Best Payment Gateways Reviewed and Compared
According to a recent study, more than half of the online shoppers are likely to cancel their purchase on an ecommerce site if the payment method that they prefer is not present. With the knowledge that the checkout has a huge bearing on the customer experience on the ecommerce site, it is crucially important to choose the best payment gateway for the site. This can be achieved by asking yourself the following questions when selecting the best payment gateway to go with the site.
How does the gateway improve the user experience at checkout?
The checkout process can be dramatically improved simply by choosing the right payment gateway. This is possible when some steps are eliminated which speeds up the entire process. A good example is that, when using PayPal Express of Amazon Payments, it is possible to populate the customer information automatically by using the gateways API, which makes it closer to the one-click checkout.
The logic behind this is that, it is the checkout, which determines whether the sale is successful or not. It is therefore of crucial importance to make this step as easy and seamless as possible. This automatically translates to more successful sales and even more on the return of customers.
Does the gateway integrate with the platform being used?
Although it is still possible to integrate a payment gateway with no existing plugin, the sheer amount of time and resources used in the process of customization makes the whole process illogical. In addition, when the software is highly customized, it gets difficult to streamline operation across all the channels.
Most of the payment gateways are able to integrate seamlessly with most of the platforms developed recently. In case the gateway being used does not integrate with the platform in use, it is time to term the platform as outdated.
How will the platform grow together with the business?
The payment gateway that is used should be able to keep up as the ecommerce site grows. This means that the gateway should be able to meet the new needs of the customers as they arise. Example, Stripe has just come up with a product, which allows users to checkout while still on Twitter.
Brands that are working with gateways that are willing to embrace and make use of new ideas are certain that they will be able to grow with the company and achieve their full potential.
Choosing a gateway
Upon understanding the above listed questions and how they assist the ecommerce site in choosing the best ecommerce payment gateway, the business can then move to the next step. This is choosing the right payment gateway for the ecommerce site. The following list contains a detailed review and comparison of the top gateways in use across the board.
Since its launch in 2010, Braintree has set itself as a competitive payment gateway for ecommerce sites. Although it was acquired by PayPal, it is still one of the most notable players in the payment industry. They are able to accept payment from Apple Pay, Android Pay, PayPal, Venmo and even bitcoin. Additionally they process traditional online payments.
Magento, Spree Commerce, WooCommerce, BigCommerce, Shopify and many more.
Rates of processing
Braintree charges a transaction fee of 2.9% + 0.30 after the first $50,000 and a charge back fee of $15
Braintree does not require any contract requirements and the customer has the right to take all of the customer data with them for free.
Stripe started with a very simple purpose i.e. making it simple for businesses to conduct their business online. However, they are a bit different in that they build for developers and not merchants like others in the field. This view is visionary for the company itself and also the industry as a whole.
By working with developers, the company is on the front row of steering the industry into more revolutionary payment solutions. Stripe is for the businesses which are interested to capture sales in ways that are non-traditional e.g. through a third party app.
BigCommerce, Shopify, WooCommerce, Spree Commerce, Magento and many more.
Rates of processing
Stripe charges a transaction fee of 2.9% + $0.30 after the first million dollars and a chargeback fee of $15.
Authorize.Net has been in the industry of payment processing for quite a while now. This is since 1996. Due to the huge experience acquired over the years, the company has managed to maintain a huge proportion of the online payment market. Like other ecommerce payment gateways mentioned above, it provides similar subscription capabilities and fraud protection services and checkout options that are very simple.
The downside that we have to note is that one cannot transfer data seamlessly like is the case in Braintree through its free migration service. In case you need to leave Authorize.Net, one has to do the whole process of payment information collection, which is tedious for both the customer and the business.
On the other side, Authorize.Net has a very friendly interface, which means you can play around with the settings, which is always an advantage to the development team.
Shopify, Volusion, BigCommerce, Magento and WordPress.
Authorize.Net charges a setup fee of $49and a monthly gateway fee of $25 whereas the chargeback fee is $25. The transaction fee stands at 2.9% + $0.30
Auhorize.Net operates in a month-to-month contract option that has no early termination fee. The termination fee may however be encountered if you decide to go through a reseller.
PayPal is synonymous with late payments as it is one of the companies that spearheaded the movement. It is no wonder that they are still growing to date. They have even acquired other payment gateways such as Braintree and more recently Venmo.
PayPal is always considered as a great back up alternative to other payment gateways though one may decide to use it solely on their site. The reason it is considered an alternative is that it saves time and the fact that customers are not willing to give out their credit card info to all the retailers they purchase from.
PayPal has the lion’s share of the market and is still a trusted platform with over 165 million users across the globe.
ALL. The reason this is possible is; PayPal redirects to its own site where no platform integration is required. In case you need to integrate with PayPal Express, the redirection is skipped which means that the information that is required is provided by the Express API.
PayPal charges a transaction fee of 2.9% + $0.30 with an option of volume discounts. For international transactions, a fee of 3.9% + fixed fee is charged. Getting additional add-ons may require one to pay more.
PayPal doesn’t have obligations in regards to contract and so one can cancel at any time. However, you have to agree and abide by the user agreement by PayPal.
The list detailed above has just some of the most common and effectively some of the best ecommerce payment gateways for ecommerce sites. Other payment gateways worth mentioning include Amazon Payments and World Pay.
In choosing the right payment gateway for your ecommerce site, perform your due diligence as guided in the article above to turn every prospective buyer into a successful sale.
Ecommerce Software Comparison Review.
Shopify Vs Magento: Ecommerce Software Comparison Review
Ecommerce web hosting platform choice can either make or break your business. Your online store marketing success is determined by this choice. Making the right decision is, therefore, critical in ensuring success. From your basic understanding, these servers enable you to scale and grow your online business. There are endless ecommerce platforms available. In this article, however, the center of discussion will be on the comparison between Shopify and Magento, the two major contender platforms. The best way to create a clear-cut difference between these two e-commerce giants is through focusing on their features.
Magento pricing starter plan might be attractive at a first glance compared to Shopify. It is, however, important to understand the details of the payments. Magento charges approximately $15 per month, opposed to Shopify that costs $29. The details, therefore, should determine your choice. For Magento, the bandwidth is limited to 4GB whereas Shopify has unlimited bandwidth. For individuals selling digital products or with a lot of traffic on their website, Shopify would be the best option. On the other hand, businesspersons selling more of physical products can be satisfied with Magento due to its 4GB limited bandwidth.
To begin, payment gateways are services that enable credit card payments from your online store. On this basis, even though both Magento and Shopify offer a good range of options, Shopify provides far many extensive options. You can integrate a wide array of payment gateway options into your ecommerce site with Shopify.
Themes or rather templates are essential customization options for your website. The quality and price of templates offered by the various web-hosting platforms differ. Both platforms offer few templates. However, Shopify offers a more appealing template options. You can also extensively customize the template provided by Shopify compared to Magento provided themes.
Ease of use
The two interfaces compete equally in their client satisfaction ecommerce platform. This majorly involves making their sites easy for clients to navigate through them. From different customer ecommerce reviews, Shopify is by far much better than Magento. This comes from its clean, intuitive and quick subpage navigation properties. You can also, with ease, customize themes without having to use a code from the control panel of Shopify.
Magento and Shopify vary vastly when it comes to coding. While Magento uses PHP coding language, Shopify uses Liquid. Additionally, Magento is an open source system while Shopify is proprietary. With open source, you can freely access the source code and modify according to your needs. Proprietary does not allow for such. Having said this, small businesses, which do not require many advanced functions can use Shopify effectively while Magento is best, suited for sophisticated stores.
Being an e-commerce support tech, shipping to clients who have placed their orders is unavoidable. Therefore, choose a platform that integrates seamlessly with your shipping provider. This should provide for an easy visualization of the most recent shipping rates. It should also sync efficiently with the shipping provider to ensure maximum oversight of the products shipped.
Approximately 30,000 sites are brought down by the hacking menace every day. When searching for a tech platform therefore, it is prudent to take appropriate security considerations. Go for a service provider therefore which gives an assurance to the safety details of your website. Customers’ details including shopping may be stolen putting your entire brand at mayhem. The service provider should be able to encrypt all data, install the essential firewalls and antivirus software that ensures continuous monitoring of your site.
Having said this, Magento is a self-hosted platform, which implies that you will have the responsibility of sourcing your protection mechanisms. This will cost you more money and time finding the best security service provider to install. On the other hand, Shopify, a hosted platform offers security protection. This is therefore a better option. Using it will ensure customers’ data protection similar to a bank.
Having set up your online store, you should market it to increase the volume of sales. Choose a hosting platform therefore that makes it easy for your marketing team to market your e-commerce site. This means choosing an e-commerce platform that provides easy task execution such as generating links, product descriptions, customer forms and other tasks.
With this, Shopify takes the winner hands. It has various marketing options providing more leverage over the core marketing functions. Additionally, you can visualize how the site is performing; create a discount coupon to promote product sales among other associated benefits over Magento.
In a market saturated with many ecommerce webhosting platforms, getting the best that will meet your needs can be a daunting task. The two described ecommerce hosting giants undoubtedly provide such dedicated services. From the highlights above, Shopify undoubtedly provides customer based services that can suit you according to your demands. It however depends on the uniqueness of the company and the overall goal.
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