When it comes to integrating payment API-based solutions into your software platforms, there should be a lot of questions that come to mind before choosing which path is best for your business.
How will it impact my revenue, and will it help my business grow its profits? Will this help integrate new payment options into my software service? Will this make it easier to onboard my merchant accounts and sub-accounts? Will this give me better control over my payments? Will the payment API protect my business? Will it better connect my business with customers? Is the payment API PCI compliant?
Of course, the crux of why all those questions matter boils down to one really important concept of payments APIs themselves: integration, and how easily new tools, software and solutions can be incorporated into your existing systems. Having a robust and flexible payment API is the first step in helping your business achieve those goals.
Payment API 101: What Your Business Needs to Know
Your business’ needs are always changing. Whether it be on a weekly, monthly or annual basis, there’s always going to be a reason you need to upgrade your software, instantly onboard new solutions or integrate new features and tools.
Without having the right payment API, your business is limited from the start. Having an effective payment API means choosing one that is adaptable. Because the tools employed by your payment API are directly correlated with your ability to drive revenue — and your customer base — having the right partner in this equation matters.
While seamless payment integration and easier merchant onboarding are the initial draws, other benefits of a payment API are the flexibility in settlement funding and the security over those payments. All in, those key elements matter most when protecting your business and setting it up for future growth.
Payment API-Based Solutions: How Your Business Can Benefit
When thinking about the payments experience, your business has to look at the equation from both sides of the picture: the back-end and the user-experience.
Although it’s easy to be consumed with only worrying about how payment API-based solutions impact your day-to-day business operations, not considering how new solutions can impact your customer’s payment experience is a missed opportunity. Not thinking about the user’s experience can hurt your business in the long run when it comes to user acquisition, retention and customer satisfaction.
Having the right payments APIs can also provide your business with better control over the entire payment experience, which matters from a security standpoint. A payment API should give your business full customization that allows you to have control over how you want to facilitate payments, but it should do so without opening up your business to any unnecessary risk.
The best way to ensure your business is fully protected is relying on a payment API that follows PCI Level 1 Compliance standards. This is important for all segments of the payment cycle, including processing, settlement timing and even transaction disputes. Together, the right payment API can keep your business risk low, while enhancing your ability to facilitate and accept electronic payments.
Not only does having full control over your own software platform also gives your business the ability facilitate payments in a secure environment, it allows you to integrate new solutions into the mix without disrupting your business’ internal resources. That alone is the case for a solid, secure and flexible payment API.
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.