Is Your Company Among The 3 Types That Can Benefit Most From An Open Source Payment Gateway?

by
in Blog
on Monday, 20 October 2014 21:31

If your company is involved in the merchant services industry, you and your clients could probably benefit from the many advantages of an open source payment gateway. While open source products are common in many industries and benefit from collective development efforts, payment gateways have mostly been closed source products until recently.

Payment gateway software has often been reinvented by each company, but open source payment gateways are available today as licensable platforms that save time, money and other resources. Could your company benefit from an open source product that’s already full-featured and fully developed?

Let’s take a close look at three kinds of companies that can most benefit from open source payment software.

Payment Facilitators Or PSPs

As entities that process a large volume of transactions through third-party processors or acquirers, payment facilitators or payment service providers have traditionally relied on a combination of several gateways for the broadest possible functionality and the widest access. This has led to complexity that’s no longer necessary.

A well-designed open source payment gateway can serve as a flexible and universal solution for payment facilitators. An open source payment platform can be used as an intermediary for additional gateways and function as a single point of record. Alternatively, such a platform can implement direct connections with acquirers and serve to replace old systems.

Mainframe or Legacy System Users

Mainframe-based software written 30 or even 40 years ago in a nearly obsolete programming languages like Cobol, Fortran or RPG is overdue for replacement with better and more functional open source software. Old systems developed to meet the specific needs of a specific company must eventually to be replaced because maintaining failing systems and adapting them to meet modern needs is increasingly complex. But finding an alternative system can be a real challenge. Even more difficult is trying to create a replacement in house and from scratch.

An open source gateway makes real sense for mainframe and legacy system users because all the foundational logic necessary for full functionality is already in place, meaning that no upfront development is needed. Plus, the open source nature of the product means that your company can make changes to precisely fit your business model and your functionality requirements.

Software Companies With Gateway Integrations

Many software companies have implemented support for payment gateways to provide more complete solutions for their customers. These include companies that provide shopping carts, POS systems, restaurant software, event reservation systems and other vital business services that don’t want to deal directly with payment processing.

But working with a wide array of third-party gateways can become a big task. As the number of gateways your software company supports increases, so do the resources required to make and maintain the connections. Simple changes to your software or the third-party gateway can cause malfunctions that are difficult and time-consuming to correct. An open source gateway can serve as a single piece of payment processing logic that maintains a unified integration with the core product.

Open Source Opens Doorways

For these three types of companies and for others as well, open source payment gateway software opens the door to simpler integrations and allows you more time to devote to your core products and services. Such a solution can open the doorway to the future while closing the door on old-fashioned and outmoded ways of doing business.

Could an open source payment gateway help your company achieve greater success or maintain your success moving forward? The UniPay payment gateway is the most robust and full-featured open source gateway available, and it just might be the key that opens the door to your company’s bright future.

May we explain it to you and explore with you ways we can work together?

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