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Best Payment Gateways For eCommerce In 2020

Technology is influencing the world and different types of activities day by day. We can notice its domination in all sectors like shopping. Now, the majority of individuals love to shop online instead of visiting the local markets physically. The online marketplace offers several benefits to the customers such as – getting products delivered at the doorstep, easy payments, variety of options, etc. Due to it, many companies are expanding their businesses and shifting to the online marketplace. 

In case you are thinking about the same, then you should focus on multiple factors like website design, interface, types of products & services, eCommerce payment gateways, etc. The payment gateways play an important role in the complete procedure. If you don’t have a website with proper payment gateways, then you may face problems during the conversion process. 

Lacking the payment gateways options can lead to several issues. Due to it, your customer may not complete the transaction, and you cannot get an order.

Payment Gateway – An Introduction 

A payment gateway is the only source of making payments online. It connects the eCommerce website, payment processor, and eCommerce platform for a financial transaction in consideration of products or services. For online stores or businesses, it is an important element to consider. In case, you don’t have payment gateways on the website, then you cannot get money from customers in advance. 

If you are providing online services, then you cannot complete the service considerations. Here, you need to check out lots of things carefully. The platform owners have to add multiple gateways to their website by which the customers can choose the suitable one as per their comfort level. 

Top Payment Gateways 

Stripe

If you are looking for a payment gateway to add on your website that can be used worldwide for transactions, then you can choose Stripe. This platform offers solutions to multiple issues with several features like embeddable checkout, custom UI toolkit, consolidate reports, etc. It is associated with an open API for better services and integrated with the business ecosystem effectively. Stripe payment gateway is designed with some advanced features for maintaining high security and fraud prevention. 

Key Features 

  • Financial Reporting 
  • Accounting Integrations 
  • Open Source Plugin
  • Dispute Handling 
  • Authorization 
  • Payment Options 
  • Clean Canvas 
  • Mobile Customer Interface 
  • Multi-Currency Payouts 
  • Collaboration Notes 
  • Embeddable Checkout 
  • Custom UI Toolkit 
  • Consolidated Reports 
  • Unified Payout 
  • Roles & Permissions 

All these features are making it one of the best eCommerce payment gateways

Advantages 

  • The users can easily access their documentation resources by which the on-site customization becomes easier and simpler. 
  • If you are organizing a business globally, then it is a great option. 

Disadvantages

  • Vulnerable to some risks 
  • Lack of account stability 

Braintree 

Braintree is a PayPal authorized payment gateway. It designs and develops for easier payment procedures. It provides services with different types of tools for global business establishment. With its usage, you can easily expand the business and accept payments where you want. 

By choosing it among various eCommerce payment gateways, you can deal in 40 countries with the support of 130 currencies worldwide. It helps you in experiencing secure and fast transactions. 

Features 

  • Easy Repeat Billing 
  • Guaranteed Uptime 
  • Braintree Value 
  • 2-Day Payout 
  • 24*7 Support 
  • Drop-In UI 
  • Support 130 Currencies 
  • Custom Checkout Workflow 
  • Dynamic Control Panel 
  • Easy Data Migration 
  • Advanced Fraud Protection 
  • Encryption 

Advantages 

  • The services are available at flat-rate pricing 
  • Different types of integrations are available 
  • Specific options and features available for multiple currencies 

Disadvantages 

  • For using Braintree’s API, developer resources are required
  • Account setup takes lots of time

PayPal

PayPal is one of the most popular eCommerce payment gateways. By using this particular source, the users are capable of making instant payments only with the help of email addresses. You can access its services with the help of a mobile phone easily. PayPal services are accessible in around 203 countries. The users can make payments by choosing multiple sources or types of credit cards as well. 

Features 

  • Online Invoicing 
  • Mobile Card Reader 
  • Credit Card Reader 
  • Shopping Cart 
  • PCI Compliance 
  • Inventory Tracking 
  • Virtual Terminal 
  • Express Checkout 
  • Barcode Scanning 
  • Bill Me Later 

Advantages 

  • For the businesses with the low-volume flow, it can be a good option. 
  • All types of payment options are provided by one source 

Disadvantages 

  • Not good for high-risk business 
  • Issues with customer support 

Skrill

If anyone is looking for a platform that understands modern payment demands for financial transactions, then Skrill is a better one. Many top-rated companies are considering Skrill as an effective and modern solution for their financial requirements. 

The origin of Skrill belongs to the UK and it supports more than 30 currencies for providing the best experience. Users can access their services all over the world for buying different types of products and services. 

Features

  • Quick Access 
  • Free Account 
  • Credit Card Transactions
  • Email Transactions 
  • One Place Data 
  • Supports 30 Currencies 

Advantages 

  • Full in-app payments support 
  • Third-party integrations for a shopping cart can be done with ease

Disadvantages

  • Highly Expensive 
  • Currency Conversion Fee 
  • Account Stability Issues 

Amazon Pay 

If you are an Amazon shopper and merchant, then you can find Amazon Pay a great source for financial transactions. It can be accessed in around 8 countries and provides an effective method for secure, easy, and fast online payments. It helps in providing the best payment experience to both online sellers and shoppers. Amazon Pay has some unique tools by which it becomes easier to impress the customers and increase the engagement rates. Providing a fast checkout and payment procedure with proper security. Amazon Pay can help you in getting customer loyalty as well. It increases the chances of repeat customers quickly. 

Features 

  • Inline Checkout 
  • Fraud Protection 
  • Automatic Payments 
  • Customer Identity 
  • Merchant Website Integration 

Advantages 

  • Amazon Pay does not apply any kind of additional charges and provides 100% secure transactions. 
  • Easy to customize as per the eCommerce website requirements 

Disadvantages

  • For high-volume business websites, it can be an expensive option. 
  • It is not suitable for people who want to consider both in-person and online payments. 

Authorize.Net

It is counted in the top-most eCommerce payment gateways. Authorize.Net associates with lots of features that make it fast, secure, and smooth for transactions and transferring all types of information or data. The software works with a fully integrated electronic check payment system. It helps in accepting payments from all types of bank accounts. 

Features 

  • Virtual Terminal and Batch Upload
  • Retail Payment 
  • E-Check Processing 
  • Mail/Phone Payment 
  • Sync For Quickbooks
  • Recurring Billing 
  • Advanced Fraud Detection Suite 
  • Customer Information Manager 

Advantages 

  • Easy to use with multiple currencies worldwide 
  • Anti-fraud features available for preventing cyber crimes 
  • Short term contracts 

Disadvantages 

  • Merchant account services are tagged with higher prices 
  • Confusion may take place due to all in one option 

These are some key factors related to some top-most eCommerce payment gateways for your online store or business website. You can find out several other options on the internet as well. 

How To Pick The Right One?

Sometimes, the website owners get confused about choosing the best payment gateway for their eCommerce website. You have to choose an eCommerce payment gateway that can provide smooth, secure, and fast services. 

Security 

You have to check out the security standards of payment gateways before making a final decision. You should choose the best one that meets with minimum security requirements such as compliance with PCI data security standards and 3D secure. It helps in decreasing the risk of fraudulent and hacking chances by increasing the level of protection. 

Payout Time 

The interested ones need to inspect complete details related to the payout time period. All types of gateways have a different payout policy. Some companies work by offering weekly and some with bi-weekly payments. Some payment gateways may take more time. You have to confirm all these factors before the integration and installation of the payment system. 

Website Integration

While comparing different eCommerce payment gateways, you should focus on the process of website integration. The best payment gateway has an easy to follow the process by which the users can easily facilitate the website. It is also dependent on the customer support of the platform. With the help of a good customer support service, you can understand all factors quickly and easily. You should inspect both elements here. 

Multi-Currency 

If you are planning for business expansion or want to take it to the global market, then you need the payment gateways with multi-currency support. You should check out the main countries where you want to serve your products and services. Based on such requirements, you have to focus on the currency support of the service provider. 

By paying attention to these elements, you are capable of comparing different types of payment gateways easily. It can assist you in making a good decision without any kind of confusion. For preventing all barriers and thinking for business benefits, you should consult with eCommerce development professionals. Experts can analyze your business requirements deeply and suggest a suitable and beneficial solution for the business. 

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