Selecting the right payment gateway for your business is integral to ensuring its growth in the current fast-paced environment. Internet penetration is expected to reach 60% by 2022 along with a surge in the consuming class, making India one of the most promising Internet economies in the world.
For traditional businesses undergoing transformation to start selling online, the very idea of accepting payments online via a payment gateway is quite exciting. They can easily leave cash out of their business equation and start accepting payments through multiple payment modes.
In between all this, the prospect of keeping the brand identity intact often gets lost. This is where a white label payment gateway comes into the picture. Let’s get into the details.
What is a white label payment gateway?
A white label payment gateway is a personalised form of payment solution that allows businesses to bring their brand into the picture while accepting payments online. In simple terms, you can add your company’s logo and customize the payment experience for easy brand recognition with a white label payment gateway.
Consider the following example to understand it better –
A customer buys a product from your online store and then proceeds to checkout. After the checkout step, he is redirected to the payment page which shows the name or logo of the integrated payment gateway.
While there is nothing wrong with having the details of the payment gateway provider on the payments page, you can further customize it to reflect your brand’s identity with a white label payment gateway.
Why should you choose a white label payment gateway?
The need for integrating a white label payment gateway is based on the dwindling relationships between sellers and consumers. Tough competition in almost every niche of business paired with the push towards online selling has made merchants vie for consumers’ attention.
Using the best white label payment gateway, you can bring your brand front and center with the integrated payment gateway. You can add your company’s logo and choose colors to personalize the payment experience for your customers.
Who can use a white label payment gateway?
Many business owners think that white label payment gateways are only meant for big brands and unicorn startups, which is not true. Irrespective of the size and scale of your business, you can switch to white label payment gateways.
In other words, all businesses can choose to accept payments online via a white label payment gateway.
Wondering about the benefits of choosing white label payment gateway providers? Continue reading.
Primary benefits of a white label payment gateway
Selecting a white label payment gateway also helps businesses in saving time and resources that would otherwise be spent in developing, testing, and launching their own payment solutions. Given below are some of the key benefits of using a white label payment gateway:
- Enhanced brand visibility
- Improved customer loyalty
- Direct integrations with acquiring banks
- PCI-DSS compliance
- Effective fraud and risk management
Let’s explain each of these benefits for your perusal.
Enhanced brand visibility
If you want to improve your brand’s visibility across the web, you can start by customizing the integrated payment gateway. White-labeling payment solutions will help you in getting your brand noticed while also ensuring a top-of-the-mind recall as more customers buy from you. This is particularly beneficial if you run a business that caters to various verticals complementing each other.
Improved customer loyalty
When it is about making payments online, many consumers feel suspicious when a merchant redirects them to a third-party payment gateway. Their doubts about the authenticity of the seller and integrated payment technology often lead to higher cart abandonment rates.
By having a white label payment gateway by your side, you can clear customers’ doubts and retain them to build loyalty. With your brand’s logo added to the payment gateway, you can reassure them about the safety element.
Direct integrations with acquiring banks
Most payment gateway providers that offer white-label solutions have direct integrations with various acquiring banks and payment methods. Their expertise in providing the best-in-class payment technology can help simplify the need for online payments.
PCI-DSS compliant
A payment gateway needs to abide by the PCI-DSS compliance standards and other regulatory requirements. When you choose a white-label payment gateway that is PCI-DSS compliant, you need not worry about the compliance side while putting it into use for your business.
As an online business owner, it is crucial to understand whether the onus of PCI-DSS compliance falls on you or the payment gateway provider.
Recommended Read: All About PCI-DSS Compliance
Effective fraud and risk management
White label payment gateway providers also offer their clients with anti-fraud mechanisms to ensure safety of the cardholder’s data and payment transactions. You might also find payment providers that have third-party fraud detection tools integrated to strengthen the security for a seamless payment experience.
What should you consider while selecting a white label payment gateway?
Before you choose to switch to a white-label payment gateway, you must consider the following two aspects:
The time it would take to set things up for your business
In most cases, payment gateway providers will customise their payment solution to make it suit your business. You can choose to go ahead with it based on the time they say it would take to turn it into a white-label payment gateway.
Tokenisation
As per the recent guidelines, the payment gateway providers cannot save your customers’ card details. Hence, it is important to choose the option that abides by these guidelines and provides a token gateway.
You May Also Like to Read: Tokenisation: Definition, Its Impact on Online Payments, and More
Who offers a white label payment gateway?
In India, you need to specifically ask the payment gateway providers if they can build a white-label payment gateway for your business needs. Skip the challenging search for such a payment solution by relying on Paytm for Business. We can help you with our white-label payment solutions.
Conclusion
Moving from a standard payment gateway to a white label payment gateway can bring a plethora of advantages for your business. It will also help maintain a high ROI and improved brand reputation. Make sure you select the payment solution provider for such needs.
FAQs
Is white labeling of a payment gateway legal in India?
White labeling is often regarded as a legal protocol to rebrand a particular product or service under the name of a different company. Many big brands in India use white label payment gateways to accept payments online.
Can I create my own white label payment gateway?
Developing an in-house payment solution requires significant investment, which is not feasible for most businesses. Hence, it makes sense to rely on third-party payment gateway providers.
Is white labeling profitable?
White-labeling a payment gateway is highly advantageous for your business as it helps increase your brand’s visibility and build a loyal customer base.
What is the cost of a white label payment gateway?
The final pricing depends on the payment gateway provider you select. You are advised to contact us for our white label payment solution and discuss the final cost.
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