Integrate Stripe or PayPal to unlock payments
Online payment systems use technology to power digital commerce and transactions such as authorization, sales, and refunds. Payment processors can accept many different forms from cash, check, and credit card to eCommerce methods such as gift cards, loyalty programs, and Apple Pay. Moreover, these systems provide analytics and reporting capabilities which improve decision making. A strategic payments solution like Stripe or PayPal can provide fraud prevention, real-time data access, and delightful mobile commerce experiences for customers when integrated to the right systems and applications. These benefits can reduce operational costs by 24% because businesses need less developer time and management effort.
These systems are becoming ubiquitous for all businesses as digital commerce is expected to reach $4 trillion in 2020. However, it can be challenging to know which payment processing system is the best one to use for your customers. PayPal is the market leader in this space, with 64% of market share. Stripe is a newer, increasingly popular payments platform, used by millions of business globally. When payments systems are integrated with eCommerce websites, retailers can process transactions more quickly, increase the number of customers, and ensure the security of sensitive data. Retailers’ eCommerce improves because platforms launch faster, scaling becomes easier, and performance improves.
What is PayPal integration?
PayPal helps businesses grow by offering payments solutions, business services, and funding options. The Anypoint PayPal connector seamlessly and securely extends PayPal’s capabilities through the enterprise - all without having to interface with the PayPal platform directly. The PayPal connector also enables instant API connectivity to numerous PayPal APIs.
PayPal’s products and merchant services prepare businesses to create a dynamic retail strategy for the future of eCommerce.
What is Stripe integration?
Stripe integration enables businesses to accept payments and manage operations online. By reducing regulatory complexity and the need for engineering, Stripe helps business grow and increase economic output. MuleSoft offers the Stripe Connector which provides access to 60+ Stripe APIs. The Stripe Connector can perform many actions including managing Accounts, Balances, Coupons, Subscriptions, and more, allowing improved payment management.
This enables retailers to easily scale business through mobile commerce, subscription models, and platform payments.
3 ways to address common billing and payments challenges
Both PayPal and Stripe can provide online payments functionality for businesses. The data from these transactions can be integrated with third-party platforms to ensure seamless checkouts by promoting speed, security, and compliance. However, actually realizing this benefit can be challenging. Below are common pain points that impact a retailer’s ability to collect online payments effectively.
No. 1: Reusable API integrations
The technology required to accept online payments is complex and can be difficult to implement. Building completely new systems is ineffective and can result in processing issues such as payment delays and lost transactions. Rather, business should use reusable API integrations to get up to speed more quickly. Both PayPal and Stripe can be integrated with enterprise systems using MuleSoft’s Anypoint Exchange.
No. 2: P2PE, tokenization, and management fraud filters
Fraud is a growing issue in online payments, especially as new forms of fraudulent activity continually arise. The security of online payment processing is incredibly important to keep both retailers and their customers safe from theft threats and data misuse. Certain security measures like fraud management filters, point-to-point encryption (P2PE), and tokenization provide additional protection. Companies can also decrease the potential for fraud by auditing their current payment systems and understanding the security measures of potential payment providers.
No. 3: Digital payments platforms compliance, and security
The importance of compliance for digital payment platforms is growing, especially with increasing regulation and the need for specific technology certifications. Failure to comply can lead to fines and penalties, but with constant changes, it is difficult for business to stay up to date and comply. Organizations should look for payment providers who act as true partners - proactive about educating and ensuring their compliance and security.
Download this ebook to learn how top eCommerce and retail enterprises have integrated payment platforms to transform their digital retail experience.