How to Choose the Best Payment Gateway for Your Website

Introduction

Your business’ success depends on your ability to adapt to new technologies and make the most of them. Your website must be updated regularly and made use of the most advanced technology.

According to FinancesOnline stats, digital transactions will be worth approximately USD 5.2 trillion in 2020. Around 63% of that amount comes from eCommerce.

Let’s now discuss payment gateways and how they can help you business. And how do we choose the right payment gateway for our website?

What is a Payment Gateway?

Let’s first discuss payment gateways.

Payment gateways allow anyone to transfer funds to another bank account from their own bank account, without the need to physically visit a bank or deposit a cheque. Payment gateway technology transfers payment data from the customer’s account to the acquirer’s.

You don’t need to be an expert in payment gateways to manage a payment portal.

The Benefits of Payment Gateways

There are many benefits and advantages to payment gateways over traditional payment systems. Here are some of the advantages of payment gateways:

  1. Fast and secure: Payment gateways speed up payments by 50 percent compared to other transactions. Customers can transfer money quickly and the seller/merchant will receive it in a matter of minutes.
  2. Setup Cost: While payment gateways may charge a fee to use their platform, it is still a small amount and can be easily afforded by any business. You only need to set up a merchant account with the payment gateway.
  3. Customers Save Time: Payment Gateways Take Only a Few Seconds or Minutes to Process and Transfer Payments from the Customer End to the Merchant End.
  4. Worldwide Accepted: The majority of payment gateways can be used worldwide. You can therefore receive international payments in multiple currencies.
  5. Fraud detection: Top-quality payment gateways include PCI-DSS compliance and fraud detection tools. Customers and merchants will have the best experience possible with this payment gateway.

These features, along with many others, make them the most secure, reliable, and fastest way to accept payment. Each payment gateway comes with additional security features and checks to meet the needs of both merchants and customers.

Top 5 Worldwide Payment Gateways

Each payment gateway uses a different technology and algorithm to process payments. Payment gateways must also comply with government regulations. This means that they must ensure their system conforms to their rules and regulations.

Let’s now discuss the top five payment gateways in the world.

1. PayPal

Paypal is a trusted payment gateway that almost everyone knows. PayPal is used to process payments for eCommerce and auction sites. You can also accept credit cards like Visa and Amex.

PayPal allows for easy integration of carts, customization options and online invoicing. It also facilitates credit card payments.

2. Stripe

Stripe is another great option. It offers a variety of tools that allow you to personalize your payment processes. It also offers an abundance of APIs that allow you to create subscription services, crowdfunding platforms, or on-demand marketplaces.

Stripe also supports more than 100 currencies and provides features such as subscription billing, one click checkout and mobile payments.

3. WorldPay

World Pay is next because it allows credit card payments to be processed directly through the app or website. It’s also the most popular international payment gateway in the UK, which supports over 120 currencies.

It is easier to accept payments from international customers by supporting more than 120 currencies

4. 2Checkout

2Checkout allows you to accept payments in Europe from over 200 markets. 2Checkout, a European payment gateway, is one of the most popular options for international payments. The payment gateway also allows you to grow your business internationally.

2Checkout is the best option for those looking for a low-cost alternative to industry giants.

5. Braintree

PayPal bought Braintree in 2013 to offer world-class international payment. Braintree is still a different company than PayPal. Braintree offers individual merchant accounts for processing transactions.

Braintree’s network has been expanded to more than 45 countries and regions, making it an excellent option for international payment gateway companies.

How do you choose the best payment method?

These are the points you need to keep in mind when choosing the right payment gateway for your site.

1. Select the Flow

You need to select the right payment gateway for your business. Do not choose to go with the big players in the industry. Instead, find the one that offers the best service at a reasonable price. Check the Escrow system, iFrame and payment form.

2. Safety and Security

You must ensure that any payment gateway is safe and secure before you integrate it to your site. You should also verify the payment gateway. You should also check the processing time. Most importantly, make sure to check the certificates, particularly PCI-DSS.

3. SAR and Fee

Consider the fees and Service Agreement Requirement before you choose a payment gateway. Each payment gateway will have a different pricing structure and Service Agreement Requirement. Before you choose a payment gateway, ensure that you verify both the pricing and Service Agreement Requirements.

4. Examine the Checkout Process

To find the best payment method for your website, check their checkout process on different devices, such as Android, iOS and browsers. This will allow you to determine if the payment method is right for your business.

5. Simple Integration

Make sure the payment gateway you choose integrates easily with your site and that the provider provides clear instructions regarding the integration process. You should also choose gateways that simplify the payment process and are beneficial to customers.

6. Merchant Account

This is a vital part of any payment gateway. To receive payments from customers, you will need a merchant account. Merchant accounts are separate from your bank account and store money temporarily until customers approve the transaction.

Webkul: How Can We Help You?

Here’s where we enter the picture. Webkul offers Odoo Apps to help you grow your business. We also offer customized product services to meet the needs of our clients. You might be curious how Webkul can help with payment gateways.

Our product is the solution. You can choose from a variety of payment gateways that we already have prepared for you. If you use another platform, you don’t have to worry because we also have a payment gateway that works with other platforms. To find the best solution, check out our store.

We also offer Odoo Apps to the top 5 payment gateways, which can be purchased from our store and integrated into your Odoo website.

You can check out these payment gateways:

  1. PayPal
  2. Stripe
  3. WorldPay
  4. 2Checkout
  5. Braintree

You can also choose from other payment options than the ones listed. These options are available .

Peroration

Let’s sum up: You now know what criteria to consider when choosing the right payment gateway for your site. You can also choose the payment gateway that is most affordable, reliable, secure, and safe.

You can also create a ticket if you have any questions about any of our apps.

You can also explore our Odoo Design Services and an amazing range of Odoo Apps.

I hope you find this blog useful. Please leave a comment if you enjoy the blog.

 

source https://webkul.com/blog/how-to-choose-the-best-payment-gateway-for-your-website/