Most people think that an open-source payment gateway technology is completely free of charge. They consider an open-source solution a way to accept payments online without a budget. However, this is not the case.
Regarding payment processing, there aren’t any open-source payment platforms available for free.
Even if you “stumble upon” a free open source payment gateway, make sure it can provide you with the key functions. Any open-source technology has to maintain a PCI-compliant environment. It’s so-called annual PCI audits that cost around $20–25K. Plus, you will have to deploy the product within a cluster and maintain at least 4–5 nodes (for your database, etc.). Then, you’ll need a new acquiring bank relationship. Consequently, you will have to go through an acquirer integration. Then devise a mechanism for merchant onboarding and provisioning and payment reconciliations. Further, if you require new terminal solutions, this will entail new integrations and EMV certifications.
Why an open-source payment platform is a great option for online businesses
First of all, it’s necessary to understand that open-source payment platforms can be customized and modular, allowing changes to their source code.
Typically, open-source payment gateways come with basic functions. So, developers can customize all of them and add modules, thereby expanding their functionality for online businesses to design exactly what they need most to accept payments online.
Having access to the code allows development teams to add other features to the payment software without a hitch. For example, they can add more payment methods, which allows the expansion of businesses more widely abroad.
UniPay Open Source Capabilities
As to the UniPay Gateway, this is a white label open-source payment processing solution. UniPay offers many advanced features that are important for modern businesses. These features include support of 3D Secure, EMV, P2PE. Also, UniPay offers the ability to process different types of payment cards, and ACH transactions, and international payments through numerous global integrations, and more.
The software package includes integration logic, different PayFac-oriented features, multiple integrations already implemented, recurring billing-related features, and chargeback management logic. With access to the open-source code of UniPay, you get a reliable EMV terminal solution and omnichannel mobile payment solution. You can also license the respective software, and the code can be further customized according to your needs.
Some of UniPay’s users are among Fortune 500 companies. However, one of the main advantages of the UniPay Gateway is that the product allows licensing of the source code. UniPay also has an offering for those who can only afford a relatively small monthly fee to access the platform.
You can start with a hosted solution with an option to move on and then license the source code and install the product in your data center. This is an outstanding option offered by United Thinkers to help startup businesses plunge into payment processing and gain traction as they grow their volumes.
Check out our video to learn what a robust open-source payment platform should look like, and how to choose the right solution for your growing business: