In a previous blog post I have written about PAY.ON’s service offering towards acquirers and our experience gained in this field. Today I want to shed some light on the needs on the acquirer’s side we learned about – and the solutions we offer – when it comes to the technical boarding of new payment service providers; meaning: If I am an acquirer, how do I get new payment service providerss ready on the technical side so that we can process the merchant’s business together? And what can PAY.ON do to make this faster and easier?
The prerequisite of any transaction processing from the merchant via the PSP to the acquirer is always the successful completion of the technical integration of the PSP’s system into the acquirers processing system. Now, while this may not sound very difficult, in the vast majority of all cases it is a complicated and costly process that can use the PSP’s technical resources in full for several months! There is a technical integration necessary, many questions arise, extensive tests need to be performed and finally there is also a formal technical certification process to be undergone between the PSP and the acquirer. Simply due to resources not being endless, every PSP needs to think twice which acquirers he is aiming for.
Now, let us look at the same challenge from the acquirer’s perspective:
Over the past 12 months, I have spoken to acquirers of various sizes, geographical areas and business appetite. They all have one thing in common: Acquirers typically receive way more requests from payment service providers who would like to integrate into the acquiring systems than they can handle. The reason is simple: IT resources of the acquirer are not endless, and with every active development project of a PSP into the acquiring platform those available resources decrease. Every acquirer I have spoken to in the last year has resorted to turning down a good share of PSP requests for reasons of lacking technical integration resources – which effectively means that there will be no business happening between the acquirer and the PSP having been turned down.
But – there is something PAY.ON can do to remedy this situation: Acquirers can simply hand off the technical boarding process of new PSP to PAY.ON!
Our blog graphic shows you how in 1-2-3-steps.
With PAY.ON already having successfully completed the technical integration into the acquirers processing systems, we make this technical connectivity available to interested payment service providers through one single interface. In other words: Instead of having to undergo the costly development work mentioned above, a PSP can simply and quickly connect into PAY.ON only once – and then the PSP is “automatically” connected to the acquirer of his choice.
From the acquirers perspective again, it means that the acquirer can easily bring the PSP in touch with us, we take it from there and equip the PSP with the desired technical connectivity. Getting connected via PAY.ON is usually only a matter of days or weeks – compared to the average acquirer connection development projects this is a massive decrease in time and effort both for the PSP and the acquirer!
So what are the benefits? In a nutshell:
a) the acquirer can make additional business happen – that he would have needed to turn down otherwise due to resource constraints
b) the PSP gets very fast and cost-efficient access to the acquirer
c) the lead times for both decrease massively
Result: Business can flow faster, cheaper and easier for everyone.