APIs, or Application Programming Interfaces, offer a solution to high-level data exchanges between apps. They’re essentially the middleman for app communication at the most efficient and direct level. Because of this, API integrations have grown in popularity over the years, especially integrations for payment platforms. HubSpot integration with Squarespace is one of the most popular examples of such an integration. Having a payment API reduces the effort needed for payment platforms to perform well, leading to easier customer interactions and more effective custom software development solutions. If you’re still not sure about where to start with payment platform APIs, we have the answers to the top 5 questions you should ask.
What Are Payment APIs?
Payment APIs are a form of custom software development created to simplify the online purchasing process. They allow your store to connect with a CRM (Customer Relationship Management) tool for synced customer, product, and sale data. A popular choice for this type of integration is HubSpot integration with SquareSpace, a common payment application. Essentially, payment APIs work to connect a payment solution interface with your business’ current choice of application. They are a form of custom software development that easily links your checkout screen with a payment system.
Why Use API Integrations for Payment Platforms?
Payment APIs are a solution to their predecessors, hosted checkouts. Hosted checkouts are payments facilitated by a third party website. This type of transaction takes the buyer to a separate website, slows down the purchasing process, and interrupts the customer’s experience by adding unnecessary complications. API integrations for payment platforms offer a more seamless experience. The entire process is completed on the same platform the client shops within, such as with HubSpot integration. From a business perspective, this leads to fewer abandoned carts, higher customer satisfaction, and an overall more effective UI/UX design.
How Does Onboarding Work for API Integrations?
Custom software development teams have their own processes established for their payment APIs. Since they are not all made with the same structure, their onboarding steps will have slight differences as well. There are a few steps in the process you should gain familiarity with before committing to one API integration over another.
There will be an average amount of time you should expect to wait before the API goes live. This may be a couple of minutes to a couple of days, since the development team will need to set up a new merchant account. HubSpot integrations with Squarespace, for example, usually average a couple of minutes. Integrations with Salesforce take a similar amount of time.
Be sure to confirm that the API integrations you are considering support your currency and preferred bank. If you know that you have international customers, you need to confirm there will be no issues with foreign transactions. Likewise, some APIs may or may not support your current banking relationships. If you aren’t comfortable switching your bank or it isn’t supported with a specific API, it might be best to reevaluate your options.
What Do Payments and Fees Look Like?
Again, each payment API will have a different structure for its services. Common setups include a fixed fee per transaction, monthly fees, variable fees based on transaction amounts, and any additional fees for special purchases (international, currency conversions, etc.). You should request fee quotes from several payment API providers. Compare the costs with your business’ needs to determine which service would be a good fit.
Keep in mind that your business’ current needs may not be reflective of its future needs. You may have substantial growth in the upcoming years, and understanding how new metrics would affect your API may have an influence on your decision. You should determine whether or not an increase in transaction volume and revenue for your business will negatively or positively impact your payment API fees.
Another key consideration is currency itself. As the digital world evolves, so do payment methods, and a competitive business should be able to keep up with the current popular payment methods. Do they currently support all payment types needed for your business? Do they plan on providing updates as new payment methods emerge? If your business decides to expand to other countries, will the API accommodate this need? Flexibility is an important factor to consider. Your API choice shouldn’t hinder your business’ growth in any way.
What Type of Customer Service Should You Expect?
There’s almost nothing worse than a non-functional payment system. You need to understand how your API will be affected during any outages. Response time is crucial– every minute that passes by is another minute your company’s sales are affected, so it’s essential to have a clear understanding of the customer service process regarding issue resolution. Make note of phone support, chat support, and email. Ask about average response and resolution times. Is there a way for you to track an open ticket? Who should you reach out to for critical escalations? Most APIs provide SLAs to communicate response times–will yours provide one?
Payment APIs Benefit Your Business
There’s a reason why custom software development professionals have flocked toward creating APIs. It’s the same reason so many businesses have invested in HubSpot integration: they’re effective, helpful, and efficient. They offer quick service and a seamless customer experience that has grown to be the standard in online retail. API integrations have taken root into the success of e-commerce, and payment platforms are just another example of how APIs continue to elevate the digital world for producers and consumers alike. Get started with your next API integration by calling us at (865) 465-4040.
