Payment Gateway Development: What You Need To Know

1. Payment Gateway Development: What You Need To Know Online marketplaces are booming these days. And naturally, given the advances in such things, wanting to become a payment service provider is a step in the right direction. In such a scenario, developing your own high-risk payment gateway is the ideal thing to do. However, if you want to cater to high-risk merchant account holders by developing your payment gateway online, there are a few things you need to know first. To begin with, a payment gateway is an entity that collects and transmits the customer’s information to the acquirer bank, and it also notifies about the acceptance or denial of the payment before the money is deposited into the seller’s high-risk merchant accounts. The process of online payment may take only seconds to complete, but a lot of work goes into it. And hence, the groups mentioned below can benefit the most by developing their own payment gateway. IT companies Influential merchants Hi-growth payment providers High-risk merchant services providers Billing firms Acquiring banks Benefits of developing a custom payment gateway You can customize the functionality of the app It gives you the chance of cutting costs and fees of using third-party gateways You can offer your product to your clients When you become a service provider for other businesses, you end up making a profit. What are the basic components of a payment gateway? Fraud protection systems Tokenization Recurring payments Risk underwriting Seamless integration Scalability Disputes and arbitration Virtual terminal Round the clock service

2. Legal and security requirements PCI DSS compliance (Payment Card Industry Data Security Standard) EMV (EuroPay, MasterCard, and VISA) EMV 3-D Secure Tokenization P2PE (Point to pint encryption) HSM (Hardware Security Module) This was a basic introduction to payment gateway development. However, there is still a lot to learn about it. Don’t hesitate to ask for help from an expert before you get on with your gateway project.