Your monthly sales volume—in terms of the total number of transactions and dollar value—is another major factor that any business should consider when selecting a payment gateway. Stripe also offers a wide variety of features, including the ability to create invoices, set up subscriptions and process international payments. It also offers a huge selection of APIs that allow you to customize your payment gateway to best suit your needs. Whether a company has been in the e-commerce field for years or is venturing into it for the first time, Elavon provides the tools necessary for a smooth transition or expansion.
That means your payment gateway should make it simple to accept more than just your local currency. Apart from whether to register for a merchant account, what else is involved with the question of how to choose a payment gateway? Focusing on mobile e-commerce, platform-based payments, SaaS, and nonprofits, Stripe is another highly popular solution.
Financial Services
Mobile wallet and card payments cost 2.59% plus $0.49 per transaction for standard payments. Payments processed through Venmo cost 3.49% + $0.49 per transaction. It also works with ACH (bank account) payments, with a 0.75% fee up to $5 per transaction. Stripe is a good choice for businesses with their own apps or existing websites wanting to integrate payment processing. Stripe features developer-friendly payment solutions that plug into many different marketplaces and online payment solutions using application program interfaces (APIs).
Depending on what you sell and who you sell it to, you will have a variety of different visitors using different devices. Some payment gateways work well on all forex payment processing devices, some get buggy on certain platforms. Before committing, make sure to check out how the gateway works on different operating systems and platforms.
Five Things To Consider When Choosing A Payment Gateway
If your business model is recurring payments/subscription-based, then it’s vital that you pick a payment gateway that is suitable for it. Any provider you choose must be able to save and store your customer details easily and safely so that they can be automatically charged on preset subscription schedules. Your gateway must also be able to offer re-attempts (in case the initial transaction fails). The process works with the customer providing their card details.
- The benefits of a one-stop-shop solution also apply to performance issues and payment disputes.
- If you haven’t integrated a payment gateway yet, it’s worth taking care of immediately.
- If you want the option to sell in-store, it won’t be the right service for your business.
- Retailers who use a third-party payment processor need to manage two separate platforms—one for orders and another for payments.
- Right from integration to security compliance- any single feature can make or break your eCommerce store.
By implementing 3D Secure, merchants have chargeback protection and lower interchange rates (fees paid between banks for accepting card-based transactions). Using the right payment gateway makes collecting customer payments smooth and hassle-free. But finding a payment gateway that checks all the boxes takes a little more work. In addition to this, most businesses like to connect their payment gateways to an accounting system so that their books stay updated. To find the most cost-effective choice for your business, both the volume and value of your transactions need to be considered.
FAQs on Payment Gateway
If you’re just getting started with a small business, the simplest option is to go with a payment service provider like PayPal, Stripe or Square. They handle the process all the way through, so you don’t have to worry about setting up an additional bank account or custom software. https://www.xcritical.com/ If you want to process transactions on your website, you’ll need to choose a gateway that offers an on-site payment solution. If you don’t mind redirecting customers to a separate page to enter their credit card information, you can choose either an on-site or off-site gateway.
Third-party payment processors may work well for startups or small brands that don’t process many online payments. But they’re not right for all brands, especially when they’re processing increasing volumes of card payments and online transactions. The cost of integrating an online payment gateway into a website can vary from a few hundred dollars to thousands of dollars. It depends on payment gateway provider fees, website platform, level of customization, security requirements, and development costs. Exploring diverse payment gateway providers and considering the website’s exact needs is essential before selecting a payment gateway and calculating the integration cost.
