Choose a payment processor with an API, an API with a payment processor.
If you have a system that has an open API, or are a developer that uses APIs to create your applications, the “go to” for many is Stripe. There are two main reasons:
- Robust API: They do this part, and they do it well.
- Name Recognition: Stripe is to API payments what Band-Aid is to bandages. It’s the brand your web developer has heard of and likely integrated before.
What do you NOT get with Stripe?
Typically when shopping for a merchant account, the business owner or finance team is interviewing providers to compare rates and services. However, often in an API integration, the merchant account provider is selected by the developer, based primarily on name recognition, as their concern is setting up the API integration.
While Stripe may be a good place to start, there are some drawbacks, especially as volumes increase. Namely:
- Competitive rates: generally speaking, they provide a flat rate price that results in a 3% or higher fee.
- Personal service: no account manager, no one to call to speak to. Yes, you have technical support but not account management.
WHAT IF YOU COULD HAVE BOTH? Great news. You can.
- Rates: While our rates vary based on card types taken, you can end up with a total fee usually in the 2.5% range or less…sometimes in the high 1% range. We can provide analysis to provide specific info.
- Account management: No chat bot or 1-800 number help desk, you have a Certified Payments Professional that manages your account.
At Merchant Solutions LLC, we offer a robust API integration. In fact, we offer a handful of robust API integrations. They work through different payment platforms, each with different sets of features. So depending on what you need, we may have one option better than another, or multiple options for your integration.
Here are just a few of our API options:
https://developer.mxmerchant.com/docs
https://developer.authorize.net/api/reference/index.html
https://www.eprocessingnetwork.com/developers.html#tdbe
Bottom line – its not an “integration”. It’s the financial institution tasks with the daily operations of collection and deposit of your business’s funds.
Choose a payment processor with an API, not an API that processes payments.
For more information please complete the below form and a Certified Payments Professional will reach out to discuss options and implementation.