Are you planning to launch an e-commerce store?
If yes, then you must know that it’s gonna take a lot of planning and strategizing to build a successful one. From choosing your domain, web hosting provider to picking an online payment gateway for your store you need to have an appropriate plan. To help you make your choice easy, we have listed 6 best payment gateways that you can integrate for your online store.
The Importance of Payment Gateways for Your Business
A payment gateway is a bridge between the buyer and seller. It plays an important role when it comes to the smooth running of your e-commerce store. The fund transfer is done directly to the seller’s account by keeping the buyer’s information protected.
According to the Baymard Institute’s survey, 6% of shoppers dropped out of the cart because there weren’t enough payment methods available. Additionally, most of the buyers these days preferably choose mobile payment options because of its ease of use.
So, while choosing a payment gateway it’s important that you make a note of the following:
- Easy to use
Let’s plunge into the top 6 online payment gateways that can be used for your e-commerce.
PayU is a well-known payment gateway that carries out transactions for buyers as well as merchants instantly. Over 2.3 billion consumers across 18 markets from Asia, the Middle East, Central and Eastern Europe, Latin America and Africa are the consumers of PayU. They have a provision for 300 payment methods for simple, fast and secured online payments across platforms. PayU supports one-click that lets buyers purchase with just a single click, as a result, customer conversion rate improves for your online store.
Features of PayU:
- Simple to integrate
- Web checkout
- Accept local payment methods without delays
- Mobile integration
- Allows users to buy with one-click
- Supports cross-currency
With over 277 million users worldwide, PayPal is a global platform for online payments. It supports 25 currencies around the globe and operates in 202 markets. It lets you accept, send and hold payments. One of the perks of PayPal is that the sender can send payment without registration. He can use a credit/debit card as a guest for making transactions. However, the receiver must have a PayPal account to receive the funds. Now, this is advantageous for an online store, as they can be worry-free if their customer has a PayPal account or not.
Features of PayPal:
- Multi-currency support
- No withdrawal fee
- The buyer doesn’t need to have a PayPal account to transfer funds
- International payment and credit card is supported
- Fast mobile payment
Launched in 1997, SecurePay provides secured online shopping cart, credit card and mobile payments and electronic check services. It lets the e-commerce owner receive payments through credit cards or debit cards directly into their bank account. It takes less than a few minutes to set up and is by far the fastest way to integrate the SecurePay payment gateway.
Features of SecurePay:
- Extra layers of security
- Advanced fraud protection
- Accepts EMV and APPLE Pay mobile transaction
- Get insights from a single dashboard
Amazon offers its own payment service- Amazon Payments. Their payment gateway is available to both- buyers and sellers of Amazon to make their purchase process effortless. The payments can be accepted either on mobile or online from Amazon Pay. Furthermore, it lets the consumers access their information from the website, so that there’s no need for adding details like address, name, card details, etc. without jeopardizing the security. This helps in speeding up the payment process and makes it effortless.
Features of Amazon Payments:
- Fraud protection
- Merchant website integration
- Top-notch security
- Speedy checkout process
Authorize.Net lets you receive funds through credit cards worldwide on your website and deposit directly to your merchant’s account. This payment gateway powers more than 3 lakh customers. It offers an infrastructure that enables secure, fast and reliable data transfer.
Authorize.net provides whole lot of options for its users for receiving and sending payments. It gives you the ability to accept payments online as well as retail locations. The online payment can be received via credit cards and e-cheques from sites and can send payments directly to the merchant’s account.
Features of Authorize.Net
- Supports recurring billing
- Integrated advanced Fraud Detection Suite
- Supports multiple payment options like phone payment, retail and mail
- Supports sync for Quickbooks
- Doesn’t have a fixed enterprise pricing scheme
Braintree is a division of PayPal specially developed to make your transactions smooth. It supports 130+ currencies across the globe and 45 countries. You can customize your flow of the checkout the way you want, which is one of the biggest advantages of Braintree. Additionally, it saves your customer’s time as there are no hassles of entering the payment details again and again for every purchase.
Features of Braintree:
- Dynamic control panel
- Easy data migration
- Merchants can customize their checkout workflow
- Simple and quicker repeat billing
- Advanced fraud protection
At MilesWeb, we use PayPal and PayU payment gateways to serve our clients worldwide. However, if you are an online store you need to identify which payment gateway will be most suitable for you. We already have listed the top 6 payment gateways that are desirable for e-commerce that will help you figure out the key features of each payment gateway.
Here’s a quick tip in deciding which payment gateway you should choose, pick the one which is most effective for your customers. They should be put on the first priority because “Satisfied customer is the best source of advertisement” ― G.S. Alag.
This ultimately results in more leads and higher conversions which in turn boosts your business revenue.
Do you already have your online store? If yes, do let us know in the comments section below which payment gateway have you integrated for your e-commerce and how it has helped your business.