As online businesses continue to advance with a customer-centric model at the forefront, payment processing is always a top priority for business owners who want to provide their customers with the best possible experience while they are shopping on their websites. Having a proper, API (Application Programming Interface) to process your business’ payments is key to keeping your customers happy- and to maintaining an edge on your competitors.
A payment gateway API integrates with your existing digital processes to connect your company’s checkout system to a network that acquires payments. It’s a modern and innovative alternative to the third-party hosted checkout pages that most eCommerce websites have traditionally used in the past. The core difference here is that API allows your customers to make purchases without ever having to leave your website in order to process the payment. A hosted checkout page would take the buyer away from your business’ website to the website of the payment processor.
The obvious difference here is that businesses with payment gateway APIs are able to retain more control over the user’s experience on their website- without the user ever leaving their website to process their payment.
Besides user control, more benefits to having a payment gateway API for your business include:
a) Your website can offer customers a more diverse variety of payment options. These days, the ability to accept a variety of payment types that are not limited to a specific geographic area is key in expanding your business and customer base globally. Being able to accept a multitude of payment options- including all types of credit cards and international currencies- can be accomplished with a payment gateway API.
b) Access to consumer and purchasing data in real-time. Payment gateway APIs provide a host of data that you- and your marketing department- can analyze and make better, more informed decisions regarding your products, pricing, and an array of other factors. Real-time data feeds can be used right as they come in to help you gain a better understanding of the patterns and behaviour of your customers- which is key to your business evolving and maintaining its competitive edge.
c) The ability for your business to interact with consumers in more than once place. The convenience provided by this feature can alone propel your business way ahead of its competitors. For example- beyond the checkout page on your company’s website; you could also connect payment gateways in other places- such as on your mobile app, or your company’s Facebook, Twitter, or Instagram pages! In the era of social media supremacy, the convenience of having this kind of access to make quick purchases without a user ever having to leave their social media account is a highly innovative feature that stands out well beyond the limited payment processing options of the old days!
d) Enhanced security features that take the liability of holding your customers’ credit card information off your hands. API providers now have the ability of securing and maintaining highly sensitive credit card and other customer data on their end- so you do not have to worry about storing this on your end- or worry about hackers stealing that data from your website! With hackers becoming more emboldened and advanced, this is a significant burden off your shoulders that allows you to focus your energies elsewhere!
If you would like to talk to someone about an API for your business