How to become a trusted and relevant payment service provider

By StarkPayments| Published on 24/06/2018
Become a Payment Service Provider

How to become a trusted and relevant payment service provider

More Over the last few years, more and more entrepreneurs are considering digital business models over the traditional ‘bricks and mortar’ ones. They are great too, however with the increase in commercial rates, opening up a retail shop on the high street is a very costly venture.

There are several cogs to a well oiled online business machine. The concept, the technology, the team. Within the technology part, a reliable payment processing system is critical. It’s almost as important as the business idea itself! Now, that’s a bold statement to make, but it is true. There is no point in having a great idea if the wheels do not turn in synchronicity.

Therefore, becoming a payment service provider is a great opportunity for those who have an interest in digital payments. Let’s put aside the commercial value of what a well established payment service provider could reach in a relatively short space of time. Aspiring to becoming a trusted leader in the online payments industry is a commercial journey that many will enjoy.

Below are a few things to consider before starting as a payment service provider

1. Decide if payments is going to be an additional service

It’s important to understand whether the payment services you will provide are going to be an additional ‘in-house’ service or are you going to operate as a payments company. For example, if you’re a platform developer, you may wish to add ‘payments’ to your existing technology. The other option ofcourse is to become a self-standing payment service provider like Stripe or PayPal.

2. Build your own tech or use a payment technology provider

If you want launch quickly, we recommend using a technology provider, like ours. This gives you an opportunity to understand the World of digital payments and start attracting customers pretty much immediately. If, however you have time and a budget to build your own technology, then this is also a great way to enter the market. See below for more things to consider.

3. Security & Trust

Both of these are absolutely critical when thinking of becoming a payment service provider. The security of your technology will ultimately lead to the trust of your customers and users. Stark Payments uses and meets some of the industry’s highest level of security that and as a partner, you too will automatically reap the benefits of providing a secure and trustworthy payment service.

4. Acquirer Relationships

We’ve mentioned in several other blog posts the importance of having an acquirer, therefore building relationships with independent and established acquirers is also a big must. You may not need to make many, but it’s important to have atleast one relationship in place for your technology to communicate with when processing payments for your target market.

Why Stark Payments?

In short, Stark Payments has been especially designed for technology developers, ecommerce agencies and FinTech entrepreneurs who are looking into becoming a payment service provider.

Our technology is PCI Level 1 compliant and it can be set up (fully branded as yours) within a matter of a few weeks.

Stark Payments is compatible for both types of solutions. So whether you wish to operate as a stand along payment service provider or add payment processing to your existing platform or service.

Have any questions?

Contact us using the form below and a member of our team will be happy to help.

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