How to Accept Payments Through Your Apps?
So, you’ve developed an app for your business. You’ve already finished designing and building your mobile application. You have your products ready to sell, be it digital, in-app goods, a subscription your business offers, or an actual physical good; you need to know how to get paid.
Ordering products off the internet can seem like a simple task, but managing online transactions can be a very complex task. Your objective is simple, find a way to accept forms of payment from your customers. You want to protect your client’s financial information secure for future sales. Your app will need a secure, user-friendly payment system in place to make getting products in their shopping cart to their front door a smooth, reliable process.
Mobile app developers use software kits called “gate-ways.” Gate-ways can be purchased with a variety of functions, features, and fees. All gate-ways serve one vital function, making sure you get paid for your products and services. Today, let’s talk about the various methods and services your business can utilize to accept payments through mobile apps.
The first gate-way on our list is Braintree. Braintree has been the owner and developer of PayPal, both of which are owned by eBay. Braintree can develop just about anything, with customers in over 30 countries and 130 different currencies with seven side server programming languages.
Braintree can offer you gate-way software kits for Apple iOS and Android operating systems. Braintree also offers live customer support, fraud protection and payouts in as little as two days. Bran tree offers no fees on transactions for the first $50,000 then changes to the industry standard of 2.9%.
Google Wallet is Google’s answer to Braintree’s PayPal. Google Wallet features cloud-based computing software called “Instant Buy,” which stores your customer’s financial information securely in the cloud. Google Wallet offers programming software for buying physical and digital goods in Apple iOS and Android and desktop interfaces.
Another unique feature provided by Google Wallet is engagement services for coupons and loyalty cards. Google Wallet doesn’t charge transaction fees but takes the payment processors standard industry costs. Keep in mind that Google Wallet is only available to users in the United States.
Venmo is the social media marketing minded companies out there. Venmo offers peer-to-peer transfers from the mobile app to phone numbers, social media accounts, and email addresses.
My favorite feature of Venmo is how easy it is to keep track of your financials. You get a live feed of transactions between you and your customers. The best part of Venmo is the price! Venmo doesn’t charge fees for bank and debit transfers, just a fee for credit card users.
TSYS or Total System Services, Inc. is one of the top payment gate-ways in the United States. TSYS offers many payment solutions for online payments. Utilizing TSYS’s MultiPass system as your payment solution for your app development, you will be able to accept mobile and web-based payments through your app and websites. TSYS fees vary, depending on what type of payment solution you choose.
Being one of the top five technology, it only makes sense for Amazon to develop its payment gate-way. Amazon reputation for being strictly an eCommerce website is incorrect, Amazon also uses its sales platform for businesses to sell their products. Amazon utilizes Amazon Prime to enhances user features and often offer discounts for various business’s customers. Amazon has also started its software development branch, Amazon Payments.
Much like Google Wallet’s “Instant Pay,” Amazon Payments offers a one-click buying option to utilize in your app, which allows customers to seamlessly buy products without ever having to exit out of the application or be redirected to another page. When it comes to app development, offering a user-friendly, one click and done buying option is one of the most efficient ways to manage online payments. Amazon Payments offers comprehensive fraud protection and a reoccurring payment option, which conveniently allows you to manage payments and subscriptions almost effortlessly. Amazon Payments charges 3% and .30 cents per transaction, but if you process more than a certain amount a month, you can usually work out a discount.
I hope you found this article on getting paid through your mobile apps helpful and have gained a lot of insight. The beautiful part of being a business owner in this day in age is how many tools you have available to help you keep your business’s mobile app successful. The right tools are out there, find the method that works best for you.