Building or licensing your own payment gateway involves many important aspects, both business and technical. The two conceptual options are as follows. Option one is to try to build a custom payment gateway from scratch. Option two is to license an off-the shelf solution and try to customize it according to your needs. In either case, before actually accepting digital payments you need to establish some critical relationships and build the technological solution. Let us take a quick look at the major components of implementing a payment gateway of your own.
Ten pieces of the puzzle called “your own payment gateway”
1. MCC codes
What are your target merchant categories? Which specific gateway features will they need the most? If you don’t have the answers, this is the right time to clarify these issues.
2. Currencies and geographies
Which are your target countries and currencies? Is the settlement currency the same as authorization currency? Are you ready to pay more for cross-border transaction processing? Who are your prospective partners in each country?
3. Acquiring bank partnerships
Are you authorized to provide merchant account services? If not, then it’s time to find a partner (presumably, an acquiring bank) that will onboard and underwrite your merchants. It s