27 Feb 10 important things to know about Payment Gateways.
If you’re building a product for your business, there’ll come a point where you need to integrate the payment service provider in your app or website. After all customer gonna provide a price for your product as you’re not building a product for charity. But which payment gateway you should choose for your product? As there are so many options out there waiting to be picked up, it’s not easy to choose when it comes to select the service which involves money transfer.
The confusion doesn’t end when you select the right payment gateway for your product or service but you also have to take care of different aspects while choosing the best one.
Things to be consider while choosing the Payment Gateway!
Security : Never compromise the security when there is a user payment is involved from anyone, anywhere at anytime or on any device so make sure that your payment gateway is entirely secure to use. All the sensitive banking and personal details, credit/debit card transactions must be protected with some advance technology like fraud transaction, One Time Password service, user verification and IP + geo-location.
Multicurrency : If you are targeting your customers worldwide, multi currency support is necessary. Supporting local currency will make your product/service one step ahead of your competitors. Make sure about the conversion rate, and terms and condition about the charges and commission.
Fees : The merchant fees vary by the company and the services you chose.
Features : Choose the service you want to provide to your customers, depending on your business requirement you should choose the features and services necessary for your business.
Easy Integration : Integration should be easy and feasible with your service/product code designing. One must confirm how the process will integrate with your platforms like marketplace, e-commerce, online booking service, CRM etc. After support in a code is also necessary and one should take that in an account.
Customer Support : Any process you chose to provide the service for your business asks for some cost so expecting the best user experience and high quality assistance is acceptable and fair. So make sure to see the review about the customer support for must.
Once you take these points into consideration it’s time to compare some of the top payment gateway methods for easiness.
One Shot : One shot is also known as lifetime purchase. Where user only have to pay for one time to use the service. There are no installment or subscription modules involved.
e.g. Have you buy a movie from Google Movie or an e-book from Kindle. That’s like only one time you pay and the service or product is yours.
Subscription : Subscription is something similar to installment. To receive something user pays regularly in advance.
e.g. In Apple Music there is subscription packs for 1 month, 3 month etc.
Split : Split is nothing but dividing a full amount into two or more transactions made by different payment methods.
In-app Purchase : Have you ever bought something within the application? Like in games to unlock some level sometimes they ask you to pay some amount. That is called in-app purchase.
e.g. In Followers+ to access some premier features you have to purchase it within the application.