Tag: Software Architecture

A software developer working on coding a payment gateway

How to Develop a Payment Gateway – in 4 Stages

Christoph Laurer Leave a comment

Online marketplaces are complex systems. This complexity is reflected in the Payment Gateway needed for such platforms.

As a marketplace owner, you always have the option to integrate payment systems, offered by external Payment Service Providers. Depending on your business strategy, that might suffice. But using an off-the-shelf PSP will also limit your opportunities. You can’t evolve your marketplace to your preferences if the PSP doesn’t move along with you:

  • You want to offer payment methods, according to customer demand? The PSP must support them.
  • You want to scale up your business and move to new markets? The PSP must be set up to handle higher transaction numbers and adapt quickly to local financial regulations.
  • You want to enable customers to pay via a prepaid e-money balance and securely store their payment instruments? The PSP must offer an electronic wallet.
  • And so on…

Thus, ambitious marketplace owners might decide to build a custom Payment Gateway and remain in control over payments. As the company behind CoreWallet, the flexible software foundation for payment and e-wallet applications, we are familiar with 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.

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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

Christoph Laurer Leave a comment

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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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

Christoph Laurer Leave a comment

Do it yourself—it’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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