Choosing A Card Payment System For Apps & Platforms
Let’s be honest – Most people just choose Stripe as its familiar. But is it the best option, & do you need to spend that much? The honest answer is no.
How To Choose A Card Payment System
Cost – An obvious one, but Stripe charge around 1.4% +20p per transaction. To start with this is manageable, depending on volume, but once you scale then costs will really start to rack up. Changing your card payment system when you’re busy trying to scale is not a nice thought. You could be paying nearer 0.4% on debit cards & much less on pence fees, so worth exploring other options.
Average Transaction value (ATV) – Linked to the above point, but if your ATV is below £10 then some extra focus on the pence fee will be important. Eg. 20p per transaction on a £5 ATV is another 4% of costs per transaction.
Mobile SDK’s – Clearly pretty important for app owners & most decent gateways will offer this. So worth thinking if an app will follow as you don’t want to be split across 2 gateways.
Google & Apple Pay – For speed of checkout this is essential.
Card on File – Tokenisation to remember cards for easy future transactions is also a must.
PCI Compliance – As annoying as this sometimes is, it’s important to work out if you want a ‘Direct’ or ‘Hosted’ integration. Or a blend that only hosts card fields. This way you get the design flexibility, but no hassle of dealing with sensitive card data.
Flexibility on Commercials – Not always top of mind, but some payment providers are a little more flexible to make the costs & charges work for the software owner.
If you need any advice on the right card payment system for your business, or just fancy a quick chat on any of the above, feel free to get in touch at info@breathepay.co.uk or call 0203 985 9089.