If your company is in the business of selling merchandise, both you and your customers stand to benefit from the many features offered by an open source payment gateway. Though open source has become ubiquitous in many areas, open source has been slower to appear in payment gateway options.
Companies have reinvented payment gateway software several times over, but open source options are increasingly available as licensable products that save both money and time. Is your business among those that might benefit from a feature packed and fully developed open source payment gateway?
Let’s look at each of the three types of business that can get the most out of an open source payment gateway.
Payment Service Providers (PSPs)
Payment service providers, also known as payment facilitators, are businesses that process transactions in bulk through third-party processors. These types of businesses have generally depended on a combination of multiple gateways in order to get the most comprehensive range of capability. Using multiple gateways results in unnecessary extra layers of complexity.
A good open source payment solution can provide a flexible solution with the range of functions desired by payment facilitators. An open source solution can provide a go between for multiple gateways and operate as a single point of record. Such a system could also serve to directly connection with acquirers to replace existing systems entirely.
Businesses using Mainframe or Legacy Payment Systems
Software created on a mainframe decades ago in archaic programming languages were state of the art 30 or 40 years ago, but now should be updated with open source software that works better with newer systems and has more functionality.
The longer these systems are in use, the more it takes to maintain and update them so they can continue to meet the needs of the business. These updates grow more and more complex the more they need to be done. Of course, many businesses keep limping along simply because it seems less complicated than replacing the system with something completely new, or to build a whole new system from the ground up.
Open source payment options make great sense to replace mainframe and legacy systems because all of the logic needed is already in place for all needed functionality, so development is not needed up front. Open source software is also flexible enough to allow you to make changes as needed to work with your business and meet all of your needs.
Software Companies Using Gateway Integrations
Several software companies support payment options that offer more rounded options for customers. These include shopping cart companies, POS systems, event systems, restaurant systems, and other services that cater to businesses that would prefer to outsource payment processing.
Using a variety of third-party solutions can become complicated. The more gateways used by a software company, the more resources are needed to maintain connections. Seemingly minor adjustments to software can cause major malfunctions that can be complicated to correct. Open source payments gateways can offer a single payment process that integrates directly with the core product.
Open Source Simplifies Operations
For lots of businesses, but especially these three types, open source payment gateways can simplify integrations, which frees up time to focus on your main products and services. Open source payment gateways replace old and outdated business models, paving the way to the future.
Can open source payment solutions help you reach greater levels of success? The Payment Gateway Software is the most powerful and feature packed open source payment solution around, and it may be the key to your company’s future.
For more information, give us a call. We’ll answer your questions and tell you how we can help.