Best Payment Gateways for eCommerce Store
Successful eCommerce stores have many things in place, and perhaps one of the most important things is choosing the best payment gateways for eCommerce. While determining the best payment gateway is a significant component of your eCommerce store’s success, it’s equally crucial to ensure that your business is legally structured properly. If you’re operating or planning to start your eCommerce business in the Empire State, understanding the process of llc filing in new york is essential. This can provide liability protection, potential tax advantages, and enhanced credibility in the eyes of your customers and partners. Without an easy and efficient way to get paid, your online store will not be able to bring value to customers, and you will not be able to make money.
As such, payment should be a priority whether you are starting your B2B e-commerce business or have a successful setup. But choosing a payment method can be more challenging than it looks.
There are many things to consider, including the options available in your area and the suitability for your WooCommerce private store. There is also the challenge of choosing from the hundreds of domestic and international opportunities.
But don’t worry. We’ve created this detailed guide to help you pick the best eCommerce store payment gateway to keep in mind in 2022 and beyond. Let’s get inside!
What is a Payment Gateway?
A payment gateway is a software that acts as an intermediary between an e-commerce store on the Internet and a bank that authorizes or rejects the payment of the customer’s debt. Some popular payment methods include PayPal, Stripe, Authorize.net, AmazonPay, and Square.
How Does a Payment Gateway Work?
The payment gateway operation process includes many steps, but thanks to the development of technology, here is how the payment gateway works in eCommerce:
Step 1. The customer enters payment information and initiates a purchase, i.e. click the “Order Now” button.
Step 2. The payment gateway performs a fraud check and ensures that the transaction does not exceed the customer’s credit limit or that the customer has sufficient funds.
Step 3. The authentication code information is sent to standard cards (Visa, MasterCard) for transactions, which makes another fraud check.
Step 4. The payment gateway verifies the transaction and sends the information back to the website to complete the transaction.
Step 5. The payment gateway sends information to the receiving bank to transfer funds from the issuing bank (client) to the merchant’s account.
Top 10 Best Payment Gateways for E-Commerce Store
1. PayPal
When it comes to payment gateways for e-commerce businesses, the first thing that comes to mind is probably PayPal. And I understand that this is good because it offers more protection to customers than the service itself.
Their security fraud protection is one of the best reasons they choose for business.
Not to mention that it also accepts multiple payments and is available in 203 countries. It is an excellent payment solution for large companies and startups.
Accept a credit card, for example. Amex, Visa, Mastercard, and others. PayPal is the best payment gateway for WooCommerce. Shopify and BigCommerce also use PayPal as they offer various payment options, e.g. personal payment, payment by phone, etc. And here are the two types of PayPal business information that your company can receive:
PayPal Standard Payment
The ease of setting up a standard PayPal account is undoubtedly a huge benefit for businesses looking to streamline their payment solutions.
You don’t have to pay any fees for this account – there are no termination or setup fees, and you can also access 26 currencies in one account. That’s how the payment gateway works in eCommerce, making everything super easy and convenient if you have an international customer base.
Payments Pro
One addition to the Pro version is that they are exceptional, allowing you to customize the checking process. Phone credit and PayPal Credit are also available.
Although it should be noted that there is a processing fee of 2.9% plus $0.30 for each transaction, note that it is currently only open in the US, UK, and Canada.
2. Stripe
Stripe is considered a serious contender and a fast-growing company that will soon catch up with PayPal. Launched in 2010, Stripe is valued at around $20 billion in such a short amount of time.
Stripe offers a trial period with late fees. There is no return fee. Web developers consider it one of the easiest things to install, integrate and maintain.
Unlike PayPal, Stripe’s payment gateway allows customers to stay online while making a payment without having to go back to the payment website for a great customer experience.
In addition to being compatible with many payment methods, cryptocurrencies such as Bitcoin are also accepted. Still growing, Stripe is currently available in 21 countries and is considered the best payment gateway in the USA.
3. 2Checkout
Your growing business need not worry about the reliability of payment processing. You must consider this detail carefully when trying to expand into new markets or go into international business. This is where 2Checkout excels. This is a very convenient solution without any hassle on your part.
This software can process global payments, invoices, taxes, and other e-commerce payments. Start with what you need now, and when you’re ready to take the next step, 2Checkout has a section to help you. Above all, this program is the perfect partner for international sales.
The difference between this and Payoneer is that 2Checkout will make it easy to pay with the usual e-commerce methods like a credit card, debit card, PayPal, etc.
With any 2Checkout modules, you can start selling in over 200 countries in no time. And, if you use their 2Monetize platform, you can rest easy knowing that they can handle the heavy stuff like VAT and legal compliance.
What’s more, you can get started with any of the free 2Checkout solutions. You only get paid after you start selling. This is an excellent incentive for those who want to try the software before committing to it.
4. Apple Pay
Apple Pay is Apple’s payment service for mobile transactions. Top eCommerce website development companies use this payment gateway. The method works like a digital wallet that offers a payment connection to physical stores. It also enables one-click access to e-commerce websites – customers can easily use touch notifications to check out – deliver convenience and flexibility for your customers.
If your customer base is 64% of adults using iPhones in the US, Apple Pay will likely gain acceptance among your customers.5 The server also has robust security measures in place.
It uses encryption, which replaces customers’ payment information with random passwords to protect customers. In addition, the service is free for customers, which is very important.
5. Authorize.net
Authorize.net has been the oldest and most trusted e-commerce portal for over 20 years. It is known for its user and developer-friendly API.
Authorize.net is best suited for integrating Magento and WooCommerce stores because it has many extensions. It is ideal for small and medium businesses because it quickly sends money to a bank account, saving time and money. You don’t need an SSL or PCI certificate to use this plugin.
Authorize.net has advanced security and fraud detection features to prevent fraudulent transactions. Unlike other paid e-commerce portals, Authorize.net charges a monthly fee in addition to the transaction fee. However, for consumers, it is pretty expensive.
There is a wide choice of payment providers, which can sometimes confuse customers. It has been widely used in many countries since 1996 and supports many currencies, making checking simple and easy.
6. Square
Initially founded by Twitter co-founder Jack Dorsey in 2009, the payment company is now the best option for people to pay and is more popular with mainstream companies.
If you already have an online store and are thinking of opening a new branch somewhere, this might be for you. Another plus is that they integrate with other e-commerce platforms: Wix, WordPress, and OpenChart. It is also considered the best payment gateway for Shopify.
But they have a few fees – a 2.75% fee for paying transactions made with a swipe; for manual transactions, there is an additional 3.5% and $0.15.
7. Google Pay
With fantastic technology and users, Google Pay provides flexibility and convenience for online shoppers. Google says its payment service may be faster and easier than others because hundreds of millions of users have already saved their payment information in their Google accounts.
Thus, online store owners can ensure ease of use and speed with this payment method. Google Pay also works with PayPal and Visa Checkout, Visa’s payment service. Like Apple Pay, Google doesn’t charge you or your customers for using Google Pay. It’s free.
8. PayCafe
PayCafe offers some of the best fraud and chargeback protection we’ve seen. The only other competitor we can think of as a competitor for their security features is Payment Cloud.
This is because they offer a sophisticated machine learning algorithm that scans every transaction for fraud. Once detected, you will be notified, and the transaction violating the rules will be blocked. Yes, you can use it and leave the transaction if there is an error.
PayCafe payment method for the e-commerce site, the home page. They also have dispute resolution tools. From their early warning system for disputes to the most detailed records of every transaction, they give you the tools you need to handle bad returns and win.
PayCafe automatically pays your customers daily, weekly, monthly, or yearly, depending on how you set it up. This allows you to accept payments on all major cards in all countries in more than 135 currencies.
Accept payments from places like PayPal, direct deposit, and even cryptocurrencies. Search for specific analytics of your business. On top of that, they also provide you with 24/7 customer support every year. This is very important when it comes to managing e-commerce payments.
9. Amazon Pay
Despite the big name, Amazon Pay is quickly gaining popularity as a convenient option for SMBs to accept payment gateways. As an online market for selling your products, Amazon gives you access to a dedicated fraud protection service.
This payment gateway is only available in the US, UK, and Germany. This makes it easier to place an order online, improving customer service quality. Amazon Pay is a simple API to provide e-commerce transactions with many solutions that are provided and installed for free. Amazon is committed to using Alexa to engage with its customers better, provide recommendations, and improve customer service.
10. Western Union
Western Union started a telegraph business in New York and added a money transfer service in 1971. The company first introduced mobile phones as a payment method but has since added mobile money transfer and money transfer services to its services. Today WU is one of the largest financial services providers across the globe.
B2B buyers prefer using payment methods like Western Union because of its long history and proven track record. Although transferring money using this service can be expensive and slow (paying one business day), many businesses have integrated these costs into their operating models and enjoy the service.
Conclusion
Not all payment gateways are the same regarding the convenience, security, and flexibility your business needs to support e-commerce transactions. What works for other companies may not be the best choice for you and your customers.
We all know that choosing the best portal in Pakistan is not easy, but hopefully, after reading our article, you have found a reliable partner to work with.
Thank you for taking the time to visit our blog today, and feel free to leave us a comment if you have any questions.
