The common misconception is that there is no cost associated with using an open-source payment gateway. For instance, an open-source solution can help a new company accept online payments even if funds are limited. But unfortunately, this isn’t the situation.
No open-source, free payment processing solutions are currently available.
A PCI-compliant environment must be maintained even if you “accidentally” find an open-source payment gateway that’s free ($20-$25K per year for audits). The product must also be cluster-deployed. However, you should keep at least four or five nodes online at all times (for your database, etc.). Moreover, you will need to establish a partnership with a new acquiring bank. As a result, you’ll need to go through the process of integrating an acquisition. Next, you’ll need a system for accepting new merchants, setting them up with the necessary tools, and resolving any discrepancies that arise when processing payments. New integrations and EMV certifications will also be required if you want new terminal solutions.
The Advantages of an Open-Source Payment System for Businesses
To begin, know that open-source payment platforms are flexible and adaptable systems that may be built à la carte. Their source code is entirely open for modification.
Open-source payment gateways often have these fundamental features built in. This facilitates the modification and extension of payment gateways by developers. Furthermore, they may tailor what they need most to take payments online, expanding on the standard features for online enterprises.
When developers have access to the payment software’s source code, they may easily add new functionality. By accepting new forms of payment, for instance, companies have more opportunities to grow internationally.
It’s essential to keep in mind that having your own open-source payment gateway product or creating new payment gateway software is only viable if your processing volumes are high enough and gateway maintenance costs are less than the savings offered by eliminating and reducing specific fees.
Expenses Incurred by the Retailer to Use the Payment Gateway
- Costs associated with using the gateway
- The charges levied by the gateway’s acquiring bank
- The price tag for processing
Workings of UniPay Platform
The UniPay Gateway is an open-source white-label payment processing system. Many cutting-edge features that are crucial for modern enterprises are available. They include support for ACH transactions, 3D Secure, EMV, P2PE, and other payment cards. Through several foreign interfaces, UniPay also makes it possible to process payments internationally.
The software package comes with many PayFac-focused features as well as integration logic. Several integrations have previously integrated chargeback management logic and capabilities related to recurring billing. You may acquire an omnichannel mobile payment solution and a dependable EMV terminal solution with access to UniPay’s open-source code. You may also access the code that has been modified following company requirements and license the relevant software.
Fortune 500 firms are among UniPay’s clients. Our platform’s primary benefit is that UniPay doesn’t just cater to big businesses. Features of our product are accessible to individuals with even modest budgets since we provide payment plans with low minimums.
Starting with a hosted solution gives you the flexibility to upgrade later. Later, you may install the product in your data center and license the source code. United Thinkers is providing an excellent choice with this one. This facilitates the entry of new enterprises into payment processing. They will undoubtedly be able to acquire momentum as their volumes increase.
For information on what a reliable open-source payment platform should resemble and how to pick the best option for your company, get in touch with our specialists.
Leave a Reply