Everyone looks for security in terms of transactions and thus connects with the appropriate payment gateways. And as an online business owner, whether new or experienced, you are aware of the importance of having a secure payment line. The payment gateways are the medium in which payments are made through credit cards, debits cards or other online payments types. The details you have shared are confidential and secure with clients, merchants and their banks that are used to make the payments.
So It won’t be wrong to say that it is a mediator between the payer and payee and you need to choose wisely, who you want to use as the middleman.
To know these payment gateways completely, let’s dive deep into the details.
What are the Payment Gateways
You can understand the payment gateways as a merchant service, who is allowing you to pay online, via credit card, debit card or any other online way of payment. In this process of payment, the extension (apps) or payment gateways become the middleman to transfer the funds from customers to eCommerce accounts.
How Does the Payment Gateways Works
- There may be several steps involved, but all these happen in just several seconds.Customers will go to your site and click on a product that they wish to purchase. After completing their shopping, they will be directed to the checkout page to pay. After confirming the item/s, they have chosen, they will indicate the suitable form of payment.
- After paying, the transaction will be forwarded to the payment gateway, they have chosen. Through this service, the transaction will be sent to your bank’s processor.
- Then the transaction will go through the card’s network, which will then send it to the bank that issued your customer’s credit card.
- After improvement, the transaction goes through the same path that it has taken.
- Once the transaction is approved, it will inform your customer through your Magento site. Then the information will be sent to the merchant (you).
How you can rate a payment gateway
- Security- As an online store owner, you need to know if all the transactions are processing fine or not. Similarly, it’s also important for the customer to get a safe transaction process, which means security should be the priority.
- Fast and convenient- Another thing that a customer looks at while paying online is the steps involved in the payment. In short, they are looking for a quick yet neat payment option.
- Cost- You should check the cost of the process before buying the payment extension. Also, don’t forget to know that they are charging monthly or annually.
- Compatibility– You should check the compatibility of the payment gateway If it’s able to solve your Magento stores requirements and the options it is offering.
The Top Payment gateways for Magento
- PayPal- The reputed and oldest online payment method PayPal, is used by more than 218 million customers and 17 million merchants, globally. It is trusted and a secure online payment option which is integrated into the Magento eCommerce platform. You can get many benefits from it, as it has the conversion for at least 21 different currencies and helps you to transfer money from more than 19 different countries. It is quick, that customer does not even need to leave the page; as it is completed on the page itself.
- Stripe- The Australian payment gateway company has launched its extension in 2011. This extension is used in more than 100 countries and can support multiple currencies. The extension was furnished with many mind-blowing features such as the stay on-site availability. Other than that, this payment gateway can accept all major credit cards and bitcoin, Apple Pay, Android Pay, Alipay. The surprising thing is, they do not charge any extra fee for stripe integration and monthly and set up.
- Worldpay- The popular between merchants payment gateway is serving almost 400,000. The service is used for more than 146 countries with an approx transaction of 26 million/day. The service introduces some other ways of payment, such as virtual terminal and Pay Per Link, plus the customers do not need to leave the site for payments. The other benefits of this payment gateway are, it can be used to any size of business. The fraud protection system of this extension makes it secure for payments. Magento 2 Payment Gateway Extensions
The service is also offering other things to Magento holders with Magento 2 Worldpay Payment extension such as eWallet payments, local card scheme payments etc.
- Braintree- The excellent payment gateway from PayPal, which is flexible enough to work for both small and large businesses. In this multiway payment gateway, you can choose from the 6 payment ways included Apple Pay, Bitcoin, Venmo. The payment gateway comes with the other multiple features such as secure data storage, fraud protection, and PayPal integration built-in, plus you can store or delete your payment information.
- Authorize.in- This payment gateway is specially created for small and mid-size business. You can pay with credit cards, e-checks, visa checkout, PayPal and Apple pay. It is carrying so many security measures such as address and CVV verification, and advanced fraud detection suite. The CIM (Customer Information Manager) function of this payment gateway, allows businesses to save credit card data of their customers for lateral use. But for processing this gateway, the business should be serving their services from specific countries such as the US, Australia, Europe and Canada.
- 2Checkout- The gateway is serving almost 50 thousand merchants. With this payment gateway, you don’t have to worry about the frauds as it has 300 safety rules for frauds. And because of these services, it is recognized with several standards such as GDPR, PCI DSS level 1, ISAE 3402, SSAE 18, BBB Accreditation etc.
The extension also provides some extra storage to the store owner to checkout orders, better. This payment gateway provides various rates according to locations and USD.
- Amazon pay- This payment gateway allows its customers to pay through their Amazon account. During the paying process, the customers just choose the widget and then they don’t have to leave the site to pay. Amazon also provides the same fraud protection to their payment extension as the site Amazon.com.
With the final words, it can be said that, with these advanced payment solutions, you can make a mark in the world of business which will lead you towards immense revenue without a hassle. And as you can see with the article, Magento 2 can supply all these advantages in a better way, with a fair cost. So take a healthy try today and contact us for Magento development Service.