What is a white label payment gateway and why entrepreneurs should go for it?
As an entrepreneur running a business in the 21st Century, you are familiar with the increasing demand for online payments and the requirement for a payment gateway.
What does a payment gateway do? It enables online payment processing by offering tools and interfaces to collect card information from customers.
It also securely forwards this information to the payment processing solution.
As an entrepreneur, it is your tendency to go for the do-it-yourself or build it yourself strategy. It is your first solution for every problem and the payment gateway is no exception. Well, it is the right way to go.
After all, you are building a customized and unique solution that fits your business infrastructure and requirements.
But you have to keep in mind that building your own solution can be more time-consuming as it will take a dedicated amount of time and effort. This can significantly slow down your time to market.
It can be expensive and in some cases, you will be actually wasting your time and resources on tools that are already available.
So, after comparing both the ways, if you are still stuck on using the customized payment gateway for your business, there is a third option. And that is a White label payment gateway.
What is a white label payment gateway?
Basically, a white-label solution is a product/ service developed according to the given specifications by the third party to sell to others.
The other company/ business rebrands it and used it as its own.
So, if in case, your business would opt for a white label payment gateway, you would provide all your requirements to the third-party solution providers and you will get a payment gateway tailor-made for your business.
What are the benefits of using a white label payment gateway?
While making online payments, customers often question the authenticity of the payment portal.
If you are using a white label solution, you can rebrand it and use your logo, so that your customers can feel reassured while making the payments.
This can help retain customers and increase brand and customer loyalty.
With a white-label solution, you can save your time and effort but would still get a customized payment gateway for your business.
The third party developing your payment gateway will provide all the assistance and technical support so you need not worry about the technological and integration aspect.
So, are you on board to use it? Here is your introductory guide to the white label payment gateways:
White label payment enables businesses to concentrate on their core competency. It can enhance the company brand, and customer relations while maintaining a high ROI
Lyra’s white label solution
Lyra’s white label solution offers merchants the ultimate power to utilize the existing product and mold it according to their business requirements.
With the utmost liberty to help merchants manage their customer data along with creating a customized interface.
Lyra’s white label solution enables customization of payment methods, banding, logo, technical documentation, payment pages, etc.
This quintessential service offers chargeback minimization and quick settlement along with risk and fraud parameters.
Merchant can have full ownership of the portal and can access the portal with maximum transparency.
Lyra’s white label solution follows a cost-effective approach with easy implementation, time to time updates, and the shortest onboarding time.
So, what are you waiting for?
Get onboard with Lyra and start accepting online payments with your own customized payment page.