment gateway’s services and equipment like POS machines.

Since it doesn’t really make sense for the merchant acquirers to build and manage their own gateways, they mostly partner with existing payment gateway service providers and get a small chunk of the pie. However, there’s an alternative, providing ISOs or merchant acquirers with opportunities to set up and differentiate their own payment gateway brands. This is where a white label payment gateway comes into play.

What’s a White Label Payment Gateway?

With the help of a white label payment gateway, you can get similar features and functions and perform the same duties as a payment gateway provider. However, there are many distinctions and benefit with the white label service. While the regular gateways get into contracts with the ISOs and merchant acquirers to resell their services, white label gateways allow and also prefer the ISOs and merchant acquirers to sell their services as their own with their own branding.

The merchant services resellers and ISOs have the liberty to use their logo, play with the branding and color scheme to match it with their own, and service the customers however they see fit.

Becoming a White Label Payment Provider:

If you become the payment gateway provider rather than reselling someone else’s, you’ll have several unique opportunities at hand. As the white label payment facilitator (Payfac), you can set your own profit margins and actively get your share of the revenue stream. This also means you will have the freedom to set up your very own brand, market it and get visibility rather than living under someone else’s shadow. You will have control over customer experience, and how you want to service them, which means direct customer acquisition.

Here are some more benefits that you experience when you become a white label payment provider:

  • You will not have to set up or manage the service by yourself. All the heavy lifting and technical aspects like infrastructure and security compliance will be taken care of for you.
  • You will get access to the shopping cart integrations processor connections of the platform, enabling you to offer solutions to a wider merchant group and take care of their needs.
  • You will get total control over the customer relations, meaning you will establish the rules for how your gateway equipment and products will be serviced and sold.
  • Every effort put in by you and your team into the promotion of payment gateway technology will enhance the worth, reputation, and value of your brand.
  • The use of a white-label payment gateway will solidify your relations with your merchants and put you in the position to meet their needs better.

Who White Label Payment Providers Partner With?

First things first, you need to know if you have the kind of business that can benefit from the white label payment provider. There are four kinds of resellers that will benefit from the white label model the most:

  • ISOs – Independent Sales Organizations
  • ISVs – Independent Software Vendors
  • VARs - Value Added Resellers
  • PayFac – Square or Paypal

When opting for a white label payments provider, work with someone having experience and a good track record of working with these business types.

Finding a Good Quality White Label Payment Services Provider:

To get the most value out of your while label gateway experience, it is imperative that you work with the provider offering exactly what you need so you can meet and exceed the needs of your merchants. To find that kind of service provider, here are a few questions you should ask:

  • Will you get access to their support service, guides, and training materials?
  • Do they have an intuitive payment gateway platform? You don’t want something that’s buggy and complex.
  • Can you rely on their platform? It should have 99.99% uptime; once it goes down, your payments won’t be processed until it's back on.
  • What about the security level of their platform? It should be encrypted with the latest and most impenetrable technologies.
  • Does it sell its services to the merchants directly?

Branding on Your Payment Gateway:

You will require a highly flexible platform that allows you to leverage your or your designer’s creativity and customize every aspect of the product/service. You would want to make the payment gateway your own in the truest sense of the word. Therefore, make sure to find out the branding options they have available that’ll allow you to brand your payment gateway exactly the way you want. Here is a small list of some things you should be able to make your own:

  • URL
  • Color scheme
  • Logo
  • Marketing guarantee
  • Font
  • APIs
  • Login portal
  • Brochures

Make sure to ask about all of these features’ customizability, so you know what to expect from the white label provider and if you want to go with them.

Types of Merchants on Your Gateway:

If you’re wondering what kind of merchants I can put on my white-label payment gateway, then the answer is; anyone you want. However, not every provider agrees to this, so make sure to ask this beforehand. The payment gateway provider must be able to offer you the liberty to get anyone on board and do business with them.

Some Final Considerations:

You will also need to find out about the third-party integration options, SDKs, and API functionality of the payment gateway. Some more important things to consider are:

Who will own the website’s domain name?

• Who is going to bill the merchant?

• Who will manage the SSL Certificates?

• What kind of shopping cart integrations will you get?

• How the customer support to merchants will be handled?

• What kind of merchants will you be able to provide a platform to?

Final Words:

Remember, the best white label merchant services will have incredibly useful features to help you crush the competition and get as many merchants on board as you can. This can only happen if you have the freedom to have any merchant you want and your platform is robust enough with tons of useful features that attract them.

Posted by: Admin AT 11:38 am   |  Permalink   |  Email
 

If you’re looking for a lucrative career in sales, becoming a payment processing agent and selling merchant processing services to businesses could be a fantastic opportunity for you. As more and more businesses are moving towards accepting electronic payments, the demand for payment processing agents is on the rise. In this article, we’ll guide you through the process of becoming a payment processing agent and starting your own business in the merchant processing industry.

What is a Payment Processing Agent?

A payment processing agent is a salesperson who sells merchant processing services to businesses. These services include credit card processing, debit card processing, and other electronic payment solutions. Payment processing agents work with businesses of all sizes to help them set up the infrastructure needed to accept electronic payments from customers.

Why Become a Payment Processing Agent?

There are several reasons why becoming a payment processing agent could be a great career move for you. First and foremost, the merchant processing industry is a booming industry with huge growth potential. As more and more businesses transition from traditional cash-based transactions to electronic payments, the demand for payment processing agents is only going to increase.

Secondly, working as a payment processing agent can be a very lucrative career path. Payment processing agents typically earn commissions on the sales they generate, which can be a very rewarding income stream. In addition, payment processing agents often enjoy flexible work schedules and the ability to work remotely, making it a great option for those looking for a work-from-home opportunity.

Finally, becoming a payment processing agent can be a great way to build valuable sales skills that can be applied to other industries or business ventures in the future. The merchant processing industry is highly competitive, so working as a payment processing agent will give you the opportunity to hone your sales skills and build a strong network of clients and contacts.

How to Become a Payment Processing Agent

Now that you understand the potential benefits of becoming a payment processing agent, let’s walk through the steps you need to take to get started in the industry.

Step 1: Research the Merchant Processing Industry

Before you jump into becoming a payment processing agent, it’s important to do your research and gain a solid understanding of the merchant processing industry. Learn about the different types of payment processing services available, the key players in the industry, and the latest trends and technologies shaping the industry.

You should also familiarize yourself with the various pricing models used in the merchant processing industry, such as flat-rate pricing, interchange-plus pricing, and tiered pricing. Understanding these pricing models will help you better explain the costs involved in merchant processing services to potential clients.

Step 2: Get Educated

While you don’t need a formal education to become a payment processing agent, having a strong understanding of sales and marketing principles can be very beneficial. Consider taking online courses or attending workshops on sales techniques, customer relationship management, and other relevant topics.

In addition, you may want to consider getting certified as a payments professional through organizations such as the Electronic Transactions Association (ETA). This certification can help you build credibility with potential clients and demonstrate your expertise in the merchant processing industry.

Step 3: Choose a Payment Processing Partner

As a payment processing agent, you’ll need to partner with a payment processing company that will provide you with the products and services you’ll be selling to businesses. When choosing a payment processing partner, look for a reputable company with a strong track record of providing reliable and secure payment processing solutions.

Be sure to research the pricing, features, and support services offered by potential payment processing partners to find one that best aligns with your business goals. You may also want to consider partnering with multiple payment processing companies to offer a wider range of services to your clients.

Step 4: Set Up Your Business

Once you’ve chosen a payment processing partner, it’s time to set up your own business as a payment processing agent. Register your business with the appropriate state and local authorities, obtain any necessary business licenses, and set up a business bank account to manage your finances.

You may also want to create a professional website and marketing materials to promote your services to potential clients. Consider investing in business cards, brochures, and other marketing materials to help you attract new clients and establish your brand in the merchant processing industry.

Step 5: Start Selling Merchant Processing Services

With your business set up and your payment processing partner in place, it’s time to start selling merchant processing services to businesses. Reach out to local businesses in your area and offer to help them set up electronic payment processing solutions.

When pitching your services to potential clients, be sure to highlight the benefits of accepting electronic payments, such as increased sales, improved customer satisfaction, and faster payment processing times. Emphasize the security and reliability of the payment processing solutions you offer, and be prepared to answer any questions or concerns your clients may have.

As you begin selling merchant processing services, focus on building strong relationships with your clients and providing exceptional customer service. This will help you build a loyal client base and generate repeat business through referrals and word-of-mouth recommendations.

Step 6: Grow Your Business

As you gain experience and build a successful track record as a payment processing agent, you may want to consider expanding your business and taking on additional clients. Look for opportunities to partner with larger businesses or organizations that can provide you with a steady stream of sales leads.

You may also want to consider diversifying your services by offering additional products or services, such as mobile payment solutions, point-of-sale systems, or gift card programs. This can help you attract new clients and differentiate yourself from competitors in the merchant processing industry.

In conclusion, becoming a payment processing agent and selling merchant processing services to businesses can be a rewarding and lucrative career path. By following the steps outlined in this article, you can get started in the merchant processing industry and build a successful business as a payment processing agent. With hard work, dedication, and a commitment to providing excellent service to your clients, you can achieve success as a payment processing agent and take advantage of the growing demand for electronic payment solutions in the business world.

Starting a payment processing company can be a lucrative and rewarding venture. With the rise of e-commerce and online transactions, the demand for reliable and efficient payment processing services has never been higher. However, entering this competitive industry can be challenging, especially for newcomers without the necessary resources and infrastructure. That's where white label payment processing solutions come in.

White label payment processing solutions allow entrepreneurs to start their own payment processing company without the need to build their own technology or infrastructure from scratch. This article will outline the steps and considerations involved in starting a payment processing company with white label solutions.

1. Research and Planning

Before diving into the payment processing business, it's crucial to conduct thorough research and planning. This includes understanding the market demand, competitors, target audience, and legal requirements. Identify the specific niche or market segment you want to target, whether it's small businesses, e-commerce merchants, or specific industries.

2. Choose a White Label Payment Processor

The first step in starting a payment processing company with white label solutions is to choose a reliable white label payment processor. There are various white label payment processing companies in the market, each offering different features and services. Some popular white label payment processors include PaymentCloud, T1 Payments, and Payline Data.

When selecting a white label payment processor, consider factors such as pricing, customer support, technology features, and scalability. Look for a processor that offers a wide range of payment options, including credit cards, debit cards, ACH transfers, and mobile payments. Also, ensure that the processor is compliant with industry regulations and standards, such as PCI DSS compliance.

3. Customize Your Branding and Services

Once you've chosen a white label payment processor, it's time to customize your branding and services. This includes creating a logo, website, and marketing materials that reflect your brand identity. Define your value proposition and unique selling points to differentiate yourself from competitors.

Additionally, consider adding value-added services such as fraud prevention, chargeback management, and analytics reporting. These services can help attract and retain customers by providing added convenience and security.

4. Set Up Merchant Accounts

To process payments on behalf of merchants, you'll need to set up merchant accounts with acquiring banks. An acquiring bank is a financial institution that processes debit and credit card transactions on behalf of merchants. When choosing acquiring banks, look for ones that offer competitive rates, reliable services, and quick approval times.

5. Integrate Payment Gateway

A payment gateway is a technology platform that securely processes and authorizes online transactions. Integrate your white label payment processor with a payment gateway to enable seamless transactions for your merchants. Ensure that the payment gateway is easy to use, reliable, and supports multiple payment methods.

6. Provide Customer Support

Excellent customer support is essential for the success of your payment processing company. Offer multiple channels of communication, such as phone, email, and live chat, to address customer inquiries and issues promptly. Train your support team to handle technical issues, billing inquiries, and general questions effectively.

7. Market Your Services

To attract merchants and grow your payment processing company, invest in marketing and advertising efforts. Utilize digital marketing channels such as social media, search engine optimization (SEO), and pay-per-click (PPC) advertising to reach potential customers. Highlight your unique value proposition, competitive pricing, and superior customer service in your marketing campaigns.

8. Ensure Compliance and Security

As a payment processing company, you are responsible for ensuring compliance with industry regulations and standards. This includes adhering to PCI DSS requirements, safeguarding customer data, and preventing fraud and chargebacks. Implement robust security measures, such as encryption, tokenization, and fraud detection tools, to protect sensitive information and prevent unauthorized transactions.

9. Scale Your Business

As your payment processing company grows, focus on scaling your operations and expanding your customer base. Invest in technology upgrades, infrastructure improvements, and staff training to support increased transaction volume and customer demand. Continuously monitor market trends and customer feedback to identify opportunities for growth and innovation.

In conclusion, starting a payment processing company with white label payment processing solutions can be a profitable and rewarding endeavor. By choosing a reliable white label payment processor, customizing your branding and services, setting up merchant accounts, integrating a payment gateway, providing excellent customer support, marketing your services, ensuring compliance and security, and scaling your business, you can establish a successful payment processing company in the competitive payments industry.

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