Top 5 Payment Gateway Options Businesses Should Consider

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Payment gateway is software that helps customers validate their transactions with an online store. According to Forbes, global e-commerce recorded over $4.28 trillion worth of transactions in 2020. This statistic shows how significant payment gateways are to businesses.

Payment gateway is the access businesses need to ascertain that their customers performed financial transactions in exchange for their products. Payment gateways also help to accept all digital wallets or credit cards. But, which of these payment gateways can businesses use?

5 Recommended Payment Gateway for Your Business

There are more than 20 payment gateways in the world. Some are active within a region, and others are good for international payments. To grow your business payment channels, you can consider:

1. Square

Co-founded by Twitter's Jack Dorsey, Square helps retailers get smarter with digital payment solutions. It accepts credit cards, even payments from Google and Apple Pay. It processes payment in a short time. You can check out the CardPaymentOptions review of Square for some of its best features. The company allows users to download software and a mobile credit card reader. Merchants can also build on Square's tools to identify their customer's spending trends which helps them target their spending periods. Square also offers competitive international and local rates for transactions, which is why transactions can be customized.

2. Authorize

This payment gateway was established in 1996 and is one of the oldest. It manages more than a billion transactions annually for more than 430,000 merchants. It allows transactions from anyone in any corner of the world. It partners with many account providers to satisfy their customers, accepting major credit cards, digital payments, and debit cards. It also allows e-checks and foreign payments. It's an easy-to-use payment gateway, and some of its most-loved features are the fraud prevention filter, invoicing, optional card reader, customer information management, virtual point of sale (POS) service, and a few others.

3. PayPal

It's a digital wallet that must be mentioned in any discussion of payment gateways. Founded in 1999, it's one of the most versatile today. It offers payment at competitive rates and has 44% checkout ease. It also has a "Buy now pay later" payment option which keeps customers from being priced out of their pockets while merchants still make sales. PayPal is connected to more than 400 million users, and it allows payments from most payment methods. It's also connected to big e-commerce platforms like WooCommerce, Shopify, BigCommerce z Squarespace, and lots more.

4. Stripe

This payment system has been around since 2011. The technology is available in 14 countries, and up to 90% of U.S. online shoppers use it. The payment system offers flexible payment solutions at cheap rates, which makes it a customer-oriented payment solution. It helps companies adapt to customer needs, and it has an integrative benefit with e-commerce platforms like BigCommerce, Shopify, Squarespace, Wix, and others. Its Radar, an AI fraud detection tool, has helped in detecting and blocking illegal transactions. It's available in more than 135 currencies and is often used by many businesses today.

5. WePay

Being around since 2008, it capitalizes on Chase Merchant Services to provide its services as a peer-to-peer payment solution. Through multiple channels, it helps merchants handle their difficult payment requests. It accepts major credit cards and is also used for crowdfunding campaigns. The payment solutions also have customizable features which make personalizing your interface and payment interests easy.

Final Notes

There are many other payment solutions for businesses to choose from, but these are the most popular ones. They allow payment from most countries of the world with different currencies. They also help fast-track how customers schedule their payments across e-commerce platforms.

This article does not necessarily reflect the opinions of the editors or the management of EconoTimes