In recent years, there has been a drastic change for businesses with complete digitalization of all processes. Businesses were forced to adapt to new digital ways of operating businesses to keep ahead in this competitive market. The most important of them all was the integration of digital payment options.
Any company that wants to start its own business will need a secure payment gateway. These gateways are essential for facilitating online payment transactions.
It is like a built-in system in mobile apps that allows its users to safely transfer funds and buy things through the Internet. Digital wallets are the payment gateways for Uber and the first on the list of how to make mobile app like Uber.
The Benefits Of Payment Gateways For Mobile App Owners
Many internet users prefer to use the mobile apps of companies rather than visit their websites. Moreover, in the USA, mobile commerce contributes to around 31% of all retail e-commerce sales.
The upgradation in mobile app development is changed almost every year with new types of advancements. Some benefits are:
- Convenience- Digital payment gateways are an easier option for customers to pay directly through the mobile app. They can do this without leaving the app and have a better user experience.
- Branding- Payment gateways are also a great way to increase your brand reputation and provide a more seamless user experience. A bad payment experience is going to damage your reputation.
- Retention- Integrating a secure and smooth-performing payment gateway in your mobile app will increase the user experience. This in turn will increase user retention towards your app.
Features To Incorporate In Your Mobile Payment Gateway
Getting yourself with the diverse range of features incorporated in payment gateways of mobile apps is a great way to start building your knowledge about this portion. These are:
Merchant Account
A merchant account allows access to credit card payments to get through your business account. There are 2 types of merchant accounts:
- Dedicated
- Aggregate
A dedicated merchant account allows access to a single owner and provides more control over the transfer of money. Whereas an aggregate merchant account is a type of shared account between multiple businesses without any regulations.
Multi-Currency
If you have a long-term plan for your business and plan to take it internationally then you need to integrate multiple currency features in your payment gateway. This will allow your mobile app to operate in more than one country and target a wider audience base.
Security
The most important feature that you should never forget about is the security of your payment gateway. You have to make sure that your payment feature has the most strict and latest security protocols over it. This will keep your user’s data safe and build a positive image.
Support
Mobile payments are a complex process that can go wrong in so many ways. There can be tiny bugs or errors that can grow into huge problems and cause inconvenience for your users. For this reason, you need an excellent customer support center that will always be there to resolve queries for customers.
Payment Gateway
There are 2 types of payment gateways which are:
- Integrated one
- Off-site one
The integrated gateway is embedded in your mobile apps via payment gateway APIs. This provides a seamless user experience and is also easier to track. On the other hand, Off-site one will take your users away from the site to complete their payment transaction which can be difficult to track sometimes.
Scalability
Scalability is another feature that you should plan for your mobile app if you want to set higher milestones. The gateway you integrate should be able to handle a higher number of transactions without causing any trouble. No matter the load, it should always provide a consistent experience.
Gateway APIs
APIs which are application programming interfaces allow you to customize your payment gateway according to your demands. You can have more control over the user experience you want to provide to your users. Moreover, you can also easily track conversion and retention rates.
Recurring Billing
If you are designing a mobile app that needs to charge its users for the services they are using continuously, then you need the feature of recurring billing. Not all payment gateways will have this feature installed. You need to add the feature of recurring billing to allow for this to happen.
Conclusion
These are all the features that will help in integrating a seamless and secure payment gateway into your mobile app.
