FinTech integration of payment systems to your solution
- API, Stripe
- Apr 18, 2020
How to choose payment system integration for your fintech project
The role of financial technology (Fintech) in the financial industry can't be underestimated. Fintech roots back to the 1950s, when the emergence of the credit cards has shaped the financial world with a portable and more secure alternative to cash payments. Since then, the fintech boom has enriched the financial industry with ATMs, electronic stock trading operations, e-commerce solutions, cryptocurrency transactions and many more. Nowadays, fintech solutions have become an essential part of everyday routine for both businesses and solid consumers. There is no doubt that the financial industry will never be the same without digital wallets for funds storage and making payments or online investment platforms for buying and selling. Also, you can get consulted about wealth planning by robo-advisors or conduct financial transactions on-the-go by mobile applications with payment integration.
Taking the above facts into consideration, there is no surprise that an impressive number of start-ups enter the fintech market annually. The popularity of fintech products is based on their ability to offer companies, mostly, small business owners, the range of digital services that can't be received from financial service providers such as electronic financial services and web solutions. Also, a successful fintech development has to assure fast payment gateway integration, transaction security, and automation of financial processes, which includes quality practices to improve payment workflows. Furthermore, big-time fintech projects are vested with several features such as innovative technologies implementation and software with customer-centered designs, and easy navigation.
How payment integration can help fintech businesses evolve
Sooner or later, your fintech project will reach the phase, when you should figure out how to accept the payments from the clients. This issue can be solved by integrating a payment system for your product. The financial industry is continuously embedding new technological trends that help make payment operations prompt and convenient, and better meet customers' payment preferences. Fintech technologies offer the customers multiple ways to make payments, help the clients get access to real-time data, and make efficient optimization of accounting operations. In accordance with the customers' payment preferences, electronic payments have displaced cash transactions as well as manual data entry and checking. Therefore, integration of a payment system is a necessity for fintech products, for instance, a financial website or mobile application. Let's discover what are the benefits of fintech product development with payment integration.
First of all, an integrated payment system provides automation of your payment environment while tracking, monitoring and reporting transactions. Consequently, with the payment process integration, there is no need to enter any financial data manually. This, in turn, enables time saving and labor costs reduction. Furthermore, payment system integration helps reduce to a minimum human data errors and raises savings. Apart from this, calculation mistakes, redundant entries, applying to the wrong account – all that takes no more place in the payment processing. At the same time, an integrated payment system provides consolidation of processing, marketing and accounting together so you can keep full control over your financial spending, and provide better forecasting. There is a wide range of payment integration systems. Let's consider some of the most popular.
Apple Pay and Google Pay
It is not a secret that nowadays mobile phones help the users almost always be within reach. Payment integration for mobile phones conducts operative, simple and fraud-free payment processing when it comes to Apple Pay and Google Pay.
Compatibility with iPhone, Apple Watch, iPad, and Mac models, make Apple Pay a convenient and secure payment system for websites and mobile apps. Besides, with Apple Pay, you can leave your wallet at home and do not spend your time searching for the needed payment card. Due to this service, all your debit and credit cards can be loaded and held in the same place. Furthermore, all the clients' sensitive data such as card numbers will not be leaked, as this data will not be processed in your system when conducting financial operations with Apple Pay. At the same time, this payment gateway is acceptable by most of the banks and supports all credit cards, including Visa, AmEx, MasterCard etc. Moreover, when integrating Apple Pay for your project, you can be sure that the payment transactions will be faster than financial operations processed by traditional debit, credit cards and other payment methods. Also, when a money transaction is going to be made, Apple Pay security service will verify your operations by checking out with Face ID, Touch ID, or passcode to sustain the high-security levels of transactions.
Google Pay is a payment system and digital wallet created for the users of Android phones, watches and tablets. Similarly to Apple Pay, the users of Google Pay can enjoy the benefits of connecting debit, credit and gift cards on their device, without actually using the physical card. At the same time, Google Pay provides services for convenient in-store, in-app and online purchases. Also, Google Pay is the right choice due to its availability in the countries worldwide and high-security level to prevent fraud and malicious attempts. Analogously to Apple Pay, Google Pay does not save your card's number so it will never be stored in any application, website or terminal you have made transactions from.
PayPal and Stripe
Stripe and PayPal are the most widely chosen payment systems for safe and easy online transactions with fraud detecting services.
PayPal is one of the most broadly used payment systems for secure money receiving and transferring from one account to another through a website or mobile app. With PayPal, it is easy to make purchase operations on numerous global markets. At the same time, this service maintains convenient bills paying, transaction history review, receiving money and sending costs to other PayPal users. With PayPal you can carry out payments from any business or premier account to another one free of charge. Also, neither annual membership fees nor processing fees or service charges are required. When using PayPal, the payment is conducted only when you sell.
Stripe system is considered to be one of the most popular payment solutions for online-based projects. It's an alternative to PayPal with transparent flat-rate fees and the possibility of easy and charge-free account creation. Furthermore, Stripe makes financial transactions comfortable for both business owners and their clients. For instance, with Stripe payment gateway integration the users of your website will not need a payment redirection to other sites, therefore it is a user-friendly possibility for your clients to make payments directly from your website. Analogously to PayPal, no extra fees are required for setup, maintenance or cancellation of the Stripe's account. Furthermore, the user can convert over a hundred of various foreign currencies without taking any extra charge. Also, this payment system supports the most payment types, including MasterCard, Visa, Discover, American Express, as well as payments received from Google and Apple Pay mobile wallets.
There are many other payment integration systems on offer. When selecting a payment gateway partner, it is important to take the level of security and transparency of a particular payment system into consideration, its affordability and compatibility with your product. The growing financial technology market opens up increasing possibilities for the financial industry by digital transactions and pushes up financial services to a new level. A reliable payment system chosen for your fintech product will help create a convenient payment environment for fast, safe and flexible financial transactions, and make fintech developments the vital part of customers' daily life.