A steady business will die out in the long run. You need to grow your business constantly and for that, you need a simple, yet secure payment system in place that could help you handle all the financial transactions as well as keep track of your financial situation. It’s just hard to manage every single aspect of business and things get a whole lot more complicated when you own an online business. And that’s why many business owners tend to collaborate with an eCommerce development company so that they can help them through tough decisions such as picking up a good eCommerce payment gateway. Now, fret not, it doesn’t matter if you have a development partner or not. Because if you have arrived here then you are guaranteed to gain some insight that can help you make an informed decision. Here, in this article, we will discuss the 3 best payment gateway systems available in the market. And at last, we will see how to choose a good payment gateway from the shelf.
1. PayPal
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PayPal is a payment platform that offers an array of services and products to small businesses. The company offers e-commerce tools, such as shopping cart payments and subscription services, which can help your business grow.
PayPal provides e-commerce solutions and mobile payments for consumers and businesses alike. It also accepts credit cards as well as direct debit payments from banks, building societies, credit unions, and other financial institutions around the world.
PayPal’s biggest advantage over other payment platforms is its integration with Stripe. This makes it easy for small businesses to accept credit card payments through their website using PayPal as the middleman.
PayPal also has a very large list of users who are willing to buy from your store if they find out about it after clicking through from other places on the web or through search engines like Google News or Yahoo! News.
PayPal also deals in cryptocurrencies, which can be a boon for small businesses looking to accept payments from people who want to pay with bitcoin or other digital currencies.
Because PayPal is a platform that connects people with merchants and vice versa, it’s easy to set up an account without having to deal with any complicated technical requirements or software installation. It’s free for businesses with under 2,000 transactions per month, and it offers solid security and fraud prevention tools.
2. Stripe
Stripe is one of the best payment gateway systems for small businesses because it’s easy to set up, has low fees, and can be integrated with any ecommerce platform or shopping cart.
Stripe’s API can be used to integrate Stripe into your website or app. You get access to Stripe’s full suite of payment processing services, including customer data management, fraud protection, and chargeback monitoring tools.
The team behind Stripe has been working on bitcoin integration since 2013. And now they accept bitcoin payments from anyone around the world regardless of whether they have an account with Coinbase or not!
The company has raised over $200 million in funding from investors such as Yahoo Finance, Y Combinator, Sequoia Capital, and others. Stripe’s main competitor is PayPal which is owned by eBay.
Stripe charges 4.9 percent + 30 cents per transaction for U.S.-based merchants and 2.9 percent + 30 cents for European-based merchants (including the UK). Stripe also offers a free option for non-profits and other organizations that don’t want to pay fees.
3. Authorize.Net
Authorize.Net is a payment processing company that provides small businesses with a reliable and secure way to accept credit cards, debit cards, and checks over the Internet.
The platform is also well-known for its transparency and security measures. Their dashboard is easy to navigate and allows you to customize your payment settings without having to dig through pages of options or navigate between different pages of the website.
The company’s Payment Gateway Service (PGS) offers three types of accounts: Authorize.Net Merchant Account, Authorize.Net Integrated Merchant Account, and Authorize.Net Affiliate Account.
Authorize.Net is one of the top payment platforms for small businesses. They offer a flat rate, which means you don’t have to pay any more than $1 per transaction, and they also have a free plan that gives you access to their tools and services.
Authorize.Net also has an app available for iOS and Android devices that makes it even easier to manage payments from your smartphone or tablet. Authorize.net offers a free credit card terminal that allows merchants to accept payments from anywhere in the world via a secure connection to AuthorizeNet’s network of banks and processors. They accept all types of credit cards and you can also transact money via a PayPal account to Authorize.Net.
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Final Thoughts
Whenever you are choosing a feature for your website, you have to keep the visitors in mind. In this case, if you are deciding about the best payment gateway systems then you must think of your customer first. Sure, you must also wish for such a payment system that would help you grow your business. And that’s why for the sake of both your customers and business growth, ask yourself the following questions while you weigh out the options available in the market.
• Is the payment gateway system flexible enough to scale up with my business in the future?
• The pricing models or subscription rates, are they good for my kind of business?
• In case of any setback or challenges, will I get the support anytime I need it?
• Do they offer adequate payment options for my customers from various locations?
• What are their online payment preferences?
• How much time and effort will be needed to integrate the payment gateway with my website?
• Will I need a software development partner to put all these things together?
Answer these questions for every payment system available and you will easily be able to make your decision. If you run a shopify store you would be interested in How to Integrate Razorpay Payment Gateway With Shopify Store.
