Must-Have Features of a Payment Gateway Going into Q2 of the 21st Century

Payment businesses operate in a highly complex and competitive environment. To remain efficient, compliant, and scalable, these businesses require white-label payment gateway solutions designed specifically for their strategic and operational needs.

So, how do you choose an ideal white label payment gateway? What are the key features of a white-label payment gateway you should look for? Let’s take a closer look at it.

Multifactor pricing

A multifactor pricing engines allow payment businesses to apply tailored fee structures based on variables like payment type, payment channel, currency, volume, risk level, etc, to unlock access to the market competition.

Spell is built with this complexity in mind. Its pricing engine allows payment businesses to create set advanced pricing and reserve structures, and store these in presets. With such pricing presets, payment businesses can apply predefined pricing structures to any client account in a single click. Presets can be segmented by factor, for example, industry (e.g., car rentals, hotels, airlines) or client risk level (low, medium, high).

Routing

Flexibility is critical in payment processing, particularly for payment businesses managing multiple payment channels & methods for clients trading internationally.

Payment orchestration goes beyond the traditional payment gateway to manage payment flows through various routing rules. Instead of limiting businesses to a single payment channel, these platforms allow businesses to optimise their payment costs, conversion rates and enhance the market competition.

Orchestration allows businesses to fine-tune their payment strategies by setting up routing rules based on payment methods and their geo, availability of the specific payment channels, payment amount, buyer's IP, and many other parameters.

By centralizing payment management through a single decision node, orchestration enhances operational efficiency, improves payment success rates, and ensures better service delivery.

Cascading

Failed payments can lead to lost revenue and client dissatisfaction. Cascading helps mitigate this by rerouting declined payments through alternative payment channels, improving approval rates and overall reliability.

The cascading payment gateway feature routes declined payments to alternative payment channels. Spell platform also supports creating tailored cascading rules for specific client segments, identifying their decline patterns, and refining the strategies to eliminate those. As a result, businesses can rely on multiple payment channels without inconveniencing their buyers.

AI Fraud Scoring

Artificial intelligence (AI) has and continues to demonstrate why it’s an indispensable business tool. Today, the best white-label payment gateway platform must be connected to AI-powered solutions, especially in anti-fraud measures.

AI fraud scoring uses machine learning to keep up with sophisticated and ever-evolving fraud tactics. It effectively analyzes big data in real time, identifying anomalies in massive payment patterns. AI automatically assigns risk scores to each payment based on factors as user behavior, device, and location. Using accurate, data-driven insights, AI reduces false positives and enhances fraud detection precision.

Embedded onboarding

For payment businesses, embedded onboarding is a must-have payment gateway feature. It simplifies the time-consuming and complex process of verifying accounts and getting them set to accept online payments by embedding the entire onboarding journey into the platform.

At Spell, embedded onboarding allows clients to specify information like business address, legal name, business registration number, and tax details, among others. As for the payment options, bank account information will help streamline payment settlements and verification. Lastly, there are the terms sections that guide you in specifying business terms, details of the director, the beneficiary, and the signature. After providing all the information required, the back office will give a request ticket for verification.

Value-added tools

Facilitating payments is the basic function, but the best white-label payment gateway platform offers much more. Value-added tools help extend functionality offered to sellers, improve operational efficiency, and differentiate service offerings. Key tools to prioritize include:

• Invoicing: This is particularly beneficial for automating recurring payments, which includes sending reminders and simplifying subscription management.
• Subscriptions: This service benefits businesses that process a high volume of payments. Subscription-based pricing helps you budget accordingly and choose a tier of service that best suits your needs.
• Sales Links: This feature enables merchants to create product-specific payment links and QR codes for cross-channel sales.

Final thoughts

As you weigh how to choose a payment gateway for Q2 of the 21st century, the focus must shift from simply processing payments. You need more features that ensure you deliver value to users and facilitate better security and scalability. Payments have evolved into a critical component of business strategy, directly influencing customer satisfaction and loyalty.

That’s why you should prioritize incorporating must-have features, such as those highlighted above, whether building a payment gateway from scratch or upgrading an existing system. With these features, your payment gateways can effectively stay ahead of the curve and make it easier to meet the evolving business operations and customer expectations.

Spell: The Next-Level Payment Gateway

Spell has your payment gateway needs covered. As a leading white-label payment gateway solution, Spell provides the tools to optimize your operations, reduce costs, enhance the customer experience, and increase revenue.

With Spell, you can jumpstart or upgrade your payment business in 1 week, sometimes as quickly as 1 day, to get you winning in the hyper-competitive payments industry.
Spell platform is built on a robust AWS infrastructure, with an outstanding 99.999% uptime, and is PCI DSS Level 1 compliant, as Visa confirms.

We offer various standard features, such as different integration options, SDKs, and plugins, as well as billing, links for marketing campaigns, payment orchestration tools, digital onboarding, real-time account balances, and many other value-added tools to scale and optimize your payments business.

Handle a Demo Tour and Talk to Sales to accelerate your business with the best white-label payment platform on the market.

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