Running an e-store OR providing a service online?
Operating a selling website OR got a paid app launched in the app store?
Whatever your business’ e-presence model may be like - financial transactions are probably the most sensitive part of it and thus you’ve landed to dig through the ABCs of payment gateway integration in your website.
Whether you are a first-timer in the payment mode integration space or one who has suffered from an impulsive website payment gateway gone wrong - you are about to absorb the answers to all your questions with bonus tips to get under one roof user’s convenience, seamless experience and firm security.
In case you haven’t checked out our take and tips on financial software development yet - you know what to do now!
The service authorizing and processing payments in business transactions across both online and offline stores is popularly termed as payment gateway. Simply put, a payment gateway is a platform connecting customers’ source of e-cash with the merchant's account.
Payment gateway integration refers to establishing a connection between a merchant's account and that of the payment service provider’s through a well-built API.
Read : API Development guide by BinaryFolks
However it isn’t as simple as it may sound because an array of security protocols along with encryption methodologies are involved in the process of transaction with integrated payment gateway.
Let’s have a quick look at the purposes payment gateways serve :
Payment gateway is the last & final step of the contemporary sales process but consists of several sensitive steps for security concerns. Here’s how it works :
Before diving deeper into the nitty gritties of integrated payment gateway let’s first have a clear understanding of the broad categories of payment gateways :
Hosted payment gateways are the type that instruct your customer to shift to the Payment Service Provider (PSP) page to execute the transaction & once done, redirect back to your site to complete the checkout process. Example : PayPal
With self hosted payment gateways the payment info is collected from the customer straight from the merchant’s website itself and thus transaction to checkout everything is processed at a single place.
API hosted payment gateways enable customers to enter their payment details right on the merchant’s checkout page and then the transactions are processed through either an API (Application Programming Interface) or HTTPS queries.
Quite as the name suggests, for custom payment gateway integration there is no set definition as the term ‘custom’ has no limits. Basically it enables the buyers to carry out an e-purchase without involving a credit card or debit card. Here you define the instructions based on how you want your consumers to execute transactions.
All the goodness that payment gateway integration brings in, but do you really need it? To answer this question - let’s try answering a few more! Read the below questions first & try answering in yes or no in your head :
 Does your business need (or in future possibly need) online payments?
 Do you prioritize the following?
[a] Faster Payment Processing
[b] Improved Flexibility
[c] Minimized Downtime
[d] Solid Fraud Protection
[c] Transparent Fee Structure
[d] Expanded Market Footprints
If your answer is ‘Yes’ to more than 50% of the questions, the answer is that getting a payment gateway for website should be your immediate concern!
Challenges are galore in every step of a business process and the number of such challenges multiplies when it involves financial dealings. So quite justably, for payment gateway integration it involves a few pitfalls too. Here goes the list :
While it’s true that the ‘ideal’ process to integrate payment gateway varies for each business and its goals, there are a few things that almost each business wants to woo their customers with. Here’s a list of top 7 of such sought after features :
For any merchant customer’s convenience and fast dispute settlement is a major part of that. Tracking what happened-when-for which transactions without an automated system in place makes manual dispute handling messy as it requires generating settlement reports by manual parsing. So when it comes to dispute handling it’s important to have a pre-built log in place to store details of every transaction and later if the dispute happens you can simply ask the user to provide a few details like :
And map the details with the log to quickly solve the issue.
If you do a thorough market research, you’ll find out there are a huge number of grievances around recurring payment support. So make sure you pre-set the billing cycles and frequencies for your offerings. Also, it’s a great idea to keep your customer's e-card details in your portal so when they return, you get their payment process a few clicks’ affair with partial to complete auto data population. BinaryFolks has helped esteemed enterprises automate their recurring payment and timely invoicing with a tokenized approach, dismissing any such chances of user grievance.
One of the foremost priorities in website payment gateway remains the ease of integration. So make an integration plan that’s on-point and requires least efforts from the team to be familiar with it. Basically as a merchant you should be able to operate without having to go through numerous steps or complex modification requirements. Also multi-framework support is a must for the most effective integration.
There’s no better customer magnet than a smooth checkout and that’s what you can ace with an intuitive UI making online payment completion a cakewalk. All you need is a well designed "pay page" to redirect their customers for ad hoc payment processing (and competitors’ cons to turn into your pros!).
Remember when analytics or reports would take a group of employees leaving every other task just to find required stats and patterns? If it’s a familiar thing..this point is for you. Here’s what to keep in mind while planning the analytics & custom report generating modules in order to integrate payment gateway :
Payment gateway integration does not have a fixed price tag as it depends on several factors but primarily on :
However, payment gateway integration can cost you somewhere between USD 3K to USD 15K.
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Integrated payment gateway sure turns the growth graph upwards if you keep this guide handy but the only condition there is a complete no brainer - handing over the pro plan to the ‘right’ team of developers!
Why team when you can go for freelancers? Looks like you haven’t checked out our ‘How to find developers?’ guide yet..we’ve made our point there.
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