Many payment service providers believe that to get a flexible payment system adapted to your business needs, you must develop it yourself. However, it is quite costly and time-consuming. Fortunately, modern white-label payment software offers broad flexibility possibilities, often exceeding in-house software capabilities. In this article, we will examine the cutting-edge payment technologies of Akurateco’s payment solution, developed by industry professionals with over 15 years of experience in online payments, redefining flexibility in the white-label payment gateway market.
Exploring the Invaluable Benefits of Payment Software Flexibility
Before we proceed any further, let’s determine why the flexibility of white-label software is of such great importance for Fintech solution providers. The main benefits include:
Customization
First and foremost, the flexibility of white-label payment software helps the system meet your particular business’s needs most effectively.
Routine business processes automation
In contrast to outdated in-house software, the flexible white-label solution has modern optimization and automation technologies that will significantly simplify your interaction with merchants and payment providers.
Profit increase
A flexible payment system will also benefit merchants, encouraging them to use your payment system and increasing revenue.
Having established the rationale behind it, let’s proceed to how payment service providers can achieve maximum flexibility by using third-party payment software. Since each system differs in technology, we will analyze flexibility with Akurateco’s cutting-edge white-label payment gateway.
Automated Merchant Onboarding
The name automated merchant onboarding speaks for itself, referring to the automation of the manual merchant onboarding process from verifying the necessary documentation of a new merchant to achieving compliance and receiving payments. With these steps being automated, payment service providers can save countless hours for more efficient business tasks and simplify their work.
Automated merchant onboarding at Akurateco provides Fintech solution providers different options to communicate with merchants and onboard them. Onboarding itself takes place in the admin panel of the system. However, payment service providers can place the merchant registration link under the “getting started” button on their website and start the registration process directly from their website. Also, the onboarding link can be sent through any communication channel or messenger. Then, the merchant will take over and fill out all the necessary fields without your employee’s assistance. They will also be able to get acquainted with the administrative panel and explore cutting-edge technology and a user-friendly interface. In addition, it will be much easier to collect the necessary information and documentation as the merchant will provide it on a single panel.
To know more about robust and time-saving automated merchant onboarding, read the article below:
How Automated Merchant Onboarding Can Increase PSP Efficiency
Smart Billing
Smart billing is a technology that allows you to set up a custom fee plan for any type of transaction. Payment actions and predefined rules can be customized with this technology. The advantages of smart billing for payment service providers are clear since it enables them to earn more with less effort. Our system even allows PSPs to charge their clients for currency exchange. In this way, if they specify processing currency but accept other currencies from clients, they will profit from currency exchange.
This technology also automates agent and referral partners’ commissions and settlement calculations, which is extremely helpful when you have referral agents and work with acquiring banks under different schemes as an agent yourself or as a PSP. When you act as an agent, you can automatically calculate the agent commission that the merchant, the bank, or both have to pay you. When you act as a PSP and need to estimate payment amounts to merchants, you can create a fee plan and use it for each settlement period to automate the whole process down to one click.
Additionally, PSPs can download settlement calculation files. This file will contain a report on the number of transactions, their type, fee, and commission that the PSP or settlement should receive from the merchant during the specified period. Based on the information about these transactions, it will be possible to make a reconciliation. In addition, these files can be exchanged with banks or merchants.
To learn more about smart billing technology, check out the following article:
Smart Billing: Automated Fee Structure Explained
Pay by Link
Pay by Link is a technology that enables customers to make payments through a unique link, utilizing various payment methods. It offers payment service providers the flexibility to customize and brand the payment experience according to their specific requirements, offering a seamless and consistent payment solution to their merchants that, in turn, offers their customers fast and hassle-free payment options.
Pay by Link offers several key advantages, including its adaptability to customers’ needs, independence from schedules and subscriptions, and the ability for merchants to set a specific payment validity period, enhancing convenience and flexibility for all parties involved.
Tokenization
Tokens are randomly-generated numbers used by payment service providers to replace a customer’s credit card information to protect the client’s sensitive information from fraud. By leveraging tokenization, PSPs can provide additional protection for their customers, mitigating the risks associated with storing sensitive data.
At our platform, there are several types of tokenization. Among them:
Credit/debit card tokenization
When a client makes a payment on a merchant’s payment page for the first time, tokenization technology saves their card data. So, when the client returns to this payment page, the card they used before is saved in the system. Upon the next payment, the client does not need to re-enter their payment data; only 3DS verification is required. Consequently, the transaction is more secure and takes less time, improving the user experience and conversion. In addition, you can allow your merchants to independently choose which cards to keep in the system and which not.
Tokenization of recurring payments
Recurring payments are made without the direct participation of the client. Subscriptions are a classic example of recurring payments. In this case, you provide your merchants with a choice: either choose when to send a request for a recurring payment and configure it themselves or set up recutting schedules in the system’s administrative panel, which will not require additional technical work on their side.
Custom invoices (Pay by Link)
In addition to the capability of creating individual Pay by Links, Akurateco provides an opportunity to configure custom invoice tokenization. It works in such a way that the merchant sends their custom invoice to their clients. After they pay it once, their card is tokenized in the system. Next, according to the client’s recurring payment schedule configured through the admin panel, their subscription will be automatically charged, and they will receive an email notification about the payment required and another after the payment has been made.
All-in-one admin panel
All the technologies described above are configured through a single administrative panel. It offers a centralized interface that allows payment service providers to oversee and control various business processes from a single platform. It optimizes administrative tasks and eliminates the need for multiple systems, in which it is easy to get lost and confused. Also, our admin panel provides extensive reporting and analytics capabilities.
The admin panel’s features will also benefit your merchants since, with customizable reports and real-time data, they can monitor transaction trends, identify patterns, and make informed decisions to optimize their payment strategies. The panel’s user-friendly interface and intuitive navigation enhance its usability, allowing users to navigate various features and functionalities easily.
In addition to accessing reports through the dashboard, customers also have the option to request Application Programming Interface (API) access to the database. It will enable them to generate customized reports on their end when they require data that is not readily displayed on the dashboard or want to create it according to their specifications.
Over to you
Ensuring the utmost quality of the payment system you utilize and offer to your clients is unquestionably essential, and its flexibility plays a pivotal role here. Akurateco’s high-end white-label payment gateway offers cutting-edge technologies which you can easily adapt to the needs of your business, as well as 270+ banks and payment providers integrated into the system. To truly experience our system firsthand and gain a deeper understanding of its capabilities, we invite you to book a Free Demo with our sales team.
