payment gateways |

5 Popular Payment Gateways Customers Will Appreciate on Your Site

Do you need a payment gateway for your online business? Here’s a list of our top picks of 2022 with tips for how to choose the right one!

If you want to start selling online, you probably already know that a payment gateway is a must. Yet with so many options to choose from, how do you make sure you pick the right one for your business?

The right payment gateway can increase conversions by providing customers with a user-friendly and transparent experience. Once you understand what each option has to offer, you'll be well-placed to choose a platform that's suited to your goals and niche.

In this post, we'll explain what a payment gateway is and how to choose the right one. Then we'll explore our 5 top picks, including the pros, cons, and pricing of each.

Let's jump right in!

How to Choose the Right Payment Gateway for Your Online Store

A payment gateway is simply a platform for processing payments. It collects payment data from a customer (such as credit card details), then processes and approves the transaction.

If you want to accept payments through any method besides cash and checks, you'll need to work with at least one payment processor. Often, it's smart to provide your customers with multiple options:

The right payment gateway makes buying online secure, quick, and easy. However, what works for one online business might not be ideal for yours. So it's important to consider your needs and target market before making a decision.

When choosing a payment gateway to work with, you'll want to consider:

The payment types and currencies you want to support.
The cost of using the processor, based on the transaction volume you expect.
Integration options for your website's ecommerce platform, and any POS systems and other third-party tools you use.
Whether a payment processor has a strong reputation and positive reviews, as well as PCI and DSS compliance.
Customer support, so you can resolve any issues quickly.

As you might expect, there's no one platform that's perfect for every use case. It's important to do plenty of research and consider all of the available options before settling on your top choice(s).

5 Payment Gateways Your Customers Will Love

Now that you know what you're looking for, let's take a peek at 5 of the top payment gateways available for WordPress websites.

1. Stripe

Stripe is one of the most popular gateways thanks to its unique approach to payment processing. It provides a range of tools to customize the payment process, giving you full control over your payment pages to create an excellent shopping experience for your customers.

Pros:

Feature-rich payment gateway
Many integrations with third-party platforms
Extensive wallet payment and local payment support
Accepts over 135 currencies
24/7 customer support
Particularly useful for European businesses, as the transaction fees are smaller

Cons:

Customer service isn't as prompt and reliable as it could be
No card machine for in-person payments, so it's not ideal for merchants who are also running physical stores

Price:

Setup fees: None

Monthly fees: None

Transaction fees: 2.9% + 30¢ per successful card charge

The simplest way to start accepting credit card payments via this gateway is with our own Buy Now Plus service. It's built on top of Stripe, and is beginner-friendly, free, and easy to get started with.

2. PayPal

PayPal is one of the easiest payment options to add to your site, and one of the most trustworthy because it's so well-known. PayPal claims that offering this option to customers can increase checkout conversions by up to 44%. It also has quick transfer rates, making it an ideal choice for online businesses.

Pros:

Simple to add as a payment option
Flexible option that supports credit and debit cards, mobile devices, QR codes, and contactless payments
Offers PayPal Credit, the option to spread payments out over time
Provides a consistent User Experience (UX)
Features predictable pricing

Cons:

Provides an off-site checkout experience that involves redirecting users to collect payments, rather than integrating into your website
Includes additional cross-border fees, so it may not be the best option if you rely on trade overseas
Accounts can be shut down immediately without any justification

Price:

Setup fees: None

Monthly fees: None (although the Premium version costs $30)

Transaction fees: Vary based on transaction type

3. Ayden

Next on our list, Ayden is a widely-known payment gateway used by Spotify, Uber, Microsoft, and eBay. It's a strong option if you prioritize security and compliance, and it has the added bonus of allowing you to learn about your consumer behavior patterns.

Pros:

Used by major companies, so it has a strong reputation
Accepts 250 payment methods and 150 global currencies
Features built-in tools to manage risks and track results
Relieves you of the burden of self-validation and compliance

Cons:

Not the best customer reviews
Limited features for brick-and-mortar businesses
Complex pricing structure, which is determined by payment method

Price:

Setup fees: None

Monthly fees: None

Transaction fees: Fixed processing fee of $0.12 + a fee determined by the payment method

4. Authorize.net

Owned by Visa, Authorize.net is one of the most established payment gateways available. It offers a range of options to suit your business, and works with almost any merchant account – and all over the world.

Pros:

Streamlines the payment process, making it a great choice for firms of all sizes, both online and brick-and-mortar
Easy to set up and use
Works with nearly any merchant account
Accepts more payment types than most of the alternatives, and is one of the very few gateways to accept PayPal

Cons:

Requires your business to be registered in the UK, Europe, US, Canada, or Australia
Charges a monthly fee, making it less ideal for smaller businesses or startups

Price:

Setup fees: None

Monthly fees: $25

Transaction fees: All-in-one option: 2.9% + $0.30. Payment Gateway Only option: 10 cents per transaction, 10 cents daily batch fee

5. Square

Last but not least, Square features an extremely versatile software that essentially transforms your customers' devices into portable POS terminals. It is a fast-growing payment gateway that centers around simplicity, making it perfect for smaller businesses and brick-and-mortar stores. It provides everything you'll need to accept payments and manage your business in one centralized system.

Pros:

A great option for merchants with physical stores as well as online businesses
Accepts all major credit cards and payment types (although not PayPal)
Extremely easy setup process, requiring users to download a free app and take payments using a mobile credit card reader that Square supplies free of change
Provides a smart, slick checkout UX
Allows you to sell easily on social media, integrating with Facebook and Instagram

Cons:

Has been known to withhold funds or accounts with little notice or justification
Limited customer support hours

Price:

Setup fees: None

Monthly fees: None (although Premium is $72)

Transaction fees: 2.9% + 30 cents per transaction for online payments

Conclusion

A well-optimized ecommerce store, top-quality products, and excellent marketing can bring lots of customers your way. However, if you don't provide them with familiar and easy-to-use ways to pay, you risk losing them before they make those final conversions.

To sum up, here are 5 of the best options for your payment gateway:

Stripe: A feature-rich option with many tools to offer.
PayPal: A popular and reliable gateway that supports many payment methods.
Ayden: A more advanced choice with excellent security features and analytics.
Authorize: An easy-to-use and streamlined option that’s a good all-around choice.
Square: A gateway that’s quick to get started with and very user-friendly.

Do you have any questions about payment gateways? Let us know in the comments section below!

If you liked this post, be sure to follow us on Twitter, Facebook, Pinterest, and LinkedIn.

How to Choose the Right Payment Gateway for Your Online Business

A recent survey shows that 68% of online shoppers abandon their carts. As a business owner, you may be looking for an effective way to encourage more users to complete their orders in your ecommerce store.

Fortunately, the right payment gateway can help you increase your conversions. By choosing an efficient platform for online transactions, you can provide a better User Experience (UX) and a safer checkout process.

This may, in turn, help reduce your cart abandonment rate.

In this post, we’ll take a closer look at payment gateways and the different options available. We’ll also cover the key factors to consider when choosing a payment solution for your store. Let’s get started!

An Introduction to Payment Gateways

A payment gateway enables online transactions between shoppers and merchants. Typically, this service requires a user to enter their details to finalize a purchase:

The gateway then verifies this information and processes the payment. This facilitates the secure transfer of funds from the buyer’s account to the seller’s account.

There are different types of payment gateways available to online sellers. Let’s take a look at the most popular ones.

Classic vs. Modern Payment Gateways

Some sellers use classic gateways such as Worldpay and Authorize.net to process credit card payments. They tend to have lower transaction fees than other available options. Moreover, they enable buyers to complete a purchase without leaving the merchant’s site.

However, classic gateways normally require store owners to open a merchant account with a bank. They can also be a bit difficult to set up.

Meanwhile, modern payment gateways such as PayPal provide more efficient service and are very easy to set up. Sellers don’t need to create merchant accounts for these gateways – they can simply integrate them with existing bank accounts.

The downside is that these gateways tend to direct customers to their own platforms, which can harm your conversions.

Moreover, they normally charge higher fees per transaction, so they might not be the most cost-effective choices for larger businesses.

Hosted vs. Non-Hosted Gateways

As we have seen, a payment gateway can be hosted on a third-party site or integrated into your own store.

A hosted gateway takes care of the entire transaction process. It also has measures in place to prevent fraud and ensure data protection. Thus, it offers both sellers and merchants peace of mind.

However, some users may be wary of being directed to platforms that they’re not familiar with. This may result in them abandoning their purchases and doing their shopping elsewhere.

On the other hand, if you enable shoppers to enter their payment details directly on your site, you may experience higher conversions.

A non-hosted gateway can blend seamlessly into your store, projecting a more professional image and helping you build trust with your customers.

However, using one of these gateways means you’re responsible for protecting your customer’s data. You’ll also need to ensure that all transactions are secure and watch out for fraudulent activities.

How to Find the Right Payment Gateway for Your Business

Every store has its own needs. However, there are some things that every online seller should consider when choosing a payment gateway for their store.

The first is security. For your own safety and that of your clients, you’ll need to ensure that your chosen payment method follows the Payment Card Industry Data Security Standard (PCI-DSS):

The homepage of the PCI Security Standards Council

Another thing to consider is efficiency. Around 18% of customers who abandon their shopping carts do so due to prolonged and complicated checkout processes. Thus, it’s important to choose a payment gateway that facilitates quick and efficient transactions.

On the same note, you’ll want to ensure that the payment gateway is accessible and easy to use on different platforms. If most traffic to your site comes from mobile devices, it’s a good idea to choose an option that enables swift transactions.

For instance, some mobile phone users may feel frustrated if they have to enter their credit card details into multiple small fields. Therefore, you may want to opt for a service that enables customers to complete purchases in just a few clicks.

Finally, you’ll need to look at the transaction fees. Depending on the size of your business, some solutions may be more cost-effective than others.

For example, classic gateways may be more viable for large companies. Meanwhile, modern gateways might be more suitable for smaller stores.

3 Popular Payment Gateways

Choosing the right payment gateway for your store can help you reduce your cart abandonment rates and retain your customers. Let’s look at three popular options to consider.

1. PayPal

PayPal is one of the most popular payment methods among online shoppers. This platform enables users to purchase using the funds in their digital wallets linked to their bank accounts.

Pros:

It is a secure and trusted platform, which can help you boost conversions.
It’s very easy to set up.
It supports payments from most countries and currencies.
You can use it to set up recurring payments.

Cons:

There is limited online support available.
PayPal may freeze or suspend your account if there is suspicious activity.
The platform has high chargeback fees.

Transaction fees: 2.9% per transaction on standard credit card payments.

2. Amazon Pay

Another popular option is Amazon Pay. This service provides a quick transaction process by using data stored in the user’s Amazon account to finalize online orders.

Pros:

It enables seamless payments on different platforms.
It stores payment and shipping details to make the transactions simpler.
The platform includes Amazon fraud protection.
It is user-friendly.

Cons:

Its accessibility is limited to Amazon users.
It has a long signup process for merchants.
Amazon Pay may shut down your account on suspicion of violating its terms.

Transaction fees: 2.9% per transaction, plus an additional $0.30. Fees for international transactions go up to 3.9%.

3. Stripe

Stripe is a powerful solution for any type of ecommerce site. Besides enabling merchants to process transactions efficiently, it also offers top-notch security and protects businesses against fraud.

Moreover, you can use Stripe with our Buy Now Plus plugin to create PayPal-style buy now buttons for your store and customize them to match your branding. Additionally, you can sell products directly on social media – no website required!

Pros:

It has an accessible and helpful customer support team.
Stripe gives you access to multiple reports and customer data.
The interface is user-friendly.

Cons:

Its refunds do not include processing fees.

Transaction fees: 2.9% per transaction, plus an additional $0.30.

Conclusion

Choosing the right payment gateway for your online store can help you increase your conversions and reduce your cart abandonment rate. It’s important to opt for a platform that is secure, cost-effective, and easy to use.

One powerful option for ecommerce businesses is Stripe. This popular payment gateway facilitates efficient and secure credit card payments. It also protects merchants against fraudulent transactions.

Moreover, you can connect your Stripe account with Buy Now Plus to add high-converting buy now buttons to your store and social media pages.

Do you have any questions about finding the right payment gateway for your business? Let us know in the comments section below!

If you liked this post, be sure to follow us on Twitter, Facebook, and LinkedIn.