Payment gateway allows e-merchants to take payments from customers/clients over the Internet. It acts as a bridge between the issuing bank and acquiring bank & facilitates the transmission of data to complete online transactions.
Why use payment gateways on your E-commerce website?
When you operate an E-commerce website, you need to have a trusted payment system to allow customers to make the payments for the products and services they buy from your site. If you don’t have a reliable payment system on your site, it would take many days to receive remuneration from customers and clients.
If you incorporate payment gateways to your E-commerce website, you will be able to offer a pleasant buying experience to shoppers. Some other benefits are:
- Visitors stay on your site and complete transactions without facing any problem,
- It helps e-merchants to accept customer’s payment quickly while maintaining the privacy of their sensitive financial and banking details,
- It is cost effective as low transaction fees are applied to each transaction,
- It reduces your reliance on third party account consolidation and manual card processing.
Are you mulling to add several payment gateways to your E-commerce website based on Magento? Not able to decide which payment gateway is right for your website? If yes, then you should gaze the following options with great caution and decide accordingly:
PayPal is a ubiquitous and convenient payment gateway used by a large number of business firms, companies, and individuals. It allows them to pay, send and accept money without disclosing their details.
Is has three different categories:
- PayPal Express Checkout
- PayPal Payments Standard
- PayPal Payments Pro.
Apart from this, it also offers a number of additional services such as PayPal Here, Payflow payment gateway, virtual terminal, digital goods, Pre-auth, recurring billing, bill me later, and online invoicing.
Using this payment gateway, vendors can get payment from their clients/customers on their websites, in-store, and in-app. This best thing about this payment gateway is that it allows customers to make payments to international sellers easily.
PaySimple is a user-friendly payment processing system. It allows merchants to accept payments from customers, handle automated billing and invoicing. With this payment system, you also get some beneficial features such as mobile device payment abilities, electronic check processing, cash disbursement, data import/export, automated follow-up of late payments, automatic storage of customer payment accounts (for easy transactions in future) and customized reporting.
By using its online booking tool, you can easily create more business opportunities. The calendar application of this payment software helps you in time management while taking payments from them.
Authorize.Net is an all-inclusive payment gateway made available to the merchants in Australia, Europe, United Kingdom, Canada and the United States. It offers the necessary infrastructure and required security to vendors so that they can accept all types of electronic payments easily and quickly.
If you want to use this payment gateway for retail locations, you can use its own virtual point of sale (VPOS). It also supports mobile transactions, allowing you to get payments from your customer using its free mobile app or third-party solutions.
It has customer information manager (CIM) also. It helps you to store the sensitive details of your customers in Authorize.Net’s secure servers and comply with the rules of PCI DSS compliance.
Furthermore, it comes with the advanced fraud detection Suite, which automatically tracks and thwarts fraudulent transactions from bully elements.
With the help of SecurePay, you can easily accept online payments from your customers. The best thing about this payment system is that it easily gets integrated with major online shopping carts, allowing customers to easily make payments to vendors.
This payment system is available to Australian vendors. You can get access to leading Australian banks for easy management of payments. You can avail it in two forms:
- SecurePay Online Payments- No monthly fees or setup is required. But, making transactions are chargeable.
- Payment Gateway- You require to pay annual fees and fees applied on every transaction you make.
2Checkout (2CO) is a global payment processor, which enables vendors to get online and mobile payments from buyers scattered in different geographical locations. This PCI-compliant payment gateway is equipped with a number of features such as custom checkout, recurring billing, a handy app, etc.
The most excellent thing about this payment gateway is that it allows you to accept payments from customers in 26 different currencies. It supports 15 languages also, allowing you to easily communicate with international customers. All transactions that are done using this payment gateway goes under strict fraud review once the payment is made by the client. It helps you to check online fraudulent activities effectively on your E-commerce site.
Unavailability of payment gateways creates problems in the smooth circulation and expansion of E-commerce business. Just be active and add numerous payment gateways to your E-commerce site to allow customers to pay for products and services easily.
Emily is an experienced CMS developer currently working for a leading Magento development company. She is a passionate writer and loves to read and write. While she is not at work, she enjoys swimming. Follow her on Twitter.