Having your own payment system
There are a number of technical and economic considerations to make while building or licensing a payment gateway. One possibility is to create a own payment system gateway in-house. Another option is to get a license for a pre-made product and modify it to meet your requirements.
Accepting digital payments requires, in any scenario, the establishment of key partnerships and the construction of a technology solution. Let’s have a look at everything you need to build your own payment system gateway.
Your own payment gateway, broken down into ten simple steps.
1. MCC codes.
Which specific kind of stores do you want to focus on? For what purposes do you see the gateway being used? This is the moment to ask questions and get answers if you’re confused.
2. Geographical locations and geographical currency
What nations and currencies do you want to focus on? Is the same currency used for settlement and clearance? Is there a price you wouldn’t mind paying to execute transactions across international borders? In each region, who are the companies that you want to collaborate with?
3. Obtaining Financial Institution Alliances
Can you legally provide merchant services for crypto transactions online? In such a case, you’ll need to acquire a business partner (likely an acquiring bank) to help you onboard and underwrite your merchants. It also has to work in the regions and with the currencies you need. Additionally, your gateway partner may have an existing integration or agreement with an acquirer that they may use to introduce you to the acquirer. Read our piece on the value of forming alliances to learn more.
4. A Technical Answer to the Problem
You should be able to find a processor or gateway that offers all the features you want from a payment system. In particular, it should work with your acquirer and the merchant types you care about.
5. Specifics of the Integration
Inquire about the requirements with the acquirer’s representatives right away. In this way, you should expect a more open and inexpensive integration procedure. ‘Make haste, the better foot before,’ as the old adage goes.
6. Organizational Integration
Provide your gateway provider with integration details. Give them to the programmers working on your bespoke solution if you’re making it in-house.
Make sure all the people who will be working on your gateway service are on the same page in terms of technical specifics, time constraints, and financial commitments.
8. Business Administration, and Alliances
If you have merchants and partners, what is your plan for integrating them into your system? Please explain your strategy for moving the businesses in your portfolio to the new system. Get a handle on these questions before proceeding.
9. Legal Agreements
Talk to your acquirer, payment gateway provider, and PCI auditors to iron out the kinks in your contracts. Please abide by the terms of these contracts.
Tell me about your PCI compliance. Whether a PCI audit is necessary depends on your specific situation. A PCI assessor is the one most qualified to respond to such inquiries.
Setting up your own payment gateway
In order to accept cryptocurrency payments from a wide variety of customers, your company will need a crypto merchant solution capable of establishing unique cryptocurrency payment addresses. Want a cryptocurrency wallet that also acts as a payment processor?
You can set up BitHide to work with any number of retailers and manage all of them from a single interface. With no need for KYC/AML processes or external oversight, your firm may operate in full secrecy.