It has been studied that since the pandemic, most people have switched to online shopping as it is pretty convenient and rewarding. Individuals have started depending upon online stores a lot lately. A person can even order daily groceries online and deliver them within a few minutes.
Consequently, it becomes important for online stores to integrate an excellent payment gateway for their customers. Investing in payment gateways becomes vital to safeguard the customer’s payment credentials, smooth transactions, and much more. Overall, the payment gateway plays a crucial role in customer experience and satisfaction.
What is a Payment Gateway?
Here is a simplified definition for all readers with a non-technical background. A payment gateway is a mechanism integrated into a website or application using which a customer can pay the seller in exchange for goods and services. In this digitalized world, it becomes important for businesses to provide a safe and smooth payment experience to the customer. It acts like an asset to the business as it ensures the safety of the customer’s sensitive payment credentials. Hence, it becomes necessary to invest in reliable payment gateways like PayPal, Razor Pay, Braintree, etc.
Top 5 gateways preferred by unicorns
PayPal
It is one of the oldest and most reliable payment gateway options available in the market. It is decades old and the first choice of the big sellers in the market. It lets businesses accept payments from across 200 countries and over 100 currencies. Businesses also get the option to add the PayPal payment link on their business cards. A business can also get in touch with PayPal to create customized solutions as a necessity.
BrainTree
It is a product of PayPal, and both share the same base. The primary difference between them is, i.e., Braintree is diligently designed to handle e-commerce platforms having large volumes. This platform vets every business’s account before approving it. It also offers multi-layer protection to merchants. Merchants can set up recurring customer payments if working on a subscription model. Setting up an account on BrainTree is free.
Helcim
This platform is dedicated to solving a common problem of business owners, i.e. gateway fees. The big businesses have a turnaround of $100-$200 thousand daily. As a result, gas fees are added up too quickly. Helcim looks forward to solving this issue by cutting down transaction fees. The transaction fee keeps going down as the business sells more and more. It also provides all the necessary tools to help businesses in financial management.
Razorpay
The company has stepped into the industry to revolutionize business money management. It offers a developer-friendly API to all its customers, along with trouble-free integration. Additionally, it also guarantees to provide a fast and secure way to disburse payments online. It has gained much attention quickly as it offers customers service.
Stripe
Last but not least, Stripe has been providing undefeated payment gateway API to businesses and helping them grow online by providing a smooth and secure payment procedure to the customers. It is highly reorganized for offering free services like refunds. Merchants can also update the payment platforms by making a few code changes. The waiting period to receive the payment from the customer to the business account is around 2 days.
At Last
All the payment gateways mentioned above are performing well and are used by big businesses to receive payment from their customers. All these are taking unique steps to offer value to businesses and stand out. However, responsible businesses should deeply study the payment gateways’ terms and conditions before choosing the right one. The definition of the best payment gateway might differ from business to business. Get custom Ewallet app development services at affordable prices.
Frequently Asked Questions
What is the largest used payment gateway?
Every payment gateway is performing well and is introducing new concepts to pinch businesses to work with them. Anyhow, PayPal is still dominating the markets and holds the largest share.
How much does the payment gateway charge for every transaction?
The transaction charges for payment gateways are not fixed; every gateway sets the charges that they will be charging from the businesses.
Which payment gateway is best?
The definition of best gateway differs from business to business. A business can find the best-suited gateway for themselves by going through the gateway’s fee structure, terms, and conditions.
Is PayPal Free?
Signing up on PayPal is free; however, you have to pay if you are planning to use it as your payment gateway for your business.
