Payment gateways are ideal software that enables online sellers to provide their customers with secure payment methods. For instance, by using credit cards or digital wallets. Technology is advancing faster, making new payment methods arise. This is, in turn, helping businesses to grow through the payment gateways.
During early times, every online service provider created gateways that had limited transaction modes. This led to the rise of generalized payment plans, which were hosted to act as middlemen in providing atomic, reliable, and instant transactions to business owners and customers.
Currently, the market has various payment gateway providers which you can use to integrate your site. Depending on several transactions your site portal anticipates, the fee can be a fixed monthly or small service charge.
Best Payment Gateways To Choose From As Per Your Business Needs
Founded in 1996, then Authorize.Net is among the oldest gateway providers you could ever find. It serves more than 430,000 merchants while managing more than 1 billion tractions each year. Overall, Authorize.Net is the best payment gateway since it is easy to install and use. Also, it works for any merchant account. Above all, it accepts any transactions from customers from wherever they are.
Because of its longevity, it is partnered with many merchant account providers, enabling users to use credit cards, digital payments, and debit cards. Thanks to its simple platform, new and experienced sellers can use it without hassle. Also, it is one of the few payment gateways that accept PayPal.
Authorize.Net allows customers to use the existing merchant account. It also provides all-in-one package options, which include a payment gateway and merchant account. These options provide users with features like invoicing, recurring payments, fraud prevention filters, mobile payments, virtual POS systems, optional card readers, and customer information management.
It was launched in 2011 and focuses on development and technology. The firm has more than 4,000 employees in more than 14 countries, and it claims that about 90% of US online shoppers have purchased from businesses using Stripe. It provides a customizable payment solution at a competitive rate.
Its primary focus is developing custom payment solutions, which allow products and firms to grow tremendously while adapting to their prerequisites. You can create the platform you want or use Stripe’s native integrations using the existing commerce platforms such as Shopify, Wix, WooCommerce, BigCommerce, and Squarespace.
Stripe provides many features like mobile payments, many currencies and payments, user dashboard, subscription billing, and one-click checkout. Thanks to its POS feature, users can easily unify their channels.
The Stripe Terminal can work on both computers and mobile phones, card readers, supporting chip cards, and contactless payments. Unlike Authorize.Net, Stripe doesn’t have any monthly fee. Besides, its support is 24/7 with email, chat, and phone support.
It was created as a digital wallet in the year 1999. In 2002, Paypal was acquired by eBay and had since then become a popular online payment processor. It provides its customers the payment option of using PayPal.
PayPal is used almost everywhere. Besides, it claims that offering its services can increase checkout conversions by 44%. Furthermore, adding PayPal as a payment option is easy. You sign up in the account and add the “Pay by PayPal” icon on their site.
Paypal has checkout features and advanced payments. To get these features, sign up for the PayPal Payments Pro. The plan allows the users to receive payments from Visa, Discover, Shopify, Mastercard. Besides, it integrates with major e-commerce sites like BigCommerce, Squarespace, Shopify, and WooCommerce.
Twitter co-founder Jack Dorsey created it in 2009. Thanks to its formation, retailers can offer an online payment method that can be used on smartphones. It is ideal for brick & mortar businesses since it allows users to accept online payments without startup costs.
Even though Square accepts credit cards and other payment types like Google Pay and Apple Pay, it does not support PayPal. It can easily process the ACH or echeck payments, enabling users to receive payment by invoice, phone, or website. It is easy to set up, be it on an iOS device or Android. Besides, it can use a card reader to make payments.
It was initially launched in 2010. It was acquired by PayPal in 2013. Now, it supports both in-store and online payments. It is easy to use, and is ideal for startups due to its simple pricing.
Braintree lacks simplicity in its new features. It has a sleek interface that can integrate with e-commerce sites, invoicing apps, and many more. Braintree is a subsidiary of PayPal; it provides merchant accounts and accepts credit cards, ACH deposits, digital wallets, and PayPal. Its additional features are automatic account updaters, a customer information manager, data encryption, recurring billing, and fraud prevention tools.
Created in 2008, WePay provides integrated merchant accounts via Chase Merchant Services. This payment gateway is ideal for many channels since it makes handling many payment requests across many online platforms easier.
WePay accepts payment via credit cards, ACH payments, and Chase Pay. Furthermore, it can deal with complex payment requests like crowdfunding campaigns. Its customization features make omnichannel marketing useful.
Although WePay does not provide pricing on its platform, a third-party study shows that this firm provides competitive rates of about 2.9% plus $0.30 for every transaction and processes the ACH payments of 1% plus $0.30 for every transaction.
It was formed in 2006 to enable firms to accept online mobile payments worldwide. Currently, it serves more than 20,000 clients in the whole world. It provides a localized purchasing experience for clients in more than 200 countries.
Furthermore, 2Checkout provides a payment gateway known as 2Sell, which accepts all the payments and credit cards such as Visa, PayPal, JCB, American Express, and MasterCard.
It supports payments in almost 30 languages with 100 currencies. The best thing with 2Checkout is that users can easily host their checkout page, compile payment history, integrate the site into many different platforms, and set recurring transactions.
2Checkout platform allows merchants to sell services, physical and digital products. With its account updater, you will be able to keep all of your customer’s data up to date. It offers customers mobile-friendly buying experiences, discounts and coupons, templates of a shopping cart, and the tools to boost conversions. Besides, 2checkout has a commerce dashboard that provides sales insights and many more customer metrics.
FAQs On The Payment Gateway
What Is Payment Gateway?
Payment Gateway encrypts customers’ credit card data and then sends the information to the issuing bank to be approved. Transactions will show if the purchase is approved or not.
Note that, payment gateway isn’t a merchant account. But, a merchant account is needed by a business to accept credit cards/digital wallets payments such as PayPal. Even though some payment gateway providers provide merchant accounts, most of them are standalone products.
How Does The Payment Gateway Operate?
You can add the payment gateway onto the POS system or a website to process the digital wallet or credit card. When you swipe a credit card, it will be encrypted by the payment gateway and then sent back to the bank that issued the card. Once the transaction is approved, the order is then fulfilled by the merchant. Typically, this whole procedure takes seconds.
How Much Does The Payment Gateway Cost?
Most payment gateways provide purchase-based pricing of 2.9% plus a $0.30 for every transaction. Some need monthly subscription fees between $25 and $30 every month.
Is The Payment Gateway Worth The Cost?
Almost all businesses that want to use credit card/digital wallet payments apart from PayPal must have a payment gateway. Transactions rates vary, which is ideal for sellers to select the merchant account and the payment gateway that provides better rates.