Introduction

Both heavy data analysis requirements and a crowded market make it challenging to enter the payment gateway industry. However, this piece offers actionable advice on becoming a payment service provider, starting from Polaris, a cost-saving solution for merchants, to Nummuspay, a market leader in providing payment gateways and handling all related services.

In this guide, we will explore the steps to create a payment gateway and become a payment service provider. We will also present why Nummuspay is a go-to choice for businesses.

Step 1: Set Up Infrastructure

The infrastructure you choose for setting up your payment gateway will determine its scalability and security. You can either host your gateway on a third-party server or prepare the server on your own. This latter option gives you full control but requires you to maintain the data center and undergo an annual PCI audit.

Self-HOSTED SOLUTION

For a fully customized solution, you can set up the server in your data center or lease a virtual server. Although this option demands higher upfront costs and ongoing maintenance, it offers complete control over the infrastructure.

Third-PARTY SOLUTION

Alternatively, hosting your gateway on a third-party server can reduce your initial investment and offload maintenance tasks. Services like Amazon Web Services (AWS) and Google Cloud Platform (GCP) can offer scalable and secure solutions.

Step 2: Integrate with a Payment Processor

To process online transactions, you need to integrate with a payment processor, which can be a bank or a payment system such as Visa, Mastercard, or AmEx. Typically, payment processors offer API documentation that you need to implement as instructed.

Select Payment Processor

You can choose from various payment processors based on their features, pricing, and transaction volume. Some popular payment processors include Stripe, PayPal, and WorldPay.

Step 3: Develop CRM

A Customer Relationship Management (CRM) system is a powerful tool for managing transaction data, client information, and customer interactions. It provides a centralized platform for customer management, ensuring that your team has the necessary information to serve your clients effectively.

CRM Implementation

Popular choices for CRM systems include Salesforce, Zoho CRM, and HubSpot. Implementing a CRM system can streamline your customer management process and improve customer service.

Step 4: Implement Tokenization

Tokenization involves replacing payment card data with a unique identifier (token) to protect customer data. This reduces the risk of data breaches and ensures compliance with PCI DSS standards.

Tokenization Process

To implement tokenization, your payment gateway must store and manage tokens rather than raw payment card data. This enhances security and helps in managing recurring charges.

Step 5: Obtain 3DS Certificate from EMVCo

To enhance security and ensure compliance, you need to obtain a 3-D Secure (3DS) certificate from EMVCo. This involves several steps:

Step 1: Product Provider Registration Step 2: Register in the Laboratory Step 3: Sign a Quotation for Lab Access Step 4: Wait for Test Results Step 5: Receive Confirmation from EMVCo Step 6: Contact Certification Center Step 7: Complete Certification

After successful certification, you will receive a certificate and license, which are crucial for compliance.

Step 6: Get PCI DSS Compliance

Processing credit card transactions requires compliance with the Payment Card Industry Data Security Standard (PCI DSS). This involves implementing security policies and procedures to protect cardholder data.

PCI DSS Compliance

To ensure compliance, you must pass an annual PCI audit. The process includes assessing your network, implementing security controls, and reporting compliance status.

Why Choose Nummuspay?

Nummuspay offers a comprehensive solution for businesses looking to become payment service providers. Their services include providing a merchant account/payment gateway at the lowest industry rates, handling all billing and checkout needs, and ensuring compliance with PCI DSS standards.

Merchant Accounts and Payment Gateways Full-Service Solutions Compliance and Security

Nummuspay’s approach is to reduce the complexity and cost of payment processing for businesses.

Conclusion

Creating a payment gateway and becoming a payment service provider requires careful planning, implementation, and compliance. By following the steps outlined above and considering Nummuspay’s comprehensive services, businesses can navigate this complex landscape effectively.

Related Keywords

payment gateway payment service provider payment processing