Having safe online payment methods is one of the crucial elements of running a successful online store that can achieve its sales objectives. Multiple and reliable payment methods significantly impact the volume of sales and engagement. If the payment gateways on a website are not reliable, it impacts a business negatively by increasing the bounce rate on the store and drives away a large number of customers who can purchase on the store. Hence it is essential to be aware of all the top online payment gateways and companies that provide good payment services to deal with to enhance and boost the online store, make the process of payment smooth, fast, and secure and gain the confidence of the shoppers. A payment gateway should allow merchants to accept multiple transaction facilities like debit/credit cards, wallets, etc. securely on the website as well as a mobile app.
How does a payment gateway work?
The customers while shopping on the website or app adds the product or service to the cart and proceed to the payment page. The customer is prompted to provide the details of the credit/debit card to make the payment which is the 16-digit card number along with the name of the cardholder, the expiration date, and the CVV number. This information is then submitted and securely passed to the payment gateway based on the integration type. The payment gateway encrypts the card details and after the security checks, the card information is sent to the acquiring bank. They further send these details to card schemes like Visa, Mastercard, etc. It is for the card schemes to ensure another security check before sending the payment information to the issuing bank. The issuing bank authorizes the transaction after security and fraud check. Whether the payment is approved or declined, the message is sent to the payment gateway which further sends the message to the merchant. Based on the message from the payment gateway the merchant either displays the payment confirmation or asks the customer to try again. Some of the top payment gateways provide smooth transactions and the whole process runs in the background in real-time within a few seconds.
Having understood how the payment gateway works, the next step is to look at the factors to consider when choosing a payment gateway.
• Security- the payment gateway security standards should meet the PCI Data Security Standard and should be integrated with 3D secure. This ensures protection against fraud and hacking activities.
• Easy Website Integration- the payment gateway integration should be simple and the customer support should be good. Any issues that you may face should be resolved quickly and with ease.
• Payout time- some of the best payment gateway service providers have taken a reasonable timeframe for payouts. It is important to check payout time frames before the integration process.
• Multi-currency option- if the business is global, then the payment gateway provider should support multi-currency payment.
Here are the Top 10 Payment Gateways
- Paypal – It is one of the leading online payment companies that help people and companies to send and receive payments without the hassle of providing any financial information using just an email address. Paypal operates in 203 countries and has taken over most of the auction sites as well as e-commerce sites for businesses that rely heavily on PayPal e-payment services. The differentiating feature of PayPal is that it accepts electronic payments in more than 25 currencies in the world and supports most of the widely used credit cards like Visa, American Express, Mastercard, etc. Some of the other important features of PayPal are that it has a mobile application that makes it easier for the customers to manage their accounts via a mobile phone, provides advanced protection from fraud, and that you do not need a merchant account to use Paypal. It is PCI compliant, offers Express checkout, and also provides the option of bill me later.
- PayFort – This is an Amazon Company, operating in Arabic speaking and surrounding countries such as UAE, Egypt, Saudi Arabia, Lebanon, Jordan, and Qatar. Payfort’s payment gateway accepts and proceeds multiple online payment methods with high security in order to minimize transaction risks in your site and boost your revenue.
- Stripe – It is a cloud payment gateway platform that helps in accepting and managing online transactions anywhere in the world. It is a complete solution for online payments with features like custom UI toolkit, consolidated reports amongst other things. It ensures a smooth movement of funds for any business while preventing frauds offering great security, managing revenue, and drive sales. Since it offers an open API that helps in integration with the ecosystem of the business. Some other important features are that it provides a mobile customer interface, allows multiple- currency payouts, offers payment options, has a dispute handling feature.
- Skrill – One of the well-known payment gateways that understand the modern payment demand in terms of payment processing and money transferring. It has many top companies as their customers owing to the use of innovative business solutions that they offer. It is one of the successful UK-based payment gateways that supports 30 different currencies and has been recognized and awarded by many top companies like Deloitte Technology and several others. Some of the important features include email transactions, provides quick access, and offer a free account.
- Authorize.net – A global payment gateway providing strong infrastructure and security for smooth, fast, and secure transfer of transactional data. It manages the routing of transactions in an online setting without the installation of any specific software just like in the case of swiping your card. With a merchant base of 370,000 around the globe, it accepts payments securely ensuring a smooth experience. It has a fully integrated checkout payment system that accepts and processes payments from other bank accounts through the Authorization.net virtual terminal or the user’s website. Some of the other features that it offers are e-check processing, customer information. Manager, retail payment, Mail/phone payment, advanced fraud detection.
- PayTabs – PayTabs is well-known for leading-edge payment processing and fraud prevention system. This flexible and secure online payment solution enables e-businesses to make or receive payments online with ease, create and send invoices through agile and unique technology. Moreover, PayTabs’s innovative layers of security management are certified by both Visa and MasterCard.
- Telr – Is one of the most well-known payment gateways, which supports multiple popular payment methods. It is accepted in more than 100 countries, and constantly updates more payment methods. There are three payment levels: Entry, Small, and Medium, which are great for startups, SMEs, and e-commerce businesses in the emerging market.
- Cashu – Cashu is considered the first and the largest online payment solution company in the Middle East and North Africa (MENA). This secure payment gateway applies modern fraud prevention and AML systems to avoid all risks associated with online transactions. Every transaction is guaranteed without any risk of chargeback. With Cashu, you will have a lot of opportunities to grow your business across markets on both a local and global scale.
- 2Checkout.com – Whether you’re tapping into international markets, looking to boost conversion rates, or running a subscription-based business, 2Checkout can help you tackle the complexities of digital commerce, globally.
- Payoneer – One of the world’s leading online payment company offering its services to individuals and businesses around the globe. It has its presence in more than 200 countries enabling businesses and individuals to send and receive money in a safe, simple, and low-cost way.
To be successful in e-commerce, many factors need to work simultaneously. If you provide products and services online, you need to understand how these work for the success of your online business. Your choice of the payment gateways can either lead to success in business or its failure. Choose wisely.
