Way Ahead To Payment Gateway Integration in Mobile Apps

Current and upcoming mobile apps are multifarious. If an app integrates payments, it allows customers to pay directly within the app.

A payment gateway facilitates making online payments. Merchant banks receive payments for a product or service. This technology is an interface that encrypts confidential data of the client’s credit card to enable the anonymous transfer of the client’s data to the acquirer.

Benefits: How are integrated payments beneficial?

• Reduce the Number of Steps – It gives them the flexibility to go back to their cart, add more items, and increase or decrease the order size.

• Improving User Experience – Inserting all information in one compact page is preferable to having multiple pages with multiple steps of approval. It reduces the time it takes to buy and eliminates any chances of errors during the process.

• Improvising Security – Every time you add an add-on or try integrating third-party plugins, there are chances of someone peeking into your behaviour, search history, purchase history. But if you include your payment gateway into your website, your data stays between your customers. Not only is it inherently safer, but it gives a sense of security to your customers over better data handling.

• Do Not Chase Invoices – Integrated payment systems act as a panacea for ‘software as a service (SaaS) businesses. It eases automated billing and recurring payments. Follow this practice to send multiple invoices and save time and effort. 

• To Earn Additional Income – It can help you chase overdue invoices, save effort and lets you earn extra. 

Functionality: How does a payment gateway technically work?

A payment gateway validates customer’s card data, ensures that funds are available and enables payments to merchants. It encrypts sensitive information and ensures that it is securely passed via the customer to the acquiring bank through the merchants.

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Requirement: Why do companies need a payment gateway?

A payment gateway approves the transactions amongst the clients. It is a necessity for every e-commerce website to acknowledge payments through the internet.

Considerations: What should you know about the payment gateway?

• Security
• Ease Of Website Integration
• Payout Time
• Multi-Currency

Selection: How to choose the best payment provider?

While selecting a payment provider – (1) determine the service cost, (2) what features do they provide, (3) do they have a merchant account, and (4) does the payment gateway supports your online store’s country.

Examples: What are the ‘key’ payment gateway integration methods?

• PayPal
• Amazon Pay
• Skrill
• Stripe
• 2Checkout
• Net
• Payza
• SecurionPay
• BlueSnap
• Braintree (A Paypal Service)

Security: How to make the payment gateway secure and protected?

• SSL for Secure Connections
• PCI Certificate
• Tokenization
• 3D Secure Authentication

Exercise to Follow: What are the best practices to implement integrated payments?

• Investigate the pricing for using integrated payment services.
• Find out the fees that you require to pay per transaction, with minimum and maximum amounts.
• Check the compatibility with your chosen CMS or e-commerce platform.
• Let your employees know that you’re using this new system and assist them with a walkthrough.
• Instruct your customer support team for troubleshooting if a customer needs help navigating their shopping cart.
• Select a payment gateway that is available and that you and your target audience uses. 

Making it Work: How can you utilize digital payment technology to improve user experience?

1. ‘Standardizing’ Payment Gateways – Every digital payment should be tagged with security. Either way, you should improve the adoption of standard ‘payments’ to make them recognizable worldwide. 

2. Make it easier to use – Reduce the complexity and number of levels from search to add to cart to make the payment. One-click purchases are always preferable by time-intensive customers. 

3. Add a bit more – Add multiple payment options, including alternative loyalty points, increase convenience, and boost the level of consumer engagement. It enhances usage and customer experience (CX). 

4. Ensure compatibility across devices – Putting it across devices and platforms will make it more usable. It will reduce potential barriers that arise across Android and iOS users. 

5. Enable consumers to limit the transaction – Capping the number of transactions helps to combat online fraud.

6. Leveraging QR Codes – It will facilitate touch-less digital payments and a safe way of making payments. 

7. Prioritize customer safety – Proper security measures in place ensure- (1) a positive customer experience, (2) make online purchases easier, (3) saves time, and (4) avoid data theft. 

8. Enable Biometric Authentication – Secure payment processing is required to protect sensitive customer data through fingerprint scans, facial recognition, iris recognition, heartbeat analysis, biometric authentication. It leads to uplifting consumers’ confidence, leading to using digital payment over time. 

9. Adopt remote and video-based authentication – Passwords or digital signatures are reliable but do not suffice at the time of digital threats. The adaptation of reliable remote and video-based authentication of the involved people avoids fraud. 

10. Provide password-less authentication – About 30% of online shopping carts abandon due to lost or forgotten passwords(Forbes); It requires password-less authentication to facilitate the security process for customers and seamless sales for merchants. 

11. Implementing One-time passwords – One-time passwords (OTP) adds a layer of security while protecting company’s and consumers’ information, leading to secure transactions and increased customer trust. 

12. Steer Automation – Paper-based processes need strong backing to catch with upcoming demand in the market, security patches ups and online frauds. Complex invoices like utility bills should be captured and paid electronically. 

13. Adopt Native Methods for Each Platform – Adopting native methods of payments enables Google Pay within Chrome profile, or using credit card details saved into the Chrome profile lowers the friction for the user. It is a lot faster than other methods. 

14. Building technology that can be read and understood everywhere – Requires effort to bridge the gap and step up according to market changes and competition. A payment integration technology that should be readable at grocery stores, gas stations, audio and video streaming websites, gaming websites, online shopping etc., needs optimization for a fully optimized experience. 

15. Standardization across platforms – It is helpful to securely store credit cards and supplying them when prompted by the apps and web pages. Simultaneously – (1) educating customers about the pros of making digital payments, (2) integrating more banks, (3) synergizing with credit card companies, avoiding redirects, (4) leveraging Blockchains – widening cryptocurrency adoption, (5) building banks and Fintech partnerships, (6) improves interoperability, (7) rewarding customers as loyalty points and cashback, and integrating SMS messaging. 

16. Reducing fees for low-risk transactions – Decrease the cost of digital transactions to allow sketchy transactions.

17. Make digital payment easier – If you substitute traditional payments with digital wallets, reduce the levels of authorizations and sign-ups as otherwise, people may never use it again. Moreover, the digital payment journey by cognitive computing dynamically optimizes the payment methods.

18. Enable Conversational Payments – Brands can integrate payments directly into conversational experiences with the increasing capabilities of secure, transactional, conversational AI. It occurs via encryption, sensitive data redaction and PCI compliance.

Conclusive: How to make secure payment gateway integration work for your project?

Automating a task speeds it and saves time and human effort. It lets your customers make hassle-free payments. It is considerable if you integrate it within your SaaS product, which frees up more time, generates revenue, and stands out from the competition. If you’re seeking secure payment gateway integration in your existing or upcoming projects, reach out to us!