Payment Gateway- A necessity for mobile apps - Copper Mobile

Today, everyone understands that mobile devices are ubiquitous. We all have witnessed a shift towards e-commerce, and it is quite evident that having extra marketing and sales effort will prove advantageous for your business. You must know how to build a mobile application that accepts payment.

Now, you have a mobile application, and you have a product that you want to sell. The next step is you need to get paid for your work.

Payment may not be as easy as it sounds. You may want to get paid by cash or by credit/debit card. You might like the users to save their card information on your mobile application for potential future transactions. Users will only do so if you ensure the safety of data. Hence, you are looking for the simplest and easiest payment system possible to reduce friction between the user’s shopping cart and delivery of your product.

A necessary integration in your mobile application– Payment Gateways, are integrated to allow customers to make payments without moving to any other platform. If the customer were to move to any other medium for the price-

  • You would lose users
  • Most users would be agitated and end up not buying the product.
  • It is not a good marketing strategy.

In contrast to the above- a payment gateway integration with a shopping cart will be an effective marketing strategy for your business. You may have a fantastic UI for your app that attracts customers, but a payment facility will instantly close the sale for you.

The developer payment space has never been more competitive- developers can set up payments in their apps through “gateways” (software developer kit) from various providers. These gateways vary in features, functions, and fees but have one thing every day to make sure you get paid.

The next question is which payment gateway you should use? Since there are dozens of payment gateways available, it can be a complicated decision. In making this decision, you might have come across many people who will tell you that the most challenging part is not the mobile application and which platform to build on but choosing the right payment gateway. Let’s answer a few questions to help you get closer to making a decision-

Is the payment gateway supported on your E-Commerce platform?

Assuming that you do not already have a website, it will never happen that you choose a payment gateway first and then the platform on which you build a mobile application; however, you can choose the right Gateway depending on your requirements.

Do you want a payment gateway and merchant account or an all-in-one payment service provider? Some payment providers only provide payment gateway that sits between your website and the payment networks. They usually require you to have a merchant account, the bank account that the money passes into, and it is different from your regular business bank account. Some payment gateways like stripe provide a combined payment gateway and merchant account, which means you will be using their merchant account.

It is easier to go for a service provider that offers both the Gateway and the merchant account. It is more feasible for small business owners. However, big business houses can set up their merchant accounts and opt for only the payment gateway.

Do you want to offer PayPal?

These days, most people have a PayPal account, which means that you don’t have to limit yourself to just one payment gateway necessarily. You can give multiple payment options to your customers. PayPal accounts are the most popular secondary option available, and most people like to pay via PayPal. It can be offered as an alternative, if not the primary payment method. It may sometimes also serve as a good backup in case of any problem with the leading payment gateway.

What are the fees?

Payment Gateways and merchant accounts charge a different amount that may vary depending on the term of use, whether it is every month or fees per transaction or based on the percentage of transaction amounts. They may charge an extra amount for payments directed by international customers.

How long is the contract?

On average, a payment gateway provider might lock you in for a long term contract or about two years, which may not be such a good idea. The problem will arise when you are not happy with their service and may want to change. Hence it would help if you went for a gateway every month.

Does the provider have a good reputation?

Payment Gateways are an essential and critical part of your mobile application, so you will want to work with a provider that has a good reputation in the market. Since some payment providers have had problems in the past, they may have blocked a few merchant’s money due to some causes. Be a little extra careful while signing the contracts.

Does the payment gateway do what you need?

Payment Gateways usually provides limited functionalities, so make sure that you opt for the best suits your needs. You must be looking for more than just one time payments from customers or looking to take recurring payments from customers.

Does the payment gateway support the payment methods your target market uses?

From the well known to the well established Visa and MasterCard to very niche payment used in just a few places, you have to be sure of the payment methods that people are familiar with. Choose a Payment Gateway that supports your methods. You will end up losing users in case the Gateway that you are using does not accept the customer’s preferred payment method.

If you have carefully studied these points, you are on your way to choose the right Payment Gateway.

Contact: If you intend to have a payment gateway integrated mobile app for your business, to get closer to your prospective buyer, reach out to Copper Mobile. We shall demonstrate how effectively and securely, we have taken care of companies requiring a payment gateway business solution.

Do You Want To Talk To Our Experts? Contact Us Now






Contact Us