Cost and Features to Develop a Payment Gateway

When it comes to the development of payment gateway, one needs to take care of the number of development and maintenance charges which will come into play.

Cost and Features to Develop a Payment Gateway

Sunday August 11, 2019,

5 min Read

Disclaimer: This is a user generated content for MyStory, a YourStory initiative to enable its community to contribute and have their voices heard. The views and writings here reflect that of the author and not of YourStory.

The cost of payment gateway development is more or less higher when compared to paying for the associated charges which are taken into consideration for using the external gateway for payment. But, still hiring mobile application development company for an external platform you are exclusively getting a long term product for your business needs and requirements.

Payment Gateways

With the help of a payment gateway, one will be able to make payments with ease and that too quickly. The prime element of any kind of payment gateway is to get the transaction processed without any kind of complications at all keeping the data and money completely secure. With the help of secure payment gateway development, one can gain the trust of the customers and help them to make transactions without any issues at all. But for the development of a payment gateway, you will exclusively need a lot of investment in the form of money and time but eventually, it helps your business grow big time in the guidance of mobile application developers.

There are a number of different types of payment gateways from which you can choose from and have it as per the business needs and requirements. You need to check with the payment and benefits of it so that you have the right gateway to make the transactions with ease. So, you need to hire app developer who can help you understand the pros and cons and make it easy for you to make a decision.

Payment Gateway

Advantages to Look For

● Bidding Adieu To Payment Gateway Charges– With the help of payment gateways of your own, you will not have to pay for the external charges anymore. Using an external payment gateway used to eat up a big section of the profit but this will certainly not happen if you connect with android and iOS app development company and get your own payment gateway.

Customized Attributes– You can find an off-the-shelf payment gateway with less charges but still you will be lacking with facilities which will not help you with a satisfying experience. But having a payment gateway with help of android and iOS app developers of your own allows you to have the customized features which can make the experience satisfying while making the transaction every time. Features like multi-currency, recurring payments, and many more which can be added and removed is a great benefit to have with payment gateway development.

● Avail Payment Gateway Products– Having your own payment gateway built by iOS and android app developers, you will also be assisted with the offerings of the different products. Yes, you can provide or in fact sell your payment gateway in the form of product to the agents, ISOs, and merchants who are looking for it.

So, these are the advantages of having your payment gateway development with the help of iOS and android application development company. The professionals will thoroughly understand your requirements and help you have it covered in the best possible way.

Disadvantages To Look For

With pros, you will also have a number of cons to look for with your own payment gateway development. We will help you understand about the drawbacks which you must be considering before having it developed, take a look:

Payment Gateway Development Charges– When it comes to the payment gateway development you will be entertained with lots of maintenance and development charges associated with it. When it comes to developing your won payment gateway, the initial charges are way a lot higher compared to the off-the-shelf payment gateways. So, you need to plan accordingly to make your program built as per your budget and business needs.

Charges of Payment Processor Integration & Certification– When it comes to payment gateway integration with the processors, it is very time-consuming and it also requires a very long process of certification. Yes, in this case making use of external payment gateway system exclusively sounds a lot faster and simpler as you will only have to pay for the transaction charges which has been done with the use of the respective gateway.

Handle Settlement Reports– Another big drawback of getting your payment gateway developed is that your will get settlement reports from the Payment processors and that too in a raw format.

Important Elements of Payment Gateway Portals

Multiple Processors Integration – When it comes payment gateway integrations to multiple payment processors it brings out a wide range of options to choose from. Yes, the merchants can select the bank with which they can make the settlement with ease. Not only this, but you will also be getting the assistance of competitive charges for any kind of transaction to the respective merchants because with different processors your different fees.

Secure – With the help of a reliable application development company you can have payment gateways which are too good when it comes to PCI compliance and fraud management. Yes, every single merchant is looking for safe and secure payment gateway so that it can earn the trust of customers and get rid of all the issues which can lead to any kind of fraud or security lapses.

Add New Attributes– For merchants an ideal payment gateway is which can adapt to the changing trends of online payment procedures. The worldwide acceptance and upcoming rise of new form of payment procedures in the form BitCoin currency is exclusively making merchants look for a payment gateway which is easily customization and updated.

Chargeback – The payments gateways which will be able to manage all kinds of disputes and detailed reports will certainly benefit the merchant big time.

So, these are the key elements which one looks for in a payment gateway. If you are getting your own payment gateway development, you must hire an ewallet app development company and ask them to get the application developed by infusing the above-mentioned components.