Top 7 Payment Gateways for Your eCommerce Store

Online stores are popping up everywhere these days, thanks to tools that make building them a breeze. You might be excited to jump in and create your own with custom web application development, especially with a great product and a talented development team behind you.

However, the one thing that your online store can’t work without is the right payment system.

Payment gateways are essential for any online business. They handle your online payments securely, accept major credit cards, and even deal with international sales. They make things easier for you and your customers, building trust by keeping their payment information safe.

This blog will explore the top payment gateways so you can pick the perfect ones for your online store and keep your customers checking out smoothly.

List of Top 7 Payment Gateways

Here is the list of the top 7 popular payment gateways for online ecommerce stores:

• PayPal
• Authorize Net
• Braintree
• Adyen
• Amazon Pay
• Square

PayPal

PayPal is one of the world's most widely recognized and trusted online payment gateways. It offers various payment solutions for businesses of all sizes and easy payment processing for individuals.

Key Features of PayPal

• Wide Acceptance: PayPal is available in over 200 countries and supports a vast range of currencies, making it a great choice for businesses with international customers.

• Variety of Payment Types: Accommodates credit/debit cards, PayPal balance transfers, bank transfers, and even invoicing features.

• Buyer and Seller Protection: Offers fraud protection measures and dispute resolution mechanisms for both buyers and sellers.

• Seamless Integration: Well-documented APIs and pre-built integrations for many ecommerce platforms and web development frameworks.

• Additional Business Tools: Options include recurring payments (subscriptions), point-of-sale solutions, and working capital loans.

Pricing

Transaction fees vary slightly based on your region but for US-based businesses, it's typically 2.9% + $0.30 (USD) per domestic transaction.

PayPal is suitable for

• Established Businesses and Freelancers: Its reputation and name recognition instill trust in customers.

• eCommerce: Wide integration options with popular platforms and shopping carts.

• Global Marketplaces: Excellent for processing payments from international customers.

• Businesses Needing Additional Tools: Options for subscriptions, invoicing, and business financing.

Stripe

Stripe is a leading payment processing platform trusted by businesses of all sizes, from startups to Fortune 500 companies. Known for its developer-friendly approach and robust features, Stripe simplifies the process of accepting and managing online payments.

Key Features of Stripe

• Global Reach: Stripe supports over 135 currencies and payment methods from around the world.

• Seamless Integrations: Offers well-documented APIs, SDKs, and pre-built integrations for e-commerce platforms.

• Customizable Checkout: Create branded, embeddable checkout experiences to fit your website's design.

• Fraud Prevention: Stripe Radar uses machine learning to detect and block fraudulent transactions.

• Subscription Management: Easily handle recurring billing, trials, and different subscription plans.

• Invoicing: Generate and send professional invoices to customers.

• Reporting and Analytics: Robust dashboard for insights into payment data, trends, and customer behavior.

Pricing

Stripe's core pricing is a flat-rate transaction fee of 2.9% + $0.30 per successful card charge.

Stripe is suitable for

• Tech-Forward Companies: Stripe's developer-centric approach and customizable solutions are a great fit for tech companies that want flexibility.

• eCommerce: Stripe integrates seamlessly with major ecommerce platforms and offers features vital for online stores.

• Businesses Scaling Globally: Stripe's international support makes it ideal for companies expanding into new markets.

• SaaS and subscription-based Models: Stripe's recurring billing and subscription management tools are a strong fit.

Authorize Net

Authorize.Net is a veteran payment gateway provider, established in 1996. Acquired by Visa in 2010, it has a long track record of reliability and security within the ecommerce space. It's a popular choice for businesses of all sizes that prioritize robust fraud prevention features and a wide range of payment processing functionalities.

Key Features of Authorize Net

• Payment Methods: Accepts a wide range of credit and debit cards, including Visa, Mastercard, American Express, Discover, Diners Club, and JCB. It also supports electronic checks (e-checks), ACH payments, and popular digital wallets like PayPal, Apple Pay, Google Pay, and Venmo.

• Manual Transactions Through Virtual Terminal: Authorize.Net's virtual terminal allows you to manually enter and process card payments over the phone, fax, or mail order. This is useful for situations where customers cannot pay directly on your website

• Subscription Management: Offers robust recurring billing and subscription management tools. This empowers businesses with subscription-based revenue models to easily set up and manage recurring payments.

• Advanced Fraud Protection: Authorize.Net's advanced fraud detection suite incorporates a layered security approach to minimize the risk of fraudulent transactions like Address Verification Service (AVS), Card Verification Value (CVV), Velocity Checks, etc.

• Data & Insights: Provides a comprehensive suite of reporting and analytics tools that can help businesses gain valuable insights into their customer base, transaction trends, and overall payment processing performance.

Pricing

The price of Authorize.Net’s payment gateway is $25 monthly fee + 2.9% + $0.30 per transaction.

Authorize.Net is suitable for

• B2B Businesses: Authorize.Net is well-suited for businesses with robust security and fraud prevention needs.

• eCommerce: Its range of features and integrations make it a good choice for online stores.

• Subscriptions: The recurring billing functionality is helpful for subscription-based business models.

• Larger Businesses: While used by smaller businesses, the monthly fee structure is generally more cost-effective for companies with higher transaction volume.

Braintree

Braintree, a subsidiary of PayPal, is a full-stack payment gateway designed to simplify how businesses accept, process, and manage online payments. It offers a wide range of global payment options and advanced features for businesses of various sizes.

Key Features of Braintree

• Marketplace Payments: Braintree streamlines complex financial management for platforms with multiple sellers. It facilitates seamless split payments, ensuring sellers receive their portion of the transaction after deducting marketplace fees or commissions.

• Developer-Friendly: Braintree provides comprehensive developer tools and resources to streamline the integration process and empower customization. Well-documented APIs are available in various programming languages. That makes it easier for developers to integrate Braintree's functionalities into their web applications.

• Low International Charges: Businesses can leverage Braintree's established partnerships with international payment processors to benefit from lower transaction fees compared to some competitors.

Pricing

Braintree's standard pricing is 2.9% + $0.30 per successful credit/debit card transaction.

Braintree is suitable for

• Mid-to-Large Businesses: Braintree's advanced features and customizable pricing make it well-suited for businesses with more complex payment needs.

• Global eCommerce: Businesses looking to expand internationally appreciate Braintree's wide range of supported currencies and localized payment methods.

• Marketplaces: Platforms with multiple sellers benefit from Braintree's marketplace payment capabilities.

• Developers: Braintree's robust APIs and developer tools are attractive to tech-savvy businesses seeking flexibility and customization in their payment integration.

Adyen

Adyen is a global payment platform enabling businesses to accept a wide range of payment methods both online and in-person (if applicable) through a single integration. It emphasizes global reach, advanced risk management, and a unified view of payment data across channels.

Key Features of Adyen

• Extensive Global Payment Methods: Adyen offers over 250 local and international payment methods, including credit/debit cards, digital wallets, bank transfers, and region-specific options. This enables customers to pay with their preferred methods.

• Omnichannel Capability: For companies with both online and physical stores, Adyen allows for a unified payment experience across channels. That allows a seamless checkout experience for customers.

• Revenue Protect: Adyen's advanced suite of fraud prevention tools employ machine learning and data analysis to detect and mitigate fraudulent transactions. This safeguards businesses from financial losses and protects customer data.

• Shopper Insights: Adyen's reporting tools provide businesses with granular insights into customer payment behavior, success rates across different payment methods, regional trends, and more.

• Direct Connections to Card Networks: Maintains direct connections with major card networks (Visa, Mastercard, etc.). This minimizes intermediaries, often resulting in higher authorization rates and potential cost savings on some transactions.

Pricing

Adyen's pricing structure generally combines a processing fee with a variable payment method fee based on the specific method used by the customer. You can check out its pricing by clicking here.

Adyen is suitable for

• Global Businesses: Adyen's strength lies in its global reach and vast international payment method support, particularly beneficial for businesses expanding into new markets.

• Enterprise-Level: Adyen's sophisticated risk management tools and customizable features appeal to larger businesses with complex payment needs.

• Retailers with Omnichannel Needs: Companies seeking to streamline payments across both online and in-store channels may find value in Adyen's unified platform.

• Data-Driven Companies: Businesses prioritizing data insights into payment trends can benefit from Adyen's powerful analytics and reporting features.

Amazon Pay

Amazon Pay is a payment gateway that leverages the trust and convenience associated with Amazon accounts. It allows customers to use their existing Amazon account information (shipping address and stored payment methods) to make quick and easy purchases on third-party websites and within apps.

Key Features of Amazon Pay

• Seamless Checkout: For customers with Amazon accounts, Amazon Pay eliminates the need to re-enter billing and shipping details. This dramatically reduces friction in the checkout process, often leading to increased conversion rates.

• Trust Factor: Backed by Amazon's brand recognition, Amazon Pay inherits a level of trust, improving buyer confidence during checkout.

• Mobile Optimization: Amazon Pay is designed with mobile shopping in mind, streamlining payments within apps or mobile-optimized websites.

• Recurring Payments: Amazon Pay supports subscription models and recurring billing.

• Fraud Protection: Includes Amazon's A-to-z Guarantee for eligible purchases, providing protection for both buyers and merchants.

• Alexa Integration: Businesses can enable voice-based payments through Alexa devices for a futuristic checkout experience.

Payments

• Domestic Transaction Fee: 2.9% + $0.30 per transaction for most sellers.

• Cross-Border Fee: Additional 3.9% for transactions where the customer's billing address is outside your seller account country.

• No Setup or Monthly Fees: Amazon Pay doesn't have recurring monthly charges or initial setup fees.

Amazon Pay is suitable for

• Existing Amazon Sellers: Businesses already selling on the Amazon marketplace get easy setup with Amazon Pay.

• Established Brands: Companies with existing brand recognition can leverage the trust factor associated with Amazon.

• Businesses Targeting Increased Conversions: If a major pain point is cart abandonment, Amazon Pay's faster checkout can help optimize conversion rates.

• Merchants with International Customers: Amazon's global reach could be advantageous, although cross-border fees need to be factored into costs.

Square

Square is a financial services and merchant services company known for its user-friendly payment solutions. It provides businesses with both versatile point-of-sale (POS) hardware and integrated online payment processing, along with various business management tools.

Key Features of Square

• Payment Processing: Square supports various payment methods, including credit/debit cards (swiped, dipped, tapped), online payments, and mobile wallets.

• POS Solutions: Square offers a range of POS hardware options, from basic card readers to advanced countertop systems that support inventory management and analytics.

• Invoicing: Square Invoices allows businesses to easily create and send professional invoices to clients. You can customize invoice templates with your branding, include itemized lists of products or services, and set clear payment terms.

• eCommerce Integration: Square offers seamless integration with popular ecommerce platforms or allows for building a store through their website builder.

• Business Tools: Square offers various additional tools for business management, including employee management, customer relationship management (CRM), marketing solutions, and reporting.

• Financial Services: Square provides business loans, a business checking account (Square Banking), and the Square Card (business debit card).

Pricing

The price of online transactions on Square is 2.9% + 30¢ per transaction.

Square is suitable for

• Small Businesses and Startups: Square's simplicity and affordability make it a popular choice for small businesses just getting started.

• Businesses Needing POS Solutions: Square excels with its range of point-of-sale hardware options, catering to both mobile and brick-and-mortar businesses.

• Merchants Seeking a Suite of Services: Companies that want financial services, invoicing, and other business tools integrated with their payment processing may appreciate Square's ecosystem.

• Omnichannel Sellers: Square's ability to sync online and in-person sales data offers a unified view for businesses with both physical and online presence.

Set Up a Payment Gateway for Your eCommerce Store with Empiric Infotech

Now you know about 7 great payment systems for your online store! Some are easy to set up yourself. Others have more advanced options if you need them.

But don't worry if you're not a tech expert, Empiric Infotech, a custom web application development company, is here to help you set up the perfect payment system for your business.

There's never been a better time to start your online store. Contact our experts today!

Schedule a 30-Minutes call with our expert to set up a payment gateway