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How To Choose The Right Payment Gateway
When it comes to online payment gateway configuration and implementation, every merchant is faced with the difficult decision of selecting a better option. To make an informed decision, you should know the answers to the following questions:
1. Is a gateway internationally accepted?
If you are a local business and there is a provider in your area, you can choose an equally local solution. When you become more interested in cross-border trade, international payment gateways will make the global marketplace more accessible to you. Furthermore, the latter option allows for greater customer support.
2. Is this gateway scalable enough to grow together with your business?
If you have expanded to engage in international business activities, your customer base is likely to grow faster than that of a local company. To prepare for an increase in sales volume, you should investigate how drastically transaction fees may change as a result of this growth.
3. What method of payment do your app's users prefer?
To avoid losing potential customers, make sure your mobile app supports as many payment methods ...
... as possible, or at least those that are most popular among your app users.
4. How does this payment gateway impact the checkout experience of users?
The availability of the preferred payment method is an example of a generally positive checkout experience. However, there are some other factors to consider. It is also critical that the provided checkout experience be quick and seamless. Credit card payments can be integrated faster with a gateway in your app, and users can check out almost instantly with the help of APIs and other process optimization tools.
5. How much effort is required for mobile payment integration?
Payment gateway integration in Android and iOS applications should ideally take little time and effort. However, great results necessitate complex solutions, and the customised nature that some gateways possess may necessitate additional development effort to fully exploit.
6. Is it economical?
We mentioned earlier that Google and Apple charge fees for digital in-app purchases. Similarly, the use of payment gateways implies that transaction fees must be paid. The size of these fees is determined by a variety of factors, but they typically equal a percentage of the amount processed plus a flat fee.
What to consider before mobile payment gateway services implementation
Before you begin putting your plan into action, you must consider all of the details. As a result, we've compiled a list of issues to consider during your strategic planning phase, so you can reap the benefits later:
1. A merchant account.
Merchants are expected, and in some cases required, to maintain a bank account. These accounts allow you to accept payments that are processed by payment gateways and payment processors.
What you should know is that merchant accounts are classified into two types: dedicated and aggregate. The former type provides its owners with Merchant ID numbers, which make their businesses easier to identify, more stable, and less vulnerable to fraud. Account owners then have more control over transactions, which take less time to complete with the dedicated account. However, these benefits will only be available after an additional payment.
In turn, the latter model allows you to avoid paying account fees and dealing with lengthy contract terms. The aggregate account, understandably, transforms the best online payment gateway into an aggregator shared by multiple businesses. Furthermore, they are all granted by the same payment gateway provider.
2. A hosted or an integrated gateway.
Payment gateways can be hosted on another server or integrated into your store. Simply put, hosted gateways direct customers to the platforms of online payment service providers, where payment information is collected and processed. This method is viable if the provider is well-known to your customers and they will not be scared off by being directed away from your website or app. Integrated payment gateways, in turn, are linked to your website or mobile app via APIs, creating a smooth user experience but requiring more development effort.
3. The Gateway API and Payment Request API.
While we're talking about integrated gateways, we can't leave out the payment request API. It streamlines the checkout process, enables purchases to be made with a single API call, and requires your mobile app users to take fewer steps. Furthermore, online payment service providers may provide their own payment APIs, which is another excellent option.
4. Security certificates.
Payment gateways handle sensitive data, such as credit or debit card numbers and other personally identifiable information. That is why those looking to implement a payment gateway should be familiar with the term Payment Card Industry Data Security Standard (PCI-DSS). Compliance with this set of policies and regulations is required for sellers who conduct online transactions. Some payment gateways can assist you in becoming PCI-DSS compliant, while others cannot. With or without this support, you must avoid storing sensitive data outside of your app server and in your databases after a transaction has been completed.
5. Ease of implementation and maintenance.
Last but not least, from the perspective of developers, the ease of integration can be an important consideration. The ease of use of SDKs, whether they are mobile platform-specific or allow implementation in a programming language of your choice — these are some of the key motivators for choosing an online payment service provider.
Of course, the list could go on, and there are some additional criteria to consider that differ from one provider to the next:
- Cost
- Location
- Compatibility
- Customer service
- Payment methods accepted by a gateway
Conclusion
Finding a payment gateway solution that meets your needs, as well as integrating payment systems, takes time and effort.
However, you now understand how to integrate a payment gateway into your app, where to begin once your requirements are clear, and what your critical first step should be toward safety and security, which are critical when selling goods and completing transactions on a mobile app.
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