white label payment gateway for retailers
How will BIN-routing reduce cost for white label payment gateway tenants?
In the summer of 2018, the eComCharge team has enhanced its SaaS white label payment platform beGateway with another functionality. We have added BIN-routing – automatic routing of card transactions to the desired acquiring bank depending on the card BIN (Bank Identification Number). This functionality is part of SMART-routing which the team is planning to implement in the near future.
Thanks to the new functionality, the cost of Internet acquiring for the tenants of the white label payment gateway has decreased on average by 0.6%. It is because processing companies can now direct payment card transactions for processing to the acquiring banks for which these transactions are Intraregional, Domestic or even On-us.
White label payment gateway solution. Receiving Internet payments for a traditional retailer. Not a traditional approach.
Why does a traditional retailer need a white label payment gateway solution? Traditional trade has been experiencing increasing pressure from electronic trade competition for years. Simplicity and convenience of online shopping causes the fact that more and more goods which were previously purchased by an average buyer during an obligatory daily trip to a supermarket, are now bought via the Internet.
Traditional retailers, who have for decades felt secure and confident, now feel threatened by a new generation of Internet traders and certainly do not want to passively watch the latter bite off more and more from their pie.
