People increasingly look forward to paying various suppliers thanks to the use of mobile phones and numerous applications. Integrating a payment gateway is crucial if you want to create financial eCommerce software that will increase sales and enhance user experience. According to statistics, 73% of all mobile phone users have made a transaction and paid using their phones.

Additionally, if the checkout process is too challenging, 1 out of 5 users leave the app before finishing the purchase. However, in order to incorporate a mobile payment gateway into your application, you must make sure it functions properly and that you adhere to certain guidelines. You’ll discover some key ideas to think about in this blog.

What is a Mobile Payment Gateway?

A tool or procedure known as mobile payment gateway integration software enables buyers and sellers to conduct transactions on their applications easily and quickly. Users who integrate a mobile gateway onto their application can accept payments online.

Some of the important participants involved in the payment process through the payment gateway are the following:

The issuing bank: checks whether the buyer has the minimum required balance to make a purchase or not.

The merchant bank: checks whether the merchant has received the payment or not.

An international payment system that checks if someone is doing valid international transactions or not. Based on this it accepts and rejects the transactions.

You can enable the payment gateway and allow your customers to make payments through debit cards, credit cards, bank transfers, local pay, or wallets.

Some of the Popular Payment Gateway Providers are as follows:

• PayPal

It is one of the best-known payment services which is quite easy to integrate and secure. It is used in more than 200 countries. PayPal is responsible to record all the transactions and help you to use monitoring invoices to ensure that your payments are sent at the right time.

• Stripe

Stripe is currently available in only 46 countries. Users can use it to manage their online payments and make global payments. As per the official documentation, it supports over 135 currencies and multiple payment methods such as subscription billing, one-click checkout, and mobile payments.

• Authorise.net

It is quite the oldest payment gateway among all others. It has listed over 430k merchants in different countries like Europe, the UK, Canada, and the USA. As per the statistics, it has managed over 1 million transactions every year. Also, it has partnered with the most popular companies that offer merchant accounts to accept payments from debit cards, credit cards, and much more.

Top 9 Points to Consider while Integrating the Payment Gateway into your Application

1. Understand your Market

Understanding your market’s needs and how specific locations handle mobile application payments is crucial. For instance, while Canadians in Canada use their bank account or bank card to make payments, Americans prefer to use their credit card or debit card on payment portals. It relies on geographical areas and their financial laws and regulations. You can conduct research and select the best payment gateway for your solution based on these two criteria.

2. User Interface Customization

You can change the UI based on the payment tool you want to incorporate. Make sure the design is simple to understand as you create the user interface for the payment services. It should also have a very organic and harmonious appearance. Simply put, you must pick a payment gateway that enables you to modify the user interface. You could, for instance, redesign the payment forms so that anyone can use them, regardless of their level of technical proficiency.

3. Look for the Extra Features

You might be able to incorporate a few extra features into your application. For instance, cryptocurrencies like bitcoin are now extremely well-known. As a result, you may include some extra features, such as enabling cryptocurrency payments. But in order to avoid any problems, it is imperative that you consider all the legal aspects of this.

4. Ensure that all the Security Measures are Taken Properly

Since people would be making payments using their credit or debit cards. Therefore, you must make sure that you perform a thorough security assessment before you publish the payment app. Some security guidelines, like PCI-DSS, should be strictly adhered to. This standard was established expressly to make sure that all financial apps are made with security concerns fully taken care of.

5. Provide all the Information of the Buyers

It is crucial that you include all relevant information regarding the payment procedure at each step. Additionally, be careful to convey all information on the authorization and verification processes, which may require some time. Therefore, thoroughly research how a mobile application payment gateway would share all of the user’s information with them before selecting one. Based on that, you can integrate contact support, attempt a later payment, and, if users are unable to pay, select another payment gateway.

6. Consider the Reputation of all the Payment Gateways Companies

For any company, its reputation is quite essential because that tells you how its product is doing in the market. Some of the factors that you can consider while choosing a company are as follows.