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.
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.
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:
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.
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.
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.
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.
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
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.
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
| PayPal | Stripe | Square | 2Checkout | Authorize.net | WePay | BrainTree | |
| Transaction Fees | 2.9% + $0.30 | 2.9% + $0.30 | 2.9% + $0.30 | 2.9% + $0.30 | 2.9% + $0.30 | 2.9% + $0.30 | 2.59% + $0.30 |
| Cross-Border Fees | 4.4% + fixed fee | Extra 1% | Extra 1.5% | Extra 1.5% | Extra 1.5% | N/A | Extra 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 Types | All Major Types | All Major Types | All Major Types | All Major Types | All Major Types | All Major Types | All Major Types |
| Currencies | 25 | 135+ | N/A | 87 | N/A | N/A | N/A |
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:
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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