Today, giving out your credit card information over the web has become so normal that people do not even think about it before going through with it. However, this trust hasn’t been built in a day. E-commerce has grown tremendously only because people can conduct business without fear of being scammed or having their personal information stolen. Huge credit for this e-commerce advancement goes to the prompt payment gateway service providers.
There was a time when each e-commerce vendor built its own payment gateways, which had a limited number of transaction options. As a result, there was a need for a generalized Payment gateway to be set up. This would act as the intermediary to make sure that e-commerce businesses and their customers could make safe, instant, and reliable transactions.
Depending on the level of transactions your website needs, there are a number of Payment Gateway options available in the market that you can integrate into your website for a small service fee or a fixed monthly fee. We’ve compiled a list of the top seven payment options (in no particular order) that you can use for your business.
Best 7 Payment Gateway Options
PayPal, which was founded in 2002, is the most popular payment method in the United States. Payments can be made in a variety of different currencies and from all over the world. PayPal’s brand recognition, security, and simple setup make it a popular choice for businesses.
PayPal, despite its reputation as the most expensive gateway service, is widely used by startups and small businesses. In addition to being available in 203 countries, PayPal has no startup costs or monthly fees. PayPal has a powerful anti-fraud team that has reportedly locked several suspicious accounts.
2. Amazon Pay
Amazon Pay is a payment gateway method designed specifically for Amazon vendors and shoppers. As of right now, it’s a convenient, quick, and safe way to make payments in eight different countries. Amazon handles payments for shoppers and merchants in two distinct ways.
With this payment gateway option, both online retailers and vendors can enjoy a seamless shopping experience. Customers are drawn to Amazon pay because of the wealth of useful features and tools it offers, including the ability to save payment information for faster checkouts.
This streamlines their shopping experience and encourages them to buy more. Apart from amazon, this payment gateway option is now available on various e-commerce websites where customers can pay using amazon.
Stripe is a cloud-based payment gateway option that makes it possible to accept and handle online transactions from any location. It has all the tools you need to process online payments, like a custom UI toolkit, an embeddable checkout, consolidated reports, and more.
Using Stripe, you can prevent fraud, manage revenue, and increase sales around the world by connecting to the application interface and ensuring a smooth transfer of funds.
Chicago-based Payline is a subsidiary of Pineapple Payments. It focuses on providing a smooth payment experience for businesses of all sizes, from startups to Fortune 500.
Payline provides payment processing through a gateway, and its web solutions can integrate more than 175 shopping carts. In addition, the business provides mobile solutions for accepting payments through mobile apps. Payline’s payment processing gateway is also compatible with QuickBooks, making it easier to manage payroll and other financial aspects of a business.
Authorize.net (from Visa) is yet another solution that aims to simplify the payment process. With various plans to choose from, this payment gateway gives you the ability to sell and accept payments online or in-store.
The solution also allows you to receive payouts from websites and quickly transfer funds to a merchant’s bank account. It accepts the most popular credit cards, including Visa, Diner’s Club, American Express, MasterCard, JCB, and Discover. It also works with digital payment services like Apple Pay, PayPal, and Visa Checkout.
Square provides easy software and an app for accepting payments from customers. It is a widely used payment gateway option for small businesses.
Square makes it easy for businesses to accept both online and in-person payments with little work or setup costs. However, Square may not be the best option for business owners looking for more advanced payment methods.
Using 2Checkout, businesses from all over the world can pay for their products and services online. It has a slew of features and payment options tailored to specific regions, making it convenient for both businesses and customers alike.
This payment gateway option based in the United States accepts a wide range of payment modes and transactions from around the world. Thousands of businesses worldwide use 2Checkout as a payment gateway since it is a safe and reliable option. On international markets, it accepts 87 different currencies, supports 15 languages, and offers eight different payment methods.
What Factors Should You Take Into Account Before choosing a payment gateway option?
Finding the best payment gateway option for your e-commerce platform is a time-consuming job. Make sure that the customer payment process is easy, fast, and secure before making a decision. The following are four things to keep in mind before choosing a payment gateway service provider:
- Security: Payment gateway security protocols should at least come with integrated 3D secure and meet the PCI Data Security Standard.
- Easy website integration: Keep an eye on customer service and ensure the payment gateway is easy to integrate into your website.
- Payment Time: A good payment gateway service provider offers a decent payout window. Before integrating, make sure you’ve checked the payment time frames.
- Multi-Currency: If your business is internationally based, ensure that your payment gateway provider supports multi-currency payments. And since people around the globe use different currencies, you must be able to accept them easily.
We hope you now know at least some of the best payment gateway options for your e-commerce store. These are just a few of the many service providers out there. If they don’t meet your business needs, there are plenty of others out there. So you need not worry!