Running an online e-commerce business takes a lot of strategizing and planning. Right from setting up your website, to selecting the right web hosting, and most importantly choosing a payment gateway for your store. To make your work easier we have compiled a list of the 5 best online payment gateways in 2019.
Do Payment Gateways Affect your Business?
Choosing the right payment gateway is crucial when it comes to the success of your e-commerce store. Payment gateways are like a bridge between the buyer and seller. They permit fund transfer directly to the seller, keeping the security and comfort of the buyer in mind.
As per a survey by Baymard Institute, 6% of the customers abandoned their cart because there weren’t enough payment methods available. Added to this, most users these days prefer mobile payment options as they are quick and effortless. Thus, it is imperative that you choose a payment gateway keeping these points in mind:
- Easy to use
Let us have a look at the top 5 online payment gateways to look forward to in 2019.
PayPal is a global online payments platform that assists in online money transfer. It currently has over 277 million users worldwide and operates in 202 markets. Moreover, PayPal allows customers to send, receive, & hold funds in 25 currencies worldwide. One of the advantages of PayPal is that you need not have a PayPal account for processing payment. This is a great advantage of e-commerce stores as they need not worry if their customer has a PayPal account or not. Key Features of PayPal:
- Doesn’t require users to have a PayPal account to process payment
- Supports international payment and credit card
- Multi-currency support
- No withdrawal fee
- Fast mobile payment
PayU is a prominent online payment service provider that processes payments faster for both merchants and buyers. PayU covers 18 markets across Asia, Central and Eastern Europe, the Middle East, Latin America and Africa catering to over 2.3 billion consumers. They have over 300 payment methods for fast, simple and secure electronic payments across platforms. It supports one-click buy that allows users to purchase with a single click, thus improving customer conversion rates on your e-commerce website. Key Features of PayU:
- Easily integrate and receive all local payment methods instantly
- Supports one-click buy allowing users to purchase with a single click
- Mobile integration
- Web checkout
- Multi-currency support
- Amazon Payments
Amazon Payments is a payment service offered by the e-commerce giant Amazon. The payment gateway is available to Amazon users both sellers and buyers to help smoothen their online purchase process. In Amazon Pay, the merchants can accept payment either online or on mobile. Moreover, it easily allows users to access their information from the merchant’s site so you don’t need to add any details like name, shipping address, credit card details etc. without compromising the security. This smoothens and fastens the payment process. Key Features of Amazon Payments:
- Has a faster checkout process
- Offers top-notch security
- There is a merchant website integration
- Supports automatic payments
- Fraud protection
Braintree is an online payment gateway and a division of PayPal designed to make your payment process simpler. Braintree supports over 45 countries and 130+ currencies worldwide. One of the benefits for Braintree is that users can tailor their checkout flows any way they would like while remaining PCI compliant. Moreover, it saves your customers the time and hassle of re-entering their payment information every time they make a purchase. Key Features of Braintree:
- Merchants can customize their checkout workflow
- Easy data migration
- Dynamic control panel
- Easy and Faster repeat billing
- Advanced fraud protection
Authorize.Net is a payment gateway platform powering over 3+ lakh customers. It provides security and complex infrastructure to enable fast, secure and reliable data transfer. It offers plenty of options to its users for both accepting and processing payments. It offers an online payment system, as well as, at retail locations. The online payment system accepts credit cards and electronic cheques from websites and deposits the money directly to the merchant account. Key Features of Authorize.Net
- It supports multiple payment options viz. Mobile, retail, mail and phone payment
- It employs advanced Fraud Detection Suite
- It supports recurring billing
- It does not have a fixed enterprise pricing scheme
- It supports sync for Quickbooks
We at UnifyHOST, use PayPal (USD, EURO) and Paytm (INR) payment gateways as we have a presence in India, however, as an e-commerce store owner you need to figure out which is the best online payment gateway option for you. It might be one amongst our top 5 list or any other payment gateway. The right choice is the one that is the most beneficial to your customers. Satisfied customers equal to increased and improved conversions which, in turn, leads to improved business.
Which is the online payment gateway used by you? Is it one amongst these or something else? Tell us in the comments section below.