By Plamena, Project Manager at Flat Rock
Choosing the right payment gateway for your next mobile app has never been an easy task. The more we use mobile devices and the more applications we install on them, the more this market is expanding and continues to offer unlimited number of tools, which we can utilize on a daily basis.
Mobile payments have become a necessity no matter whether you want to order a product through your device, pay for public transport or settle your groceries bill. We have already presented the pioneers in mobile payments. It is now time to introduce you the leaders and some of the vaguely known providers, which will are about to write new history in the world of mobile payments:
6. Android Pay
Android Pay is Google’s latest attempt in a mobile payments network, replacing most of the Google Wallet`s functions. Unlike Google Wallet, Android Pay is cooperating with banks and card issuers to make payments easy and secure.
The biggest disadvantage of Android Pay is its compatibility and support. It runs only on Android 4.4 and above devices. The carrier you use doesn’t impact the ability to use Android Pay, but currently it is supported only in a few countries around the world. You should also keep in mind that not all US banks or card types are supported.
It does not charge a fee but works with the primary payment processors (MasterCard, Visa etc.) that do charge industry-standard fees.
7. Apple Pay
Apple Pay provides an easy and secure way to pay for physical goods and services.
As with Android Pay, the biggest disadvantage of this option is its compatibility and support. It is supported in Australia, Canada, USA and UK. It runs on iOS 8.1, iOS 9 and above devices.
Apple doesn’t charge any additional fees per transaction, but the banks the payment goes through charge their own fee. However according to Apple, smaller transaction fees are negotiated if Apple Pay is used.
Dwolla is a rising star in the payment gateway world.
Its advantages include transferring funds through email, phone, Facebook, LinkedIn and Twitter. Dwolla White Label provides payments for mobile applications that can be customized to look and feel like your brand.
Dwolla it compatible with iOS, Android as well as Windows Phone apps and offers a variety of payment options, such as the ability to pay or invoice thousands of people at once, set a recurring payment, shopping cart plugins and custom forms.
What makes Dwolla especially appealing are the fairly small fees. There are no fees for transactions less than $10 and they charge $0.25 per transaction for transactions over $10. The monthly fee depends on the chosen package, starting at $25 per month.
What is stopping Dwolla from becoming a world-wide phenomenon is the fact that is it restricted to the US only, respectively all payments are in USD. It doesn`t support credit card payments but works with Linked Bank Accounts instead.
WePay can be described as the simplest payment gateway out there. It is designed to make your job easier and you can begin accepting credit cards and bank account payments within a few minutes.
It charges the standard 2.9% + $0.30 per transaction with no setup or monthly fees.
WePay handles risk management, fraud detection and disputed charges. However it doesn`t support recurring billing and it is available only in the US which restricts its target customers.
2CheckOut accepts major payment methods including credit cards, debit cards, and PayPal.
Although it is globally available, supporting 87 currencies and 15 languages, it is especially popular in the USA and Asian countries.
It offers fraud protection, recurring billing and it is easy to integrate and mobile-optimized.
It has no monthly fees or no setup fees. The transaction fees depend on the country. For the UK the price per transaction is 2.4% + 30¢ and 1.5% fee is applied for international payments.
Finding the perfect balance between what you need, what you want and what you are willing to pay can be difficult. When it comes down to it, all options have their pros and cons so you need to decide which one works best for you and your business. We, at Flat Rock, are here to help you decide on the best match for your business, so never hesitate to contact one of our representatives.