Learn Everything About Payment Gateway Integration
Wondering how to build an app which can initiate payments for any business niche? Read this blog to learn everything about Payment Gateway Integration.
What is the best moment for any online or offline store in the process of selling? Honest answer; the moment when the payment is received. Payment is the final and probably most crucial step of the checkout process of any eCommerce Development Solutions.
But for online businesses without a payment gateway integration, your customers won’t be able to pay instantly for the services or products they are buying. This will, in turn, affect your business’ sales.
Don’t worry; I’m not here to scare you or show you the grim reality that many businesses face across the world. I am here to solve your problems. I’m here to inform businesses about the Significance of Payment Gateway Integration in iOS or Android apps.
Does Your Business Have Any Relations With Online Buying And Selling? Have You thought any of the following things
If you want answers to the above questions, then my friend you are in the right place. Let my blog help you learn everything there is about payment gateway integration in Android and iOS apps and websites.
What is a Payment Gateway?
When you hear payment gateways, What’s the first thing that comes to your mind? Probably, payment apps like Zelle, PayPal or Stripe.
Read More: A Guide On How to Create a Peer-to-Peer Payment App
Spoiler Alert!! You’ve been misinformed. These are not payment gateways, but payment gateway service providers.
It’s a payment processing functionality that allows businesses to accept debit card, credit card or any other pay of payment online. It connects the merchants with their bank’s processing platform and settles the transactions and funds for the merchant.
In Simple terms, it’s an online version of a PoS system that you see in retail stores. The payment gateway encrypts all sensitive information: credit card number, expiration date, and CVV code to protect the users from online frauds and hacks.
Why you need a Merchant Account?
A Merchant account is a virtual bank account in between the retailer, merchant bank and payment processor. Whenever a transaction takes place, the funds are first deposited in the merchant account through a payment API and eventually transferred to the business bank account. The account is required for the settlement of transactions.
What Are Merchant Account Alternatives?
If you don’t want to go for a merchant account, you can opt for alternatives like Paypal. Paypal Payment Gateway Integration provides a one-stop solution for all the online transactions without any merchant account.
Another way is opting for a credit card reader. Credit card readers plug into smartphones and are offered by a variety of vendors like Intuit, Paypal, and Square.
Read More: How to Build a Fintech App?
Are Payment Gateways Safe?
Payment gateways are highly secure when they’re set up and managed properly. Don’t trust my word; believe the best in the business, PCI Security Standard Council.
Levels of security applied to payment gateways are
I) Every payment gateway has high-level encryption (SSL encryption 128 Bit encrypted) to avoid all types of breaches.
II) The second layer of security is the digital signature; even if a hacker got your ID, your account is still safe with digital signatures.
III) After digital signature comes the Dynamic IPs, if your account is used from another IP address then it will be denied.
Now that you have understood the security features of payment gateways let’s have a look at the importance of payment gateways in the growth of the business.
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How Does Payment Gateway work?
International Payment Gateway Integration Process Involves Four Step Procedure
1. Accumulation
Once the customer has finalized its shopping cart they will enter the details of the payment method they are opting on the payment page. This information will be directed to your payment gateway.
2. Authentication
This information will be transferred to the bank account by the payment gateway to your bank via an encrypted link.
3. Authorization
A message will be delivered to you to acknowledge that the payment has been approved and you can deliver the products.
4. Settlement
After the verification of the transaction is done by the bank the money will be deposited into your account. All of this works in real time.
How To Select The Right Payment Gateway For Your Business?
You understand the process of how a payment gateway works. Now comes the final step, Selecting the payment gateway for your business.
The choice is yours, whether you want Credit Card Processing Services For Small Businesses Mobile Wallet Payment Gateway integration services in your app, or something else.
Here are some tips for choosing the payment gateway as per your business niche.
Location
Make sure your international credit card payment gateway provider operates in the country where your business aims to work and expand. It is necessary to confirm the supported currencies as per your merchant locations before making any deals.
Fee And Charges
Most of the payment gateways are having transparent pricing without any hidden charges. Always ask about all the possible potential costs that may appear in the future like termination fees, batch processing fees, etc.
Data Portability
This is important information that will help you to decide on your payment gateway provider. Clarify the ownership of your customer’s data in case you wanted to leave your gateway and migrate to another provider.
Business model
Check out the list of businesses your gateway supports; this will save you time in applying and following the whole procedure and then getting rejected.
Security
Discuss the measurement your payment gateway provider will take against fraud and false transactions. Making sure that the Payment gateway is PCI-compliant is necessary.
PCI Compliance
It is necessary to adhere to Payment Card Industry compliance standards for the collection of payments. View The MasterCard Compliant List & Visa Global Registry for your reference.
Best Payment Gateways To Integrate Into Your Business?
We have an international payment gateway list to help you adopt the gateway suitable for you. Especially, Stripe vs Braintree is a hot topic among online businesses. Here the list is divided into two parts, one is for payment gateway and the other is for payment processing service providers.
Payment providers offer full service of payment gateway and merchant account.
Payment Gateways
Payment Gateway Providers
What’s The Future of Payment Gateways?
The future of money is in Blockchain. If you plan to be in the business for more than a decade then integrating blockchain ledgers like Bitcoin, Ethereum, and NEO into your website and app is a must.
For the ones clueless about blockchain, maybe its other name may ring a bell; Cryptocurrency. The beauty of blockchain technology is a decentralized, distributed, and public digital ledger used for digital currency transactions online.
You can also begin your own Cryptocurrency by starting an ICO (Initial Coin Offering) that users can buy as points to purchase services and products from your website and app.
What we Offer In Payment Gateway Integration Services
How will you integrate your choice of payment gateway into your Android/iOS app or website?
For that, you need a team of experts in payment gateway development and integrations. You need resourceful developers who know their way around various payment gateways and service providers.
Payment Gateway Integration Services
Integrate Online Payment Into Website
Payment Gateway Integration Services In Mobile Application
Still, Searching For “How To Integrate Payment Gateway With Your Business”?
Stop wasting your time and get in touch with the experts. Our full Stack developers are proficient in payment gateway integration in apps and websites. Contact us now and get affordable payment gateway integration charges.
Article By
Paresh Sagar
Paresh Sagar is the CEO of Excellent Webworld. He firmly believes in using technology to solve challenges. His dedication and attention to detail make him an expert in helping startups in different industries digitalize their businesses globally.
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