Collaborative payment processing is growing rapidly owing to the increase in the number of startups and their business volumes. Payment processing platforms are required by emerging companies to cater to their online payment processing needs and the same is provided by third-party payment gateways usually.
However, scalability becomes an issue as the third-party payment gateway might not be able to handle the volume of transactions when the business grows. Hence, companies might resort to the usage of multiple payment processing platforms to achieve their business needs, such as recurring billing from one payment gateway etc.
Another popular option used by companies is the usage of open-source payment gateways. They might also consider developing their own solution to accept payments and also extend it by selling it to b2b commerce platforms and ecommerce providers. However, a more feasible solution would be collaborative payment processing, where multiple companies that accept same types of payments collaborate and make use of the integrated solutions mutually. This way, they can form a payment gateway cloud and support each other. If you wish to know more about it or are planning to implement a collaborative payment processing solution effectively, get in touch with Open Source as we have catered to the complex needs of thousands of clients previously.