You’ve created your ideal online shop and stocked and released goods worldwide. Your success skyrockets as orders flood in. You’re processing payments manually while knowing you require a payment gateway. This is inefficient but also dangerous.
You should use a payment gateway to collect customer payments safely and reliably. Payment gateways shine in this scenario. Different payment processors offer additional functionalities, transaction fees, and levels of safety.
This article will compare and contrast some popular payment gateways to help you make the best choice for your business. Grab a coffee and sit down for an in-depth look at the exciting field of electronic payment processing.
Table of Content
Important Considerations for Picking a Secure Payment Processor
Any online store must carefully consider its payment gateway options. Choosing the right gateway that fits your company’s requirements might take time since there are so many. But if you give some thought to the essential details, you may restrict your options and locate the best entryway. Here, we’ll go through some of the most important criteria to remember when picking a payment gateway: safety, costs, usability, payment method support, and customer service.
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Security
When making a payment gateway decision, safety should be your top priority. Try to choose a PCI-compliant gateway with state-of-the-art fraud detection technologies and encryption. PCI compliance is a set of security rules to safeguard private information like credit card numbers. Protecting your business and your customers’ private information requires PCI compliance.
Fees
There is a broad range of price structures for payment gateways; choosing the one that works best for your company is crucial. Some gateways charge a flat cost for each transaction, and others that take a percentage. Specific gateways may tack on extra monthly or installation fees. Consider the total price and whether or not the pricing is clear to avoid unpleasant surprises.
Ease of Use
An increase in the “cart abandonment rate” may be attributed to an easy checkout procedure that discourages shoppers from finishing their purchases. If you want your consumers to have a stress-free checkout experience, you need a payment gateway that is simple to use. Find a gateway that can be easily integrated into your site or e-commerce platform and has a user-friendly interface.
Payment Methods Supported
Make sure the gateway you choose accepts the payment methods that are most popular with your intended customers. More customers will be willing to transact if you get a range of payment types.
Customer Support
Having confidence that any problems will be resolved quickly is essential when using a payment gateway. Choose a gateway that provides prompt responses across all the contact methods you’ll likely need, including email, phone, and live chat. Ensure the gateway’s support team is available when needed, and check user reviews to see how other customers fared with the service.
Comparing The Popular Payment Gateways
Any online store must give careful consideration to which payment gateway to use. When there are several potential entry points, making a final decision might be difficult. Stripe, PayPal, Authorize.Net, Square, and Braintree are among the most widely used payment gateways, and they will each be compared in this section.
Stripe
Stripe is a widely used payment processing service that has recently seen a popularity surge. The straightforward UI makes it easy for companies of any size to utilize. Successful Stripe transactions incur a fixed cost of 2.9% plus $0.30.
Stripe’s two-factor authentication, fraud detection tools, and PCI compliance are three of its most important security features. Stripe’s fraud detection systems use machine learning algorithms to identify suspicious payments and block them before they may harm the Company or its consumers.
The checkout process may be branded to fit the needs of individual companies, and Stripe makes this possible. With Stripe, businesses can safely keep their customers’ payment details on file, making it more straightforward for them to make repeat purchases.
The ability for companies to tailor the payment process to suit their requirements is made possible through Stripe’s developer-friendly API. The Application Programming Interface is widely used because it is simple to implement.
Stripe offers email and live chat assistance, with emergency help accessible around the clock. Businesses may quickly get up and running on the Stripe platform using the platform’s rich documentation and tools, which include developer manuals, tutorials, and webinars.
PayPal
One of the most widely used methods of making online purchases, PayPal has been around for almost 20 years. Its adaptable combination of features makes it suitable for businesses of any size. Each successful PayPal transaction incurs a fixed fee of 2.9% plus $0.30.
The fact that it has millions of users all around the globe is a significant selling point for PayPal. This facilitates the acceptance of PayPal payments by companies.
Among PayPal’s many security features are anti-fraud technologies, shopper and vendor guarantees, and PCI compliance. By analyzing transactions using machine learning algorithms, PayPal’s fraud detection technologies can spot and stop fraudulent conduct before it may harm the company or its customers.
PayPal also stands out because it allows merchants to brand their checkout pages and create their own unique checkout processes. In addition, PayPal has a mobile app for businesses and consumers, simplifying the process of accepting and processing payments.
PayPal provides several developer tools and application programming interfaces (APIs) to further facilitate corporate adoption. Developers love it because the APIs are well-documented and simple to use.
You may contact PayPal’s support team by email, phone, or live chat; they’re accessible around the clock for urgent difficulties. In addition, PayPal provides a wealth of material and tools for companies, including developer manuals, tutorials, and webinars.
Authorize.Net
Visa has owned the payment gateway company Authorize.Net since 1996. Its numerous valuable features make it a good choice for enterprises of all sizes. Authorize.Net has a $25 monthly gateway cost and a 2.9% + $0.30 per transaction processing fee.
Authorize.Net’s AVS (Address Verification Service), CVV (Card Verification Value), and real-time transaction monitoring are three essential features for preventing fraudulent charges. This aids establishments in avoiding chargebacks and fraudulent purchases.
It also provides an adaptable checkout process, so stores may use their logos and tailor the buying process to their needs.
Authorize.Net’s broad developer tools and APIs are also noteworthy since they facilitate Authorize.Net integration into websites and apps. Developers love it because the APIs are well-documented and straightforward to use.
Authorize.Net also provides several reporting and administration tools to facilitate easy transaction management, report viewing, and the creation of periodic payment schedules for organizations. In addition, it facilitates budgeting by providing a mobile app for both businesses and consumers.
Authorize.Net offers customers 24/7 emergency help by email, phone, and live chat. In addition, Authorize.Net provides a wealth of documentation and tools for companies to use, such as developer manuals, tutorials, and webinars.
Square
Since its inception in 2009, the popular payment gateway Square has won praise for its straightforward design and low fees. Square’s per-transaction fees are 2.9% + $0.30, with no minimum.
The straightforward and intuitive design of Square’s user interface is a significant selling point for the company.
Square’s suite of security options includes anti-fraud software, 3D Secure authentication, and PCI compliance. By analyzing transactions using machine learning algorithms, its fraud detection solutions can spot and stop fraudulent behavior before it can harm the company or its consumers.
The ability for companies to include their branding throughout the checkout process is another critical feature of Square. Square also provides a variety of POS hardware, having card readers, terminals, and registers, to facilitate in-person transactions for merchants.
Square also provides several developer tools and application programming interfaces (APIs), making it simple for companies to incorporate Square into their existing websites and software. Developers love it because the APIs are well-documented and straightforward to use.
You may reach Square’s helpful staff by email, phone, or live chat, and they’re accessible around the clock for any emergencies. In addition, Square provides a wealth of documentation and tools for companies, including developer manuals, tutorials, and webinars.
Braintree
For online transactions, PayPal uses Braintree, a payment processor acquired in 2013. It has various useful functions, appealing to companies of different sizes. The transaction fee charged by Braintree is 2.9% plus $0.30.
Braintree’s sophisticated fraud detection and prevention technologies, such as integrating with Kount, a third-party fraud detection service, are essential.
Integrating Braintree into a company’s website or app is a breeze, thanks to Braintree’s developer-friendly APIs and tools. The APIs are widely used because they are easy to work with, flexible, and come with extensive documentation.
Businesses can easily manage their transactions, examine data, and set up recurring payments with the help of Braintree’s suite of reporting and administration tools. In addition, it facilitates budgeting by providing a mobile app for both businesses and consumers.
Braintree offers its customers 24/7 emergency help by email, phone, and live chat. In addition, Braintree provides a wealth of documentation and tools for companies to use, including developer manuals, tutorials, and webinars.
Conclusion
Your online store’s fate may depend on your choice of payment processor. When comparing prominent payment gateways like Stripe, PayPal, Authorize.Net, Square, and Braintree, it’s important to consider transaction costs, security, convenience, and customer service.
You may choose which payment gateway is appropriate for your eCommerce company by assessing the benefits and disadvantages of each option and analyzing them in light of your unique business requirements. Ultimately, picking the best payment gateway may raise sales, improve client confidence, and drive expansion.
