Blog

ScienceSoft is an international payment gateway software development company headquartered in McKinney, Texas. We provide end-to-end custom software development services to help companies design and build reliable and secure payment gateway solutions tailored to their specific payment handling needs. In our payment gateway development projects, we employ robust quality management and data security management systems backed by ISO 9001 and ISO certification. The payment gateway verifies sensitive data provided by a customer (purchasing details, billing address, a credit card number, etc.), encrypts and stores it in a PCI DSS compliant storage. At Corefy, we offer the white label payment provider solution that allows you to get started within a shorter time and with fewer costs – about a salary of 1 developer only.

TLS was introduced as an upgrade to SSL in 1999 and is now the more widely used protocol. SSL and TLS use encryption to protect sensitive data during transmission, ensuring the privacy and integrity of information exchanged between a user’s browser and a website or application. Fees for card network usage and/or processing will always be required by providers like Visa and Mastercard. The rise in mobile payments, easy access to the internet, and growing e-commerce sales have contributed to the enormous growth of the payment gateway market. In 2021, the global payment gateway market size was valued at $22.09 billion USD, and is expected to expand at a compound annual growth rate (CAGR) of 22.1% from 2022 to 20301.

Payment gateway development management

A further component of the gateway’s development cost, and ultimately its success, is your crew. A major part of the payment aggregator’s development budget is spent on salaries for the development team. Finally, the cost of hiring developers depends on factors like the technical experience of the employee, your choice of the technology stack, and the model of engagement for your project. Furthermore, the gateway should be constantly updated so that it keeps up with the latest requirements.

Secure payment gateways win consumer trust and help protect merchants from fraudulent chargebacks. Here’s a list of the cybersecurity standards and regulations your payment gateway solution will need to comply with in order to be registered. Building a custom payment gateway can be a https://g-markets.net/software-development/how-to-show-remote-work-experience-on-your-resume-2/ complex task, as you need to strike a delicate balance between your company’s requirements, the available tech capabilities, and security and legal compliance. Once you set up a payment gateway, sign-in and checkout processes should contain plenty of supporting processes and features.

How To Develop A Payment Gateway: Key Steps

In the case of development, this means using secure coding procedures. The payment gateway system you build must also comply with financial regulations and data protection policies, which may vary across countries. As GDPR has extraterritorial reach, payment gateways outside the EU must still comply with the regulation if they process the personal data of individuals within the EU. Non-compliance with GDPR can result in hefty fines of up to €20 million or 4% of the company’s annual global turnover, whichever is higher.

This is a unique software which interacts with cryptocurrency nodes and sends data regarding payments to the distributed ledger. When a block is mined, the data present in the transaction details are saved in a blockchain. This simply means that the data present in the block cannot be forged or altered. A payment gateway enables you to send and receive digital currencies as a form of payment for a particular service or product via several channels. As you might have already known, in order to have a successfully operating cryptocurrency business, assuring the security for the stored digital currencies is a must.

Hosted Payment Gateways

As you can see, cybersecurity and regulatory compliance are important requirements for payment gateways, so that’s where we’ll head next. Below, ScienceSoft’s experts share a sample roadmap of a payment gateway development project and outline best practices to maximize ROI from the project. An example of organizing your payment gateway development procedure is an automated examination and a sample integration of a payment gateway and related payment flows.

That is how a payment gateway developer can obtain a complete picture of its functionality. Security and compliance are equally important when working on your project. Now, looking at how payment gateways are usually developed makes sense. Once you use extra limitations when creating How to Emphasize Remote Work Skills on Your Resume a payment gateway, they offer an extra source of income for you and your business. Crafting an API means updating strategies all the time and clear versioning, so keep it in mind. When others use your API, it means that you are no longer fully free to select when to modify it.

Local bank integration

From a financial aspect, determining the exact amount is impossible as it only depends on your gateway’s complexity, features, workforce, and other things. If you plan to include many different features in a custom payment gateway, think about hiring professionals who specialize in developing those specific functions. Turning a personal computer into a virtual POS terminal is possible by connecting to a cloud-based service. Well, some users want to pay over a mobile device instead of an online credit card payment system. You can have a look at more detailed mobile banking stats in this post.

Before the coding processes, you should define how purchasers, sellers, and marketplace operators would interact within your payment gateway. Decide on which products and services the sides might sell to each other. Balancing between your business goals, needs, technical opportunities, and safety is not an easy thing when crafting a payment gateway. Below, you can see some of the most essential features of your project.