Why it is important to choose the right Payment Gateway for your business?
The checkout process is very important for an eCommerce online store. Customers may even leave a purchase unfinished if they don’t find a preferable way of payment or if they don’t find it to be reliable.
An unreliable payment gateway may cause transaction failures. This can discourage customers from making a purchase and coming back on site. Providing an easy and safe checkout experience is very important for your business.
Thus, it is better and safer to choose a reliable payment gateway for your online store’s performance.
We will, therefore, discuss payment gateways in detail.
What is a Payment Gateway?
A payment gateway is a third-party tool or service that can be integrated into your online eCommerce store to evaluate and process online payments.
It is usually the final step of a transaction and so it very important to provide an easy interface and safe checkout experience to your customers.
A payment gateway collects all the required payment information like credit card number, billing address, etc. and processes the payment.
Most of the time, you will need to set up a merchant account linked with the payment gateway. This account can be integrated with your website. All the payments are automatically routed to your merchant account. A processing fee will be charged for each transaction.
Which is the best payment gateway for your website?
The best payment gateways are selected on the basis of their –
• Awareness in the customer market
• Transaction fees
• PCI compliance,
• Degree of integration
So, to help you make your mind, we have payment gateways on the basis of these evaluation criteria.
Top WoodCommerce Payment Gateways
Stripe is the most popular payment gateway that can be used to accept credit card payments. It supports all top credit and debit cards.
Additionally, it provides the option to pay with Google Pay, and Alipay. Some of the other integrations offered by Stripe are Bitcoin, ApplePay, Andriod Pay, AmazonPay, and Venmo.
Presently, Stripe is available in more than 40 countries and supports more than 135 currencies throughout the world.
There are no annual fees or setup for Stripe. However, they charge 2.9% + 30¢ fees per transaction. As compared to PayPal, Stripe charges a lower transaction fee.
It is compatible with mobile devices as well. It offers a great checkout experience as it allows your customers to stay on your website while checkout.
Stripe can also be used for subscriptions as it supports recurring payments.
Stripe is PCI compliant and even offers client-side tokenization.
Furthermore, you don’t need to set up any separate merchant account to receive your money. It automatically transforms money to your linked account within 2 days.
2. Pay Pal
PayPal is another most popular payment gateway for eCommerce stores. WordPress provides built-in support for using PayPal through extensions.
PayPal offers a variety of features and services suitable for personal, business, and eCommerce use. PayPal works in 202 countries and it accepts payments in almost 25 currencies. However, there are different types of restrictions in few countries.
You will need a business account to use PayPal for your WordPress site. Like Stripe, it does not offer on page checkout experience. Your customer will be directed to the PayPal website to complete the transaction. This may result in abounded cart sales.
It charges 2.9% + 0.30 cents as fees per transaction.
PayPal charges are based on the number/volume of sales and your account type. This might have a significant impact on your sales and business. It is recommended to review them beforehand.
PayPal is known for offering 24×7 account monitoring. It offers advanced encryption and fraud protection. PayPal is also PCI compliant which offers smooth and safe transactions.
Square is also an excellent option for a payment gateway. Especially, the stores with physical locations, delivery systems, and other forms of selling options.
Square offers free download via WordPress payment plugin and it has no monthly fees. The per-transaction fee of 2.9% + 0.30 cents
It is only available in the Canada, U.S., Australia, Japan, and the UK. Square offers a fixed transaction fee, however, it is different for every country.
It offers recurring payments functionality same as a Stripe.
Square is PCI level 1 compliant and it offers anti-fraud and layered security to your customers.
Square allows you to accept payments via many methods. It automatically transfers the money to your linked bank account on the next business day.
You will need a merchant account in case of refunds or disputed payments.
Square is compatible with WooCommerce, WP EasyCart, and Ecwid.
It offers mobile-friendly checkout for your customers. WordPress Simple PayPal Shopping Cart.