For a retail store going online on mobile platforms, the most vital thing, apart from focusing on the design, is the payment gateway integration. Of course, the successful payment gateway integration requires a lot of efforts and, it’s completely additional of the core development of the app.
Before this post begins to explain how a payment gateway is integrated to an app, here is the process a regular user follows while making payment using the payment gateway.
- Adding the preferred product to the shopping cart,
- Proceeding for payment through shopping cart having the added product
- Inputting the payment details
- Making payment using the preferred payment mode
- Authorizing for payment and it’s done
Every time users checking out the app, they go through all above mentioned steps and of course, the app’s cart hooks up with the payment gateway of the app. Here, it operates in the same way as any traditional POS does. The processor in the card receives a request and approves the payment by sending all necessary transaction-data to the account of the merchant. This information is then stored there for some time. Usually, it takes a few days to send the information to the account of the merchant.
Looking at the above mentioned steps and the process, building an app accepting mobile payment isn’t an easy task. It’s full of challenges, but they are part of the entire development process. And these challenges aren’t only for retailing apps, but they apply for all sorts of apps accepting electronic payments.
In spite of all these challenges, the process of making payment is supposed to be smoothers and faster with minimum requirements of inputting information and less number of steps to be followed by a user or customer. This is why a business needs the assistance of professionals who will effortlessly integrate the payment gateway in an app. Hiring professionals to integrate the payment gateway to an app will also be necessary for ensuring its success. The integration of payment gateway begins with a merchant account.
There are two types of merchant accounts:
- Dedicated account and,
- Aggregate account.
What is a dedicated merchant account?
A dedicated merchant account is a custom account created for an individual requirement of an app. Because it’s a custom account, there is need of investing additional money to implement it. So implementing a dedicated merchant account is a bit harder.
There are many providers of merchant accounts and they all charge different fees based on their services and solutions. Whatever merchant you choose, a dedicated account delivers more controls over your friends and operations. Although the key drawbacks associated with dedicated merchant accounts are as follows:
- Long acquisition;
- Submission of exhausting data;
- Indicating company and personal matters;
- Deep credit check, etc.
Because this process is complicated, many merchants prefer to choose aggregate merchant account:
What is an aggregate merchant account?
If your app is using an aggregate account, your money is put in one place together with the funds of others merchants. The key companies providing aggregate payment services include PayPal, Braintree, and Stripe. The acquisition process followed by these companies’ merchant accounts is faster with less complicated and thus, it’s easy to integrate an aggregate merchant account.
Mobile Payment Integration Solutions
An app capable of accepting payment for the products/services is different from the app’s in-app purchase and other monetization models which are implemented within stores only. It will not happen without the payment gateway integration which is a third-party solution for receiving payments.
Payment gateways for mobile application with APIs
Almost all the apps now allow processing purchase with credit cards and for this, they use their APIs. For developers, it may be the simplest solutions, but it’s not. The implementation of payment gateway means that the owner of the app takes complete responsibility of security of purchasers.
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