A payment gateway is a program that processes payments online. This is one of the essential parts of setting up your new e-commerce business online. Each gateway has their various pros and cons, but you need to pick one that will give your specific business the flexibility that you need to keep your customers happy and your bank account secure.
Today, we’re going to be looking at the five best payment gateways that you can implement into your business.
Best Payment Gateways in 2018 for Your Online Business
Paypal is the original payment gateway. They’ve been around for almost two decades now and went hand-in-hand with sites like eBay when e-commerce first started to become popular. Currently, more than 165 million people use Paypal on a daily basis and they’ve become a name that is known and recognized across the world.
The fact that they are so well known means that you’re customers are far more likely to gain customer trust. Paypal is also easy, fast, and comes with guaranteed fraud protection. On the flipside, however, Paypal has been known to randomly freeze accounts and transactions for security reasons which could kill your business.
Stripe is one of the best payment gateways if security features are important to you. Each transaction is processed within a secure server which means that marketplace transactions can’t be hacked into. This keeps both you and your customers safe. Stripe also supports Bitcoin payments which makes it very appealing to anybody who’s interested in cryptocurrency.
The one disadvantage of Stripe is that you can’t use third-party gateways with it. It’s designed to work as an all-in-one payment gateway, so you’ll have to convert everything to Stripe.
If you’re looking for something that’s simple, then Authorize.Net is a great option to look at. One of the best things about them is that they are really easy to get started with. You don’t need to provide all of the business and personal details that you would have to with Paypal or Stripe. This makes it one of the best payment gateways for those who are providing a simple service.
Their primary drawback is that they don’t have a very high-security level. This means that it’s not a good option if you’re dealing with more expensive items and services. They usually charge a separate set up and fee along with a set monthly fee instead of skimming a percentage off of transactions.
Square is a relatively new payment gateway that provides both a phone-payment method and allows you e-commerce vendors to use their API on their site. They have a transparent and detailed method for transaction rates which helps you to better keep up with your finances. Their biggest drawback, however, is that they are known for putting holds on accounts from time to time like Paypal is.
Braintree is another good option to consider and can support almost all of the major e-commerce platforms. It was actually acquired by Paypal five years ago but continues to operate under its own name because of the customer trust that they attracted. The one complaint is that they don’t have a fixed pricing package for businesses which can complicate matters.
Take a few minutes to look at the various options and what they offer, and the best payment gateway is bound to jump out at you. Pick one that serves your particular business size and model the best, and go with it. Try not to spend a lot of time jumping around between gateways as this will only confuse your customers and make it harder for you to keep track of revenue.