Integrating a payment gateway simplifies the process of paying for live streaming services. The platforms provide different ways to make payments for services. Users may decide to use cards, digital wallets, or bank transfers. Using a mobile payment gateway is convenient. Users get an improved experience when subscribing to or renewing their live streaming services. A payment gateway connects customers and service providers. They help complete transactions by ensuring the funds are removed from the customer account and deposited into the service provider’s account. You need to choose the right providers carefully before integration and know the integration processes involved and this blog will help you with that.
In this Article:
Understand What Payment System Integration Means
Nowadays, organizations no longer depend on walk-in customers to grow. They create online stores to allow them to reach a global audience. Customers need to be offered easy ways to make payments once they complete shopping. Payment gateways enable businesses to complete online transactions. They provide secure transaction processes that improve company operations.
The platforms play an important role in live streaming service providers. They help increase sales and improve users’ trust and confidence. Mobile payment integration means connecting business systems with a payment processing platform. This makes it easier for the live streaming service to collect data and accept payments. The system connects the point of sale of the live streaming services with the payment processor, offering a seamless way to receive live streaming services online.
Nowadays, live streaming service providers have improved their way of offering online payments. They integrate account-to-account payments for safer transactions. An A2A payment moves money straight from the customer’s account. It eliminates all go-between services and directly deposits into the live streaming service account. The lack of a go-between in account-to-account payments limits the chances of fraud.
The processes are carried out within the bank’s online banking platform. This allows users to add several security actions on their computers. They may request two-factor authentication and add other security layers. The process minimizes transaction costs and increases settlement speed.
Know the Types of Payment Gateway Integration Services Available
Payment gateways authenticate and process payments. Although they provide similar services, their features are different. They offer differing security, cost, and transaction features. Any type of transaction processing platform does the following and more.
- They verify customer data once they fill in the form.
- The system confirms that the customer has enough money to make the purchase.
- They provide relevant security measures to prevent fraud. Some of them encrypt all data.
- The platforms move data between the person paying, the service, and their banks.
- They process and complete the payments.
Before you decide which payment to use, you need to know the types available. Know the features they offer and the upkeep required level for each. Some might demand more maintenance than others. Here are the different types available:
Hosted Payment Platforms
A hosted platform is not directly connected to your live-streaming platform. It is managed by a third party and connected to your checkout tool. Once a customer begins the checkout process, they are redirected outside your website. The system connects them to a different website where they make the payment. An example of this type of gateway is PayPal.
Self-hosted Platforms
A self-hosted platform does not reroute a customer to another platform. Instead, it connects them to a platform installed within the company system. You need to understand how the payment gateway integration process is done. It is a good option when you need more personalization options for your channel. Personalization can be done when live streaming a business event or performing sales campaigns.
API Hosted Gateway
This type of gateway requires a payment API integration to work. It is useful when you need to offer customers tailor-made checkout experiences. APIs allow the system to be optimized for mobile and desktops. The live streaming service needs to include an SSL certificate to ensure compliance.
Local Bank-integrated Gateway
This is a payment gateway option for businesses with fewer transactions. The service providers connect the payment system with their bank’s payment system. The bank processes all payments on behalf of the customer. This method is mostly applied in a region where many customers use a certain bank for services more.
Learn How to Create a Payment Gateway
You may decide to create your payment gateway or buy from a developer. In the latter option, you may consult with a developer and contract them to make the system. Once they are through, they can help you with resources to guide you during installation. If you decide to create from scratch, form a project team and brainstorm on the needs. The process goes through several phases.
- Planning and resource allocation
- Development phase
- Testing phase
- Implementation and maintenance phase
Things to Consider When Choosing a Payment Gateway
- Security: Check to make sure the system provides all the security needs. The level of protection offered depends on the type of platform you choose.
- Costs: Costs may include the cost of buying and maintenance. Consider the fees charged per transaction. If you want to grow your YouTube channel, you might require a platform with fewer fees.
- Integration procedures: Some platforms might require complicated integration procedures, while others may only require plug-and-play processes. Understand how tricky it is to integrate the system.
- The speed of the platform: Customers can easily abandon carts if the system proves to be slow. If the server and network structure of the host are poor, the platform speed will be inadequate.
Concluding Thoughts
Choices for payment gateways depend on a business’s immediate needs. Live streaming services also need to consider long-term goals. Choose a platform that is secure and easy to scale. Payment platforms should offer seamless solutions to customers. Understand the different types of platforms available and the benefits of each before you choose one.
OneStream Live is a cloud-based live streaming solution to create, schedule, and multistream professional-looking live streams across 45+ social media platforms and the web simultaneously. For content-related queries and feedback, write to us at [email protected]. You’re also welcome to Write for Us!
