Payment Integration Marketplace Trends
Choosing which payment integration option will work best for your business can seem complicated and overwhelming. There are many options available with different features. With most options you will end paying some fees, and you obviously want to minimize the amount of money that you are spending. When you put together your own marketplace solution there are several factors that you should consider.
Features Technology is continuously evolving. Payment features are becoming available that utilize mobile payment and digital wallet services like Android Pay and Apple Pay. More providers are creating global payment options. There are no signs that online shopping and transactions will be slowing down anytime soon. In fact, global marketplaces such as Amazon, eBay and Alibaba are expected to own almost 40% of the global online retail market within five years. Some features you will want to consider include:
- How much does it cost you to collect and pay out?
- Can you conduct business globally?
- Does the provider offer an invoice feature for free, or can you integrate your provider with a third-party invoice solution?
- Is the option secure? Do you need an SSL certificate?
- Can you integrate digital wallet services?
- Are one-tap purchase options available?
New Trends Some of the newest trends focus on access and ease of use. For example one-tap purchasing which you find with Android and Apple allow for faster checkouts. We also see more integration between banks and applications, you will soon be able to use your phone to pull out cash from an ATM. Android Pay is also going to be supporting mobile payments through mobile sites, joining the likes of Google Checkout, PayPal, and others. Apple Pay allows users in Australia, the United States, the United Kingdom, Canada, and China to pay for goods and services with their Apple devices in retail stores using an NFC chip built into their iPhones. Overall payment options are becoming more mobile friendly and more easily integrated into other websites, apps and even retail stores and ATMs.
At folio1 we provide strategic development of enterprise applications, and help you with the installation, configuration and integration of third-party software, or extension of your existing applications. We can help you answer any question you have about online payment integration options.