Shopping from e-commerce has become more convenient since different options for online transactions have been introduced. Online payment gateways are services provided by e-commerce application service providers. These gateways allow users to perform direct or credit card payments for online businesses or retailers. Top payment gateways make all the transactions swift and expedient. They act as a tunnel that connects your bank account to the platform where you need to transfer your money.
The provider you choose depends on your requirements. However, here is the list of best payment gateways for small businesses or large firms along with their unique features.
1. PayPal
PayPal is a massively successful online payment gateway that has introduced a payment processing service for e-commerce users. This platform is designed to streamline business transactions effortlessly. Its end-to-end platform supports credit cards and other online payment wallets. PayPal is operating system friendly and can be used on any smart device like laptops or smartphones. It provides its users with a handy invoicing kit to charge consumers right away.
PayPal adheres to all leading encryption standards to keep payment credentials guarded. It accepts 26 currencies and is used in numerous markets.
Paypal does not demand its users to have a PayPal account. You are given an option to keep money on your PayPal account or transfer to/from your credit card. PayPal also functions well with accounting systems.
2. Amazon Pay
Amazon Pay also offers a secure and streamlined payment service to its merchants and clients to facilitate their online purchases. It operates by using a user’s Amazon account information to complete check-ins and checkouts. Amazon’s transactions are 100% secure and charge no additional fees to do so. Amazon pay services are also available on mobile devices. Amazon pay also offers merchants with a fully-featured e-commerce suite that will help them promote, sell, and manage products and orders. Hence, it aids the vendors to develop a great reputation in the marketplace which makes it the best online payment gateway.
Customers can easily access their information from the merchant’s site and as they no longer have to enter their personal information every time. More visitors become loyal as the platform helps merchants to streamline their customers’ checkout experience.
3. Stripe
Stripe is the most popular online payment platform created by industry experts who have established partnerships with the wider payments industry. The industry partners include major card networks and other industry associates. Stripe’s developer platform requires less maintenance for legacy systems and focuses more on core customer and product experiences. It displays prices in a customer’s preferred currency to improve sales hence helping customers avoid conversion costs. Its UI toolkit helps users build and customize their own payment forms. Stripe gives you charge, fee, transfer, and refund information in real-time through Stripe’s API and Dashboard.
4. PayU
Indian payment processing corporation has introduced PayU, the simplest payment solution that was designed to fill in the gaps left by complex service providers. The merchants are fond of PayU because of its best conversion rates and acceptance for a large number of payment methods. Recently, PayU has launched OneTap payments enabling second-time users to skip entering their CVV again.
BOTTOM LINE
A payment gateway is an essential part of any e-commerce business. It is software that authorizes you to perform an online transaction through various payment modes such as net banking, debit card, credit card, UPI, and many other online wallets as well as subscription payment gateways available nowadays. However, you must test with various online payment gateways and choose the one that works the best for you. Look for the popular e-commerce payment gateways prevailing at e-commerce stores to decrease the risk of any fraudulent activities while making payments.