Application programming interfaces (APIs) have been established for around 20 years, although most US-based banks are unaware. Most individuals did not anticipate paying for products and services with their phones ten years ago. However, due to technological advancements and Application Programming Interfaces (APIs), many have done so. APIs integrate online payment systems like Paypal or Square, bank-backed digital card services, industry-specific payments (like Cannatrac), subscription payments, cryptocurrency digital wallets, order-ahead services, or autonomous technologies.
If you ask US bankers why API adoption is so far behind that of Europe, they’ll most likely cite the lack of Open Banking in the US compared to Europe. Unfortunately, that isn’t an acceptable justification. Banks are missing out on possibilities to cut cycle time and costs on various business activities, particularly product application-related procedures, by not implementing APIs more aggressively.
Top Bank APIs to integrate into payments:
PayPal is, without a doubt, the most used payment gateway API in the United States. It was founded in 1998 as Cofinity and now has over 360 million active users worldwide. A PayPal account enables consumers to send and receive money electronically from anywhere in the world. With a presence in over 200 regions worldwide, PayPal has over 20 years of expertise in the payment sector. Additionally, PayPal accepts over 100 currencies, allowing your company to reach a larger audience. When you use PayPal for your business, you can use a variety of options that may help you operate a successful and lucrative store. PayPal is the most popular payment gateway in the United States because it makes it simple for your consumers to pay you anywhere and at any time. Store owners may use the PayPal payment gateway to allow consumers to buy now and pay later, increasing sales and improving customer satisfaction. PayPal also provides your business with recurring payments, professional invoicing, and faster payment processes. Increase your online store’s earnings by using the PayPal payment channel.
Stripe is a San Francisco and Dublin-based Irish American financial services company. For E-commerce businesses and mobile applications, the company offers one of the most dependable payment processors in the United States. Founded in 2011, the firm now offers services across multiple verticals, including B2B, B2C, software as a service, non-profit, and fundraising. Stripe now boasts millions of users and employs over 4,000 people across 14 global offices. Stripe is a hosted payment service that includes an embeddable UI toolkit, invoicing, and third-party integration. In addition, the stripe is a PCI Service Provider Level 1 accredited payment gateway with best-in-class security features, sensitive data encryption, and communication.
More than 430,000 merchants trust Authorize.Net, which processes over 1 billion transactions and $149 billion in payments each year. In August 2020, the payment gateway API was named the best-performing payment gateway for having the greatest rate of successful authorizations. Your business may provide a variety of payment alternatives to consumers with the Authorize.Net payment system, from debit cards, credit cards, and eChecks to digital payments like Apple Pay, PayPal, and Visa Click to Pay. Authorize.Net is one of the most prominent payment gateway providers in the United States, as well as offering enhanced fraud detection, recurring payments, and simplified PCI DSS compliance.
Amazon Pay is an online wallet-based payment solution that allows consumers with Amazon accounts to make purchases using their Amazon Pay balance. It enables millions of users to pay for goods and services using information saved in their Amazon accounts. Amazon Pay was first introduced in 2007 and is currently owned by Amazon. They have expanded its services in several nations by March 2021, including Japan, France, Germany, Denmark, and many more. The payment gateway has over 33 million users and strives to convert millions of existing consumers to Amazon Pay subscribers. Amazon Pay integrates seamlessly with your website and is specifically suited for mobile applications, making shopping more convenient for customers. It also has Alexa skills similar to talking and allows users to add things and create wish lists using voice. In addition, they use an online payment service that can be modified utilizing APIs and SDKs to deliver particular solutions to large-scale organizations.
Braintree is a collection of technologies for accepting and processing cards and wallets such as Apple Pay, Google Pay, and others. The Braintree payment gateway can prevent fraud and assist with data security. Braintree offers a solution that addresses various issues that arise while making payments. Transaction services, rewards and loyalty, and contextual commerce are the three primary types of relationships. Data security should be taken into account. It is accomplished by utilizing the Braintree vault, which securely stores merchant payment information. It also aids in the detection and response to possible threats.