Providing payment processing within a mobile application, SaaS product or website can be highly beneficial for a business. With integrated payment acceptance, businesses are well positioned to organically increase revenue and improve customer satisfaction.
Successfully delivering integrated payment acceptance can be achieved in one of two ways – developing custom software or integrating with a payment solution.
Integrating Payments with Custom Software
Developing a custom payment solution can be an appropriate option for handling payments natively within existing software. Though the level of investment could be high, some organizations find the value of a custom solution outweigh the associated costs.
As an alternative to developing a custom payment solution, many businesses rely on payment solution providers for payment integration within a website, mobile application or software solution.
Each route to integrating payments should be properly evaluated across the below; taking into account budget and business value.
Technical proficiency
There are multiple components to ensure security within a payment solution. Businesses developing custom software must take on the liability of securing customer information and meeting PCI security standards. If the knowledge and expertise is available internally, then development could be done without external help. An alternative to developing custom software is partnering with a solution provider that upholds strict PCI DSS standards.
> > Supporting Post: PCI Compliance Requirements for Small Businesses
Costs
For those developing custom software, it is often the cost of employee hours that need to be calculated for the project. If working with external developers, the cost of the development and implementation should be weighed against the budget. Additional costs, such as a merchant account, payment gateway, and credit card processing fees should be evaluated across payment solution providers. Though most providers have set costs, some may work with you on a rate that helps your business.
> Supporting Post: What is a Payment Gateway for Online Business?
Timing
Just as building a payment solution requires capital investment, it also takes time. For a business that prefers to have payment acceptance working quickly, developing a solution is not an ideal approach. While time is being spent on the development, the business is subject to an opportunity cost that may result in lag in revenue or lost ground in the market to competitors. Integrating with a payment solution provider is often a much faster turnaround.
Competitive Advantage
For many businesses, custom software does not offer any sort of competitive advantage. In cases where technical knowledge, budget and time are not an issue, it is appropriate to consider the actual ROI in the investment. If developing custom payment software fails to enable advancement within the market space then it may not be worth it in the long run.
Integrating Payments with PaySimple
With a PaySimple partnership for integrated payments, businesses are provided a streamlined payment experience alongside unmatched and unlimited customer support. Seamlessly working within mobile apps, SaaS products and websites, the PaySimple payment integration is a simple and sustainable solution for accepting payments with flexibility.
Furthermore, PaySimple partnerships establish added profit through revenue sharing opportunities, an exclusive benefit delivering immediate and long term value.
>> Supporting Post: Top Reasons to Integrate PaySimple Payments Into Your Solution
To learn more about our program or speak to a partnership representative, contact us today.
