The advent of online money transfers and eCommerce business has made online payment gateways inevitable to ensure secure transactions. This has led to more people open to using a mobile money payment app that leverages payment solutions as technical gateways yielding a range of benefits, and convenience. New age businesses are capitalizing on payment gateways that have changed the way how they operated in the past. And more of such payment gateways will flourish to redefine finances and business in the future.
Transferring crucial payment information securely between multiple portals was not possible before the online payment become a thing. Now if you wondered why it took time to make online transactions in history is because of lack of such secure network infrastructure called payment gateways.
Choosing the payment gateway for your websites and apps will have you consider many parameters. Almost all of the payment gateway providers process customer card details by itself while allowing business branding. Such activities when performed by users while making transactions using an online payment app. It keeps customers informed regarding whom they are buying from and what are they buying for how much.
The Working Mechanism
Payment gateway providers charge a percentage share (of total sales) or flat amount to carry out a transaction. These fees may be reduced or discounted off if the users are paying a monthly fee. Selecting a payment gateway will factor in a lot of your requirements which again is based on other factors like sales volume, etc. where charging transaction-fee can be an ideal option.
Therefore the payment gateway you want will depend on your needs – if you expect low sales volumes in the near-term then transaction-fee rather than the monthly charges will bring in more business. It is recommended to go for merchant account services when the sales start to increase and charge monthly fees which us a cost-effective way to counter reduced transaction fees.
Once you start pushing your sales volume up, you can invest in merchant account services that although come with monthly fees prove much more cost-efficient due to lower transaction fees. A payment gateway for peer to peer payment app or websites will be based on so many factors that you will need to prioritize your requirements. Take a look at different payment gateways that you could choose from.
1. BluePay
BluePay is a payment gateway company based in the USA and offers great services to medium-sized businesses and corporations across the globe. One of the key reasons to choose this payment gateway for your money payment app is the customer experience it provides while making transactions. They are offering a bouquet of payment solutions for eCommerce businesses, POS, credit card processing, and other EMV credit card processing features. The sheer volume of their yearly processed transactions in the USA and Canada that crosses 21 billion speaks of the value they bring to the business.
Major BluePay Features are;
- Recurring Invoicing & Billing
- Interactive Voice Response (IVR) Assistance
- Ensured Fraud Protection
- B2B Credit card payment processing models for government, small businesses, non-profits and restaurants.
You can opt from many of their customized plans based on the industry you cater to at a fixed price of $15/month post setup.
2. Amazon Payments
Choose Amazon payments if you are looking for streamlined, secure payment services for clients. Ecommerce businesses can leverage Amazon payment gateway services that have a similar market reputation as PayPal Payments Pro. It is a useful mechanism that safeguards buyers and sellers making a plethora of daily transactions online.
The best part is that you need not provide additional information apart from what you already provided at the time of creating an Amazon Account. Customers will need to enable a single log-in to complete the transaction. And since this functionality is available as well, you can adopt this for eCommerce app development. It features Amazon’s A-Z Guarantee which means all the transactions are 100% secure.
Top features of Amazon payments app include;
– A-Z Guarantee and Protection Plan
– Better customer experience to drive customer loyalty
– Higher conversion rates.
There is no extra fee but Amazon does take a fixed percentage share out of the transaction amount.
3. Authorize.net
Authorize.net is by Visa to provide streamline payment processes for payment process apps and web transactions. The best thing about this tool gateway is that it offers some handy tools that help you sell online while making it possible to accept the payments online and offline (at a store). It enables accepting payments on websites quickly and transfers it to the merchant’s bank account securely.
The credit card payments it supports are MasterCard, Visa, American Express, Diner’s Club, JCB, and Discover. And it is even useful to peer-to-peer payment apps since digital payment services like PayPal, Visa Checkout and PayPal are compatible.
The downside is that your company needs to be registered in Australia, Canada, Europe, UK, and the US to use this. Though, it can accept any transactions that customers perform from anywhere in the world.
Key features include;
– Supports digital providers and credit cards
– Multiple currency support
– Flexible payments solution
– Can be used by business of any size and nature.
It is best to create a merchant account with Authorize.net and star with its ‘payment gateway only’ offering. There is no setup fee involved in it but you pay $25 as a monthly gateway fee + $0.10 per transaction along with a daily batch fee of an additional $0.10.
Also, there a bunch of enterprise solutions with custom pricing that caters to higher business requirements.
4. Stripe
This one is perhaps one of the well-known and highly used payment gateways of all. Top experts from the industry have successfully created partnerships with other players in the payment industry, creating a large user base and backing. Few of the expected partners are widely used card networks, PCI council, and local banks. Also, some of their unexpected partners are Industry Associations, W3C and Web browsing service providers.
You have to understand that Stripe is a Developer-Centric platform that enables creating production-ready integrations quickly using the latest tools such as react components to Real-Time Webhooks. Using Stripe will save your time as you don’t need to maintain legacy systems since its key focus lies in customer experience and core products.
Key Stripe Features;
– Enable tailoring checkout experience
– Easy checkout embedding with JavaScript
– Secure Payment Processing
– Multiple Payment Options to choose from
Stripe has transaction charges and no services. The transactions are charged at a flat rate of 2.9% of the transaction value + $0.30 if your transactions are below $1 million in a year.
5. PayPal Payments Pro
Since many buyers are already on PayPal, it is easy to start using the same services like payment gateway for making mobile and web payments. It offers a few customization options as well. For assurance, you can leverage the 220 million active accounts from every corner of the world as PayPal stands as one of the hugely popular payment apps for mobile and web allowing users to send and receive payments, globally.
PayPal is a great way for auction sites, eCommerce vendors and global commercial entities to provide users with online payment options. And since it accepts credit cards like Visa and Amex, you will benefit from the huge market share. There are other features as well like online invoicing, credit card payments on the phone, cart integration and plenty of other customization options.
Features offered by PayPal Payments Pro:
- Quick and easy merchant account setup
- Assisted web integration to enable customers to pay online albeit in exchange for a transaction fee.
- It works as a B2B payment system where one party can request payment from the other in exchange for goods.
- Even freelances can use it to request payment from clients located anywhere in the world.
- Top-notch seller protection tools and fraud protection tools
- Get payments and transaction history anytime, anywhere.
- Easy to use and highly customizable
- Buyers can use it for free.
There is no set up free of a monthly fee that a buyer or a seller has to pay. The payment is by a transaction which is at 3.4% of transaction value + #$0.30.
Conclusion
The best way to successfully manage an online business is to integrate payment gateway in your app and website that is appropriate. Ultimately, it should drive your sales order and give better customer experience so you build loyalty. There are plenty of other payment gateways for mobile and web than the ones mentioned above. It is a bit tiring and also difficult to pick the best fit of payment gateway solutions out so many existing in the market.
But setting the right expectations from it and gauging its use based on set parameters will certainly yield great results. Start with specifying the requirements so you will have a fair idea of what exactly are you looking for in a payment gateway. You don’ have to fit in your business as per the payment gateway you choose, instead, it should be the other way round.
Read More: Website Optimization: 7 Ways to Improve Your Website’s Performance