Adapting to the new technology and making the best use of it for your business is the mantra for the success of your business. You continuously need to upgrade your website and use the best possible technology.
Further, as per stats provided by FinancesOnline, in 2020, the digital transactions valued around USD 5.2 trillion, and around 63% of it comes from eCommerce.
So without further ado, let’s discuss payment gateways, how they help your business, and how to choose the best payment gateway for your website?
What are Payment Gateways?
Before jumping to payment gateways, first of all, let’s discuss what are payment gateways and how they work?
A payment gateway enables anyone to transfer funds from their bank account to another person’s bank account without physically visiting a bank or depositing a cheque. The payment gateway technology captures and transfers payment data from the customer to the acquirer’s account.
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Most importantly, you need not be a payment gateway expert to operate a payment gateway.
Benefits of Payment Gateways
Payment gateways have various advantages and benefits over traditional payment systems. Some of the benefits of payment gateways are:
- Fast and Secure: Payment gateways help process payments 50 times faster than usual transactions. This means customers can transfer money in one minute, and the merchant/seller will receive them in another minute.
- Set Up Cost: Although payment gateways charge a fee for using their platform, still it’s less, and any small or large business can easily afford it. All you need to do is set up a merchant account on the payment gateway.
- Saves Customers Time: Payment gateways take only a few seconds or minutes to process and transfer payment from the customer end to the merchant end.
- Accepted Worldwide: Most payment gateways are accepted worldwide, and it’s the best thing about them. Hence, you can receive international payments in multiple currencies.
- Fraud Detection: The top-notch payment gateways come with PCI-DSS compliance, fraud detection tools, and data encryption. This provides the most secure and reliable experience to customers and merchants.
These benefits and many other advanced levels feature, making them the securest, fastest, and most reliable solution for accepting payment. Also, each payment gateway has some added features and security checks according to various customer and merchant requirements.
Top 5 Payment Gateways Worldwide
Every payment gateway is different and uses different technology and algorithm to process payments. Along with that, payment gateways must follow government compliance, which means they must make their system agree with their rules and regulations.
So without further ado, let’s discuss the top 5 payment gateways worldwide.
Everyone is familiar with Paypal, the most popular and trustworthy payment gateway available in almost every country. PayPal is used for payment processing for eCommerce, auction sites, and other entities. Moreover, you can accept credit cards such as Visa and Amex.
PayPal offers easy cart integration, customization options, online invoicing, and facilitates credit card payments.
Stripe is another gem on the list, providing a range of flexible tools to customize your payment processes. Moreover, it offers a plethora of APIs, which permit you to create your subscription services, crowdfunding platforms, and on-demand marketplaces.
Further, Stripe supports 100+ currencies and offers features like subscription billing, one-click checkout, and mobile payments.
World pay comes next on the list as it allows processing credit card payments directly from the app or website. In addition, it’s the most widely used international payment gateway in the UK that supports more than 120 currencies.
Supporting more than 120 currencies makes it easier to accept payment from customers located globally.
2Checkout permits you to accept payment in Europe from more than 200 different markets. In the European market, 2Checkout is one of the best options to deal with payments at the international level. Moreover, the payment gateway allows you to expand your business globally.
Most importantly, 2Checkout doesn’t have monthly fees making it the most affordable selection compared to other industry giants.
Although PayPal acquired Braintree back in 2013 to provide world-class payment globally. Still, Braintree operates in a different way than PayPal. Braintree provides individual merchant accounts to process transactions.
Braintree has its network expanded to over 45 regions/countries, making it an outstanding option for companies in the market for an international payment gateway.
How to choose the best payment gateway?
To choose the best payment gateway for your website, you require to remember the following points.
1. Choose the Flow
For your business, you need to choose the payment gateway that best suits your needs. Don’t go for the industry giants at once; instead, select the one that provides the best service to you at the most reasonable price. Above all, check the payment form, iFrame, and Escrow system.
2. Safety and Security
Before integrating any payment gateway to your website, ensure its safety and security. And for doing so, check the payment gateway properly. Also, check the time it takes to process payment. And most importantly, check the certificates, especially PCI-DSS.
3. Fee and SAR
Before choosing the payment gateway, consider the fee and Service Agreement Requirement. Every payment gateway has a slightly different pricing and Service Agreement Requirement. Hence, make sure to check both before choosing the payment gateway.
4. Inspect the Checkout Process
For choosing the best payment gateway for your website, inspect their checkout process on various devices such as Android, iOS, browsers, etc. This will help you determine if the payment gateway is suitable for your business or not.
5. Easy Integration
Ensure the chosen payment gateway easily integrates with your website and that you get proper instructions from the provider regarding the integration process. Moreover, select the gateways that make the payment process easier and beneficial for the customers.
6. Merchant Account
It is one of the most vital parts of any payment gateway. You need to have a merchant account to receive payment from customers. A merchant account is a separate retailer account from your bank account, where money is stored temporarily until customers’ banks approve the transaction.
How Does Webkul Help You?
Now reaches the part where we come into the picture. Webkul offer Odoo Apps that help your boost your business. Moreover, we offer custom product services as per the client’s needs. However, you must be wondering how Webkul can help you with payment gateways?
Well, the answer lies in our product. We have different payment gateways already prepared for you, which you can integrate with your Odoo website, and if you use any other platform, then don’t worry, we have a payment gateway for other platforms as well. Check out our store to find the best option.
Apart from that, we have Odoo Apps for the Top 5 payment gateways mentioned above, which you can easily purchase from our store and integrate it your Odoo Website.
Check out the payment gateways:
Besides, if you want to choose any other payment gateway apart from the listed ones, then don’t worry, we have several additional options available for your need. Do check them out from here.
To sum it up, now you know the different criteria you must remember while choosing the best payment gateway for your website. Further, making the final choice is entirely up to you hence, choose a payment gateway that best suits your budget and is safe, reliable, and secure.
Besides, if you have any doubt about any of our apps, please Create A Ticket Here.
I hope you find the blog helpful do let us know in the comment how much you like this blog.