E-commerce is growing faster than ever. The need for payment integration makes it easy to fulfill orders without worrying about completing paperwork and running up and down to track the payments. Online businesses can use various payment gateways to make their work seamless and increase sales.
This article elaborates on the five top payment platforms you need to know. There is a need to understand them and determine what is best for you. Depending on your needs, one might be better for you than others.
Before you pick what payment gateway to use for your e-commerce, you must identify your customer needs, location, and business size. All these factors determine the availability of the service and the cost of the transactions. These are the top five payment options you should know and implement in your online business.
1. PayPal
The most popular online payment method is PayPal. It provides a secure and easy-to-use platform for buyers and sellers. This feature makes it the best option for small businesses, opening gateways for international customers. PayPal is available worldwide, with more than 200 million users and 100,000 new accounts created every day.
On average, PayPal charges a fee of about three percent for each transaction. However, this could vary depending on the location. You need to create an account and link it to your bank account or credit card. With PayPal, it is easy to send or receive payments. You will not need to share your banking information.
PayPal covers most parts of the world, and it also has a mobile app that makes it easy to make and receive payments on the go. Your customers can pay with the “buy” button on your website or pay directly to your email.
Recently, PayPal has also started processing cryptocurrency payments. You can start accepting Bitcoin, Ethereum, and Litecoin payments. It solves the problem of receiving or making payments with credit cards in countries where it is prohibited.
2. Stripe
Stripe is another popular payment gateway that allows businesses to accept payments in over one hundred currencies. It also provides fraud prevention and chargeback protection. Stripe is available in over 25 countries and charges a fee of two to three percent for each transaction.
Because of its protection, Stripe is one of the best high-risk payment gateways for banking solutions. You can also learn about high risk payment processors experts in usa. You must apply for an account and verify your identity. You also need to provide bank information. Stripe will link it directly with the merchant account to process the transactions.
Stripe provides support for online and offline transactions. It also has real-time reporting that you can access to track your sales.
3. Authorize.Net
Authorize.Net is another popular choice for businesses looking to accept credit card payments online and offline, through web-based or mobile applications. It supports over one hundred currencies and is available in more than 190 countries.
Authorize.Net charges a setup fee and a transaction, which vary with the type of plan you choose. It deducts three percent for each payment processed or $25 per month based on your business size and transaction volume. Authorize.Net supports different types of transactions, including POS and online payments.
4. Checkout
Another popular payment gateway, with a presence in over 190 countries, is Checkout. It supports more than eighty currencies and charges a fee of two to three percent for each transaction.
It also offers a wide variety of payment options, such as bank transfers, debit cards, and credit cards. Checkout also supports online and offline payment processing and provides real-time reporting that you can access to track your sales.
They have guidelines you can use to integrate the payment platform on your eCommerce website. Using API, you can authorize payments for your customers without them leaving your website. This feature improves convenience and boosts your sales.
5. eWAY
eWAY is an Australian payment gateway that offers services for online businesses. It is available in over 40 countries and supports over twenty currencies. eWAY charges a monthly fee of $9.95 and 1.5% for each transaction, but this could vary depending on the type of account you choose.
eWAY offers a wide range of services, such as recurring billing and subscriptions, invoicing, and merchant accounts. As an eCommerce owner, you can use these features to grow your business. eWAY also provides an API that you can use to integrate the payment gateway on your website. With their mobile application, you can manage your transactions on the go.
Conclusion
Finding the best payment gateway for your business depends on multiple factors, including transaction costs and features. Another thing to consider is the type of business you run and your target market. There are many options available. It is essential to research the market and understand your customer needs to implement the most-convenient gateway.
Also, consider the type of currency you accept on your eCommerce website. Some of the payment platforms accept limited currencies. If looking to accept payments in other currencies, research the providers that offer this service. Also, look for a platform that supports your business growth. Features such as recurring billing and subscriptions can help you increase your sales.
