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5 Technical Tips To Start Your Own Online Payment Platform

The impressive success of online payment methods seems to have no limits and to promise interesting returns, as well. If you have an online business and you want to integrate it with your payment gateway, you may plan to build your payment platform… something like PayPal, in other words.

Online Payments For Online Services

Today, online payments and all kinds of money transfers that take place on the web represent over half of the total of financial transactions of our days. This is a significant element that suggests how the online payment world is important and fast-growing.

Thanks to online platforms and websites, people can access all kinds of information and services. Let’s say that you need lockout assistance right now. Your best and 24/7 available solution is to check here and place your emergency call immediately, so you will get help in no time no matter where you are at the moment. Or, let’s imagine that you need to go shopping for food but you can’t because you are sick. Online grocery stores can help you straight away. Select the items that you want to buy on your favorite grocery store’s website and in less than 24 hours you will have them at home. Pretty easy and comfortable.

online paymentCreate Your PayPal-like Payment App

Most customers who buy items of all kinds via the web prefer to use PayPal as their favorite payment method. There are many reasons to that: PayPal is easy to access and to use, it’s quick and allows real-time financial transactions, it doesn’t charge fees on the customers, it provides refunds in the case the transaction goes wrong or if the ordered items don’t meet the seller’s descriptions and quality.

Besides, you can access a PayPal account from your computer as well as from any mobile device. At some point, you may be planning to create a similar platform for your online business, so you can offer your customers an all-inclusive treatment and possibly even more benefits on their purchases.

There are specific steps to consider, first and foremost. Follow our simple guide to discover what you have to do to get your online payment platform or app ready for use.

Step-By-Step Guide For Your Online Payment App

So, get ready to learn more about the steps that you should take to create and launch your online payment app:

  1. Build apps
    Let’s start with the most essential elements. You need to build a web app, an Android app and other apps that are compatible with different systems. Make sure your apps offer basic online payment options, including a merchant account and a user account, review of transactions, list of all tracked transactions with details, ID verification for both the user and the merchant, CRM features to control the financial transactions between the two parties.
  2. Get the right SDLC modelonline payment systems
    It’s recommended to focus on an MVP model, which is a minimum viable product. You will have to select a geographical area, which enables you to get real market feedback and improve your app over time. The best model for such a project is the SDLC, which means “software development life cycle”.
  3. Hire the right people
    Of course, you need to look for the right professionals for your project. Build a team of people who are qualified for specific segments of your project, avoid know-it-all people who can’t offer you more than general knowledge. Your ideal team should include business analysts, UI designers, web developers and developers for each mobile app that you want to include, and testers. Make sure that your team members come with the right level of expertise.
  4. Use managed cloud service platforms
    You must sign up for cloud service platforms to make your web development quick and smooth. Such platforms allow the user to access cloud infrastructure development, networking options, storage, and operating system features.
  5. Get an ID verification solution
    This is a core element that you need. ID verification allows financial transactions to take place successfully. You can find in the web the world’s most popular and safest ID verification solutions, make sure that your app meets your country’s government regulations.

The most important thing is that you are surrounded by the right people for your project and that you aren’t in a hurry for that – finance-related apps require patience and time.

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