Getting started with the payments might be not the easiest thing to do. You need to find the right payment service provider (PSP), seek the payment methods variety, think of the fitting banks, and deal with a number of the concurrent issues.
Or another option you can choose is going with the white-label payment gateway. Undoubtedly, that is a high-quality solution. Yet, for a merchant that only wants to accept payments, the white-label gateway has two main drawbacks. The first one is the price tag. The integration will cost around $1,500-$2,000. The second one is the longness. Thus, the merchant may wait for a month or so, for the white-label gateway team to consider the application.
Does it mean that the white-label payment gateway is a bad solution? Definitely, no. The thing is that it better caters to the ISOs, PSPs, and acquirers’ needs.
What should the merchants, that seek hassle-free and cost-effective processing, do? The answer is a cashier. In this article, we will explain what it is, its main benefits for merchants, and principles of work.
What is the cashier?
The cashier is a sort of laying or buffering between the merchant and the payment processor. This system lets merchants get connected to multiple providers. The cashier will be responsible for providing special software that makes this happen.
That to say, the main aim of the system is to provide a unified environment to manage multiple providers. So, the maintenance of a business’s finance is available from one place.
What are the cashier’s benefits?
Probably, the hugest benefit we can name is that with one cashier connection you get access to the variety of integrations. And among these integrations are PSPs, payment cards, alternative payment methods, wire transfers, and so on.
Why is it so essential? Let’s imagine you are searching for payment solutions. In most cases, you will need more than one provider. That is based on the necessity to serve your e.g. GEO needs differently.
Also, partnering with the cashier favors the cost-efficiency. The cashier’s work is built upon smart routing to connect the merchant to the right connector to decrease fees.
How does it work? The payment processor’s limited network or smart routing option absence can cost you both money and time. The cashier can connect you to the local provider to guarantee the lower transaction fee.
What features does the cashier system offer?
The most vital cashier’s feature you need to pay attention to is the integrations’ number. The main principium here is “the more, the better.” As a merchant, you usually need more than two providers. So, you’d better stick to the cashier that offers a huge choice of APMs, acquirers, PSPs, etc.
Nevertheless, there are more features you need to pay attention to.
- Smart routing. Thanks to this feature, you can specify the flow strategies for your transactions. Thus, every transaction will be routed to the best fitting payment provider. In turn, it decreases the decline ratio and increases conversion. What’s important, it’s possible to define various data as the main routing parameters. It may include GEO, customer data, risks, and so on.
- Optimized fee management. Such function helps with calculating the external charges from third-party providers in real-time. That ensures you are always in the know and control of your spendings. Consequently, the stored fees can become the base for cost optimization via smart routing.
- Global approach. That means the cashier system can serve your international reach and work effectively on the local level. Respectively, the cashier has to offer a broad selection of credit card acquirers, APM providers, CRM platforms, digital wallets, and so on. The system should be highly adaptive to embrace new integrations.
- Hassle-free payouts. As a payment mediator, the cashier should provide a secure and smooth payment environment. And the payouts are its integral part. If you work in industries like forex or gambling, this feature will be very actual as it will ensure your control over the financial disbursements.
- Cascading. This feature stands for the decline cascading between some payment providers or acquirers. Thereafter, this allocation increases conversion.
- Reporting. As the cashier system lets you work with multiple providers, you need to have access to transparent and full reporting. Ensure the system offers the precise payments’ flow monitoring. It’s essential to have the accumulated information you can easily access. Moreover, the system has to let you assemble customized reports for a better understanding of your performance.
With these features, you guaranteedly receive the effective work of the payment system. Not only you eliminate the over-spending but also can provide the best payment solutions for your clients.
The cashier system may solve your longtime unsettled issues. Cut expenses, optimize the payments’ routing, cater correctly to your needs especially if you are from the high-risk industry. Yet, the main benefit that we’ve mentioned is that only one integration gives you access to the payment solutions variety.
Thus, by partnering with the cashier you receive a separate tech department. It is geared towards the solution of your processing-related activities. Once again, this is a go-for solution for the merchants that need more than two providers.
From our side, except technical characteristics like smart routing, cascading, etc. we are ready to offer a consultation during documents’ submission. That means we can help you with the compliance check from the third-party processor you choose.