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Top 7 reasons to switch from your own payment gateway to a white-label solution

The Fintech industry is booming. The complexity of payment processes has increased dramatically within the last decade. ApplePay, GooglePay, 3DS 2.0, tokenization, crypto-payments, QR-code payments, and plenty of other flows and features are currently highly demanded in different parts of the world. Moreover, new features and payment methods are constantly emerging; therefore, developing and maintaining the payment gateway or platform might be considered extremely difficult without the appropriate technical background and expertise. At the same time, entrepreneurs worldwide want to leverage the business opportunities of the fintech industry to stay ahead of the competition.  

What if I am already in a payment processing business and struggling with everyday technical challenges related to the maintenance of the payment gateway? Probably I am even considering an option to switch to a white label solution.

You can switch to a white-label payment gateway at any time. Transferring high volumes of payment data to a whole new platform isn't easy, but with the right white-label payment software provider, it won't be a problem. Let's find out what motivates companies to switch from their own payment gateway to a white-label provider. 

Top reasons to make the switch 

Truth be told, not every business owner is completely satisfied with the in-house-made payment gateway. While building such systems, companies often cut corners and didn’t bring in business analysts and software architects which led to a spectrum of unnecessary dependencies. Thus, further optimization and scalability of the system cannot take place due to the old technologies, the lack of documentation, and its complexity. But there are more reasons why business owners finally make a choice in favor of a white-label payment gateway. 

  • Maintenance 

You need to constantly update and develop your own payment solution to meet ever-changing market requirements. And if the technologies behind your system are outdated, shopping for developers and DevOps engineers who can solve your problems becomes a real challenge.

  • In-house development team

Payment systems need regular updates and maintenance services, so it's better to have in-house developers to quickly solve technical issues. But hiring and managing an in-house development team requires massive investments. Not to mention, the global shortage of talent worldwide makes the developer market a heated place. 

  • Scalability 

Custom payment platforms are hard to scale because often they were not designed for this. Besides, scaling up a custom solution not only requires a particular set of skills and expertise but also demands a high budget that can be difficult to afford for even the largest companies. 

  • Ever-changing market demands

The business world is changing at a blistering pace, offering new approaches and market opportunities. With custom payment gateways, it's quite hard to keep up with all these changes, including things like the integration of new wallets, apple pay, and connectors to 3rd-party platforms. On the contrary, a white-label payment solution is updated according to the latest trends to provide better service to clients. 

  • Flexibility 

Sometimes, businesses need to make a pivot and change their development vector. For example, you were selling DIY sets on the Asian market, but today you decided to shift your focus and start selling pots on the Latin American market. 

Inhouse-made payment solutions will require extra time to integrate new payment methods and fine-tune the payment gateway according to the country's or business verticals requirements. In the case of using white-label solutions, all technical aspects are on the team of white-label providers, allowing you to shift focus with minimal effort. 

  • Support 

While using custom payment solutions, there is no support team that can help you, skyrocketing the costs of the customization process. Make sure that your white-label provider has superior support experts that are aimed to actually help you. 

  • Antiquated payment infrastructure 

By choosing a white-label solution, you can finally let go of outdated payment infrastructure, and take advantage of the possibility to shift your focus from solving technical issues to business development. 

These are only a few of the reasons why an array of companies often consider switching from their own payment gateways to white-label payment orchestration platforms. A new and robust white-label solution can be a real gem for your business, allowing for greater flexibility and matching the ever-changing market trends. 

How to switch to a white-label payment gateway?

Regardless of how long you've been using your own payment solution, you can still switch to a white-label payment gateway. However, the process of switching isn't a question of a few days, especially when your business has years of transactions that need to be transferred to a new payment platform. While making the switch, it's better to use a new payment system and your old solution at the same time to streamline the transfer process. Here's how to switch to a white-label payment gateway solution:

  • Test your selected solution

Also, it's better to test drive your white-label solution. Check out whether your payments orchestration provider has a starter plan that allows you to get all the features you need and test the product at a reasonable price. 

  • Connect to your old solution

Within the transition period, you can develop integration from the old gateway to the white-label one. This enables you to use both systems for a certain period of time. During this period you can smoothly re-integrate all your merchants into the new platform. You can also guarantee the integrity of the data by using this connector for the replication of all transactions in both systems. 

  • Transfer all the data 

Transferring years of transactions may take more than a few days, if not months, in case you plan to do it manually. Some providers have a unique set of features that allow for a single massive data transfer. 


Conclusion 

With all of these steps completed, you're ready to leverage robust technologies, infrastructure, and expertise with the white-label platform as your own software. Switching to a white-label payment gateway is no magic wand, but rather an efficient shift that will help you to focus on global expansion of your core business, instead of solving technical problems and managing a technical team.











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Vladimir Kuiantsev

Vladimir Kuiantsev

Managing Partner

AKURATECO

Member since

14 Jun 2021

Location

Amsterdam

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