In their second module for PaymentEye, ONPEX takes a look at how a well-constructed payment gateway can take local players to global markets.
From World Wide Web to taking the world
The internet revolutionised the world and businesses as we know them. Flash forward 30 years: today’s highly sophisticated online business models and logistics chains deliver goods to buyers around the globe. However, with modern innovations come new challenges. Selling and delivering goods to a global market means paying with global methods and various currencies.
The first article of this series on global payment technology discussed the basic prerequisites of modern payment technology. Without fully flexible and dynamic permission controls and modern APIs and UIs, the acceptance of global payment would be impossible. It also showed that merchants and payment providers have to be connected in a way that fits both local payment preferences and global cash-flow requirements. But it does not stop there: several other technological factors have to be considered to construct a successful payment chain.
A crucial link in this chain is a gateway system. It is the most important technological component of the entire payment process, since it is connected to all other elements in the process.
Alex and her Asian tea empire
Dynasties have ruled Asian countries for centuries, but nothing comes close to the tea empire that Alex has built. She has successfully grown her company from her Hong Kong office and set up shop in Tokyo and Singapore.
Alex accepts all types of payment methods prominent in Asia and has connections to the major banks. Her jasmine and ginger tea have become so popular abroad that she wants to expand into further territories and take her business to Europe. Since she has only travelled to Europe twice she is not very knowledgeable about how Europeans pay or what banks she should contact.
Global players need a global mindset
Just like Alex, all players with a global interest need to consider the needs of global customers. Consumers want to be able to pay for goods and services in any way they are accustomed to. Merchants want to offer all these options to their customers and therefore need to be able to process all types and forms of payments available on the market.
Payment providers, on the other hand, want many clients to use their product – be it credit card, alternative payment method or bank transfer. An ideal solution for Alex would be a network that connects all possible variations of this setup in an efficient, secure and future-proof way. This is where the gateway comes in.
The future-proof payment gateway
A payment gateway is a technical hub to which all players on the payment market can connect and through which they can feed all transactions. The key to a highly efficient gateway lies in its modularity, usability and efficiency. In order to be truly global, it has to have vast connectivity. With new payment methods and types entering the market daily, the evolution of payments is exponential. Gateways need to be able to keep up with the market’s demand and adapt quickly to constant change.
In many cases, the high level of technological complexity required to process payment transactions at high speed and low risk translates into complicated administration processes or increased vulnerability. The previous article in this series explained how this can be avoided. A burning concern of all payment industry players is security. This is why gateways need to be connected to industry-leading fraud prevention methods, chargeback management networks, information services and KYC tools. To ensure the security of all transactions, gateways must be fully PCI-DSS compliant.
ONPEX built one of the most advanced and innovate payment gateways on the market. It is designed to meet all those requirements now and in future. The company’s modular white-label payment platform includes a Gateway Application that has:
- Modular scalability
- Simple integration with APIs, SDKs and Hosted Payment Pages
- Vast connectivity
- Fraud and risk management
- PCI-DSS compliance
The technology easily becomes a time-saver and valuable tool for merchants, ISOs, PSPs and even banks. Payment Goblin, one of the many clients that use the ONPEX gateway, have seen great benefits for their business. Justin Martin, Managing Director at Payment Goblin, explains that “having deployed the ONPEX gateway we have been able to halve integration times for our merchants from an average of four days to two days.”
Find out more about modern payment technology next week.
About ONPEX’ Payment Technology
ONPEX wants to make all payments truly accessible globally. To achieve this, the company will bring together all technical steps of payment processing, banking and regulatory requirements. The technological foundation of ONPEX’ solution is a cloud-based Platform as a Service (PaaS) that combines local and cross-border card processing, as well as international alternative payment methods, on one omni-channel platform.
The software consists of independent micro-services. With just the click of a mouse these can become modular-scaled to provide higher performance levels. In turn, the modules and functions can be combined to new solutions to meet any requirement in the payments industry.
ONPEX is an award-winning, global, white-label cloud payment solution combining local and cross-border card processing and international alternative payment methods on one omni-channel Platform as a Service (PaaS). ONPEX’ solutions accelerate international expansion and the development of banks, PSPs, ISOs and developers. They offer the flexibility all of them need to grow globally in the payment business. ONPEX has connectivity to hundreds of acquirers, alternative payment methods and payment related solutions internationally and operates entities in Europe, North America and Asia. For more information about ONPEX, please visit www.onpex.com.
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