How To Provide A Seamless And Efficient Payment Integration

By Author: sifip
Total Articles: 686
Comment this article

Payment processing within a mobile application, SaaS product, or website can be extremely beneficial to a company. Businesses with integrated payment acceptance are well positioned to increase revenue and improve customer satisfaction organically.

Providing integrated payment acceptance can be accomplished in one of two ways: by developing custom software or by integrating with a payment solution.

Integrating Payments with Custom Software
For handling payments natively within existing software, developing a custom payment solution may be an appropriate option. Despite the high level of investment, some organisations believe the value of a custom solution outweighs the associated costs.

Many businesses rely on online payment gateway providers for payment integration within a website, mobile application, or software solution rather than developing a custom payment solution.

Each payment integration route should be thoroughly evaluated across the following criteria, taking into account budget and business value.

Technical proficiency
A payment solution's security is comprised of several ...
... components. Businesses that create custom software must assume responsibility for securing customer information and adhering to PCI security standards. If the knowledge and expertise are available internally, development can be completed without the need for outside assistance. Collaboration with a solution provider that adheres to strict PCI DSS standards is an alternative to developing custom software.

Costs
For those creating custom software, the cost of employee hours must frequently be calculated for the project. When working with outside developers, the cost of development and implementation should be compared to the budget. Additional fees for a merchant account, payment gateway, and credit card processing should be compared across payment solution providers. Though most providers have set prices, some may work with you to find a rate that works for your company.

Timing
Building a payment solution requires both capital investment and time. Developing a solution is not an ideal approach for a business that prefers to have payment acceptance operational as soon as possible. While time is spent on development, the company faces an opportunity cost, which could result in a revenue lag or losing market share to competitors. Integrating with a payment solution provider is frequently much faster.

Competitive Advantage
Custom software does not provide a competitive advantage for many businesses. When technical knowledge, budget, and time are not constraints, it is appropriate to consider the investment's actual ROI. If developing custom payment software does not allow for market advancement, it may not be worthwhile in the long run.