With more and more people needing to shop on the go, it’s become quite apparent that merchants must take their products and service to mobile markets to remain competitive. While many customers are spending money through in-app purchases and subscriptions in top app interfaces, such as the Apple Store and Google Play, there’s a significant demographic of purchasers who are ready to make their everyday purchases (event tickets, restaurant dinners, and utility bills) through mobile, as well.
Many merchants are already hard at work developing an app that unique to their business. They’ve already done the jobs of branding and making sure mobile shopping options are customized to their target demographic. All that’s left is to figure out how exactly to accept and process payments. That’s where a proper mobile app payment gateway integration comes in.
Is your company ready to meet the demand? Here’s what you need to know about mobile app payment gateway integration.
Payment Gateway Solutions
What options are available to merchants looking to attract and retain customers of all kinds? There are currently two ways to accept payments:
Merchant Account Provider (MAP) is the solution offered when the payment processor that you’ve chosen to partner with sets you up with your own payment gateway through your unique merchant account. It allows you to work with a bank to accept payments for your products and services.
You can also choose a Processing Aggregator. This would be a service like PayPal, Stripe, or Square, which combine all the business from thousands of merchants into larger merchant accounts. It allows them to work with most any merchant – without bank approval – to do business on behalf of almost anyone.
While it’s certainly easier to get approved for a processing aggregator, there are unique advantages to applying for a merchant account and getting your own payment gateway for your individual business. For one, getting approved for your own merchant account – and enabling your unique payment gateway – is based on your individual merit as a business. You’ve gone through the application process to have the ability to accept payments, and you aren’t lumped in with other businesses or may or may not be scrupulous. As such, you’ll have benefits that come with being deemed a better risk. Among them:
- More responsive and personalized customer service experiences. Have you ever tried to reach a live person at PayPal? Having a merchant account rep that has your back is a valuable perk for many businesses.
- Fewer interruptions to payment processing. You won’t have as much risk to waking up one day and finding your account frozen due to one transaction that doesn’t seem right. A dedicated merchant account gateway usually comes with more intuitive processing for dealing with potentially fraudulent activity.
- Access to your cash. With an aggregator, your money has to go through them as an intermediary, limiting your access to funds and lengthening the time it takes to request money. It can take up to a week to get cash from purchases into your bank account, and quick-turn requests may cost extra.
- Personalized pricing. Aggregators charge the same price to everyone, regardless of credit worthiness. If you’re a good business risk, you should have the option to negotiate better rates. This is one reason to consider a merchant account for your payment gateway needs.
Finding the Right Payment Partner
What should you consider when setting up your mobile payment gateway? For one, it’s not enough to find a gateway you love. Your payment processor should also be a partner in meeting your sales goals. When choosing a gateway, look for providers that are compliant, offer a suite of fraud prevention tools that can be tailored to your unique needs, and that act as an advocate on your behalf. The right payment processor can ensure that your gateway comes with a robust SDK (Software Development Kit), as well as API’s that are secure, glitch-free, and ready to take payments at the precise moment customers are prepared to buy.
While there is quite a bit to learn about today’s mobile solutions, you don’t have to go it alone. PayArc is a trusted industry partner well-versed in all of these options, and we can be reached with your questions or concerns regarding mobile app payment gateway integration. Our trusted team of advisors and payments specialists are the ideal choice for merchants who want personalized attention and service.