Earlier, people used to be a bit hesitant when paying online especially when making a big transaction. But as time progressed, people got habitual of online payments. In this digital era, online businesses are trying to enhance the customer shopping experience by providing them with multiple payment options. Therefore, integrating the best payment gateway to an eCommerce platform is becoming significant to boost sales.
A payment gateway is a merchant service that authorizes credit card or other direct payments processing for eCommerce businesses. In other words, you can say a payment gateway acts as a mediator between the payment processor and the eCommerce store.
The payment gateway makes the payment processing secure and hassle-free.
There are multiple payment gateways that offer a smooth transaction between the site and the payment processor. While choosing one for your business, make sure it meets your business requirements. Do not forget to read its reviews or feedback.
In this write-up, I have compiled a list of top 5 payment gateways that we feel would match your needs.
Note: The choice is purely the author’s. You may find other payment gateways on other blogs and articles.
Founded in December 1998 though launched in November 1999, PayPal is one of the most popular and widely used payment gateways accepting both Debit Card and Credit Card payments. As of the first quarter of 2020, there were 325 million active PayPal accounts worldwide, reports Statista.
It is free for consumers while eCommerce merchants have to pay a small transition fee to accept payments through PayPal, nearly 3% per transaction without any monthly charges. Also, PayPal doesn’t require any setup expenses or gateway charges. Some of the top brands using this payment gateway are Disney and Adidas.
Launched in 1996, Authorize.net is also among the extensively used eCommerce payment gateways with a major part of its user base (reportedly 83% of the customers) coming from the United States. Over 40,000 eCommerce merchants use Authorize.net payment gateway that allows them to accept Credit Card and electronic check payments. The company charges a $25 monthly gateway fee and 2.9% plus $0.3 per transaction fee.
2Checkout started officially in 2006. From Startups to popular brands, over 17,000 companies use this payment gateway that offers its services in more than 180 countries. 2Checkout allows merchants to accept online payments via Debit Cards, Credit Cards and PayPal. Its processing fee is similar to that of Autorize.net and does not require you to pay any set-up and monthly charges. It is a multi-lingual online payment processing service supporting multiple currencies.
Based in San Francisco, California, Stripe is one of the best eCommerce payment gateways, founded in 2010. It provides APIs that web developers can use to integrate payment processing into websites and mobile applications. You need not be a coding expert to use it; you can get going within a few minutes.
Millions of companies in over 120 countries use Stripe to manage payments on their website. The processing fee of Stripe is 2.9% + $0.3 per domestic transaction. Some of the top brands using Stripe are Shopify, Microsoft, and Shopify.
Founded in 1999, SecurePay is a mobile payment gateway that accepts multiple forms of payment and is designed to secure processing, transmitting and storing of payment card-related data.
Nearly 23.5 million transactions are conducted using SecurePay yearly and over 8500 eCommerce merchants use this payment gateway on their website. SecurePay charges 0.25-1% + $0.25 per transaction fee.
We receive a significant amount of traffic from European countries like France, Spain, Italy and Poland. So we have also made a list of some of the best payment gateways supported in those countries. Check them out-
- Amazon Pay
- WorldPay (Direct)
We, at Knowband, provide the mobile app builder module for multiple eCommerce platforms like PrestaShop, OpenCart, Magento, Magento 2, and WooCommerce that supports a wide range of payment gateways. The mobile app builder is a feature-packed module that lets you provide a convenient and rich shopping experience to your mobile users.
You can also take a look at our One Page Checkout module that offers support to nearly all the major payment gateways.
Before you choose a payment gateway for your eCommerce website, consider a few factors such as the transition fee (whether it falls within your budget or not), international support (multiple languages and currency), different forms of payment methods they accept, etc. Make your final decision considering every factor that fits your requirements perfectly.