By Michael Doron, Managing Director, PAY.ON, an ACI Worldwide company
For merchants seeking to take advantage of the opportunities the globalization of e-commerce presents, partnering with a payment gateway has long been a logical approach.
But, merchants considering global expansion must move quickly. The last thing they want or need in a highly competitive space is a payment gateway provider that restricts their growth or forces them to work with multiple payment providers (PSPs) in different regions. This rapid rate of change is, therefore, rewarding those payment gateways that are most agile and adaptive. From a technological standpoint, this means open platform architecture and streamlined processes, including automated merchant onboarding and self-service options. The ability to build additional services on a platform, supported by APIs and SDKs, also has become more important.
Increasingly, strategic partnerships with specialist technology providers are the answer, as payment gateway providers cannot build all these services alone. As a result of these partnerships, payment gateways get immediate access to the agility and flexibility their merchants are demanding. This is also changing the nature of the payment gateway model, as these partners bring a range of value-added services to the table. These “on top” services are the key to a PSP enhancing its proposition and, consequently, increasing merchant “stickiness.”
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