If you’re new to the B2B industry and are looking for a smart and reliable way to make payments, Payconiq offers a collaborative and transparent process. Using an API to connect to other core processors, it is one of the fastest-growing payment platforms in the world. However, the question comes to mind, “what is API and how will it help grow my company?” Read on below to find out more.
What is an API?
API stands for “Application Programming Interface,” which is a written instruction that works to connect any two devices, database, or application for sharing information. This software language works behind the scenes to make it easier for you to make transactions and get things done using your smartphones or laptops.
How API Works
Whether you know it or not, you use APIs all the time! Think of a time when you purchased an airline ticket from a third-party provider, for example. API is what allows the communication between the reservations site and the airline. Another example is the use of Wi-Fi thermostats in your home, where an API will provide the communication between the thermostat and the remote that adjusts the temperature for you.
What is a Payment Gateway API and Why Do You Need it?
Payment gateway APIs are used to connect a payment network to your checkout system. They can also be integrated with already existing digital processes to make them even more effective. There are also plenty of benefits to using a payment gateway API, all listed below.
Improving Customer Experiences
One of the best things that API connectivity can provide your business is an improved user experience. This can be achieved by getting rid of forms to fill out, which can be a specifically tedious task when using a smartphone. Through an API, you can lessen the number of abandoned shopping carts. Moreover, it provides users with the ability to use their saved payment information, so they can finish their purchase quicker than ever.
Another great advantage that API payments provide is that it gives you space to grow as a merchant. In general, the basic API payment system will have an easy-to-use and direct integration that can be quickly implemented. However, if your company has ambitious ideas along with a developer with the technical know-how to customize your system, an API can be made to your exacting standards.
You can do so much just by integrating all your external applications — giving you a one-stop-shop system. Moreover, a payment API can potentially help your business provide a consistently positive user experience and improve branding in all channels.
Payments Made Simple
For many, the biggest advantage that payment gateway APIs provide is that it’s designed to simplify everything about making a payment — from the request to the authorization and receipt, all the way to confirmation. Payment API generally works like this:
- An application will send a request or message to the API
- API will relay the message to the network which processes the payment
- The payment processing network will then respond to the API
- It will relay a response back to the application
All of these steps happen in as little time as possible, making your payment process much more efficient than ever.
Provides Top Security
Another great advantage that payment API offers is great security and fraud prevention, which helps to ease regulatory compliance. This is because payment information (including customer data) is usually kept by the host rather than the merchant.
An API system can keep this sensitive data away from merchants, making it a much safer option. Furthermore, it is easier for merchants to remain EMV®-ready and PCI compliant during times when failing means being exposed to financial liability.
Why Payconiq Integrated APIs
Payconiq offers a reliable and smart API that’s both quick and easy to integrate into your existing system no matter the integration method. We designed our API to make the development process even more manageable for developers while reducing the time for implementation.
Our team may also do the development for you, should you choose to do so. There are plenty of things for you to look forward to when working with us, such as our mobile solutions which work to send, connect, and receive to our APIs. Here’s a breakdown of how our system works:
- Our system will send all non-sensitive information to the SDK
- Our API will communicate with the PIN device to ask for card swipe, tap, insertion, or a manual entry. It will then collect encrypted data and perform a request for authorization through the Payconiq platform.
- The Payconiq SDK will give you general and non-sensitive results of the payment such as the last 4 digits of the card, bank approval code, as well as an encrypted token that can be used for the next payments.
- Our solution will then provide you with a receipt or an e-Confirmation. You may also choose to display or send a payment confirmation to your customer.
Payconiq Transactions UI
Independent software vendors (ISV) are now able to take the complexities away from payment integration through our Transactions User Interface (Transactions UI). This allows ISVs to use just one API request for multiple payments, as well as split these payments into various transactions. Our system allows for a quick, omni-channel, and simple experience.
Additionally, our Transactions UI allows for ISVs to stay inside their programming language, operating system, and environment. At the same time, it will also speed up the time to market and will support product differentiation as well as international expansion.
We as Payconiq International aim to mold and develop the future of payments while establishing a pillar of trust and reliability for banks, merchants, and online payment providers all over Europe. Our goal is to make a difference in our client’s business and to help them their business through smart and collaborative payment solutions.