Payment gateway business – two words that are becoming a prerequisite for all businesses.
Accepting online payments is becoming a necessity and if your business wants to accept online payments, you’ll need a payment gateway.
The payment gateway enables accepting digital payments. It authorizes the transaction, encrypts it, and submits it for further processing, and it does all this while making sure that all the procedures are secure.
By now, everyone knows how a payment gateway works. What are the benefits, and just how important it is for the business. But the one burning question remains,
Should you build your own payment gateway or should you buy one?
There are a number of payment gateway providers to choose from, but then again, you have to invest the majority of your time comparing them and choosing the best among them.
Building your own payment gateway offers you a platform that is tailor-made for your business but on the other hand, building it from the scratch can get very expensive.
First, let’s discuss the key components of the payment gateway you need two consider despite choosing any of the options.
Flexibility – As a business owner, you know that your business and the way you accept payments will undergo changes from time to time.
Flexibility plays an important role in deciding pointers as a Payment gateway should withstand every business evolution without unnecessary tech and time investments.
Integration – Seamless integration is another point to consider. A payment gateway should easily integrate with acquiring banks and settlement options.
Along with these options, a payment gateway should also integrate easily with payment methods and business infrastructure.
Security – When it comes to online payments, security is one of the most concerning things from the customer’s point of view.
A payment gateway platform should enable safe and secure transactions. Where you can assure customers that details that are required for online payment processing are safe.
There should be a fraud detecting mechanism installed and the platform should be regularly audited and compliant with the government’s rules and regulations.
Customer experience – As a merchant, you are going to great lengths to attract customers to your products. Considering online shopping websites, customers should be able to navigate easily through the website and the same applies to making online transactions.
It is important to consider the customer’s point of view. If customers can navigate rather seamlessly through the whole online transaction process, it is most likely that they came back.
Along with these points, a merchant should also consider the following points,
Chargeback and dispute management
Supporting multiple payment methods like recurring payments, EMIs, etc.
24/7 and active Customer support
Enhanced security (implementation of 3DS, OTP, etc.)
After analyzing these points, let’s move on to the main section,
Pros and cons of building your own payment gateway.
Building your own payment gateway from the scratch means the inclusion of several maintenance and development costs.
Choosing to build a customized ‘made for your business’ type payment gateway can be good in terms of long-term investment.
Another issue with building your own payment gateway is time constraints. The whole procedure can be quite time-consuming and lengthy.
A merchant should go through a lengthy certification process a utilize an ample amount of time going through each step throughout the process.
As a payment gateway is a crucial aspect of the business. Using any other off-the-shelf payment gateway is simply faster and cheaper.
Building a payment gateway does not simply end at the ‘accepted online payment’ stage. When the payment processing fails or when the chargeback got issued or for settlement reports, you will get the raw data which you have to convert into the format.
This can take a considerable amount of time and can further complicate the process.
On the other hand, building and using your own payment gateway means customized flow and customized features.
Using off-the-shelf payment gateways have restriction. They may not support the functionalities you need for your business module. With your own payment gateway, you can easily customize, add and modify the new features.
Using your own payment gateway enhances your business by offering a single dedicated and integrated solution.
However, it will be time-consuming and you have to spend an ample amount of time and effort throughout the process.
Don’t want to waste your time, but still want a tailor-made payment gateway?
Lyra offers a customized tailor-made payment gateway built for specifically your business. It renders clients with a secure, easy to use, easy to integrate, and quick online payment platform.
With a higher success rate and faster processing time, Lyra’s payment gateway is built for any and every device.
Your business will get 40+ shopping cart plug-ins and can offer 100+ payment options. Along with different payment methods like recurring payment, EMIs, e-mail, and SMS-based payments, etc.
You can also view online payment and their status in real-time, facilitate account management and manage payment schedules with a powerful back-office system that comes with the payment gateway.
Compliant with PCI DSS and the government’s rules and regulations, Lyra’s payment gateway is 3DS, SSL layered, and offers a fraud and risk management module.
It comes with zero setup fee and the quickest merchant onboarding with the lowest assured quote.
So, what are you waiting for, get onboarded with India’s one of the most used and most secured payment gateway today!