How to Choose the Ultimate Payment Gateway
Processing payments is a crucial part of any business, therefore, choosing the right payment gateway is essential. There is a good choice of payment gateways, so the best course of action is to look through the benefits that each one offers and see which one is user-friendly and right for your business. In this article you will find details of the best options currently available.
Generally speaking, all payment gateways work in the same way: they enable your customers to send money to your company. The only difference they have is that they have different features. The best way to decide on the ultimate payment gateway for your needs is to pose various questions as follows.
Will the Gateway Integrate Well With the Platform I Use?
Despite the fact that the majority of payment gateways will be suitable for your platform, it is important not to put the user experience at risk or have to pay a developer in order to initiate the process. In addition to this, it would not be good to have a payment gateway which would render the checking out more complex.
Will Customers Be Able to Pay on My Site?
In some cases customers have to be redirected to a third party site, and in other instances they are able to pay on your site.
How Much Does a Gateway Cost?
The charges vary from one platform to another based on different criteria. It is very important to be fully conversant with the gateway platform’s payment arrangement prior to making a decision. In this instance you have to determine whether it would be more advantageous to pay a percentage, a monthly fee or a flat fee.
What Sort of Track Record does the Gateway Provider Have?
Firstly, using a payment processor which values your custom is essential. One way of gauging the processor’s performance is by reading through the reviews on the payment processors that you are interested in.
Is it Possible for the Gateway to Get Bigger With My Business?
As your business gets larger, you will require a gateway which has the capacity to keep up with demand. To that end, it is better to choose one which is pioneering and cutting-edge. In addition to this, it should not be too big, as this will effect the speed it requires to generate innovative features that can assist your business. Below is a list of 4 of the top payment gateway processors and details on the major features that they offer:
PayPal & Fee Structure
The most well known payment gateway is PayPal. It popularity is down to the fact that they started out in business in the 1990s. The majority of sites give their customers the choice of using PayPal. Amazon is one of the major exceptions. When it comes to online payment trustworthiness, a large percentage of users make their purchases online via PayPal as they have great faith in the company. From a business’s perspective, if their normal payment process is out of order, PayPal serves as an excellent back-up facility.
PayPal have a fee of 2.9%, as well as a small fee for the transaction. With this gateway, as the PayPal button connects the user to their site, it is suitable for all kinds of programs.
Braintree & Fee Structure
PayPal has actually brought up Braintree which now functions as one of its organisations. It has however, retained its individual style. It features a mobile-first environment that is built in, and this allows purchasers to use their mobiles for super easy payments. This is a real advantage for businesses which have a large percentage of users who use their mobiles to visit their website. This gateway enables businesses to take payments from PayPal, Venmo, Android Pay, and Apple Pay.
Braintree have a fee of 2.9%, as well as a small fee for the transaction.The latter however, only applies after a certain threshold. This processor integrates with various e-commerce platforms including Shopify, Bigcommerce, WooCommerce and Magento. The payment gateway is excellent for businesses which boast a substantial base of mobile users.
Stripe & Fee Structure
This is a gateway which is known for its simplicity. Their goal is be on a par with their developers so that they can they can be continually creative and innovative. As Stripe is very involved with developers, this method of payment processing integrates very well with the majority of platforms. In addition to this, it has a Stripe subscription facility to help make continual payments easier to process.
Stripe have a fee of 2.9%, as well as a small fee for the transaction. This gateway combines with platforms by utilising e-commerce platforms such as Shopify, Bigcommerce, WooCommerce and Magento. It is ideal for owners of businesses who are interested in a pioneering company that they can develop alongside. And those who want state-of-the-art processing.
Authorize & Fee Structure
This payment gateway, like Paypal, is very popular as it was founded way back in 1996. Authorize boasts an interface which is nice and user-friendly. Furthermore, it gives its customers substantial security customisation choices. On the downside, if at some point your business decided to transition out, it would not be easy to move the client transaction information that you have built up. Furthermore, there are a great deal of legal clauses that you need to go through with a fine tooth comb.
Authorize have a fee of 2.9%, as well as a small fee for the transaction. In addition to this, there is a one-off arrangement fee plus a regular monthly charge. The latter however, only applies after a certain threshold. The processor integrates with various e-commerce platforms including Magento, WordPress, Shopify, and Bigcommerce. It is recommended for long-standing businesses which will sell a high volume of products, as this will allow them to justify the more expensive price point.
DomainStar can help you out with any payment gateway you choose for yout business.