Money transfer website development is gaining immense popularity. No matter what products or services line-up a business have, a secure payment gateway is something essential for both online and offline businesses.
The urge for a secure payment gateway development has risen dramatically over a few years. These platforms facilitate online payment processing by means of digital methods.
Money Transfer Website Development
Payment gateways are the online portals that facilitate money exchange via credit/debit cards or direct payment processing for online businesses as well as retailers. Payment gateway facilities can be acquired by approaching banks or a dedicated financial service provider like payment gateway service provider.
Payment gateways process electronic payments between payment portals and banks or any other registered finance provider. The application of payment gateway services is widely seen on websites and mobile applications.
White Label Gateway Service
Many payment gateway providers deliver fully personalized white label solutions. The final product boasts personalized branding and logo that makes it distinctive.
Using white label solution reduces the risk associated with the journey of your project as they are based out of an already tried and tested platform.
This section covers the essential features needed to be incorporated into the payment gateway development for an enriched experience. Make sure to consider them at the time of development.
Easy Customer Management
The platform should recognize the users and aids in smooth and instant payments. An effective customer management system is must-have to determine the rate of success of your services.
Anti-Money Laundering Compliance
The platform should be shielded by advanced security measures to resist any unauthorized activity. Establishing optimal security is essential in building a good repo in the market.
Smart Data Reporting
Payment gateway should support intelligent data reporting to keep the data aligned and updated. Effective reporting and analytics will ensure adequate screening for controlled management and future planning.
The payment gateway should boast a smart system to calculate and impose tariffs on the payments processed on the platform.
Flexible Payment Options
The payment gateway should be flexible enough to accept multiple modes of payments. Credit card, debit card, net banking are the most common modes of payment that customers prefer making it a must-have.
Web, Tablet And Mobile Access
The payment services should be supported on multiple devices and operating systems. Also, dedicated versions of payment gateways for web, tablet and smartphones should be available to maximize customer engagement.
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Popular Money Transferring Apps for 2020-21
It is a wise decision to have a close look at what the competitors offer, for getting an idea on how to make your platform give a fresh experience.
PayPal is one of the most trusted payment gateway service providers. The platform emphasizes on security by requesting verification every time the user gets back on the app. The platform is easy to use, by just entering the email address or a phone number,
TransferWise offers peer to peer money exchange services. This platform showcases a range of products and services that makes up to a total of £5 billion every month. The platform adopts a cost-efficient approach that saves customer’s £3 million otherwise deducted as hidden charges.
It is one of the earliest money transfer platforms. Western Union is an established brand that allows the customer to easily link their bank accounts via cash or card for quick money transfer. The platform also provides a tracking option that enriches the customer’s experience.
Venmo has gained immense popularity not only amongst the individuals but also the businesses. The payment gateway can handle day-to-day transactions and also business transactions. The digital-wallet inspired concept makes it a popular choice, especially for mobile-savvy customers.
Azimo is one of those rare payment gateway platforms that permit quickest transactions. The app version has a feature dedicated to tracking the report of any transaction in an instant. Azimo offers effective consumer service making it one of the most trusted money exchange platforms.
After knowing about the top trending money exchange platforms, the next factor is to get an approximate idea of the cost of platform development.
Cost Of Money Transfer Website Development
Developing a money transfer website is a complex process. There exist many business models that can be considered while creating a payment gateway platform.
A platform with basic features will cost as low as $20,000 and reach up to a whopping price tag of $45000. However, things can get more serious in case of an advanced app that can cost an approximate figure of $80000 that reaches until $150000.
After reading this article, you must now be confident about how to shape your payment gateway development. The basic features that are mentioned above are to be included in the platform to lend an enriched feel to the customer.
There are many software development companies having expertise on different domains however payment gateways services are those critical services that deal with sensitive information making it mandatory for you to select a company having experience in payment gateway development.