Top 10 Payment APIs To Manage Monetary Transactions On Your Mobile App

May 4, 2022

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In the last few years, the world moved online. You could buy almost anything online on an app, pay for it online, and have it delivered to your address in just a few clicks. This gave rise to an enormous demand for payment APIs from the mobile app development companies for managing the monetary transactions in the mobile app itself.

What Are Payment APIs In Mobile App Development?

An Application Programming Interface or an API is a programming interface that helps integrate a fixed piece of code into software or application to share data in real-time. APIs transform the user experience by providing a feature or service to users that wasn’t initially present in the application.

Payment APIs have transformed mobile app development in numerous ways, such as:

  • Enabling users to have a seamless experience at the checkout by offering a range of secure cost payment options
  • Expanding user’s reach without forging banking relationships in every territory
  • Facilitating instant fund settlements
  • Reducing risk involved in online financial transactions
  • Providing robust authentication features to reduce the probability of frauds
  • Providing access to real-time transaction data
  • Simplifying compliance requirements like KYC norms, AML norms, PCI rules, etc

Benefits Of Using Payment APIs For The Mobile App Development Companies

The following are the benefits of using payment APIs for mobile app development companies:

  • It provides a secure, reliable, scalable, and flexible API to facilitate financial transactions.
  • It facilitates both single and bulk payments.
  • It enables one-time as well as recurring payments.
  • It provides real-time reports and updates on payment status.
  • It carries low operating costs and fees.
  • It can be integrated into the existing application infrastructure and automated payments.

An ideal mobile app API would be RESTful and meet the accepted standards of web-based services. It should be possible to use them with all protocols, and the developers should be able to integrate them into the application without needing additional software or libraries to accomplish the same.

Top 10 Payment APIs For Mobile App Development Companies

1. Stripe

Stripe is one of the top 10 payment mobile app APIs, and it has been around since 2011. According to Stripe, at least 90% of the shoppers in the United States have at some point purchased from businesses that use Stripe.

The Stripe Payment API offers:

  • Embeddable checkout
  • Recurring subscriptions and invoicing
  • Support with local payment methods
  • Real-time reports
  • QuickBooks and NetSuite support
  • Apps for both iOS and Android
  • Suitability for all platforms and marketplaces
  • Fraud protection measures powered by machine learning

2. PayPal

PayPal payment API is one of the most popular payment systems for outsourcing mobile app development, allowing apps to collect payments from PayPal users. Such is the reliability of the PayPal brand that offering the PayPal payment option using the mobile app API can increase checkout conversions by up to 44%.

The PayPal payment API offers:

  • Payments from credit and debit cards
  • Multicurrency payments
  • Simplified PCI compliances
  • Virtual terminals to accept payments on the phone

3. Stax by Fattmerchant

Stax by Fattmerchant is a very highly rated payment API for mobile app API development companies. It offers a subscription-based pricing model for customers, so the percentage markup over interchange rates is eliminated.

Stax payment API offers:

  • SDKs for JavaScript and Python
  • RESTful APIs for all programming languages to make API calls
  • Quick API Sandbox setup for testing
  • Compatibility with both iOS and Android applications
  • Subscription-based pricing model

4. Square

Created by Twitter co-founder Jack Dorsey, Square payment API is another popular API for mobile app development. It allows mobile apps to accept payments from all major credit cards, Apple Pay, Google Pay, etc. However, it does not support PayPal.

Square payment API offers:

  • Convenient and predictable flat-rate pricing model
  • No long term contracts
  • Omnichannel sales
  • Third-party processing
  • Custom SDKs for mobile app API developers
  • Efficient Sandbox for smooth development and testing
  • API Explorer and accessible documentation to search for required APIs

5. Braintree

Braintree was acquired by PayPal in 2013 and is one of the leading online payment APIs in the market today. It is recommended for startups and small businesses, but it would work efficiently for all businesses.

The Braintree payment API offers:

  • Advanced fraud protection measures
  • Assistance with data migration
  • Support with recurring billing
  • Support with third-party integration
  • Convenient interchange-plus flat-rate pricing options
  • Supportive resources for mobile app development
  • Seamless integration with PayPal

6. Authorize.Net

Authorize.Net is one of the oldest payment gateways in the market, having been around since 1996. It has grown since and manages over a billion transactions a year now. Authorize.Net offers an easy and convenient payment API for mobile app development, making it a preferred choice for all businesses – new and old.

Authorize.Net payment API offers:

  • Versatility in operation
  • Top-notch customer support services
  • Smart documentation management with live console
  • Highly supportive resources for mobile app development
  • Support with recurring payments
  • Effective fraud prevention measures
  • One of the best-in-class user experiences at checkout

7. WePay

WePay is a payment API and gateway owned by the Chase Merchant Services Company. WePay payment API is highly recommended for omnichannel marketing as it eases the process of managing complex payment requests.

The WePay payment API for mobile app development offers:

  • Supports payments from all major credit cards, Chase Pay, and ACH payments
  • Excellent developer tools
  • Integration with popular commerce platforms like Zoho, Classy, etc.
  • Unique customization capabilities
  • Support with multiple payers
  • Support with crowdfunding campaigns

8. PayJunction

The best thing about PayJunction is that it is a complete one-stop-shop that brings together a merchant account and a proprietary payment gateway, offering users a best-in-class user experience at checkout. It is highly recommended for businesses with a sizeable transaction volume per month.

The PayJunction payment API for mobile app development offers:

  • To store electronic signatures, eliminating the need for signed receipts
  • Competitive interchange-plus pricing model
  • Easy Sandbox setup for development and testing
  • Supportive developer tools
  • Thorough API documentation for easier mobile app development

9. 2checkout

2checkout is one of the best payment APIs to manage monetary transactions on your mobile application internationally. It has over 20,000 clients worldwide, and it provides customizable local buying experiences for customers in different countries while supporting more than 100 currencies.

2checkout offers:

  • Support for accepting payments from all major credit cards and payment platforms
  • Support in over 30 languages
  • Transactions in over 100 currencies
  • Users to host their own checkout pages
  • Support with recurring payments
  • Easily accessible payment history reports
  • In-built account updater to keep customer information current
  • Mobile-friendly localized buying experiences

10. Helcim

The biggest USP of Helcim payment API for mobile app development is its transparency and ease of use. Moreover, it is the perfect mobile app API for businesses that aim to scale rapidly and go international.

Helcim payment API offers:

  • Transparent interchange-plus pricing model
  • No tying down with complex long-term contracts
  • Excellent resources for mobile app development
  • Support with international payments
  • Excellent scalability and flexibility
  • Top-notch RESTful API for outsourced mobile app development

How To Choose The Right Payment API To Manage Monetary Transactions On Your Mobile App?

With the market burgeoning with options, choosing the right payment API for managing the monetary transactions on your mobile app can be quite overwhelming.

The following are some considerations you must keep in mind, as well as some questions you must ask when choosing a payment API for your mobile app development:

Does It Have A RESTful API?

A RESTful API uses HTTP requests for accessing and using the required data. RESTful APIs are highly flexible, and their data is not bound by the resources, languages, or methods being used.

Is The API Customizable?

Not all businesses sell the same product or service, nor do they function the same way. The payment APIs would usually offer customization capabilities to varying degrees, so you must choose the one that works per your requirements. Your chosen API should help you build an app and offer an experience to your users the way you have visualized.

Which Payment API Best Meets Your Budget?

Payment APIs can offer a flurry of features, but not everything would be useful for your needs. Moreover, you would usually have a limited budget for mobile app development. Keeping both these factors in mind, choose a mobile app API that would offer you everything you need at a price that you can afford. Analyze the different APIs for the pricing models they offer and run thorough calculations on what your expenses could be like.

Is It Safe And Secure To Use?

We live in unprecedented times of cyberattacks and data breaches. When dealing with payment APIs, you will be handling extremely sensitive consumer information such as credit card information. Try looking for a payment API that relies on tokenization to maintain security and data privacy. A data breach can turn out to be very expensive, not just in monetary terms, but way beyond.

Is The API Offering Useful Developer Tools?

A payment API that offers no information or support for developers would not work out too well for mobile app development. Hence, before deciding on which payment API to use, look through the available documentation and support offered by the API owner.

Is The API Offering SDKs, Sandboxes, And Other Supporting Tools For Mobile App Development?

Mobile app development becomes significantly easier and more efficient when there are useful developer tools offered by the payment API such as SDKs, Sandbox environments, custom libraries, etc. It doesn’t just make the developers’ jobs easier – it also helps the process become quicker and reduces the probability of errors and bugs.

Is There An Active Community Using The Payment API?

Conduct your research thoroughly before purchasing the payment API for mobile app development. Look through the available forums and learn what people say about your shortlisted payment APIs. These forums will often answer your queries and concerns much faster and more honestly than any API support team.

In Conclusion

Automating the payment processes is becoming increasingly essential and indispensable for mobile applications. Not offering customers to be able to complete their transactions could lead to losing customers – which is an expensive affair. Choosing the best secure, flexible, and scalable payment API that meets your requirements in your budget is crucial. Make the right choice with our guide on the top 10 payment APIs to help your mobile app development company achieve its goals.

About the Author Sandeep Kumar is a Director at RV Technologies. Having an inclination towards software development, Sandeep always ensures to stay on top of the latest development technologies and how to implement them in real-world projects. He is always ready to share his insight with the developers so that they can also leverage the modern-day tech stack and build futuristic digital solutions for clients. Apart from overseeing all the development projects, Sandeep also likes to write down and share his insights with the world to familiarize people with the latest technologies and their potential in our everyday lives.

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