Because the payment gateway launching process seems like a tedious and time-consuming process for many businesses, most prefer to hire a third party to accomplish this task. By doing so, a business relieves itself of responsibility and completely entrusts the process to the hired team of specialists to implement a payment solution. What these business owners don’t realize, however, is that in this case, their situation is complicated by the need to not only choose a solution that would be suitable for their particular industry but also the right company of specialists to find this solution.
It is not news that launching a gateway costs money. Therefore, the process of finding a company to implement a gateway typically begins with a focus on the most cost-effective options. Often, less-than-professional companies are hired. As a result, a significant portion of such implementation projects is trusted to consultants or intermediaries who have no legitimate experience. They can hardly evaluate a particular business industry’s needs, let alone possess knowledge in the field. Further, they don’t take a very responsible approach to the whole process, often assigning priorities to the wrong processes.
If the initial priority is to reduce the cost of individual transactions or payment methods, this is a sign that a payment solution will likely not function as needed. Searching for opportunities to save money can lead to the implementation of an inconvenient solution, devoid of the most basic functions. Another mistake that can be made on the third party’s side is over-focusing on technical functionalities with insufficient attention given to contract terms, payment processing, and underwriting options.
To help businesses better understand the payment gateway implementation process and show how they can avoid the most common pitfalls in the future, we have created an entertaining and insightful video. In this video, there are three different scenarios for a payment gateway project, demonstrating potential missteps and successful approaches that every business can utilize while trusting the payment gateway implementation process to third parties.