The
businesses nowadays are focused on creating payment solutions to offer a higher
rate of customer satisfaction easing their financial transactions. By building
or developing a website or an application to function as a payment gateway and
a payment processor businesses can scale new heights. The
leading software
development company in India helps you to build
online payment solutions based on the RESTful APIs.
What is a Payment Solution?
An online payment solution is a means by
which transactions take place electronically on online platforms like a payment
website or e-wallet instead of the credit card terminal. It's a virtual credit
card terminal that allows your customers to pay online. In
simple words it is the transaction that takes place between two persons at the
two ends of the computer network unlike those taking place via the means of
banks or financial institutions. For businesses
it is a boon as it makes all financial transactions swift and cashless.
The Functions of a Payment Solution
are Twofold:
·
Payment Processor: It works as a
medium that processes transactions or give and take of money between
businesses. It means if a company ‘X’ wants to make a payment to a vendor ‘Y’
it can do it through a payment solution like Paypal as it will process what is the
amount to be given, how it has to be paid and to whom.
·
Payment Gateway: It functions as
a gateway through which financial transactions can seamlessly take place. For
example if a business is situated at one country and the vendor to whom it is
to be paid is situated in another country it serves as the trusted medium to
carry out the transactions.
What is a Payment API?
API stands for Application Programming Interface. It is a set
of some lucidly defined methods and protocols to build software. Web APIs can
also be said to be defined interfaces via which interactions take place between
an enterprise and the applications that employ its assets. This is also a
Service Level Agreement (SLA) to clearly state the functional provider and show
the service path or URL for the users of its API. It is an architectural
approach which is around providing a program interface to a set of services to
different applications serving different types of consumers. If you are looking
for developing a mobile app using the API you can hire the services of the leading software
development company in India.
A payment API binds together your existing digital processes to link to your
company’s checkout system to a network acquiring payment. Payment gateway APIs
directly impacts your relationship with your customers, making them worth a
second look if you aren’t currently using one.
Benefits of API in Payment Solutions
·
Ability to interact in multiple
platforms like mobile apps and social networks
·
A quick access to real time data to
understand customer’s purchasing behavior
·
Offers variety and flexibility of
payment options across geographical limitations
·
By employing the security measures
like PCI-DSS Protocols, SSL and HTTPS financial data remains safe.
Features
The Latest Design: The API interface has been constantly evolving
with new standards emerging. The most common API design is RESTful, which has
become the ‘API standard’ of web-based services. It is important because it
makes the developer’s job smooth and easier when it comes to integration, and
it simply represents that the payment gateway is focused on latest technology
use and has incorporated modern designs and practices. The best
Android app development company in India
uses latest technology to develop smart online payment solution.
The Security Guarantee: Since the payment solution is all about people’s
hard earned money, it is very important that financial data remains safe and
secured free from theft and misuse. PCI-DSS or Payment Card Industry
Data Security Standards certification is
mandatory for every merchant, enterprise or business to accept credit or debit
cards whether online or offline. It requires 12 criteria to be met in 6 areas
in terms of security. Try to understand what PCI
scope your business will fall under if you use a particular API. Also try to look for what options you have for
securing your interface, and if the API has easy-to-use fraud protection
built-in which will be a huge benefit.
Ease of Use: The right payment API will make the process of integration
easy and simple. This implies having an easy-to-implement drop-in code (Ruby,
JavaScript, PHP, WCF, Python) that’s able to flawlessly move across whatever
software and operating platforms your business is functioning on.
Focused on Multiple Channels: The businesses today need to cater to diverse sects of
customers therefore, the payment solutions must have API tools that enables
smooth payment processing across multiple channels like mobile apps too.
Therefore,
if you are looking for a developing a Payment API hire the
best software
development company in India.
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