Do you really want to build it?
You want to bring a payment solution to market.
What are the options?
You ultimately have two options: engage with all the different actors and build the technology to integrate them or use an already integrated solution; a programme manager.
Buy or build.
You will undoubtedly find success with either option. The final decision of what is right for your business will depend on many things, not least speed to market and budget.
It is too easy to underestimate the cost and resource required to build in-house and the time it will take. Starting with finding the right partners e.g. BIN Sponsor, processor, etc and getting separate contracts in place with them all is in itself a time-consuming task. Only once that is done you can start to build the technology which will allow you to integrate with them. You may well have the expertise to do so but the time it will take is time during which you cannot work on launching your business. You will then need to factor in the in-house expertise you will require to run your programme which will include a compliance team. Every minute you spend building your payment programme means you’re not capturing customers; you’re not refining your proposition and you’re not earning income. Speed to market is definitely a factor to consider.
The alternative is to engage with a programme manager. A programme manager which will already have taken the pain of doing all of the above. You will, of course, still need to do your homework on which Programme Manager you will partner with (and a partnership it should be). But you will be looking only for one organisation instead of the many needed to build it yourself, you will have only one contract. You can be up and running in a matter of weeks depending on your requirements. You can concentrate on growing your business and getting to profitability instead of the many months you could spend building just building the solution.
Many companies these days have software development capabilities, yet they still buy software. Banks have the teams and expertise to be building trading platforms, yet they still ‘rent’ them, let someone else provide the software and sometimes the underlying operations. It is because they want their key resources to be spent on growing the business, providing value to customers and bringing differentiating propositions to market.
Every minute you spend on building something which isn’t a key differentiating proposition is a minute you’re not spending on growing your business value. This is true for large organisations and it is also true - and much more critical - for start-ups and new lines of business.
There are plenty of programme managers to choose from that can support you extremely well in the journey. Choose your partner carefully, one that has the time for you, one that is agile enough to respond to your changing needs, one that values customer service, and then let them do what they’ve been set-up to do, whilst you concentrate on growing your business.