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how to own a payment gateway hi there this is Tommy he has been selling wool sweaters in his online shop but is struggling with the high fees of accepting payments I've got it I should just start my own payment gateway no more high fees no more endless support calls I'll just take matters into my own hands it looks like Tommy is on the verge of making a critical decision for his business he's going to make a change regarding his payment processor but is he on the right path I'm pretty sure that running a gateway isn't a very big deal I just need to buy some software get it hosted link it up to my website and I'll be up and running in no time but are you sure it's as simple as that well Tommy things are actually a bit more complicated you see payment gateways software is only one piece and a very complex puzzle the payment gateway must be deployed in a PCI compliant environment PCI what PCI compliance is a security standard defined by card brands when you make your sweaters for customers to buy they have to be of some agreed-upon size and quality right it's the same thing with PCI compliance when you operate a payment infrastructure it must be in accordance with the card brands rules okay I can do that additionally your software has to be connected to and integrated with an acquiring bank oh I've got a great relationship with my bank does your bank issue merchant accounts in order to accept payments acquiring banks have to be willing to issue merchant accounts for you and any merchants who might be processing through your payment gateway in the future okay is that all definitely not have you heard about tokenization actually no it's a card solution that you have to put in place in order to store card information it keeps all the payment information of your buyers encrypted and safe for future purchases oh boy looks like I have a long way to go once you have an acquiring bank a PCI environment a tokenization solution and a payment gateway software you must connect them all together and then ready to roll oh I wonder if maybe someone can help me accomplish these steps don't panic Tommy you have a couple of options available to succeed in this process which can be hassle-free and save you both time and money why not focus on a white label that can help you the best with your needs stand by for more information about the benefits of using a white label payment gateway in our next video coming soon thank you for watching feel free to leave your questions and comments below and subscribe for more visit our Paylocity blog to learn more about opening merchant accounts owning a payment gateway and becoming a payment facilitator and be sure to download our free white papers using the links...