Cashless
payment has become much more mainstream since the introduction of payment
gateway. In recent time, nearly everyone makes a payment or transfer money
online through the dedicated payment options. The market of payment gateway
continues to grow and it has made online transactions much easier, fast and
secure. Companies that provide their services to the international market
provide options to their customers to pay for the services online too.
Achieving
success in eCommerce domain do not merely depend on the look and the
functionality of the website or mobile applications, providing your customers a
better and secure way to make payment through e-wallet or mobile app payment gateways play a major role
in the success.
If
you are running a startup or small business or a brand, then payment gateway is
mandatory to receive payment online from the customers. However, choosing the
right payment gateway for your online business may be quite difficult. To help
you choose the best payment gateway we are heading to the best online payment
gateways among which that you can choose according to your needs.
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What
is a Payment Gateway?
A
payment gateway is an online payment service that creates a bridge between
merchants and customers. It receives money from the customers and sends it to
the merchants’ bank account. It reads debit and credit card information and
sends customer information to the merchant acquiring bank for processing. It is
software formally known as API (Application Programming Interface) that is
integrated websites or mobile apps.
Most
payment gateways accomplish that in a few seconds with these steps:
Encryption:
Payment gateway receives customer’s card details and encrypts (encode for
private use) them for exclusive use between seller and buyer.
Request:
After initiating the payment, an authorization request occurs from the bank to
proceed with the transaction.
Fulfillment:
When the payment gateway has the authorization, it allows the websites or apps
to proceed to the next action.
Let’s
take a look at Top 10 Payment Gateways in The USA.
1.
PayPal
It’s
the most popular payment gateway that is widely being used by the customers,
and retailers. PayPal is available in more than 203 countries. It is free and
accepts payments securely from both credit and debit cards. It takes a simple
transition fee of 3.4% + $0.30 from the store owners when using PayPal for
credit card payment. It also has a refund policy for the users.
2.
Stripe
Stripe
is a US-based payment gateway service provider that is available in more than
25 countries. Stripe is widely used in Canada, Australia, and the United
Kingdom and majorly focuses on mobile eCommerce, non-profits, SaaS and
platform-based payments. The most popular car-hailing company Lyft is
used this payment gateway to power its mobile fleet over 700,000 drivers. It
takes transaction fees that are 2.9% and $0.03.
3.
Apple Pay
Apple
Pay is gaining popularity from the people who use Apple devices and around 64%
of people in the US use Apple devices. It has 127 million users worldwide. It
accepts all popular credit/debit cards and enables merchants to accept payment
from the customers. As the most popular wallet in this industry, Apple Pay
earned the trust of people by providing them a secure, fast and easy payment
solution. In China, Apple Pay introduced the payment card for the world’s
largest ride-hailing provider- Didi.
4.
Amazon Pay
Amazon
pay is a pioneer online payment gateway made by Amazon and launched in 2007.
Since then it has been in talk of the people. It has become popular among users
worldwide and accepts all major debit/credit cards. It is mostly used for large
and small companies. Both merchants and customers take the services of Amazon
pay and it supports the currency in all formats. The noteworthy fact about
Amazon Pay is that it does not take additional fees on transactions and make
transactions 100% secure.
5.
Braintree
Braintree
is the most popular all-in-one payments partner serving businesses of all types
in making transactions simple, fast and secure. This payment gateway is known
for its quick and seamless online payment. It is available in over 40 countries
and supports more than 130 currencies. It also provides other benefits such as
eCommerce support, settlement and fraud protection. Uber, Casper, Redbus,
Skyscanner, etc., are using Braintree as a payment gateway.
6.
Authorize.Net
Authorize.Net
is one of the most sought-after payment gateways that was founded in 1996. It
is being used by all small and major stores worldwide. It accepts payment
through all major credit/debit cards. It charges high for set up the payment
gateway to the web and mobile apps such as you have to pay $49 for setup fees
and $29 as monthly gateway fees. As per the experts, this is the best payment
gateway for Magento-driven stores and shopping carts such as osCommerce.
7.
Skrill
Skrilla,
based in the UK, is the most trusted payment gateway that was introduced in
2001. It is available in over 40 countries and accepts all debit/credit cards.
It charges 1.9% on every transaction. It is available for both individuals and
businesses. With the integrated Skrill app, the one can easily make
international transactions, pay for products and services anywhere. They do not
charge for account creation on Skrill, but you have to pay a fixed percentage
of the transaction on what they are sending or receiving.
8.
2CheckOut
2CheckOut
is the most growing payment gateway that has been serving customers or
businesses for 15 years. It providing services to more than 196 countries and
accepts payments from credit cards, PayPal, and debit cards. The transaction
charges are low as it charges only 2.9% + 30¢ per successful transaction. There
are no monthly and setup fees.
9.
BlueSnap
BlueSnap is
a dedicated payment gateway that can be integrated with the mobile app development framework.
It can be used and receive payments for eCommerce, mobile, and web development.
It also allows making use of it to create dedicated desktop and mobile
applications for SaaS, gaming, invoicing, and more.
10. Adyen
Adyen
is the most popular payment gateway which is used by various famous tech giants
such as Uber, Spotify, Microsoft, and eBay to handle business and customer
transactions. This software accepts all major debit/credit cards and also
provides tools to manage risk and track results. It accepts more than 250
payment methods and 150 global currencies. It also takes transition fees that
are varied by the method of payment.
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Payment
gateway is very important for every B2B and B2B E-commerce application and
website. All the most popular payment gateways that we have discussed above are
trusted and using by top brands. Are you planning to create an app for eCommerce business, then you can choose among which that you can choose as per your
needs. Although payment gateway
integration is simple, but if you unfamiliar with the technical terms or
development then you can also take help of mobile
app development company or Payments Wallet
App Development Company to setup the
payment gateway.
