Owing to the onset of digitization, more and more apps are occupying a place in the play store. But building an app is not a one day process. Layering up elements one above other and integrating the desired APIs account for the critical aspects of mobile app development. Of these, the most important framework happens to be the one that AIDS payment processing.
In order to provide users the ease to pay on the app hassle freely, it is imperative that you integrate an efficient framework for the same. No matter whether you have an e-commerce app or a travel app, having a payment platform is no doubt important. Such a platform has a gateway and a processor. According to a paymentscardsandmobile, it is expected that the revenue earned from mobile apps would surpass $14trillion by the end of 2022.
What exactly is a payment gateway?
Payment Gateway – What Does The Term Signify?
Basically, a payment gateway is either an outlet or the interface to the payment system. Deploying a digital platform helps users enter payment-related information in a secured and safe manner. Data is first encrypted and then the same is passed over to the processor. In the absence of a payment gateway, you might be on the verge to risk your credit details and necessitate the need of a secured system.
Payment Processor
A payment processor is a place that determines whether or not your payment is complete. On receiving the details from the payment gateway, the processor then takes the necessary step to approve and authorize the transaction. If your transaction is approved, the amount is then deducted at the time of the day’s batch clearing.
Sounds good?
Well, all of this theorizing is definitely good but which framework should you choose when developing an app?
5 Payment Processing Framework To Consider While Developing An App
If you are in the process of an e-commerce app development and looking from frameworks that help you streamline the payment procedure, here is a list of the top 5 you can consider.
Stripe
One that is new to the industry but the benefits offered has fueled its growth. The framework has an IRC channel support, does allow you to pay via credit or debit card and in a few cases, you can also use bitcoin payments. Unlike, PayPal here you can migrate your payment details to a different gateway of your own choice.
PayPal
One of the oldest and the most popular payment framework, PayPal makes a daily transaction of 8 million. Being secured and fastest, PayPal is the most reliable platform and is efficient for both the public and enterprise users.
Braintree
Deemed as one of the specialized payment portals, Braintree is adopted by an array of app development companies. It has comprehensive packages backed with feature-rich services and also offers services for fraud detection.
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Zooz
With ideal speed, user-friendly portal, and easy to use interface, Zooz is an exciting platform to induce in-app payment facilitating online payment processing.
Shopify
Another popular payment processing framework, Shopify is an excellent e-commerce solution. Decked up with excellent functionality, 24/7 clock support, and custom designs, Shopify is an ideal option to integrate into your e-commerce app development.
Conclusion
Options are many however the choice is yours. The one that maps your requirement the most would serve you the needed benefits. A survey done by Statista, states that PayPal accounts for one of the most popular forms of payment. So, integrating a payment platform infuses a sense of trust in the users for your business. The fact that they are aware of benefits laid by the same enhances the probability of in-app payments. And this is no doubt helpful for your online business. The potential of the retail industry is huge but only if you integrate the right technologies can your reap profit from your app.
So, choose wisely!
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