Most people think that an open-source payment gateway technology is completely free of charge; i.e., an open-source solution is a way to accept payments online for a startup business without a budget. However, this is not the case.
Regarding payment processing, there aren’t any open-source payment platforms available that have been created to be free of charge to help developers set up payment processing for online stores.
Even if you “stumble upon” a free open source payment gateway, it will have to be maintained in a PCI-compliant environment (annual PCI audits cost around $20–25K). You will have to deploy the product within a cluster, where you will need to maintain at least 4–5 nodes (for your database, etc.). Plus, you’ll need a new acquiring bank relationship; consequently, you will have to go through an acquirer integration and 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 open source payment platform is a great option for online businesses
First of all, it’s necessary to understand that open-source payment platforms are created to be customized and modular, allowing changes to be made to their source code.
Typically, open-source payment gateways come with basic functions so that developers can customize 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 for the expansion of businesses more widely abroad.
As to the UniPay Gateway, this is a white label open-source payment processing solution offering many advanced features that are important for modern businesses. These features include support of 3D Secure, EMV, P2PE, the ability to process different types of payment cards and ACH transactions, the ability to process 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 an 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 is not only targeted at large enterprises that can afford to license the source code and build the entire infrastructure using their development efforts. 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, if necessary. 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: