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  • goodfirms
15 February

What are the best payment gateway options for e-commerce sites?

You’ve figured out most of the other things for your ecommerce store such as CMS, shopping cart and backend, but you’re still unsure about the last step down the line.

How do you collect the payments?

This is crucial. There’s no point in going through all the hassle if you are not able to provide a trustable mode of payment to your customers.

You also need to make sure that you get the money safely transferred to your bank account without delays and high overheads.

Thankfully, there are plenty of payment gateway options available for every kind of user, you just need to get the basics right and in this article we’re going to focus just on that.

Being a web design company, we’ve integrated numerous payment gateways in our projects, which makes us well aware of the technicalities.

Prerequisites to Choosing a Payment Gateway

Before getting one installed, let’s see what a payment gateway exactly does and what it means.

What is a Payment Gateway?

A Payment Gateway is a digital service that handles payments from customers to a merchant using a secure authorization and transaction procedure. In simpler terms, it allows your customers to pay for purchases on your ecommerce website with integrity of the transactions intact.

Under the hood, a payment gateway integrates a banking service with the payment system, to collect funds from the customer’s account and transfer them to yours.

Merchant Accounts

Talking of accounts, you’ll need to get a merchant account in order to receive your ecommerce store payments. Essentially,

Payment Gateway + Merchant Account

is the complete combination that you must aim for. Merchant accounts can be obtained separately from payment gateways or in a bundle, depending upon which provider you are going for. Paypal and Stripe offer a combined experience for businesses.

Top 5 Payment Gateway Providers  

  1. PayPal Payments Standard

PayPal is one of the most widely trusted names in the online payments market with 200+ supported currencies and 26 participating countries. Founded back in 1998, it became an independent company in 2015 with a net worth of more than $46 billion.

It is highly likely that customers see you in the good light if you PayPal as the payment gateway, due to its security features and refund policy. We have offered PayPal integration to majority of our clients as a part of our ecommerce site development service.

 PayPal charges a nominal fee on every transaction that takes place through their gateway that depends upon the sale volume you are generating. It ranges from 3.4% to 4.4% + a fixed fee. You can find out more about it here.There are however, no charges for account setup, account termination and for getting support.

One notable thing about PayPal Standard is that the customer will be taken to PayPal’s website for completing the payment. This may or may not affect your customer-business relationship.

2. PayPal Payments Pro

If you’re more of a pro player and want an embedded payment system in your website, Payments Pro by PayPal is the thing you need.

It allows you to integrate a payment gateway in your website with your own branding and customization. It’ll also not divert customers to PayPal’s website while checkout.

To heighten the chances of successful checkouts, PayPal Credit has been built into the integration, allowing customers to buy now and pay later, while you will be paid the payment upfront without wait.

With all its benefits, this integration is costlier at 2.9% + 0.30 fee per payment and a $30 monthly fee. What’s more, it works on phone equally well.

Check out PayPal Integrations by Dikonia.

  1. Stripe

After PayPal comes Stripe, that has a fair share of popularity among ecommerce websites.

Stripe works just like PayPal but it has a striking feature that it will integrate into your website for free. You can collect payments from your customers and transfer them into your account directly, without taking them to an off-site location.

Stripe doesn’t charge a monthly fee likewise PayPal but it’s not easy as PayPal to integrate. It needs a bit of technical knowledge to make it blend well with your website. A developer will be required if you don’t know how to do it. At Dikonia, we have made several Stripe Integrations and you can contact us for to get one done.

Stripe charges the regular 2.9% + 0.30 fee per payment with no extra costs with the assurance that most major credit cards will work with Stripe.

Initially, it’ll take upto 7 days to get the funds transferred to your account but with time, you can set them to be credit on a two-day rolling basis.

Checkout Stripe Integration by Dikonia.

  1. BrainTree Payments

Brain Tree is a PayPal subsidiary that was founded in 2007 to advance the payment technology to multiple platforms.

Just like PayPal, BrainTree is an all-in-one solution to allow payments with the merchant account integrated. BrainTree comes with customizable PCI compliant web and mobile UI for creating payment forms in your website or app itself. You can also integrate BrainTree’s offered UI.

It also offers a horde of tools for developers such as the Sandbox mode and fraud protection for the buyers. You can use BrainTree to further integrate popular services like Apple Pay, Google Pay and many more.

Fees are identical to Stripe and PayPal Pro, with 2.9% + 0.30 fee per payment for small and new businesses. For established businesses, you can contact BrainTree for a quote.

Checkout BrainTree Mobile App Integration done by Dikonia.   

Final Thoughts

While this article explains most of the necessary terms you need to know about payment gateways and some good options, it is advisable to understand your requirements and research further into the integration that sounds the best to you.

In case, you feel you need personalised help, you can visit our contact us page, wherein you’ll find several ways to reach out to us.

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