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Payment service providers or PSPs are one of the most important elements of the virtual payment transaction mechanism in general. Thanks to the existence of such companies, users can pay for goods on the Internet, accept money transfers and send funds, pay for various services, and so on. This is already firmly entrenched in our lives, as online payment systems help to significantly simplify and speed up the shopping process. That is why the PSP market is growing at an incomparable rate. In accordance with the forecasts of experts, by 2027 the market volume will be already 85+ million dollars. You can become a member of this market, while investing a minimum, using the White Label PSP.
To concretize the concept, the term can be divided into two parts: PSP itself and White Label.
The White Label tool is the purchase of a non-branded development from a manufacturer and selling it under your own brand. This model allows multiple suppliers to trade the same product at the same time, posing as their own solution.
PSP acts as the company that the merchant chooses to process outgoing and incoming payment transactions. The PSP play the role of intermediary between the seller, consumer, payment gateway, the bank through which the payment is sent, and the acquiring bank.
Thus, White Label PSP is a way to make a profit by providing merchants with payment services under their own brand. Today, the market offers many similar solutions, and each of them differs in a set of options, which, in turn, affects the cost.
Processing monetary transactions using White Label technology is much more efficient and beneficial for the operator than trying to develop your own structure. The following can be distinguished among them:
Therefore, it is worth mentioning the disadvantages of White Label PSP. There are a small number of them, but still. When you receive a White Label PSP solution, you will no longer be able to modify it in any way, so you are technically dependent on the development provider. That is why, before receiving the product, it is worth making a separate emphasis on whether cooperation with this supplier will be safe. You should not rush and conclude an agreement with the first provider you come across. First, study all the offers very carefully, read consumer reviews and do your own little research.
The international company Eternity Law International provides professional services in the field of international consulting, auditing services, legal and tax services.