Posted by Payment methods play a critical role in various industries, such as e-commerce, SaaS companies, and services like Uber. An efficient service enables users to make transactions smoothly without unnecessary redirects to other websites, preventing potential rejections and payment processing failures.
If you are looking to integrate ways to pay into your web or mobile app, we can offer information on different online payment options and the advantages and disadvantages of various options available. Stripe, Braintree, and PayPal are recognized as top payment gateways in the current market.
The Basics of The Payment Gateways
A payment gateway is a tool used for processing payments online or through mobile applications. It serves as a connection point between a website or a seller’s mobile app. A bank registered as a member of Visa/MasterCard can facilitate credit card transactions for an online business. Payment processing services typically accommodate various payment methods, though credit card payments are recommended as one example. The payment gateway securely encrypts credit card data to ensure reliable transfer of confidential information among the user, seller, and acquiring bank.
Such secure payment bridges play a crucial role in facilitating transactions and ensuring payment authorization between buyers and sellers. Both PayPal and Stripe can be used as secure transaction services for businesses of any size. Moreover, as Henry Paulson, the former US finance minister, says, “the payment systems are critically important for overall market stability”.
The payment gateway is typically designed to handle various tasks necessary for completing transactions. The below image represents the core functions such payment bridges are typically responsible for.
The Most Well-Known Payment Gateways
Let’s discuss the most well-known payment gateways you may implement when developing your business app.
Braintree
Braintree offers developers SDKs and API interfaces in six programming languages, along with ready-made solutions for shopping carts. PayPal recently launched its Commerce feature, allowing merchants to integrate Purchase buttons into apps such as Pinterest or Facebook Messenger. Braintree offers phone support services for all customers and does not require a monthly payment for processing payments.
PayPal
PayPal is a popular choice for adding payment features to your web or mobile app. Some companies see it as a backup option because users may not want their credit card details saved on multiple trading platforms. PayPal works with different platforms and does not require payment gateway integration since it handles redirections to its site. By using PayPal Express, you can skip the redirection process and have the Express API send all required details.
Stripe
Stripe handles payment processing through its own servers. This system detects and prevents fraud on its own. Developers can access libraries in multiple programming languages, including Java, Go, and various community libraries. Stripe and Shopify both offer a variety of third-party integrations that make implementation easy and straightforward.
Integrating a payment system into an app may require assistance from a developer. Options for integrating payment systems into websites include using JavaScript libraries and iOS/Android SDKs for mobile apps supporting Apple Pay and Android Pay. Stripe supports over 100 currencies and diverse online payment methods, including Bitcoin and Amex Express Checkout. These options expand beyond traditional debit and credit cards.
The Alternatives to Stripe, Paypal and Braintree
There are other payment platforms available aside from Braintree, PayPal, and Stripe. These platforms may focus on specific regions or offer services tailored to certain brands. They may not be as popular as the mentioned gateways but still provide integration options for software. Some of the below gateways may cater specifically to European countries or support a limited set of currencies.
Amazon Payments
Amazon Payments is a web and mobile payment gateway that works like PayPal. When users use Amazon Payments, they are offered different delivery options tailored to the Amazon platform. By tapping into the client database of shops on Amazon, the verification process can be streamlined and conversions may increase. Account holders can close their account at any time without signing any contracts.
Adyen
Adyen, a Dutch transaction service, is widely used in Europe and holds a prominent position among other payment gateway solutions. It enables users to securely process card payments through a reliable API, with the option to charge fees for subscriptions or integrate the system into an e-commerce network on a mobile app. According to Adyen, they have many prominent clients. The pricing model of Adyen is more intricate compared to other payment platforms.
Read: How Our Innovative Payment Solutions Strengthen Our Merchant Network in Small Businesses?
WorldPay
WorldPay is a popular online payment gateway in the UK, handling around 26 million transactions daily. It offers an open API for developers, with integration and support options and detailed documentation. The integrated payment system allows for real-time monitoring of transaction data, order management, and quick refunds. Before opting for this payment gateway, it’s important to fully understand its operation conditions.
Wrapping Up
We have provided you with a valuable overview of payment gateways and their role in streamlining business operations in the post. Understanding these systems is a fundamental step in learning how to create a banking app. To know more about the topic and receive up-to-date recommendations on how to implement the payment gateways in your business solution, you can apply to the skilled software development vendor. The provider’s experts will assist you in choosing the right gateway according to your business requirements, comply with regulations to ensure secure payment processing, and they’ll give you valuable tech support to address any challenges that may arise.