Collaborative payment processing
Collaborative payment processing is an approach that has recently emerged within the merchant services industry, because many companies have “outgrown” their initial payment gateway providers in terms of business needs. A rapidly growing business often finds itself in a situation, when the payment gateway it originally partnered with can no longer support all the newly-required functions. Sometimes, a solution can arrive in the form of an open-source payment gateway, or payment processing platform, that can be modified in-house, and, thus, support whatever functions the licensee might need. On the other hand, open-source payment gateways need to be separately integrated with the payment system of each new processing partner. Collaborative payment processing is a solution, allowing its users to overcome all the listed difficulties: if two or more businesses use the instances of the same payment technology, they can simply integrate with each other and benefit from each other’s existing integrations.
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