Types of payment processing software
Finding the best Payment Management Software for your business is a critical task as accepting online payments is becoming a key to generating revenue and profitability.
So, if your business doesn’t have an effective payment processing solution you are certain to miss out on revenue opportunities.
Here are some reasons why deploying payment processing software can benefit your business,
- Scalability – Every business has its own framework and it evolves over time. The flexibility and scalability of the payment processing software enable them to grow with the framework changes at every stage of the business.
- Multiple payment options – Almost all payment processing software offer a variety of payment options. It is always good to offer multiple payment options for your customers as it increases customer loyalty and in turn sales!
- Security – Today cybercrime is one of the most concerning problems. A payment processing software helps secure online transactions and protects cardholder’s payment sensitive information.
So before finalizing on a payment processing software for your business you need to know what are the features of the payment processing software, how it is going to help your business and it is secure enough to protect the transaction and cardholder’s data.
Types of payment processing software
White label payment gateway – The vendor designs the payment gateway as per the requirement from the business and then the business rebrands it as its own.
Such type of payment gateway is a customized product for that specific business and businesses can save time and effort as all the assistance will be provided by the vendor.
Advantages of white label software
One of the main advantages to go for white-label software is the time you can save on time and effort. It can take years to develop a payment solution that suits your business.
You have to dive deeply into the development, licenses to obtain, audits, etc. But with a white label, you can get a tailor-made payment solution for your business within a few days.
One more disadvantage of building your own software solution from scratch is the price. Software development is costly.
Sometimes it can be just a waste of funds, which if retained can be utilized for other important business aspects. Getting a white label solution is much more reliable and at the same time cheaper. Almost all white label solutions include integration and installation.
One less headache to your head, one more advantage for your business.
Lyra’s White Label Payment Solution – As an established payment service provider in India, Lyra also offers a White Label solution. This solution gives businesses the ultimate power to utilize the existing product and customize it as per business requirements.
Lyra’s White Label Solution offers the following features:
- Provision of RISK & FRAUD parameters
- Chargeback minimization and Quick settlement
- Segregation of level of services
- Rebranding of the service/payment page in the bank’s brand name.
- Full ownership of the portal
- Multiple users based on request
Third-party payment processing software solutions
These types of solutions often use their commercial bank accounts to enable online payment processing.
Getting on board with the third-party software solution is often a cost-effective and optimized way for businesses. Creating a merchant account is a tedious process, so, a business can save time by using third-party services for processing transactions.
Third-party gateways are easy to integrate and businesses can get a fully customized solution as per the requirements.
The bottom line is, that regardless of the business model you need to pay careful attention to technical capabilities and how the solution can benefit the business in the long term.