A picture of the "chance" square on a Monopoly board, symbolizing the opportunities of re-built payment systems

Why You Should Change Your Legacy Payment System

You have a big problem with your payment system. 

At least that’s why we suppose you read this article. 

Maybe your business just started, but the payment system you integrated already struggles to meet customer expectations. Or you run an established platform, but your legacy system has grown into an inflexible and costly monolith of different providers.

If you work with a particular provider like PayPal or have integrated a variety of individual acquirers or PSPs, you cannot excess full control over your payment. For example, feature updates, security or transaction limits and fees lie outside your agency. 

However, perhaps your transaction system runs just fine, it is functional and flexible. But have you utilized its full potential yet? Have you thought about adding e-money wallet functionalities to enable P2P transactions, loyalty point systems or quick refunds? 

Whatever of the above is the case, this article is for you. It will discuss how you can turn your legacy system into a version that better suits your needs. By finding a proper payment solution provider and adding payment orchestration and e-wallet functionalities, you will be able to take back control. 

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A software developer working on coding a payment gateway

How to Develop a Payment Gateway

Online marketplaces are complex systems. That’s true all the more when you decide to equip them with a custom payment gateway you developed (and there are many good reasons why you should do so). 

As a development company, offering CoreWallet, a software foundation for payment and ewallet applications, we are familiar with the complexity of creating payment gateways.  It’s important to approach the development process with a clear plan. To help you master the technical challenges, we have compiled the common stages of such a payment gateway project for you. And we’ve also collected a few best practices. 

So, let’s walk the walk. Let’s build a payment gateway. 

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Two computers placed opposite of each other, symbolizing the advantages of third party software over in-house development

Why Third-Party Solutions Bring First-Rate Results

Do it yourselfit’s an overrated mantra. 

At first, those three letters promise empowerment. You have full control over what you do and which way you want it to be done. Take fice, third-party software, we are on it ourselves. 

But then you stumble over the prerequisites. You have to know how to do it all in the first place. And that you have the right tools for the task. But that should be doable, too. I have a screwdriver lying around somewhere? And there must be a YouTube tutorial for this, right? 

Well, when it comes to the complex field of software development, the truth is a little more complicated. 

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