From Challenges to Triumphs: Corefy’s Guide for ISO/MSPs Using White-Label Solutions

As fintech keeps changing and growing, the challenges of running an ISO/MSP business are significant, but so are the opportunities. We at Corefy love simplifying the complex, and in this article, we aim to demystify the concept of ISO/MSPs, outline their main challenges, and explore how white-label solutions can transform them into triumphs.

What is ISO/MSP: understanding the concept

Independent Sales Organisations (ISOs) and Merchant Service Providers (MSPs) are entities that collaborate with financial institutions to facilitate merchant payment processing services.

They act as intermediaries, ensuring merchants can accept payments efficiently and securely. Playing a pivotal role in the fintech ecosystem, they bridge the gap between banks and businesses requiring tailored payment systems.

Five challenges of running ISO/MSP businesses

Navigating the waters of fintech can be daunting for this type of payment business due to several inherent challenges:

1. Risk management: It is paramount to ensure secure transactions while managing the associated risks. It involves safeguarding against fraud and maintaining data protection standards.
2. Regulatory compliance: Staying compliant with evolving global payment security and data protection regulations is an ongoing struggle.
3. Technological integration: Developing or integrating advanced payment gateways that are both robust and flexible is a critical need.
4. Market competition: Maintaining a competitive advantage in a saturated market requires continuous innovation and adaptation.
5. Customer retention: Providing exceptional client experience and reliable customer support is vital for retaining and expanding the customer base.

Each requires strategic focus and resources, underscoring the need for efficient and scalable solutions. Let’s examine what white-label business models offer to address each point.

White-label solution for ISO/MSP

The white-label approach offers a turnkey solution, allowing businesses to adopt and brand payment processing solutions as their own.

These solutions simplify running an ISO/MSP by allowing businesses to tailor interfaces and experiences to their brand. Usually, white-label solutions incorporate robust payment security and risk management systems, eliminating the need for in-house development. They are also highly scalable, designed to grow alongside the business and accommodate new types of transactions and payment methods. Additionally, they offer cost efficiency by reducing the necessity for extensive R&D and technological investments.

How to implement white-label solution for ISO/MSPs: 7-step guide

A comprehensive white-label payment processing platform can significantly streamline the performance of an ISO/MSP organisation. Such platforms typically represent payment gateways with seamless integration capabilities that support multiple payment methods and currencies. They also feature robust security measures to ensure payment security and compliance with the latest data protection regulations. Additionally, the availability of 24/7 customer support through a dedicated expert team helps resolve any issues, ensuring uninterrupted service and an optimal client experience.

1. Evaluate business needs and goals. Start by assessing your business needs, including the type of transactions you handle, your target market, and any specific features you need, such as multi-currency support or mobile payments.
2. Research potential providers. Look for providers that offer scalable, secure, and compliant white-label payment processing solutions. Evaluate their technology, security features, compatibility with existing systems, customer support, and pricing structures.
3. Consider integration options. Choose a solution that integrates smoothly with your existing infrastructure. Ensure you can easily integrate the solution with your CRM systems, accounting software, and other critical business tools.
4. Check compliance and security. Ensure the solution complies with industry standards such as PCI DSS and GDPR for data protection. The provider should offer reliable security measures to protect against fraud and data breaches.
5. Plan for customisation. Since branding is a significant aspect of white-label solutions, plan how to customise the interface and customer experience to reflect your brand. It might include custom logos, colour schemes, and user interfaces.
6. Setup and training. Once you select a provider, work with them to set up the payment processing system. This process typically involves configuring settings, testing payment processing, and training your team to use the system effectively.
7. Launch and monitor. After setup, launch the new system and monitor its performance to identify and resolve any issues quickly. Pay attention to transaction speeds, success rates, and user feedback to ensure everything operates smoothly.

Following these steps, a budding ISO/MSP can effectively implement a white-label payment processing solution, providing a solid foundation for business growth and an enhanced customer experience.

How Corefy helps ISO/MSP clients overcome challenges

Our clients have successfully addressed the key challenges using our ISO/MSP white-label solution. Explore these challenges and solutions below.

Providing clients with an extensive list of payment options

The client wanted to offer their clients a broad range of payment methods, enhancing market competitiveness at launch, but didn’t have enough resources to establish new integrations with payment providers and support them.

Solution: Leveraging our platform, the client accessed over 400 ready-made payment service providers from the start, broadening their currency and payment method offerings and boosting competitiveness without spending much time.

User-friendly platform to manage transactions

Providing a user-friendly platform for efficiently managing a diverse range of payment methods and transactions was one of the main aims for one of our ISO/MSP clients.

Solution: Our high-quality API, intuitive dashboard, and merchant portal enabled effortless integration and payment management, simplifying the monitoring of key performance metrics and reducing manual workload.

Reconciliation and business performance analytics

Our client needed an automated tool to help them ensure that every transaction was recorded accurately and that they could easily check it to keep up with rules and stay trustworthy.

Solution: Our analytics and reconciliation tools helped the client track their performance, make more informed decisions, detect discrepancies, and optimise transaction handling.

Payment page customisation

The client wanted to offer merchants a custom payment page aligned with their brand identity and accessible in multiple languages without developing it from scratch.

Solution: We helped our client implement a hosted payment page and customise it with their colours, logos, and buttons. At the client’s request, their HPP was translated into dozens of languages, including Chinese, Azerbaijani, Arabian, and others, enhancing user experience and accessibility.

Fighting payment fraud

The client needed a solution to help them reduce fraud and avoid potential fines from payment networks.

Solution: Our Firewall solution now safeguards the client’s transactions. This anti-fraud solution activates at various stages of transaction processing by analysing the input data. Operating under a customised decision tree with specific rules tailored to the client’s requirements, the Firewall determines whether to accept or decline each payment.

Conclusion

For ISO/MSPs, the path to success involves understanding the landscape and challenges and implementing strategic solutions that leverage the latest fintech innovations. White-label solutions offer a framework to address these needs, ensuring that ISO/MSPs can focus more on their core business and less on the complexities of payment processing technology. By adopting such integrated and sophisticated solutions, businesses transform potential challenges into stepping stones for success, achieving business optimisation and a significant competitive advantage in the market.