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Check Comparison of Top 7 Payment Gateways in 2022

  • December 23, 2021
  • By MobileCoderz Technologies

Businesses must be paid. It’s among the inviolable laws of nature. In the past, businesses had to be concerned about cash, cheques, and credit cards. Today, businesses must accept a variety of payment gateway solutions from Bitcoin to Paypal and more. Payment gateways permit stores and online retailers to provide their customers with secure methods to pay. With the advent of technology, there are newly available markets & payment options. Best online Payment gateways are crucial to helping businesses expand.

Due to the growing popularity of digital payment platforms such as PayPal, Square & WePay, consumers are driving a desire for secure, convenient purchasing. In the year 2018-19, Millennials were able to have purchasing power in excess of $310 billion. Two years later, Millennials alone accounted for 40% of the world’s consumers, resulting in a greater demand for businesses to meet the needs of this increasing demographic.

We looked into more than 20 payment gateways for this review. We analyzed them on payment types, costs and ease of use, integrations as well as support. Here are our top picks & choices among all. Check our comparison of the top 7 best online payment gateways providers for 2022- Paypal, Square, Wepay, Braintree, 2checkout, Stripe, and Authorize.net.

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Payment Gateway: A Simple Approach

Payment gateways are used to refer to the software that allows you to accept online payments. It receives cash from your customers and then transfers it to your company, using the power of the internet. Payment gateways act as a middleman between you and your clients. They verify the card information, verify that the funds are in their account, and transfer it to you with security.

Additionally, they provide customers and businesses a boost in security, by encrypting payment data to ensure your cash is secure.

Choosing a Payment Gateway: Points to Know

Selecting the most suitable payment method can be a challenging issue for mobile app development companies and eCommerce app development company too. It is impossible to say which is superior: Square, PayPal, Authorize.net, 2Checkout, and many others to mention without a multi-sided gateway comparison.

To decide which payment gateway solution is most suitable for your needs, it is important to determine the prerequisites for the payment method that meets your company’s needs. Here’s a list of factors to decide on:

  • Decide how to accept money
  • List the payment options
  • Integrate payment gateways
  • Data security for customers
  • Look for useful features
  • Analyze cost-effectiveness
  • Take chargebacks into account
  • Customer Assistance and Support

Best Online Payment Gateways Comparison: Pros, Cons, Platforms, Pricing & More  

 #1 Paypal

Paypal is likely to be the first name that pops into your forefront when discussing payment options. It’s most likely the most well-known online payment service worldwide. PayPal is accessible in 204 countries and accepts 102 currencies. Therefore, if you’re planning to expand internationally, Paypal is a good alternative payment gateway solution in eCommerce app development and Mobile app development.

The year 2021 is when Paypal could be integrated to 462,000 sites in the United States alone. In present, Paypal is more than only a payment option but it’s an entire financial institution.

Benefits

  • Merchant accounts are not required
  • Easy Payment Gateway integration in mobile app 
  • Good customer service 

Demerits

  • Mandatory Subscription
  • Expensive
  • ACH not supported

Featured Platforms

  • Magento
  • BigCommerce
  • Spree Commerce
  • WooCommerce
  • Shopify

Unique Features

  • Pay-in-4
  • Tax Calculator
  • Instagram Checkout
  • PayPal Credit

Payment Gateway Fees

  • Commission per Transaction: 2.90%
  • Cost per Transaction: 0.30$
  • International Transaction & Currency Conversion: 1.5%
  • ChargeBacks on Refunds: 20$

#2 Stripe

Stripe is a payment gateway solution that operates throughout 47 different countries and is among PayPal’s largest rivals. Stripe is much more than a payment processing service. It’s now an enterprise facilitator, which opens up new opportunities for entrepreneurs from across the world. Stripe Atlas helps new U.S. firms with legal and tax documentation.

Stripe is a provider of on-demand services, eCommerce and crowdsourcing marketplaces. The subscription plan is known as Stripe Connect. Some of the major platforms that use Stripe include Deliveroo, Lyft, Instacart & Booking.

Benefits

  • Enhanced security
  • Accepts local methods of payment
  • Payment Gateway integration in the mobile app is easy
  • Verification of user identity
  • Support available 24×7

Demerits

  • Developers needed
  • Accounts frozen
  • Longer time to access money

Featured Platforms

  • Shopify
  • Bigcommerce
  • WooCommerce
  • Spree Commerce
  • Magento

Unique Features

  • Stripe Connect
  • Buy Now Pay Later
  • Tax Feature

Payment Gateway Fees

  • Commission per Transaction: 2.90%
  • ACH: 0.80%
  • Cost per Transaction: 0.30$
  • International Transaction & Currency Conversion: 1.0%
  • ChargeBacks on Refunds: 15$

#3 Square

Square was founded in San Francisco. Its first product was a terminal for payments that could be connected to an audio jack to accept card payments.

The year 2012 was the time that Starbucks made a $26-million investment in Square. It began making use of the payment gateway solution service in its 8,000+ locations. Beginning in 2013, Starbucks introduced Square Market.

Square was originally designed as a point-of-sale (POS) solution that provides full POS hardware and software to various industries. It’s also a wonderful payment solution for certain industries.

Benefits

  • A higher level of security
  • Merchant accounts are not needed
  • Customer service channels are plentiful
  • A robust solution with many features

Demerits

  • Accounts frozen
  • Not applicable to all industries

Featured Platforms

  • Magento
  • WooCommerce
  • OpenCart
  • BigCommerce

Unique Features

  • Website building functionality
  • eGift cards
  • Restaurant-specific features

Payment Gateway Fees

  • Commission per Transaction: 2.90%
  • ACH: 1.00%
  • Cost per Transaction: 0.30$
  • International Transaction & Currency Conversion: 0.0%
  • ChargeBacks on Refunds: 15$

#4 2Checkout 

2Checkout (2CO) is a complete payment system specifically designed for businesses that operate online. It offers two business models. It is able to function as a payment processor. It also functions as a merchant of record which handles invoicing, taxes and compliance, and more.

The company was able to limit its international payment options to smaller and mid-sized companies. In 2020, the business was bought by Verifone, the international payment provider. However, 2CO will continue to provide its services in the same way as before.

Benefits

  • Enhanced security
  • Various payment options are available
  • Excellent Good customer service
  • Payment Gateway integration in the mobile app  is flexible

Demerits

  • Hold and cancellation rates are high
  • Expensive
  • Developers are needed

Featured Platforms

  • ZenCart
  • Magento
  • Drupal Commerce
  • OpenCart
  • Ubercart

Unique Features

  • Multi-Currency
  • Tax Management

Payment Gateway Fees

  • The commission per Transaction: 3.50%
  • ACH: 2.60%
  • Cost per Transaction: 0.35$
  • International Transaction & Currency Conversion: 1.0%
  • ChargeBacks on Refunds: 15$

#5 Authorize.Net

Authorize.Net is an online payment gateway solution service affiliated with Visa. It is utilized by 44,000+ businesses across the United States alone.

The major difference with other payment options is the fact that Authorize.net requires the establishment of the merchant account, as well as its rivals, are all-in-one payments. Still, that does provide all-in-one payment options. It lets users create an account with a 3rd party client merchant through their partners

Benefits

  • Improved security
  • Payment options are plentiful
  • Support for customers 24×7
  • Compatible with third-party merchant accounts

Demerits

  • Developers are needed
  • Intensive integration
  • Costly

Featured Platforms

  • Shopify
  • Bigcommerce
  • Volusion
  • Magento
  • WordPress

Unique Features

  • Digital Invoicing
  • Automated payment updates

Payment Gateway Fees

  • The commission per Transaction: 2.90%
  • ACH: 0.75%
  • Cost per Transaction: 0.30$
  • Basic Plan Per Month: 25$
  • International Transaction & Currency Conversion: 1.5%
  • ChargeBacks on Refunds: 25$

#6 WePay

WePay is an internet-based payment provider founded as a Y Combinator startup. The company is now part of JPMorgan Chase.

With WePay, merchants can accept payments made with any major credit card mobile and digital wallets, ACH transfers, etc. WePay provides three payment gateway solution plans with different features and costs namely Link Clear, Link Core, & Clear.

Benefits

  • Enhanced security
  • There is no need for a merchant account
  • Exceptional customization
  • Easy Payment Gateway integration in mobile app 

Demerits

  • Inadequate Support
  • Developers are needed
  • Frozen transactions and accounts

Featured Platforms

  • Magento
  • BigCommerce
  • Shopify
  • Spree Commerce
  • WooCommerce

Unique Features

  • Instant Onboarding
  • Same-Day Deposit

Payment Gateway Fees

  • Commision per Transaction: 2.95%
  • ACH: 1.00%
  • Cost per Transaction: 0.25$
  • International Transaction & Currency Conversion: 0.0%
  • ChargeBacks on Refunds: 15$

#7 Braintree

Braintree, from 2017, was able to skyrocket in four years to reach the 46th spot among 500+ companies in Inc. magazine’s rankings. In 2013-14, the company was purchased by PayPal. Then, it sought to broaden its services with payment options that are specific to marketplaces. It is a good alternative for payment gateway solutions in eCommerce app development

Benefits

  • Exceptional customization
  • Many Payment options are available
  • Exceptional pricing
  • Marketplaces offer perks

Demerits

  • An inefficient security system
  • A lack of support
  • Setup takes longer

Featured Platforms

  • Magento
  • Bigcommerce
  • Spree Commerce
  • Shopify
  • WooCommerce

Unique Features

  • Integration with PayPal & Venmo
  • Braintree Marketplace

Payment Gateway Fees

  • The commission per Transaction: 2.59%
  • ACH: 0.75%
  • Cost per Transaction: 0.49$
  • International Transaction & Currency Conversion: 1.0%
  • ChargeBacks on Refunds: 15$

Comparison of Best Online Payment Gateways in 2022

PayPalStripeSquare2CheckoutAuthorize.netWePayBrainTree
Transaction Fees2.9% + $0.302.9% + $0.302.9% + $0.302.9% + $0.302.9% + $0.302.9% + $0.302.59% + $0.30
Cross-Border Fees4.4% + fixed feeExtra 1%Extra 1.5%Extra 1.5%Extra 1.5%N/AExtra 1%
Monthly Fee$0$0$0$0$25$0$0
Chargeback Fee$20$15$15$20$25$15$15
Setup Fee$0$0$0$0$49$0$0
Card + Accepted Payment TypesAll Major TypesAll Major TypesAll Major TypesAll Major TypesAll Major TypesAll Major TypesAll Major Types
Currencies25135+N/A87N/AN/AN/A

Final Words

It can be difficult to decide. However, with thorough study and the assistance of our guide, you will be closer to finding the right payment gateway instrument. The comparison of payment gateway solutions shows:

  • Braintree is a testament to years of success in collaboration with well-known corporations;
  • PayPal is ideal for business expansion;
  • Authorized.net is among the oldest and longest established payment gateways;
  • The Stripe platform is perfect with eCommerce businesses;
  • Square is a great place to eat and shops, and also delivery services;
  • 2checkout accepts 45 payment options;
  • WePay has the greatest flexibility of the payment methods that use API as the base.

Nevertheless, each situation requires a unique approach with payment gateway app development. It all depends on your requirements and the features needed. All in all, everyone is a reliable gateway, but the final decision lies with you.

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MobileCoderz Technologies

MobileCoderz has established itself as the first choice of small and medium-size businesses in the mobility space within a short span of time. We have a young & talented team of mobile strategists, UX/UI designers, and App Developers.We have a client base that spreads across emerging startups to small & medium size Business across the globe. MobileCoderz has helped in the development of World Class mobile apps for 300+ clients, collaborating with its team of 80+ nerds.

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