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UniPayGateway

March 22, 2016
Written by
James Davis
Written by James Davis
Senior Technical Writer at United Thinkers

Author of the Paylosophy blog, a veteran writer, and a stock analyst with extensive knowledge and experience in the financial services industry that allows me to cover the latest payment industry news, developments, and insights.

My works have been cited across media and payment blogs. I do my best to help businesses make the most efficient financial decisions that can positively and significantly improve their business growth.

Whether you are a seasoned investor or just starting out in the world of payments, my writing is designed to be accessible to everyone and help people navigate the complex world of payments. So if you want to stay up-to-date on the latest trends and insights in the payment industry, be sure to check out Paylosophy and my published works.

Reviewed by
Kathrine Pensatori
Product Specialist at United Thinkers

Product specialist with more than 10 years of experience in the Payment Processing Industry. I help payment facilitators and PSPs solve their various payment processing issues. On a regular basis, I work with a team of knowledgeable technical people in the space, and I am passionate about finding creative solutions to the challenges presented by the Payments Industry.

I would be happy to help with any questions you might have regarding credit card payment processing, merchant services, EMV certifications, the various ways of becoming a payment facilitator or a payment platform, as well as any other Payment Industry related issues you might be struggling with. Feel free to follow me on Quora, and don’t hesitate to send me links to the specific Quora questions you would like me to answer.

Legacy Payment Systems Replacement

Many present-day businesses are still using legacy systems to handle payments. Often these legacy systems are incapable of meeting the requirements of modern merchant services industry. Although the management of a company might realize the necessity of replacing the legacy system with a newer solution, capable of performing existing and new tasks more effectively, it is often unclear to the managers, how to organize the transition process.

Strategy of legacy system replacement

True, legacy system replacement is a challenging task, but it can be accomplished successfully, if a clear transition strategy is in place. This strategy must include several crucial phases, such as: preparation of PCI compliant environment; inventory and optimization of integrations with payment processing partners; analysis and optimization of front-end systems, connected to the legacy platform; analysis of business processes (settlement, reporting, reconciliation, funding, merchant on-boarding, etc.); devising of data migration mechanisms. The data, which has to be migrated, includes merchant data, recurring billing plans, tokenization data, and, sometimes, transaction data.

In other words, the company, which comes through legacy system modernization process, must decide, how to migrate the integrations with payment processors and front-end systems, business logic, and data to the new system.

More information on legacy system replacement strategy can be found in the respective article on Paylosophy.

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