White Label Credit Card Processing – When you search for a credit card processing service that meets your needs, you may come across a lot of jargon that you just don’t understand, and it can be complicated to choose a good service for your company. can One of the more difficult terms you may come across is “white label credit card processing service”. What does this really mean, and how can you tell which companies meet the criteria behind the term? This quick guide can help you make the right decision.
Credit card processing, while complicated, is easier to understand than you might imagine. Your customer presents a credit card to purchase your goods or services. When you run that credit card, it goes back through your processor to the acquiring bank which sends it to the credit card network which sends it to the issuing bank. Once authorization is obtained, the process is in reverse. Your processor, however, is the key to what happens at each stage of the game.
White Label Credit Card Processing
Choosing a processor often means choosing from some of the biggest names in the business, but the reality is that the processor market is growing, and in some cases growing exponentially. The reason for the increase? Branded credit card processing, also known as white label credit card processing services.
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In the simplest possible terms, white label processing means that a company has the opportunity to provide payment processing services under its own name. Instead of using a big-name processor, a company chooses a white label payment gateway, then adds its own brand to that solution. For many companies, this is another potential service route, as well as a stronger image and reputation. For example, let’s say you provide turnkey business technology services to brick and mortar merchants. The ability to offer credit card processing to those same merchants and get a piece of their sales is incredible, and that’s exactly what white label credit card processing services allow you to do.
There are many benefits to being able to provide this type of service. It can help you grow your customer base and your brand, and it can help you build real relationships with your customers. Naturally, however, with any advantage comes drawbacks. In this case, if you’re the payment processing provider, potential issues like PCI compliance rest on your shoulders, and you’re usually stuck with another company’s offering. You can customize the look and feel for your users, but other than that, not much customization is required.
This may be a great option for your business, but it means choosing the best white label credit card processing companies to help you narrow down your decision. Y2 Payments offers an exceptional white label partner system that you will definitely want to consider.
We have a payment system that is already certified by all of today’s major credit card processors, and thanks to a unique interface, you can almost seamlessly work with processors on both the front and back-end. You can customize the colors and graphics of your site as well as the included apps. You also have the opportunity to customize your company communications and any proprietary content you provide. Do you want to share your solution with others? We have lead tracking, sales materials and more ready to meet your needs. We also provide free, unlimited support.
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White label credit card processing services can offer some very useful options for your business. If you’ve considered reselling in the past or you’re just looking for a new way to promote your brand, this may be an option you need to consider. This is a great way to build customer loyalty and build some flexibility into your enterprise. It can also mean a higher level of customer satisfaction for your customers.
White label processing is not as complicated as you might think. Instead, with the right partner like Y2 Payments, it’s the way forward. To learn more about our options, contact us today. The payment processing industry is big business. Spending by people using credit cards in North America is over $3 trillion per year and is growing at about 8% per year. Payment processing fees add up to about $85 billion per year. It’s easy to understand why the payments industry is so competitive. Traditionally, payment processing has been dominated by a few very large banks. However, recently smaller companies have been able to enter the market and compete on new software and great customer experiences.
An interesting trend is that the number of people using cash and checks as a payment method is decreasing in favor of digital payments, especially credit cards. The US Federal Reserve has done some good studies on payment card trends.
There are over 31 million businesses (businesses) in North America. There are approximately 29 million businesses in the United States and 2 million in Canada. About 36% of merchants accept credit cards. Others use cash, check or money transfer. But as we mentioned, credit cards are on the rise and the number of businesses with merchant accounts is growing rapidly.
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There is a fee for using a credit card, approximately 2.3% of the total dollar amount processed. Merchants pay a fee to the credit card processing value chain described below for the ability to accept credit cards. Therefore, merchants are the true customers in the payment processing industry.
As you can imagine, the largest 150 merchants generate more than half of all payments in North America. The smallest 80% of merchants generate only 2% of revenue.
The credit card processing value chain includes companies that generate revenue directly from credit card transactions. Sometimes all companies are referred to as payment processors as a general term, however, they each have very different roles.
It is important to note that there are some missing companies that play an important role in the value chain, such as credit card terminal manufacturers. They are not included in the value chain because they do not generate revenue directly from credit card transactions. They generate revenue from hardware sales.
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Credit card issuers (or issuing banks) are the players (banks or credit unions) that people get their credit cards from. Chase and Citi are the largest pairs in the United States while TD and RBC are the largest in Canada. The issuing bank decides things like the interest rate, limits, foreign charges etc. to be paid by the cardholder.
A card brand (or card network or card association) is the player that sets exchange rates and controls program rules. They are Visa, Mastercard, Diner, Discover etc.
This is where definitions can get complicated. An acquirer (or acquiring bank) actually processes credit card transactions, takes on underwriting risk, and maintains merchant accounts for merchants. Sometimes people use the term “processor” as a generic term for “payment processor” or “merchant service provider” but they are technically different.
Merchant service providers provide sales, support and software to merchants. Sometimes they build their own software, sometimes they white label it. These are the players that traders mainly deal with. They may also be called an ISO (independent sales organization) or simply a payment processor. They come in a wide range of sizes from very small boutique businesses to multinational organizations. Merchant service providers are one of the most interesting players in the value chain because they can be among the most agile and innovative players bringing significant value to merchants.
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The payment processing value chain works together to ensure a safe, efficient and secure way for merchants to accept credit cards and pay for consumers. For this service, companies in the value chain split a total fee of around 2.3% of the transaction amount.
Let’s look at an example where a user pays $100 for a pair of shoes. To begin with, the merchant receives approximately $97.70 and the credit card value chain receives $2.30.
The credit card issuer charges the most, about 67%. The issuer works hard to get the credit card into the consumer’s hands first. Further, the service provider takes about 16% for providing software, support and service. The rest is then split roughly equally between the recipient and the credit card brand.
The payment process has been evolving over the past two decades. Several payment processing trends are underway and will have a significant impact on the industry over time. The main trends we see are the growth of e-commerce, adoption of mobile devices, open banking, real-time payments and digital currency (ie cryptocurrency). Obviously payments will continue to take advantage of these trends to create a better experience for merchants and reduce costs. Cost of payment processing.
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Obviously Pay is a payment processor in Canada. The Cleary Payments name and logo are registered trademarks of Cleary Payments Inc. in Vancouver, Canada. are trademarks of Payment Process. Interac name and logo Interac Inc. are trademarks of Canada. The Visa and MasterCard logos are trademarks of Visa International and MasterCard International Incorporated. Paid Clear is a registered MSP/ISO U.S. BANK NATIONAL ASSOCIATION CANADIAN BRANCH.DELIGHT
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