Why Every Marketplace App Should Include Online Payment Facility
The technology trends of today demand marketplace businesses to pave attention to user requirements that are changing with the updating concepts. In the era of easier internet connectivity and smartphones, providing services to users on their demand has become necessary. And hence, the online marketplaces are formed where users can find their required services through a mobile app solution and complete their requirements in no time.
The increased use of smartphones and mobile apps is driving the app market at a great pace and 2.8 million apps on the Google Play store and 1.8 million apps on the Apple app store are the proof. The introduction of the on-demand economy has made it easier to find services online and the market disruption is leading businesses to provide their services upon their customers' demand whenever and wherever.
And mobile apps being the most useful and easier source to reach potential customers, marketplace app solutions have become one of the most popular ways to find products and services and later easily acquire them. And the changing trends in the app market reflect in these apps too. While users are increasingly becoming inclined towards the comfort and convenience offered, marketplace apps are also introducing new measures to facilitate every possible demand.
The charges applied for the services through the app are supposed to be collected from customers. In the modern era of the internet, it has become easier to pay for the services with the online payment facility. A faster, easier and safe option for app users to pay is provided to them that does not require them to have cash on hand. And it has been impressing customers over the years and has been placed in the priority list for any marketplace app or website.
There still are businesses who doubt the use of online payment and question the security concerns it implements. However, with the right measures chosen to put in place, the app users can effortlessly pay through the app solution without having to switch the app or website.
Online payment doesn't require a user to hold cash in their hand. Once the authentication is done, the payment directly gets transferred to the merchant's account and there is no stage in between. Once the payment is confirmed, a direct message is sent to users and the payment process ends here. The user is not required to visit any place to get their payment done, instead, payment gets transferred to banks directly.
Despite the misconception of online payment not being secure, the updated technology concepts have eliminated all possible chances of frauds and the security of payment is guaranteed. The app solution using a trustworthy and efficient payment gateway can assure the best services as the complex cryptography and authentication functions put in effect stops any potential frauds and securely transfers the money.
The authentication measures put in the online payment ensure the user is verified before processing their transaction. On one hand, it becomes very easy to get the app to process the payment without needing to switch to any other, and authentication ensures that the users are provided maximum security while performing any transaction.
The mobile applications wanting to add online payment as a feature in their own app are abode by the enforcement and standards set by different councils to protect user data and privacy. However, upon fulfilling all required constraints, a custom payment gateway can be developed or any other available can be used to integrate into the app and provide online payment facility to users.
Without needing to invest time in developing a custom payment gateway, there are multiple payment gateway providers available in the market that enables faster and secure payment processing while abiding by the standards put in effect. A payment gateway authorizes and transfers the payment as requested through the online portal they have developed. This portal ensures the payment gets completed securely and establishes a connection between sending and receiving authorities.
Payment through app or website may only seem to take a few seconds but the processes executed to complete the payment are many. The payment gateway has to contact the bank of the payment issuer and the transaction ends after the acquiring bank receives the payment and the intermediate processes ensure secure and authenticated payment.
The user enters the required details to start processing the payment. The card details to be included are the card number, date of expiry and CVV - further processing starts here once the user starts payment. These details are encrypted and then sent over a connection secured through SSL to ensure the security of the data. On the other end, the recipient of the payment authenticates the payment request and sends the details through another similar channel protected by SSL.
Payment processors are accountable for holding the information and have to contact the card network to complete the transaction. Payment processing services involve maintaining the connection with both the payment gateway and the merchant. For example, an on-demand fleet services provider uses uber clone to offer ride-hailing services to customers, the payment processor keeps the contact alive with the payment gateway integrated into the app and the service provider to ensure the payment gets transferred to the right account.
The card network is assigned the responsibility of checking and passing the data to a particular user's bank. Mastercard, Visa, American Express, and more are the card networks that pass the details entered by the user to their respective bank. The bank verifies the details and later decides to accept or deny the request and sends payment status through code to the payment processors.
The transaction status is later sent back to the payment gateway from the payment processor and displayed to users if the payment was successful or declined by the bank. The user receives the alert of the processed payment on his/her registered device and the payment is later handed over to the receiver's bank after a couple of days. The entire payment process is completed here.
The payment gateway can be integrated into any website or application easily. There are various payment gateway service providers available in the market including PayPal, Stripe, RazorPay, Braintree and more. Using the payment gateway that suits all requirements and fits your budget can help a business run their online payment feature seamlessly and provide extended support to their app/website users.
The online marketplace keeps on changing and updating with the technological trends. Businesses failing to keep themselves updated with these changes often strive to impress their customers but fail terribly and get thrown out of the market. Therefore, to keep increasing the user counts, it is essential to integrate trending and user-friendly features that enhance the user experience provided.
Online payment is one of the features that has become almost mandatory for every application or website belonging to marketplace businesses. It provides not only a safer but faster and easier payment facility that doesn't require the user to move a muscle and pay for the services in advance. This helps in driving user engagement and encouraging the use of dedicated app solution or website to complete their tasks on time.