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by Finage at May 22, 2021 4 MIN READ

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How to Choose the Right API Payments: Beginners Guide

 

Many businesses are investing in API technology. You have probably heard of the term API being used a lot. But what does it mean? And why should you care?

 

APIs create a link between two different software allowing continued interaction. They can be applied in so many areas. A business that has invested in API technology is known to make more profits. But to be effective, you have to choose the right API.

 

The right API will make payments more convenient for customers while also promoting business growth. So how do you know which API is right for your business? Let’s discuss how to choose the best API for your business.

 

Contents:

API: What Is What?

Features of a Good API

  1. Flexibility
  2. Transparency
  3. User-friendly
  4. Operational time
  5. Regular updates
  6. Customer support
  7. Security
  8. Testing

Final Thoughts

 

API: What Is What?

Application Programming Interface is a sort of contract that allows two different software to communicate. For instance, two websites can agree on the terms of their communication. Websites that sell products such as clothing or deliver food, use APIs for viewing orders and delivering their products to customers. One API can be used to make orders and another one to deliver products. So most businesses end up using several APIs that have different functions.

 

An Application Programming Interface (API) works like a link between different applications. It provides an easy way of integrating different applications. Requests are sent from one application to another, and after the request has been processed, it is returned to the sending application. So you can request a list of customers from an API.

 

Features of a Good API

As much as it is good to have many options of APIs, it comes with one major challenge. How do you pick the right payment API for your business? There are several features that you can look for that will guide you as you choose which one to use. The features of the good API include:

 

1. Flexibility

The ideal API should offer you the opportunity to integrate with different payment platforms. That allows you to receive payments in the most convenient method. Offering different payment options to customers gives them some control, improves customer satisfaction, and keeps you competitive.

 

2. Transparency

APIs should have clear documentation and be transparent. APIs should comply with different protocols depending on the type. Some are stricter than others. Regardless of the protocol being used, make sure that the API follows recommended guidelines.

 

The company should readily provide clear documentation for all users. You should be able to access documentation and any updates whenever you need them.

 

3. User-friendly

How easy is the API? You want to avoid the complex ones. The API should be comprehensive even for those that are not technically inclined. The structure should fit smoothly with your software or website.

 

If something goes wrong it should be indicated. It should be easy to contact customer support as well. Ideally, you should get a step-by-step guide on how to use an API once you subscribe.

 

4. Operational time

This is one thing that many people overlook. But always ask yourself how long the API is operational. Is it enough for your business? Can adjustments be made according to your needs?

 

A good API should offer you the chance to choose the time you need it to be operational. It should also be readily available when you need it.

 

5. Regular updates

Technology is constantly changing. The last thing you want is to continue using a redundant API. Make sure you pick one that is regularly updated. You should be able to subscribe and access automatic updates.

 

Also, if there are any problems, the company providing the API should be able to provide a live update. Any changes should be communicated to you early on.

 

6. Customer support

Customer support for your customers and your staff is very crucial. There are moments when things might not work out well in which you will need to contact the customer care of an API. You should be able to do this and get a quick response. API specialists should be able to solve your problem with ease.

 

6. Security

A good API should be secure. This allows you to restrict who has access to different data. Restricting access to data prevents machines or unauthorized personnel from making changes to data that you did not permit.

 

All payments made should be encrypted so that customers are protected from fraudulent activities. The API should offer PCI compliance which reduces overall costs while maximizing security for your customers.

 

7. Testing

Because using client information is a risk, it is best to test an API before launching it. So make sure that you can use data to test an API. This gives you time to make changes that would be more suitable for the real world.

 

Final Thoughts

APIs are beneficial as they provide a communicating link between different software or websites. It is important to choose the right one for your business. There are several features that your payment API should have. Make sure that there is clear documentation before paying for one.

 

APIs should also be secure so that you or your clients are not at risk of any cyber-attacks. The best API to use is one that is user-friendly. Avoid APIs that are complex and give you a hard time. You should be able to get support whenever you need or encounter any difficulties. Finally, get an API that provides regular updates. That way you get the best out of your investment!

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