PayPal is a popular payment option for many businesses, but it isn’t available in all parts of the world, nor is it a good option for some industries. If you like PayPal but find yourself in a situation where it isn’t the best option, you may find yourself wondering if you can effectively recreate some of its ecommerce payment or money transfer features.
The short answer to the question is, yes, you can recreate many of PayPal’s best features with Payment gateway. It’s a complicated process and somewhat costly, but can certainly be done.
To create an alternative to PayPal, you need a wallet and a gateway. Both of these elements can be licensed. There is no guide to help you build a PayPal alternative, so doing this from scratch would be quite expensive, both in terms of time and money.
Building a system with no licensed components would require having all of the programming for transferring and storing funds from the ground up, establishing relationships with banks, and managing every other aspect of creating the system. There is no support for this kind of venture, and it could easily cost million. This is why PayPal is unique among payment options.
The Two Main Elements
Creating a PayPal alternative requires a wallet that can securely store your customers’ payment information, and a gateway that can process payments. Payment gateway does not currently have a wallet solution, this is planned for the future, but there are other licensed products that provide this capability.
Payment gateway can, however, meet your payment gateway needs, getting you halfway to your PayPal alternative. We can help you get there much faster and cost effectively than creating your own from scratch. We have also established relationships with many banks around the world, saving you years of building those relationships yourself.
Payment gateway provides you with a robust system for approving and declining transaction. Just like with the wallet element, a gateway requires a great deal of data, as well as a complicated maze of legal and compliance issues. The Payment gateway can help you navigate most of these issues, and it can be easily customized to meet your needs.
Creating a system like PayPal’s requires other considerations, such as marketing and customer acceptance. Customers in the United States are cautious about providing their payment information on an unfamiliar system, while in some other countries, good options are quickly welcomed. Either way, you’re looking at spending a significant amount on gaining customer acceptance.
There are plenty of discouraging articles online about the possibility of creating a decent PayPal alternative, but it’s far from impossible. Not everyone agrees, but there is a need for alternatives and competition. Licensing open source solutions like those offered by Payment gateway can save money and hassle if you want to create your own system.
Creating an alternative to PayPal is not small project. It requires a significant investment of time and money, but with Payment gateway is it most certainly possible. Give us a call to find out how Payment gateway can help you create your alternative to PayPal.