27 Dec PSP Implementation: Industry insights
PSP implementation can be difficult because different PSPs offer varying services across several levels of expertise. Different modules support merchants in different ways. Niche market PSPs and broader actors also complicate the choice. As such, it is most important to first understand what payment services are wanted by consumers and find the right PSP accordingly.
To provide better knowledge of how to implement a PSP, we sought expert advice from our network of industry players.
Michel van Westen is a business executive at Buckaroo, a Dutch PSP active since 2005. Van Westen told us that ‘trust and expertise’ are the most important things for a merchant to look for in a PSP. When assessing a PSP’s expertise, the merchant should ask: what opportunities does the PSP offer to add more value to payment options?
Startups need PSPs too
In the startup scene, there is sometimes little knowledge of PSPs and how they can benefit and work with merchants. Van Westen from Buckaroo told us that much of the dialogue between them and merchants consists of information requests and conversations explaining the nature of PSPs. Merchants are often looking for something special and specific to their company.
For an example of PSP implementation, Buckaroo offers varied payment solutions to Swapfiets, a Dutch bike subscription service. Van Westen described the ‘tight relationship’ as one where the two companies strengthen each other. The credit management and online authentication Buckaroo offers Swapfiets minimizes conversion losses and administration work. It is a full subscription payment solution.
Implementation methods of PSPs change according to how the merchant’s website works. Plugins for Magento, WooCommerce, Shopware or custom e-commerce software are available. When implementing a payment gateway, a merchant needs to consider the knowledge, trust, plugins and broader services that the PSP offers; including credit management, authentication, invoicing and types of different transactions supported across different devices offered by the PSP.
At our Logistics and Fintech Challenges event on Wednesday 13 December at Rabobank in Rotterdam, Paymill and Kable presented their PSPs as a solution to Oceanwide Expeditions, challenge. Read more about their PSP solutions here.