What is Payment Gateway ?

Choosing a right payment gateway is an immense decision for merchants. First of all let’s talk about what payment gateway is and why is it so important.

A payment gateway is a service provided by e-commerce application that securely proceeds credit card or direct payment processing for e-businesses and online retailers. In layman language you can say that it acts as an agent between the customer and the bank. Having the right payment gateway matters for operating successful magento online store. A bad payment gateway can drop your customer even if you are offering best products on your store.

Also, partnering with an experienced agency providing magento development services will help you to proceed in a better way with right gateway as well as in integration of them into your online store.

There are four main components to evaluate a payment gateway :

• Security - How protected the payments are ?
• Convenience - How easy is it to use ?
• Capabilities - What options and payment methods are available ?
• Pricing - What is the fees for processing payment ?

Keeping the above components in mind, here are some top ones that you can consider for your Magento store.

1.    PayPal

PayPal is the most preferred gateways because of the security and reliability it offers.  It offer advanced encryption and 24 hour monitoring.

It can be used for stores as well as apps making checkout process comfortable and customizable for buyers. On the other hand, sellers don’t have to pay anything while doing setup or using PayPal services inside Magento store.

Money can be sent or received via credit card or user’s PayPal account.

The fee associated with this gateway is 2.9 percent + 0.30 USD per authorization.

2.    Braintree

Braintree is another great payment gateway which is owned by PayPal. It is suitable for small businesses and large enterprises as well.

Customers can pick from six different ways to pay, including Apple Pay, Bitcoin and Venmo. This comes with basic fraud protection, PayPal integration and secure data storage.

The fee associated with this gateway is 2.9 percent + 0.30 USD per authorization.

3.    Authorize.net

Authorize.net is an incredible gateway from CyberSource solutions. It has been around since 1996 and suited for small and mid-size businesses.

It comes with multiple security measures such as free advanced fraud detection suit, address and CVV verification, OTP on mobile or email, etc.

Your business should be based in United States, United Kingdom, Canada, Europe or Australia, otherwise its services are not for you.

The fee associated with this is $25 monthly gateway fee and 2.9 percent + 0.30 USD per transaction.

4.    Stripe

Stripe is another name on the list working in 25 countries and providing great payment services. It accepts a wide range of credit cards and are also working on adding more payment types.

It comes with PCI compliance and real time fee reporting having no chances of fraud.

The fee associated with this gateway is 2.9 percent + 0.30 USD per successful authorization.

You can even integrate stripe payment gateway on your shopify website. It helps in increasing the conversions on your Magento store.

5.    Amazon Payments

Amazon Payments is a fast, convenient and reliable to use payment gateway. It is a subsidiary of Amazon company which works by allowing customers to login and pay through their Amazon account.

It comes with two different payment packages : Pay with Amazon is for merchants, while login and pay package is for the customers. This is capable of making check out process faster and helps increase in sales.

It comes with the same fraud protection used in Amazon.com.

The fee associated with this gateway is 2.9 percent + 0.30 USD per successful authorization.

6.    2Checkout

2Checkout payment gateway has excessive global reach with a support for 87 currencies and 15 languages. It accepts major payment methods including credit cards, debit cards and PayPal.

It is 100% reliable and integrates with more than 90 shopping carts.

It has more than 300 fraud rules applied to every transaction making it the highest level of protection in the industry.

The fee associated with this gateway is calculated separately for each country, while for United States, it is 2.9 percent + 0.30 USD per transaction.

Conclusion

Here you have top 6 Magento Payment Gateways to choose from. Picking up right payment gateway completely depends on your specific business requirement. While choosing, make sure to keep the criteria mentioned above in mind and not just the popularity.