How to Set Up Payment Acceptance in a Fintech Project?

Fintech projects set a high bar in terms of user experience and speed of financial transactions. To meet these expectations, companies need to build a flexible and reliable payment acceptance system that can work with different methods — from cards and e-wallets to digital currencies and Open Banking. One of the key tools in this system is Internet acquiring, which ensures fast and secure acceptance of online payments from bank cards. In this article, we will consider which payment solutions are relevant for fintech and how to choose the right tools for growth and scaling.

What Is Important to Know About Fintech Projects?

Fintech is a sector that focuses on the development and use of innovative tools in the field of finance. Modern solutions in this area include artificial intelligence and machine learning, blockchain and cloud technologies, tokenization, systems for working with Big Data, and much more. Companies operating in the financial technology sector can develop in various directions: banking services, insurance, accepting online payments, developing solutions for collecting funds, working with cryptocurrency, and much more.

Here are the features that unite FinTech companies:

1. Innovation and use of modern technologies. Many fintech startups are focused on developing a new product or solution that the client can use when working with finances.
2. Automation and speed of processes. The modern market is aimed at maximum optimization and elimination of the “human factor”.
3. Flexibility and adaptability. Most fintech solutions are universal and can be used in various areas.
4. Reliability. When working with finances, a high level of protection is one of the decisive factors. Fintech projects pay great attention to the security of their tools.

Choosing a Payment Service For a Fintech Project

To operate successfully, a fintech startup must organize convenient and secure payment acceptance. When choosing a payment processing method, it is recommended to consider several criteria:

1. Transaction security. Working in the financial sector requires ensuring the security of payment transactions and reliable protection of personal data. When choosing a payment service, you should familiarize yourself with the protection mechanisms that the system uses: anti-fraud checks, encryption, security protocols, etc.
2. Payment processing speed. Fast payment is an important factor for ensuring user convenience and increasing conversion. It is recommended to read not only the information on the official website, but also the reviews of other users. This will help you learn about non-obvious problems, for example, regular failures.
3. Fees and tariffs. Most payment systems charge fees and/or a paid subscription. You should carefully read the prices, paying attention to international transactions, additional fees for currency exchange, as well as tariffs for payment methods that are relevant to the target audience.
4. Ease of integration. Quick connection of the service will allow you to start accepting payments in the shortest possible time. Many payment gateways offer users ready-made integrations. This is convenient for companies using website builders and other e-commerce platforms.
5. Support for different currencies and payment methods. A variety of payment options is important for a fintech company, especially when working with clients from abroad. In addition to bank cards and other “traditional” payment methods, it is recommended to consider the possibility of accepting payments in cryptocurrency — this will help expand the audience and increase conversion.

Payment Methods

Fintech projects operate in a highly competitive environment where users expect instant, convenient, and secure service. One of the key success factors is the payment methods they offer. Let’s look at the main payment methods that are relevant for modern fintech companies.

Payment System

A payment system is a specialized service for processing payment transactions. The user of such a service can use it to issue invoices, accept payments via checkout on the site, and process recurring payments.

As a rule, payment systems support dozens of currencies and payment methods, which is convenient for international companies. Most systems offer additional business-oriented functions: analytics, anti-fraud mechanisms, and services for processing user data.

Aggregator

An aggregator is an intermediary service that allows an entrepreneur to expand the list of available payment methods. Such services make it possible to work with several payment systems and Internet acquiring services without concluding separate agreements with them. You only need to connect an aggregator. This is convenient for companies that prioritize a variety of payment methods.

It should be noted that aggregators, as a rule, charge a higher commission than payment systems.

Bank Acquiring

Acquiring from a bank is one of the safest and most trustworthy ways to process payments. This service is offered by many large banks. As a rule, when working with them, an entrepreneur can count on lower commissions than payment systems.

The disadvantage of this option is the limited number of payment methods.

Crypto Acquiring

A cryptocurrency payment gateway allows you to automate payments in cryptocurrency: converting the order amount, providing an address for transfer, tracking the payment, and confirming the payment. This method of accepting payments has several advantages:

1. Low fees for international payments. As a rule, they do not exceed 1-2%, while for bank cross-border transfers you have to pay up to 10%. International transfers. Decentralization of cryptocurrencies allows for cross-border payments even under restrictions.
2. Fast processing. International cryptocurrency payments are processed in a couple of minutes to hours, while a bank transfer to another country may take several days.
3. Security. Encryption and anonymity guarantee the protection of personal data.
4. Audience expansion. Connecting crypto payments allows you to attract new customers who find this payment method convenient, as well as increase conversion to purchase.

Final Thoughts

Choosing and setting up a payment infrastructure is one of the most important stages for any fintech project. A successful strategy should take into account the diversity of user preferences, security requirements, and scalability. Solutions such as online acquiring, Open Banking, and support for local payment methods allow you to create a convenient and reliable user experience. When choosing a payment partner, it is important to focus on flexibility, technical stability, and adaptation to the specifics of the fintech business. One such reliable provider is Tranzzo, which offers comprehensive solutions for accepting online payments in dynamically developing industries.