It seems everyone in payments today has a payment API solution to enhance your business. But, like anything in this complicated ecosystem, not all solutions are created equal. That’s why, when considering what payment API solutions are best for your business’ needs, you must consider the following questions.
Do Your Payment API solutions Offer Secure, Flexible Integration?
Businesses are often stuck between a rock and a hard place: they want to upgrade their software solutions, but they don’t have the time or capability to do so. So what’s a business to do? Choose a solution that a developer can onboard without disrupting your business flow or resources.
Choosing a payment API that provides flexibility will give you peace of mind that you’re keeping up with the evolving needs of your business and your customers. Flexibility matters because it allows you to control your own payment experience, which can boost acquisition, retention and satisfaction.
Beyond flexibility, you need to think about security. Does your payment API keep you aligned with PCI Compliance data security standards? Does the new solution keep your payments and your customer’s payments protected? Does the solution offer a secure way to integrate into your software service? Those are questions you’ll need to ask yourself when considering integrating new payment APIs.
How Does Your Business Plan On Growing Its Revenue Streams?
One benefit of payment API solutions that offers secure and flexible onboarding is that it can impact your ability to drive revenue (increase your profits) through additional payments processing fees.
Having easier onboarding of your merchant accounts, and a more efficient way to facilitate payments through your own platforms can be done a multitude of ways. But having a payment API solution enables the process to be completed in a more seamless manner.
Having the right payment API-based solution also matters when it comes to the underwriting of your merchant accounts. Businesses today want more control over their own payments, when they get processed, settled and even when they get disputed. Having a payment API with that built-in flexibility gives your business more control over your own systems, better connection to your customers — which poses less of a financial risk to your business.
Is Your Payment API-Based Solution Future-Proofed?
The last thing to consider when evaluating payment API-based solutions to onboard within your software platforms is if it’s preparing you for today and tomorrow’s trends.
The payments ecosystem evolves fast, and if you’re choosing solutions that limit your ability to evolve with new industry innovations and standards, then you’re limiting yourself before you even had the chance to grow. That’s why any payment API-based solution must offer the flexibility to onboard solutions in the future to fit the evolving needs of your business.
Not only do payments change, but so too do business’ and their customers’ needs. Given a solution that allows you to have full control, your business will have the right tools at its side to adapt to the ever-changing needs of payments software platforms.
Anna Lothson is a content contributor for Payline Data. She previously wrote for PYMNTS.com, as a Sr. Content Producer, where she focused on financial services and payments innovation, fraud and security, emerging payments, and FinTech news, research and thought-leadership content across the payments industry.