In-app Payment Solutions — A Key to Conquer Mobile Commerce

In-Aptitude: Why In-App Payments are Good for Your Business

Your customers expect maximum convenience — this is the cornerstone of shopping. Especially when it comes to digital commerce.

The thing is, your customers expect that the payment system, which you offerб is flexible, responsive and user-friendly.

They don’t want to make a million taps, leaving your online store to open the banking app, then being redirected to a third-party payment gateway, entering their card details again and again, and so forth.

As the stats show, the more actions a buyer has to execute, the higher will be the risk that they'll abandon the cart eventually. Speedy checkout equals Higher conversion.

This is when the in-app payment solutions come into play. They are capable of making mobile shopping a quick and painless process, offering the following benefits:

• Convenience. Mobile payment can be executed literally in a finger-snap. Customers can confirm the purchase via push notification or with a fingerprint scan. Such swiftness positively impacts customer loyalty and can contribute to a bigger amount of sales.
• Versatility. Your shoppers can make a payment any way they prefer: a standard credit card from their favorite bank, a mobile wallet like PayPal or another payment app like Facebook Messenger or Google Pay. Regional and "exotic" payment methods like RappiPay or Klarna.
• Multicurrency. It’s another pro to back the mobile payment. If your boutique, shop or service operates internationally, accepting rupees or pesos will be just a routine — the system will take care of the currency conversion and other technicalities.
• Support. One of the best ways to increase customer engagement is providing support. The in-app payment system can receive feedback in case something goes wrong with the purchase. And if you’re selling digital goods — like freemium mobile apps or in-game cosmetics — you can use its help to restore the purchase on another device.
• Security. Every single payment is protected, as the system employs a gateway that has to be compliant with numerous standards, including PCI DSS. That means that sensitive info — like credit card details — is under solid protection.
• Universality. A money app like PayPal is extremely popular. But there’s a constellation of regional payment options like Giropay, Klarna, Qiwi, WeChat Pay that you need to integrate. As we've mentioned, your mobile payment solution should be able to accept those as well.

Another highly important aspect of a mobile payment system is “recognizing” the customers who have shopped at your place before.

“The thing is, your customers expect that a payment system, which you offer, is flexible, responsive and use-friendly”.

To achieve that, a payment service must be secure enough to store all related data. This, again, involves compliance with the up-to-date security standards. In turn, that guarantees that all further payments will be a one-tap operation.

Types of Mobile Purchases

With the mobile payment solutions, your business can sell any goods, basically. Let’s quickly review which products the merchants can bargain by using the service:

• Consumables. This system is especially popular in mobile games. The payment unlocks premium in-game currency. It can also be used for extra swipes on a Tinder-like app or for promoting a portfolio on a head-hunting platform.
• Auto-renewables. Customers execute payments to renew access to various content: music, TV shows, stock market analytics and insights, cloud game library, and so on.
• Top-up. Similar to the previous type, it collects payments for various bills: gas, electricity, water, home security system, mobile plan etc.
• Non-renewable. This type collects payments for the time-limited services or content. Like a seasonal pass to the gaming events, concert or plane ticket, hotel reservation, and so on.

By the way, for the merchants who sell physical goods, the process is slightly different. In this case, your main concern is using a reliable payment gateway.

Here’s what it does:

• The gateway plays a role of a “middleman”
• It checks if there’s enough money on the customer’s account.
• If the answer is “yes”, it basically requests the bank to pay you.
• Plus, a gateway guarantees security of the payment transactions.

It’s very important to use a reliable gateway, which also doesn’t redirect your customers to a checkout page. As practice shows, shoppers don’t really fancy when the checkout phase involves extra pages, taps and forms to fill out.

Besides, for the merchants, it’s essential to maintain both, a smooth payment process and the visual integrity of the brand, reinforced with simplicity.

Finally, these services offer a redirect gateway, which isn’t that great:

1. Such a gateway is barely customizable.
2. Redirecting can increase the payment time.
3. Payment process can require too much card data to enter.
4. A gateway of this type can charge extra for more handy features.

Security Issues

Among all else, we've mentioned that to guarantee fast and simple mobile payments, your system will need to store some sensitive data. This data typically includes:

• Customer's credit card credentials (including CVV and expiration date).
• Full name and address.
• Other contact info.

Naturally, all this data makes your enterprise an attractive target for the cyber-criminals. Especially when it comes to small businesses — 60% of small online venues are attacked, according to Fundera.

The problem is that the small venues try to optimize their expenses as much as they can. So, they can't afford to hire IT-personnel and pay for complex security to shield their clientele.

Luckily, ready-made solutions can take care of the security. The central success component here are the numerous standards that the payment-processing systems have to be complaint with. (This includes in-app payment systems too).

One of the most employed standards is the PCI DSS certification — The Payment Card Industry Data Security Standard. In simple terms, this standard makes sure that:

• The payment processor offers a secure networks protected on all sides.
• Such tools as firewalls are used to prevent online attacks.
• Complex passwords are used instead of simple ones.
• Encryption and tokenization are also in place.

Encryption/tokenization algorithms are a failproof method to protect the sensitive data. Even though there's a difference between them.

In essence, they work in a similar way, but:

• Encryption protects all transferred data with a bunch of random symbols that "masquerade" the data, until it makes it to the bank's servers.
• Tokenization does almost the same trick — only it disguises just the important data like a customer's CVV. In turn, it makes payments even faster, relieving the workload of your payment system.

Apart from PCI certification, payment processors also need to be compliant with such stands as KYC — Know Your Client.

Apart from combating money laundering, this standard helps to protect both your venue and your customers from various types of fraud.

One of the worst issues that businesses of all scales have to deal with are the false chargebacks. They can produce serious damage if undetected, and KYC is one of the tools to do that.

Mobile Payment — Is It Hype or New Reality?

According to Statista, almost 50% of all shopping is done from the screen of a phone or tablet these days.

And, of course, this includes mobile payments. To avoid losing customers, you either need to develop a mobile app. Or adapt your website to look “friendly” for mobile viewers, adding smooth and safe mobile payments.

And this is not a make-do craze. Just look at the stats:

• Almost 80% of Americans own a smartphone.
• 92 million of them make payments with a mobile gadget.
• More than 4 billion people in the world own smartphones.
• According to Forbes, mobile commerce will grow by 68% by 2022.
• Optimized checkout can decrease cart abandonment by 35%.

Your business can’t miss this opportunity. Plus, mobile payments can become the dominant force in the future of eCommerce, according to some prognoses.

A Plug-&-Play Payment system

At Payneteasy we know which digital commerce issues you may face. We know the typical challenges and pitfalls. So, we’ve designed the mobile payment solutions just for you.

Our coverall package includes the best in-app payment solutions:

• User Experience. We make it intuitive and easy. A payment requires just a few taps. No irritating loading screens or long and tiresome detail forms.
• Customization. Adapt your brand’s image to the mobile checkout with the right color palette, logo and other esthetic choices
• Security. We offer a set of security tools — like tokenization — to protect your customers, their bank card details, and the payment process as a whole.
• Gateway. We’ll connect your commerce with the client’s bank. Adding some extra payment security on top.
• Smooth workflow. Our services are easy to integrate. You don’t need to worry about the technical details — this is our job. And we do it good.

With our help, you can increase your conversion rate. And avoid abandoned carts.

Easy-breezy Payneteasy

You can turn shopping into a captivating adventure for your customers. And we can help you with it, by covering every technicality — from payment process to gateway integration.