The simplest way your customers can pay you, the more revenue you are able to generate, it is a fact. And the best way to provide your customers with such opportunities is to integrate your POS, website, service or mobile app with payment systems, or gateways, that are common among your customers.
In the United States, an overall volume of mobile payments expects to be increased tenfold from 2016 to 2021, with a 62% average annual growth rate. At the same time, the level of confidence in various digital payment methods will also be increased.
The U. S. contactless mobile payments growth in 2015 - 2016 and its growth estimation in 2017 - 2021. © Statista 2017
The most secure payment methods according to U. S. users as of July 2017 . © Statista 2018
A similar trend is typical for the rest of the world.
The most mobile-savvy nations are*:
- China (47% of the owners of mobile phones use different kinds of mobile payment solutions)
- Norway (42%)
- United Kingdom (24%)
- Japan (20%)
- Australia (19%)
- Colombia (19%)
- USA (17%)
- Singapore (17%)
- Canada (16%)
- Austria (16%)
Number of users of mobile payment solutions worldwide (in mlns)
© Statista 2017
At Geek-Solutions, we’ve worked with a range of payment gateways. All of them have their own specific APIs with such peculiarities as unclearly described features and multiple implicit errors. These factors complicate integration and impose additional responsibility on a developer.
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The payment data must be stored secure to eliminate the chance of its leakage. A PCI-DSS Compliance looks reliable enough in this case.
The lowest possible fees are essential in a case of cutthroat competition and low margins.
Sometimes support is a last chance to do things proper. And if it works poorly, you'll probably lose this chance.
Do not allow chargebacks to become a common thing! Every single chargeback is a loss for your business.
The audience of your goods or services ought to be common with the payment system you want to integrate.
The payment system must stay functional once the software tools you use are updated.
The processing time may last up to several days. The shorter processing, the more satisfied your users are.
With poor documentation, an integration process may be extremely long and unpredictable.
Payment systems filled with bugs are highly likely causing troubles during their integration and further usage.
As you can see, mobile payments become one of the main way users pay for goods and services everywhere in the world.
Testing on real money is not a good idea and may be too expensive.
The system is very popular among US users, works both online and with POS devices, and operates with Chase Bank cards.
Quite popular in the USA and Puerto Rico, the system connects directly to the bank account, which provides very low commissions.
Originally from Canada, it also works in the USA. Moneris is well tuned and documented and supports credit and debit cards for online and POS payments.
One of the most popular payment systems in the world, Apple Pay is perfectly polished and quite smooth in processing, as well as free for the merchant.
The payment gateway was developed by Mastercard for its own-branded cards and popular worldwide. Also, the usage is free for both sides.
It is an HoReCa-specific payment system that operates with the majority of cards of major US banks.
One of the biggest US banks holds its own payment gateway. It also supports all private-labeled cards issued by Synchrony Bank.
The company has a wide range of payment products that are covering different needs of the business.
Android is the most popular mobile OS in the world, what doing the Google Pay payment system extremely popular. With its own wallet, it allows users to pay online and offline with their smartphones.
The PayPal payment system is easily the most popular in the USA and operates worldwide. It allows different ways of integration, as well as fees differentiation.
Completely free for even microtransactions, Samsung Pay is a popular and reliable system, convenient for many different purposes.
The system was developed by loyalty products provider and allows users to pay directly from their banking account with a smartphone.
Popular enough throughout the globe, WorldPay is a system that covers both online and offline payments. Good documentation and bug-free code make it good for integration.
You can find more valuable information about the payment processing solutions that are mentioned here in our blog post by clicking the "Read more" button below. If you have reached the decision for our collaboration, please fill out the contact form below.