Creating Your Own Payment Gateway: 3 Complexities You Must Overcome
Most companies rely on third-party vendors to provide their payment gateway software. But isn’t it possible for a company to have its own payment gateway? Setting up your own payment gateway is a bit like reinventing the wheel since robust and full-featured solutions are available. However, it’s possible to build your own platform if you have time and resources. If you have a team of programmers at your disposal anyway, you may think it’s worth giving it a try. After all, building software is what these people do all day long, right? But there are some complexities when setting up your own payment gateway that goes beyond programming.
Three Issues You Can’t Control
Here are three specific areas where your payment gateway project might get hung up because of circumstances beyond your control:
1. Building banking relationships. Relationships between key players in the banking industry and your company aren’t something that happens simply because you request integration. Banks can be very slow to deal with new integrations, perhaps because they realize how many existing gateways are in the marketplace. You could wait for years just to get some banks to turn their attention to your needs.
2. Dealing with government regulations. Meeting government requirements in the financial industry is a real hassle for any business. First, you’ll face the hassles of compliance with the Payment Card Industry Data Security Standard. PCI compliance is a complicated audit of any company to make sure fraud-prevention efforts are in place. Even when you’re doing most things right, meeting PCI compliance requirements can be difficult.