In today’s fast paced life, time and speed play an important role in every field and in the case of E-commerce websites where the sales directly depend upon the efficiency of websites, speed of the website is a crucial factor in determining the success of the E-commerce stores. One such component that affects the speed of the website is the payment gateways integrated into the website. When customers want to make purchases, they want a proper online payment gateway as cash on delivery option is not a preferred option for many of us.
Not only cash on delivery is not a preferred option for customers as compared to credit or debit card but many merchants also do not prefer it due to many restrictions and other reasons. Therefore, integrating a proper payment gateway into the store is the need of the hour. Let’s take a look at the best payment gateways for your e-commerce store:
PayPal is the name that needs no introduction and is well-accepted by the E-commerce business sector for digital payments. It is an accepted payment gateway by more than 203 countries. Along with being the most popular payment gateway, it is also the most secure and reliable.
It is free for buyers and the buyers can even enjoy the credit card rewards and even have access to flexible payment options like PayPal credit. However, it is not free for the store owners. They have to pay a transaction fee of 3.4% + $0.30 when using PayPal for their credit card payments. This fee is to be paid only when a sale is made. Except for this fee, there is no setup, gateway or monthly fees. The checkout process is customizable and comfortable using PayPal which enhances the overall checkout procedure for the customers.
Authorize.Net has been in the market for almost 20 years now and has benefits that stand out from the benefits offered by other payment gateways. According to the experts, it is best for Magento stores. A number of payment methods like Visa, Mastercard, Discover and more are supported by Authorize.Net. Not only this, but it also accepts payments from the credit cards and electronic checks from the websites.
Also, the funds are immediately transferred to the bank accounts saving time and money of the small to medium-sized companies. There is even no requirement of the SSL Certificates or PCI Compliance to use this plugin. Authorize.in is the payment gateway with maximum benefits for Magento stores as well as other E-commerce websites. Authorize.Net comes in three different plans; the first one is All-in-one where the merchant account and payment gateway is set by the company costing around $25 and for every transaction 2.9% + 30 cents. The second option is Payment Gateway Only which comes at a monthly price of $25 and per transaction 10 cents, daily batch fee 10 cents. The third plan is for Enterprises which is for the enterprises which process more than $500K every year. This comes at a tailored pricing.
• Amazon Payments
If you are an Amazon merchant who is looking to increase the sales, then Amazon payment is the best option for you. In the year 2016, Amazon has analyzed and reported that there are active 300+ million accounts, so integrating Amazon Payments is the easiest option. It comes with two different packages: Pay with Amazon for merchants and Login and Pay for the Shoppers.
A major benefit of using Amazon Payments is that the merchant can see their conversion rate improving exponentially because of the smooth checkout process. So, it is ideal for the Amazon merchants Amazon Pay fees are transaction based and is composed of a domestic processing fee of 2.9% and an authorization fee of $0.30 + tax on the successful completion of purchase.
Stripe is a US-based payment gateway which is available in 25 countries. Its major users are from Canada, Australia, and the United Kingdom. Stripe a comparatively new payment gateway but due to its features, it has successfully secured its position among the top payment gateways globally.
It is ideal for an E-commerce store, a subscription service, or a crowd funding project or an on-demand marketplace. It comes backed with well-maintained API’s which allows store owners to try out new strategies, customizing workflow and maximizing renewals, improving the overall user checkout process. It is quite easy to integrate into the store and is safe also to use. It is priced at 1.75% + A$0.30 if you are using a domestic card and 2.9% + A$0.30 for international cards.
• Secure Pay
This payment gateway was formed in the year 1997 aim to offer a simple and secure online shopping cart, electronic check services, credit card and mobile payments and many other services. It enables the merchants to conduct the transactions from anywhere around the world and from mobile phones as well as it accepts APPLE pay mobile transactions and EMV.
It also works with various online shopping cart providers which enables the integration of third-party shopping carts. Another benefit of using SecurePay is that all the information of the customers is stored through SSL within SecurePay’s PCI certified data security. One can easily initiate transactions via tokens without having access to cardholder information directly. Its feature list does not end here, as the main benefit of using SecurePay is the 360 degree view of the office and dashboard which is provided to the merchant. The store owner can easily compare the revenue, social media activities and online reputation with the past performance as well as the local competitors. It is quite affordable to for the merchants to integrate SecruePay virtual payment gateway to the online store. Secure Pay charges 1.75% of transaction value + $0.30 per transaction if you are using Domestic Mastercard and Visa. It charges you 2.90% of transaction value + $0.30 per transaction if you are using International Mastercard and Visa.
If your target audience is spread across the globe, then 2Checkout is the best payment gateway for your store after PayPal (as it is available in 203 countries). It is available in more than 87 countries and in 15 different languages. All the major cards like Visa, Mastercard, Diners Club, American Express and many others are also supported by 2Checkout. It is even available in many developing countries where it can be used in combination with other payment gateways. Offering a high global reach, Checkout comes with an easy-to-incorporate payment API so payment processing for your store. One can even try its demo to check the customer’s experience with it and the way it works.
2Checkout comes at a price of 3.5% + $0.35 per transaction for its 2Sell plan and 4.5% + $0.45 per successful sale for its most popular 2Subscribe plan. The third plan provides all in one solution to sell Digital Goods globally priced at 6.0% + $0.60 for every successful sale.
Skrill is available in over 40 countries and charges 1.9% checkout transfer fees to the users. It is gaining popularity among the E-commerce stores due to many reasons but mainly due to the official extension offered by it for integration with WooCommerce-based dropshipping stores.
The last on the list and one of the most popular payment gateways is the WePay which offers modern payment alternatives like Apple Pay and Android Pay. It works efficiently for E-commerce websites of all the sizes and easily handles complex payment requests like multiple payers or crowdfunding campaigns etc. It deals with domestic and international users and offers secure transactions.
WePay charges a flat 2.9% + $0.30 for every transaction made using credit cards and 1% + $0.30 for every transaction for bank transfers.
A payment gateway is an essential part of every shopping experience and therefore, should be selected wisely. With a variety of options available in the market, one should experiment with the same to reap maximum benefits of these.