Introduction
Choosing a white-label payment gateway is essential, and you should take your time to find the right one.
How much does it cost per transaction?
The cost per transaction is the amount that you will be charged for a particular payment transaction made by your merchant. The cost per transaction depends on the white label gateway, as well as the payment method used. For example, PayPal payments generally have higher processing fees than credit card payments; however, this can vary depending on which gateway you choose and how much volume you process.
Processing fees are usually a combination of fixed fees, percentage fees and transaction fees – all of which add up to your overall processing costs. Transaction fees can be small (as low as 10 cents), but it’s important to note that these are still part of your overall processing expenses so keep them in mind when deciding which options work best for you!
What are the hidden fees?
The first thing to consider when choosing a white-label payment gateway is what hidden fees you’ll be charged. This includes:
Commission fees – the amount that will be deducted from your transactions and paid to the payment gateway for their services.
Monthly fees – this is an ongoing cost of doing business, like rent or electricity bills. In some instances, it may be possible to negotiate a reduced rate if you have high transaction volumes through the gateway.
Setup fees – these are one-off costs that cover things such as application development, programming and installation of equipment (e.g., card readers). They are usually only charged once per merchant account setup, but if multiple accounts were opened in quick succession then this fee could still apply each time along with any other applicable charges outlined below.
Swipe fees – also referred to interchange rates or processing rates by different providers, they represent how much money merchants pay banks every time they accept payments using credit cards. The higher these are set at initially then depending on how many transactions take place within any given billing period – which then translates into revenue for both parties concerned – can lead onto additional costs being incurred later down line too!
What are the main features?
When choosing a white-label payment gateway, there are several features to consider.
What are the main features?
What are the main features of each gateway?
How many different payment options do you need? Do you need a gateway that can be integrated with other systems, such as accounting software or magento?
Is it secure?
One of the most important things to consider when choosing a payment gateway is whether or not it’s secure. You don’t want to be storing your customers’ sensitive data on an insecure platform!
A secure gateway should have a SSL certificate (which is like an encryption key used by websites). It should also be PCI compliant, which means that it has been audited by a third party and can prove that it meets industry standards for security.
Additionally, make sure you choose a white-label payment gateway with good fraud protection features—you don’t want to get stuck holding the bag when someone charges their card multiple times without authorization!
Is there a monthly fee?
You’re probably thinking to yourself, “Might as well ask if there are monthly fees for a white-label payment gateway, right?” And yes, there are. But they don’t come around every month like rent or Netflix. Monthly fees are usually charged for gateway features such as fraud protection and reporting—but they can be much lower than annual fees because the provider assumes that you won’t need these services on a regular basis.
Do you have multiple different payment options?
If you have a diverse customer base, offering multiple payment options is more important than ever. Depending on the services you offer and the demographics of your customer base, some payment gateways give merchants the ability to choose which payment options they want to offer customers. This can be especially useful if your business caters to two or more unique groups of people with different financial needs and preferences.
What fee do you charge for fraud protection?
Before you begin, we should get one thing straight: chargeback fraud is a crime, and no white-label payment gateway wants to be complicit in it. The best way to avoid chargeback fraud is simply not allowing your customers to make fraudulent transactions in the first place. If you’re dealing with an e-commerce platform that has been built on top of WordPress or WooCommerce, then getting your hands dirty with some coding may be worth it for this reason alone. However, if you’re working with a basic WordPress theme or theme framework (such as Genesis), then there are other ways of preventing chargeback fraud—and they won’t require any coding skills!
Do you offer support 24/7?
Some businesses are only open during certain hours of the day. A good example is a bar or restaurant, which may have specific opening and closing times. This means that you need to consider whether your payment gateway provider offers support 24/7, as this could be an important selling point for you.
If your business doesn’t need 24/7 support, it’s still important that your payment gateway provider has staff available on-site to handle any issues that arise during business hours (which is most likely). If there’s no one around to help when something goes wrong with the system, then what’s going to happen?
The answer is simple: You’ll be left in the lurch and unable to take payments from customers until someone from your chosen company can get back online!
Can I test the gateway before I commit to it?
You should absolutely test the gateway before you commit to it. You can do this by sending a test transaction, making sure that the bank receives it and credits your customer’s account with the right amount of money. You can also do this by making a dummy transaction, which sends no money but still lets you verify that everything works as expected.
Finally, if possible, get yourself a demo of the payment gateway so you know exactly what kind of service you’re getting into before you sign on the dotted line!
Choosing a white-label payment gateway is essential, and you should take your time to find the right one.
Choosing a white-label payment gateway is an essential step for any business, but it can be difficult to make the right decision. There are many different gateways out there, and you should take your time to find one that fits your needs.
It’s important to consider the features and fees of each option before committing. It might be tempting to go with a cheap option, but if it doesn’t have the functionality you need or doesn’t permit using certain payment methods (like Bitcoin), then you may end up wasting money on unnecessary upgrades down the road.
In addition to cost-effectiveness and functionality, another thing you should think about is ease of use: if customers are confused by complicated interfaces or unable to complete transactions without help from support agents (which will cause delays) then they won’t be happy with their purchases!
Conclusion
And remember, if you ever have questions about white-label payment gateways, leave us a comment below! We’re always happy to help out.
RUCHI RATHOR
Founder & CEO
Payomatix Technologies Pvt. Ltd.
FOUNDER AND INVESTOR | PAYMENTS PROCESSING EXPERT | MERCHANT ACCOUNT SOLUTIONS | WHITE LABELLED PAYMENT GATEWAY | Dreamer, Creator, Achiever, Constantly Evolving
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