One of the prime factors to consider before starting an eCommerce business or a website is to figure out which payment method you are going to use in your business. Building a beautiful interface for your website and purchasing expensive web hosting attracts a good number of people but when payments are involved, no website can flourish without an easy and secured payment method. Giving good thought to your checkout process is a key factor for a successful website.
In this article, we are going to discuss the top 10 Payment Gateways which are widely used in the world of eCommerce. There is no doubt that having a solid payment method can provide you with a positive experience, but what is Payment Gateway and how does it work?
What are Payment Gateways?
Whenever a customer goes on a website, choose a product, add it to the cart and then give the credit card number to shop the item, how does that money reach the website? What happens after the credit card number is entered?
Payment Gateways are the doorways for this method. They act as in-between services that prepare the inputted data gave during checkout and assist in the approval of payments made for e-commerce. They take sensitive information from customers and help you meet specific security standards for online businesses.
A Quick Primer on Online Payment Systems
Before going deep into different payment gateways, here is the method of how this system works:
- ACH payments are electronic credit and charge moves, permitting clients to make payments from their banks for utilities, contract advances, and different sorts of bills. ACH represents Automated Clearing House and most installment processors offer ACH installment alternatives to their clients, particularly for a month to month and membership-based exchanges. Most installment arrangements use ACH to send cash (short charges) to their clients.
- A merchant account is a ledger that permits a client to get payments through credit or check cards. Vendor suppliers are needed to obey guidelines set up via card affiliations. Numerous processors, (for example, the ones recorded underneath) go about as both the trader account just as the payment gateway.
- A Payment Gateway permits traders to safely pass MasterCard data between the client and the dealer and among vendor and the installment processor. The installment passage is the mediator between the trader and their supporting bank.
- A payment processor is an organization that a dealer uses to deal with charge card exchanges. Installment processors execute hostile to misrepresentation measures to guarantee that both the forward-looking client and the dealer are secured.
- PCI compliance is the point at which a trader or payment gateway sets their installment climate up such that meets the Payment Card Industry Data Security Standard (PCI DSS).
Things to Consider:
Before going for any option given below, one must look at the things his/her website is focused upon. Different platforms are better for different sort of business. Also there are some other aspects to look at while going for any option.
- Security: Security is the most important factor while choosing any option. One must choose an option where the privacy of the website and sensitive information is encrypted.
- Cost: Most of the payment gateways have their fees in limited range, but some of the platforms cost more or less, depending on different factors. One must give the monthly fee or cost per transaction to find the best option for one’s website.
- Accepted Payments Methods: If one are going to start an online domestic business, accepted payment methods might not be a problem. But when someone goes for international business, the chosen platform must have a wide range of acceptable currencies.
- Payment Location: Some of the payment gateways have API integrated model which allows customer to make transaction on the same website, while other gateways leads to a different location. Before going for any of the options given below, one must keep the nature of one’s business in mind.
PayPal is the world’s most widely used payment method, boasting more than 220 million active accounts around the globe. Working since 1998, it provides an easy and secure way to send money directly to an email address.
PayPal provides payment processing services for a wide range of uses from a small e-commerce business to huge auctions and crowdfunding campaigns, and allows you to accept credit cards. It also offers easy cart integration, plentiful customization options, online invoicing, and facilitates credit card payments over the phone. Its latest ways to make transaction is secret behind its huge success.
It is anything but difficult to purchase or sell utilizing your cell phones on any dealer site or application. PayPal works in 203 nations and it bolsters broadly utilized Visas like Visa, MasterCard, Citibank, American Express, and so on.
- PayPal is one of the most trustworthy payment options in the world today. Since it is widely used in the world, most of the buyers already have their account on PayPal.
- Also, its customization options make it easier and suitable for both the customer and the retailer.
- Its charges are a bit more than its competition.
Pricing: PayPal card processing charge is 2.9% per transaction. It does not include any monthly fees.
Stripe is a cloud payment doorway that assists with handling and overseeing online exchanges anyplace on the planet. It gives total answers for measure online payments and offers extraordinary highlights like custom UI toolbox, embeddable checkout, solidified reports, and substantially more.
Stripe is a vigorous payment gateway that guarantees a smooth snapshot of assets in your business while associating with the application interface that empowers you to forestall fakes with incredible security, oversee income, and drive deals worldwide. It likewise gives an open API that helps in coordinating with your business environment.
- It is a highly modern tool for online payments. It has built-in API and developer tools.
- It also allows mobile payments.
- It has high functionality, so a little bit of tech understanding is needed for it.
Pricing: For European cards, it charges 1.4%+20p per transaction; while for non-Europeans it is 2.9%+$0.30 per domestic transaction.
Amazon Pay is a payment gateway intended for Amazon dealers and customers. It is a simple, quick, and secure installment arrangement that helps individuals in 8 nations starting at now. Amazon payments accompany two distinct bundles – log in and pay for customers, and pay with Amazon for vendors.
This payment gateway is intended to give a smooth shopping experience to both online retailers and dealers. Amazon pay is stacked with incredible highlights and apparatuses that draw in clients and urge them to shop more, make their shopping cycle smooth out, and improve client commitment and steadfastness through spared installment subtleties for quicker checkouts
- Amazon Pay is one of the widely used payment methods in the world, and is liked for its easy interface and familiar ways to make transactions.
- It has an API integrated model that makes you complete transactions on your site and track them with ease.
- Due to its extraordinarily good responsiveness, millions of people use it.
Pricing: It costs 2.9%+$0.30 per domestic transaction.
The fundamental point of these arrangements is to smooth out the payment cycle, and Authorize.net (from Visa) does precisely that. Created because of firms, all things considered, and offering a selection of plans, the stage gives you the instruments to sell things and make payments on the web or face to face at a store.
With the arrangement, you can acknowledge payments from sites and move assets into a dealer’s financial balance rapidly. It underpins all significant charge cards, including Visa, MasterCard, American Express, Discover, Diner’s Club, and JCB. Just as this, the stage is viable with computerized installment administrations, for example, Apple Pay, PayPal, and Visa Checkout.
Even though the product can acknowledge exchanges made by clients everywhere in the world, your business must be enrolled in the US, UK, Canada, Europe, or Australia on the off chance that you’d prefer to utilize this administration.
- Net is a flexible model for online payments.
- It supports multiple credit cards and digital providers including Visa, MasterCard, American Express, JCB, and others.
- It also supports a wide range of currencies used around the globe.
- It can be used in multiple businesses but its functionality is limited.
Pricing: Authorize.net charges 2.9%+$0.30 per transaction. Its merchant account is best which has a monthly fee of $25.
WePay is a payment processor that permits Internet buyers to acknowledge MasterCards and financial balance payments on the web. WePay is by all accounts zeroed in on the individual client, and has as of late added e-store pages to their administration to help their clients advantageously take in payments (for example function tickets, items, gifts, etc) through their administration.
- WePay is another payment platform but it is more focused on the unique needs of your business.
- It is customizable for complex transaction requests. It can also handle crowdfunding campaigns easily.
- It has excellent customer support, and it also offers mobile app payments like Android Pay.
Pricing: It has no set-up fee, while it costs 2.9%+$0.30 per transaction.
Dwolla is an immediate contender to PayPal. One of the newcomers in the outsider payments space, the organization is preparing over $1 million every day. Setting up Dwolla payments is like PayPal, in spite of the fact that Dwolla doesn’t have a similar name acknowledgment as their opposition.
- Dwolla is known for its simple and exquisite interface.
- It provides same-day and next-day transactions for ACH payments.
- API integration makes this platform safe and secure. You can check transaction and app history and easily locate if something has gone wrong.
Pricing: Dwolla only charges if the transaction amount is above $10. It charges $0.25.
Payline is a Pineapple Payments Company settled in Chicago, Illinois. It gives answers for organizations going from new businesses to Fortune 500 organizations, with an emphasis on the installment experience.
Payline offers door installment preparing, and its web arrangements are intended to incorporate with more than 175 internet shopping baskets. The organization likewise offers portable arrangements intended to acknowledge payments using versatile applications. The Payline installment preparing passage likewise coordinates no sweat of finance the executives, and business financials by and large
- Payline is a highly efficient payment service, and is made to save the payments from any possible fraud.
- It has a built-in security system.
- It provides mobile app integration.
- In terms of the monthly fee, it is comparatively cheaper, but the transaction costs are not very transparent in Payline.
Pricing: For online stores, it has a monthly fee of $20. It charges 0.3%+$0.20 per transaction.
2Checkout is a mainstream worldwide installment door that permits organizations to acknowledge online payments from purchasers around the world. It has numerous highlights and restricted installment alternatives that help the two dealers and clients to make the installment cycle smoothed out.
It is the US-based payment method that underpins various installment strategies and exchanges around the world. It is secure and solid, More than 50,000 traders use 2Checkout installment passage around the world. It upholds 8 diverse installment strategies, 15 dialects, and 87 unique monetary standards in worldwide business sectors.
- 2Checkout is a highly customizable platform not only for senior buyers but for newbies as well.
- It provides you to have demo session which can easily help you get to know the functionality of the app in a better way.
- It can tackle more than 80 currencies which is a big advantage for international businesses.
- With its API integrated model, you can track transactions on mobile as well.
Pricing: It does not have a set-up fee. It charges 3.5%+$0.35 per successful sale.
Braintree is a payment gateway that is essential for the PayPal organization. It is intended to make the payment cycle simpler. It offers trade devices to manufacture worldwide organizations, acknowledge payments, and empower business for their clients. It has devices and highlights that help organizations to scale their organizations around the world.
Braintree works in 40 nations around the world. It upholds 130 monetary standards and appreciates the advantages of quicker and secure exchanges. This instant smooth UI underpins different cards or even PayPal exchanges.
- Braintee is a viable platform for big businesses and to tackle multiple payers at a time.
- It is known to work with giants like Airbnb and LivingSocial etc.
Pricing: It does not have a set-up or monthly fee. It charges 0.3%+$0.20 per transaction.
Worldpay is a comprehensive, UK-based (however worldwide) administration that offers Omnichannel payment answers for organizations, everything being equal. Additionally, you can pay more only as costs arise or pick a regularly scheduled payment alternative.
As another business, you have a ton of things on your plate: gatherings, showcasing, particulars. Worldpay offers didn’t-have any acquaintance with you-required that payment administrations, including mechanized charging and card refreshes, adjustable reliability cards, card-on-record uphold, and improved backend settlement.
Preferably, your business won’t remain the equivalent. With development, Worldpay centers on the fate of your endeavor by offering master guidance and knowledge with help and customized detailing of your business. Besides, they’ve furnished their site with supportive substance.
Never obsess about lost clients who surrendered a deal for deficiency of their payment type. As its name recommends, Worldpay is exhaustive (think: “and,” not “either/or” includes) and acknowledges the full array of payment alternatives — over 300 different ways to pay — like every single significant card and versatile wallet strategies.
- WorldPay is the best payment gateway for new businesses. It provides you with a lot of different options and helps you tackle a variety of problems that you face as a new business.
- It has a variety of ways to come up to big businesses as well. You can customize it as business goes through different phases.
- It has an excellent customer service mechanism.
- It allows customers to make payments in about 300 different ways. One cannot lose customers due to payment difficulties with such a wide range.
Pricing: It charges 2.75%+$0.20 per transaction.