For many businesses, creating a secure and effective payment solution is of great importance, whether you opt to construct your own payment gateway or consider other possibilities.
By making well-informed choices and utilizing the knowledge of industry experts, businesses can position themselves at the forefront of payment processing, fostering growth and achieving success in their operations.
In my previous article, we I discussed the advantages and challenges of building a payment gateway. If you're contemplating building a payment gateway and want to delve into the logistics, this article is for you.
I'll answer common questions about costs, time estimates, and the required technology stack, as well as outline key considerations for your development strategy.
Building a Payment Gateway: Where to Begin?
When considering building a payment gateway, your initial step isn't necessarily consulting developers or fintech consultants. Instead, you need to establish business relationships with a payment processor or acquiring bank.
To offer a payment gateway service, you need a connection, which is provided by a payment processor. This entity moves transactions through the payment network and may also act as an acquiring bank in some cases.
Your chosen processor will supply the technical details for integrating your gateway with their system, potentially requiring multiple partnerships for accepting various payment types.
Otherwise, you can use an acquiring bank, which provides merchant accounts needed to accept digital payments. They assume a level of risk associated with your business, including chargebacks, refunds, ACH returns, and potential fraud.
Check carefully whether your chosen financial institution can set up a merchant account tailored to ..
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