Payment Solutions: Options to Consider
The overall scale of online payments is rapidly growing around the world. More and more companies that assist other businesses with processing of electronic payments are emerging.
More and more businesses are searching for optimal payment solutions to apply within the context of their particular needs. As the demand for these solutions increases, there are new options becoming available on the market. Presently they include payment gateways, payment connectors of different types, and direct acquirer integrations.
Direct acquirer integrations that involve legacy systems are too expensive for small businesses. Because of that more and more independent sales organizations are switching to payment service provider (PSP) models and becoming full-fledged PSPs. Consequently, the need for in-house payment systems increases.
Businesses, that want to become payment service providers, or want have an in-house payment processing platform, face the challenges of selection of payment gateway software to use, PCI compliance (possibly through utilization of tokenization appliance), and logistics behind integrations with new banks and acquirers. Going through all these steps imposes significant costs, which are to be carefully considered by business owners.
In order to help people and organizations looking for a payment solution that best matches their needs, articles on payment processing and payment gateway solutions are available at paylosophy.com payment blog.
For those who would like to have an in-house payment system, for those who are trying to estimate the cost of optimal payment solution and understand the phases of the process, the article on how to become a payment service provider could be benficial.