Thanks to digital transformation technologies, eCommerce has witnessed a remarkable upsurge over the years. In such a competitive world of online selling, delivering an intuitive and secure checkout process to customers is crucial to the success of any business. As an optimal solution, payment gateways are replacing the conventional method of cash collection and paper records of transactions. This article will help you win over your customers by compiling a list of 15 best payment gateways for eCommerce.
What are payment gateways for eCommerce?
Basic concepts
Payment gateways for eCommerce are intuitive software applications installed in digital devices. Those apps serve as the role of a merchant service that implements credit card payments for eCommerce websites. During the whole process, transaction details and responses from the payment network are transferred back to the website, allowing businesses to easily track their sales activities.
On the surface, online transactions via payment gateways for eCommerce appear to be quick and straightforward with just a few clicks and taps. However, on the backend, there are several processes involved to seamlessly and securely move the funds from the buyer’s bank account to the seller’s.
Commonly, there are two types of eCommerce payment gateways which are direct and redirect approaches. By comparing and contrasting the pros and cons of each type, along with analyzing the current size and level of your firm, you can decide which one suits your business better.
How do payment gateways for eCommerce work?
With the aim of effective and hassle-free payment processing, payment gateways for eCommerce integrate security techniques to prevent fraud at all stages. Below are the steps showing how these cutting edge technologies work:
- Payment gateways for eCommerce will start once a customer places the order on an eCommerce website, enters all relevant card details, and clicks on ‘Pay now’ or an equivalent button on the website to confirm permission for the transaction.
- The eCommerce payment gateway then redirects the customer to a secure page for authorizing the transaction.
- After getting the transaction approval from the payment gateway, the issuing bank checks the customer’s account to decide whether the transaction can be done or not.
- The payment gateway sends the message to notify the customer. Next, if the transaction is successful, the bank settles the payment with the gateway.
- The payment gateway then permits a payment settlement with the seller, notifying the customer that the payment process is complete.
Besides their main functionalities, some payment gateways for eCommerce also offer user-friendly features such as order screening, tax cost calculating, geolocation for some location-specific actions.
Benefits of integrating payment gateways for eCommerce
Providing a secure and fast payment method to clients can ultimately improve the overall performance of your business. Researches show that payment gateways for eCommerce can approximately hold up to 50% of your eCommerce store’s success. Here are the reasons explaining the high-intensity use of those applications among modern-day businesses.
- Ensure easy checkout: From the customer’s perspective, rapid and seamless checkout experience is a strong plus point. Payment gateways for eCommerce perfectly meet this requirement by completing the transaction process with only a few clicks, thereby making online shopping much more convenient and time-efficient.
- Encourage impulse purchasing: According to research, 40% of all online purchases result from impulse purchasing. Thus, integrating payment gateways for eCommerce, with an easy checkout process, will encourage customers to stay on your online store longer. The more time on site your eCommerce store enjoys, your greater chances of engaging them could grow.
- User-friendly interface and features: Payment gateways for eCommerce also integrate some appealing features such as shopping cart, multiple payment options, chargeback prevention, recurring billing, etc. Those are competitive edges over the traditional payment method.
- Ensure security: Payment gateways for eCommerce are often compliant with essential security standards such as PCI, DSS, etc. so that the process of funds transferring is secure. Moreover, the data is exclusively used by two parties namely the seller and the buyer, ensuring private and safe transactions.
Top 15 best payment gateways for eCommerce
Now that you’ve grasped some basic concepts of the payment gateway, it’s time to dig into the top 15 popular payment gateways for eCommerce to speed up your payment processing.
Stripe
Stripe is one of the most popular payment gateways with a broad focus on mobile eCommerce, other third-party appliances, and platforms. Besides, the application is also capable of handling a large volume of transactions, thus delivering a better customer experience.
Especially, Stripe is best-known among the commonly-used Magento 2 payment gateways to help users get rid of security-related issues regarding monetary transactions.
Features
Some prime features should be mentioned are:
- Include IFrame Payment and Stripe.js v3 with Stripe Elements for PCI DSS Compliance for eCommerce merchants.
- Easy checkout with other gateways such as Apple Pay, Google Pay, and Microsoft Pay.
- Ensure advanced security and provide a filter algorithm
- Tokenization & saved cards.
- Customer support: free 24/7 via email, chat, and phone call.
- Available in 42 countries and support more than 135 currencies internationally.
- Offer eCommerce integrations includes: Magento, Shopify, BigCommerce, and Spree Commerce.
Pricing:
- 2.9% + $0.30 per credit card payment processing within the US.
- +1% for international cards.
Square
Square is a powerful eCommerce payment gateway tool that provides flexible payment customization. Users can easily swipe their credit card anywhere with a free magstripe reader, take payments and simply print invoices with the smart Square Terminal.
Plus, unlike Stripe that can only be used on compatible platforms, Square is just not a standalone payment gateway. Instead, it comes as part of a bigger eCommerce solution to turn your customers’ devices into portable point-of-sales terminals.
Features
Square proves to be a perfect fit for medium-scale employee management with some appealing features:
- Ensure security with PCI Security standards.
- Allow users to utilize Square’s Transactions API.
- Integrate a shopping cart.
- Support businesses in setting up an online store.
- Customer support: via email, phone, social media (tweet), and seller community.
- Work with 5 major currencies namely the US, Canadian and Australian dollar, Euro, as well as Yen.
- Supported eCommerce platforms: Magento, OpenCart, WooCommerce, and BigCommerce.
Pricing
- A fee of 2.9% + $0.30 for processing payments in any country that Square is available.
Moneris
Moneris is on the top list of payment gateways examples. This tool is a multi-functional online payment solution for your eCommerce store. In detail, Moneris incorporates some characteristics that payment gateways for eCommerce have in common such as superior online security, online credit card payments, fast processing along ease of use.
Noticeably, its virtual terminal can simultaneously offer real-time transaction processing with multiple users on different computers.
Features
In particular, Moneris offers robust features for easy payment processing:
- Save customer info with hosted vault page.
- Offer new Tokenization and support full authorization.
- Include CVC/AVS verification and a secured saved card feature.
- Full and Partial Refund.
- Support payments in the USA and Canada.
- Customer support: Moneris offers 24/7 customer support by phone, through its website and social networks.
- Work with over 120 currencies universally.
- Popular eCommerce supported platforms: Magento, Prestashop, OpenCart.
Pricing
- 2.65% for processing rates per card-present transaction.
- +$0.15 per transaction for card-not-present sales.
Comments
Post a Comment