Guide For Choosing The Best Payment Solution

Your Ultimate Guide For Choosing The Best Payment Solution

According to a study, 50% of the shoppers who shop online tend to cancel the purchase if they find out that their preferred payment method is not available on that website. The checkout is an important aspect of your customer’s e-commerce experience. Therefore, it is imperative for you to choose the best payment solution for the online store so that it is beneficial for your business.

Questions You Need To Ask Yourself Before Choosing The Best Payment Gateway

Choosing the right payment gateway for your e-commerce website is not a daunting task.  Below are some of the questions you need to ask yourself so that the payment solution you end up choosing has all the necessary qualities.

How Does The Payment Gateway Improve The Checkout User Experience?

The best payment solution is capable of speeding up the process of payment by eliminating some of the unnecessary and lengthy steps. The aim should be to make the payment process closer to one-click. As the checkout is what determines the sale of your product, it is essential to make it seamless. Not only will it ensure the sale of your product, but your customers are also going to return to your website for purchasing in the future.

Can The Payment Gateway Be Integrated To Your Platform?

If a payment gateway is not compatible with your platform, you will have to go to extreme lengths in order to make it work. More importantly, it is going to cost you time as well as money. Even if you are able to customize, the entire process will be extremely difficult across all channels. Most of the payment gateways are capable of integrating with the newer platforms. Therefore, the best payment solution for you will be the one that you can integrate to your current platform.

Can The Payment Gateway Improve With Your Business?

The payment gateway you happen to choose needs to keep up with the growth of your business. For instance, you might notice a high engagement level on Twitter. You could make the user experience seamless if your customers can buy your product without even leaving Twitter. As a result, your customers will be more likely to purchase the product and stay on your site.

Choosing A Payment Gateway For Your E-Commerce Website

The above-mentioned pointers can help you determine what you want and don’t want in a payment gateway. Here’s a list of some widely-used payment gateways that will help you to choose the best payment solution.

Braintree

Since its launch, Braintree has become an excellent option as a payment gateway. At present, Braintree is operating as a ‘PayPal company’. Also, Braintree accepts the payments done via PayPal, Coinbase(Bitcoin), Apple pay, Venmo, and Android pay.

In addition, Braintree also processes the conventional online payments. The supported platforms for Braintree include Magento, Shopify, WooCommerce, BigCommerce and Spree Commerce. Uber, Airbnb, Bonobos, and Casper are some of its notable clients. After the first $50,000, the transaction fee for Braintree is 2.9%+ $0.30. As there are no contract requirements, you are going to get access to all the customer data for free.

Stripe

Stripe Payment Gateway UAE :The purpose of Stripe was to make things simpler for business owners to do business online. More importantly, Stripe was made keeping in mind developers instead of merchants. As they want to work with developers, they are more likely to build payment solutions that are progressive.

In case you want to sell your products or services in unconventional ways such as subscriptions, third-party apps or marketplace, Stripe is the best payment solution for you. Moreover, this payment gateway is supported on all the major platforms such as Shopify, WooCommerce, BigCommerce, Magento as well as Spree Commerce.

Although there are no contract requirements for Stripe, you will need to agree to the privacy policy and the terms and conditions. Stripe has also recently launched the Atlas opening doors for global entrepreneurs.

Authorize.Net

Since 1996, Authorize.Net has been an exceptional payment gateway option. It offers subscription capabilities, services for fraud protection, as well as checkout options that are simple.

However, Authorize.Net also comes with a downside. Unlike the free migration service of Braintree, you will need to transfer your data when it comes to Authorize.Net. Another hurdle you might face with Authorize.Net is that you would have to go through the process of collecting your customers’ payment information.

However, the security settings and interface of Authorize.Net is quite robust. It offers you a monthly option without any early termination fee. Therefore, you will have to decide whether this is the best payment solution for you or not.

PayPal

PayPal has been going strong since the late 90s and has become synonymous with online payments. They have Venmo as well as Braintree under their belt.

Unsurprisingly, PayPal is the best payment solution for many business owners. In addition, it also acts as an alternative for many as it is a great time-saver. All the more, it is a trusted payment solution for over 165 million users.

Also, PayPal is supported on all the e-commerce platforms. You won’t have to worry about platform integration as PayPal generally redirects to its own site. In case you want to integrate with PayPal Express, you will get the necessary information by the Express API. In PayPal, the charges are 2.9% + $0.30 per transaction.

If you want to get access to additional add-ons, extra fees will be applicable. Additionally, you won’t have to think about contract obligation and you will be able to cancel it at any moment. Therefore, you might find PayPal to be the best payment solution just like many other business owners.

Amazon Payments

Launched in 2007, Amazon Payments aims to offer its users a seamless checkout experience. One of the many advantages of Amazon Payments is that users will be able to conduct transactions without leaving your website. Here, it is quite similar to PayPal.

Amazon Payments could be the best payment solution for you as customers get to have the access to the shipping options that are close to one click. This feature is capable of significantly increasing the conversion rates.

The supported platforms for Amazon Payments include Magento, WooCommerce, Volusion, as well as Shopify. There are other benefits of Amazon Payments such as no setup fees or fees for fraud protection. There are no contractual obligations for Amazon Payments as well and you have the option of canceling it anytime.

World Pay

World Pay came into the scene as a payment gateway option in 1994. Currently, World Pay has over 15000 customers in the U.S alone. But the downside of being a global solution is that its customer service is not top-notch.

On top of that, there are also some fees for cancellation. However, if you are on the lookout for a low processing rate, World Pay could be the best payment solution for you.

In A Nutshell….

These insights are going to help you in choosing the best payment solution for your e-commerce website. Opting for the right payment gateway is essential for the growth of your business. If the choice is not made properly, you could face some backlash resulting in a lower conversion rate. Therefore, don’t make the choice of the best payment gateway in a rush. If you take this decision correctly, you can provide a seamless checkout experience to your customers which is extremely essential for driving more sales and traffic.