With South Africa’s appetite for digital payments continuing to escalate month-on-month, Mastercard’s New Payments Index 2022 reveals that as many as 95% of consumers in South Africa have used at least one emerging digital payment method in the last year.
Consumers are increasingly relying on digital tools to accomplish everyday financial tasks, with as many as 97% of local consumers likely to use a digital payment method in the next 12 months.
The study also found that in-person transactions are still popular, but people are spending in diverse ways – biometric payment gateways, digital wallets, and loyalty cards. All of these require building a payment gateway.
As this market steadily grows, the need for custom payment gateway software development has never been more in demand.
So who exactly needs a custom payment gateway?
- If your eCommerce is growing rapidly and you want to be autonomous of third-party software vendors, our custom payment gateways are perfect for you.
- Existing payment providers looking for an advanced payment processing workflow
- Enterprises looking to evolve legacy software
- Fintech businesses hungry for new markets in which to provide their services
- Banks and other financial institutions looking to add new and improved front-end solutions to their software stack.
Benefits of developing and owning a custom payment gateway
Off-the-shelf payment gateway solutions come with a hefty price tag upfront. You’ll also incur numerous hidden fees associated with each monthly service that will end up costing you more than what you would like. With a custom, owned payment gateway, you can save substantially.
- Save big time on Payment Gateway Fees
Off-the-shelf payment gateway solutions more often than not come with a high sign-up price tag, along with a family of associated fees with each, which really add up quickly and can cannibalise the bottom line over a fiscal. With a custom, owned payment gateway, you make significant savings.
- Be one of the first to bring to market pioneering new features
Is your payment gateway limited in certain areas? If so, you may be faced with needing a feature outside of your off-the-shelf ecosystem. Recurring payments and multi-currency purchases are two features that may not be supported by a third-party payment gateway which would then require bolt-on or adding 3rd party bolt-ons, incurring further dev and monthly costs. With your own payment gateway, you have the power to create features specific to your business needs without relying on other businesses.
- Link into multiple processing platforms
Syncing with a variety of financial payment facilitators gives you a broader range to select from when choosing the acquiring financial institution you’d like to partner with for your settlement account. This positions you to offer transaction rates based on the fact that each processor has varying costs linked to the merchant’s transaction volume for example.
- Scalability to Add New Features
Our payment gateways are scalable and have the ability to adapt to the ever-changing world of online payment processing, from local and global perspectives. The surge and worldwide acceptance of new payment methods such as BitCoin and contactless transacting are just some examples of industry progressions demanding payment gateways which have the ability to be flexible, agile, customer-relevant and profitable!
For more information on payment gateway and processing, solutions visit www.insticcdigital.com
or call tel:+2782 906 8830.