In today’s modern world, the eCommerce experience you provide for your customers can be a defining factor for turning leads into conversions. There are many great payment gateway provider options out there.
So, the main focus for eCommerce websites now is focusing on guaranteeing a stress-free and seamless buying process for their customers. When the bar is this high, choosing one provider for your business can be tricky. This is the reason why we have put together a short and quick list of the 5 best payment gateway providers of 2020.
Wondering which is the best alternative for your eCommerce website? Stick to the end to find out which suits your eCommerce website best!
1# Paypal
Paypal is the most widely used payment gateway around the world (boasting more than 280 million users) and with good reason. It was first introduced to the market in 1998 as Cofinity, so it has been around for a while now.
But what makes Paypal so good?
- It allows you to make and receive payments internationally.
- It accepts a wide range of credit cards.
- You can easily integrate it into your website.
- You can customize it to your personal preference.
- It allows online invoices.
What about Paypal’s prices? When it comes to Paypal’s fees, you can expect to be charged 2.9% per transaction. So you can say it’s fairly competitive. It is also worth noting that it doesn’t charge monthly fees.
2# Stripe
Stripe has becoming the darling of the eCommerce world as of late. Despite working differently than the rest, it is aimed at more technically-savvy users that enjoy the power of customization.
How does Stripe work? It provides you with a vast range of tools that you can choose from to make your customized payment process, subscription services, crowdfunding platforms, and more.
You can go to town with this provider. And if you have some programming knowledge, even better, as the platform supports many languages, like Python, PHP, and Java. As far as processing fees go, if you live in Europe you’ll be at an advantage since transaction fees are 1.4% + €0.20, whereas, for non-Europeans fees are 2.9% + €0.30.
3# Payline
You may want to consider choosing Payline if you think you’re going to accept credit cards as your primary way of payment.
You are going to be at an advantage here because you will be charged according to each card’s transaction fees (plus the operator’s fee).
Major downside? Sadly, this payment gateway is a bit tricky to use. So, if you’re just starting with your eCommerce website, you might want to stick to other much friendlier options. Also, keep in mind that there’s an additional monthly fee of €10 to keep your account enabled.
4# Authorize.Net
This payment provider is one of the oldies in town. This guy has been around in the market since 1996, so we owe a lot to it.
What are some of the best features of Authorize.Net?
- It accepts credit cards, e-checks, and contactless payments.
- It securely stores your customers’ information.
- It allows you to tokenize sensitive data.
- It detects fraud attempts.
- It offers an easy-to-use checkout process.
Prices here vary depending on if you have a merchant account or not. If you don’t, fees are €25 per month and 2.9% + €0.30 per transaction, whereas if you do fees are €25 per month and €0.10 per transaction.
5# Skrill
Last but not least, we have Skrill which is another widely used platform for online transactions.
It started as a payment gateway that specialized in gambling but has now expanded to international payment transactions with an online service called Skrill Money Transfer.
This payment gateway is available in more than 40 countries and it charges 1.9% per transfer.
Some of its best features?
- One of the cheapest options out there.
- Highly attractive exchange rates and fees.
- It’s speedy and easy to use.
Also, you can easily integrate it into your WooCommerce site as an extension.
Conclusion
There are many robust options for payment gateway providers nowadays.
Choosing only one will depend on your particular needs as well as the skills you possess when it comes to implementing it into your eCommerce web design.
If you’re thinking of upgrading your website, why not apply for the LEO online trading voucher. They offer a generous gift voucher for small to medium sized business. Apply today before the closing date!
