Let's say my company needs ONLY online payments from my customers who use credit/debit cards , Apple Pay, Gpay and Samsung Pay. How can I build my own leaner* version of stripe to directly handle online payments of my customers? I will not be opening up my services to others. leaner* - We can cut down fancy stuffs. #tech My business can't afford 2.9% + 30c per transaction.
You need to figure out if you want to run a payment gateway or your primary analytics business. But considering you are at Mu Sigma, I am not surprised you are even considering this. Definitely more expensive than 2.9%
If you could do that then you could sell the solution and be the next stripe. The real answer is you piece together other cheaper APIs to do the same thing.
At this point it is not the tech which is costly it’s all the visa and banks which charge arms and leg and the payment gateways need to pay that cost
Stripe is still taking a big chunk. I was at a startup that ditched them for a combo of chargebee, Braintree, and bill.com because the savings were big enough
Time to switch companies if your company can’t afford a basic credit card transaction fee
Adyen is 2% + $0.12 for USA. That 2% is heavy.
Have fun with PCI DSS
You need to have contracts with Visa, MC. Save and process data securely (PCI compliance). Build secure front end to accept cards.
Integrate with RuPAY. Looking at high transaction fees from global incumbents. India decided that it will build its own infrastructure linked with UPI and oh my it created a revolution. If more of you show interest maybe it will become a 3rd option. https://www.outlookindia.com/business/what-are-newly-proposed-mdr-rates-for-upi-linked-rupay-credit-card-transactions--news-212264/amp https://epayments.developer-ingenico.com/payment-product/rupay-credit/process-flows/globalcollect
Does it work for foreign transactions? All my transactions will be in USD. I don't need to lose more in conversion costs.
I believe they are doing international too. Call them and make them an offer to take it international and see if they bite. Does not hurt asking
If u really can do it, you better quickly start a payment gateway company.. there are already like 10s of them in market
Should we also tell you how to build the next Google oh good sire?
It will cost you a lot more than 2.9% to build that