The growth of the e-commerce market is undeniable, with a global compound annual growth rate (CAGR) of 14.7%, and is expected to make up a quarter of all retail sales by 2025. In order to keep up with competitors, businesses need to launch e-stores and integrate payment gateways to charge clients online.
A payment gateway is a crucial part of an e-commerce system, as it allows businesses to process online payments. The payment gateway drafts money from customers' accounts and sends it to the merchant in the form of payments for products or services.
The payment process on a website involves several steps, including submitting an order, transmitting data to a payment processor, sending a payment request to an issuing bank, and providing a transaction receipt to the user. The integration of a payment gateway can vary, and businesses need to explore the guides on implementing the most popular payment gateways to ensure a smooth payment process for their customers.
Three popular payment gateways that businesses can integrate are PayPal, Stripe, and Amazon Pay. PayPal is the most popular payment solution and can be integrated by enabling the PayPal account to accept payments, generating a client token, integrating the JavaScript SDK and PayPal buttons, calling the Orders API, and adding the card form elements.
Integrating a payment gateway is vital for e-commerce businesses as it allows them to accept payments online and cater to the needs of their customers. It also helps in building trust with customers and reduces the risk of fraud.
In conclusion, businesses that want to succeed in the e-commerce industry need to integrate payment gateways to keep up with the competition and meet the needs of their customers. To ensure a smooth payment process, businesses can follow expert-grade guides on payment gateway integration for their website and mobile app.
Are you working on development of a mobile app that accepts payments?
Well, whether it is an ecommerce app or a service provider app, it is highly likely that you are going to accept payment for your goods or services that you wish to sell.
Payment gateways are here for your rescue and we discuss how to integrate the same in your mobile app and reap the rewards of the same.First, some figures providing a clear idea about the rising popularity of mobile ecommerce.
As per Forrester Research project, mobile ecommerce will touch $144 billion in the US alone, with $38 billion coming from smartphones and tablets contributing $76 billion.
These are huge numbers and you ought not to ignore the same in case you are mulling on selling anything on the internet, particularly when there is tough competition to beat and your competitors are already breathing down your neck!Read more Stuck with payment gateway integration here’s the guide you need
