Ecommerce store offers remarkable benefits to sellers & buyers. The best part of online selling is the availability of online payment. When it comes to build & run a successful ecommerce store, a payment gateway is an important thing to consider. According to a survey, 70% of consumers revealed that they prefer online stores offering different payment modes. The Magento payment gateway functionality makes the whole checkout process smooth & streamlined. However, there are some important things that need to be considered when choosing a payment gateway for an ecommerce store. In this blog, we will look at how the Magento payment gateway works, and different gateways present, and how to rate payment gateways for your ecommerce store.
How does the Magento Payment Gateway work?
• Once the customer clicks on the submit button, it starts the payment process in a few seconds. The payment gateways record the transaction and encrypt the payment.
• The payment processor transfers the transaction. The bank decides whether the payment is approved or not. If approval is received, the response is sent back to the payment processor.
• The payment gateway integrated with Magento development acts as an intermediary between the customer and the bank.
How Payment Gateway can be rated?
1. Security
Running a successful ecommerce store, it is important to know whether all the transactions are properly processed. Similarly, it’s important for the customer to get a secure transaction setup, which means security is a priority.
2. Fast and Convenient
Customer prefers paying online when the payment gateway is fast & convenient. In short, they are looking for a quick yet neat payment option.
3. Compatibility
It is crucial to have a look at the payment gateway compatibility factor. If it’s able to meet your Magento stores requirements and the services it is offering.
4. Cost
It is important to check the cost of the payment process before making any sort of investment. You can also hire Magento 2 developers for the payment integration work. Also, don’t forget to know the charges they are asking for monthly or annual transactions.
What are the top Magento Payment Gateways?
1. PayPal
PayPal is a popular online payment gateway used by most countries across the globe. Shoppers can use it on any of their devices at any time. It has more than 200 million users all over the world. Its fast checkout allows customers to enjoy a smooth checkout process.
Features:
• Helps to create and send custom-made invoices
• Fast & easy for customers to use.
• No setup fees need to be paid.
• For every transaction charges are made.
• It is available in 200 countries.
2. Authorize.net
Authorize.net is a popular payment gateway and is serving more than 500,000 merchants all across the globe.
Features:
• Supports online, offline & mobile payment.
• It charges $25 as a monthly gateway fee.
• It has security tools to fight fraud.
• Users can receive 24/7 free support.
3. Realex Payments
Realex Payments is an award-winning payment service provider according to the Magento development team. It supports to double your sales with dependable payments. You can accept payments on your ecommerce store without any flaw.
Realex payments allow payment through different types of credit and debit cards like Visa Debit, Visa Credit, Mastercard, American Express, iDEAL, Giropay, Pay, Maestro, Diners Club International, Sofort, and PayPal.
Features:
• Currency management
• Reduction in fraud risk
• Secure store card token
• Enables 3D secure service
• One-time Payment
• 100% open source
4. Converge Elavon
Converge Elavon is a robust & secure payment gateway allowing you to accept payment on your Magento 2 ecommerce website. It supports all credit and debit cards like Visa, Mastercard, Discover, JCB, American Express, UnionPay, and Diners Club. It helps in growing the conversion rates by offering a seamless shopping experience for the customers.
Features
• Allows multiple currencies at checkout
• Offers authorization transaction details
• Provides 24/7 free support
• Manage transactions from website Admin
• Allows order placement from website Admin
• Compatible with mobile phones and tablets
• Ability to set fraud rules to enable safe transactions
• Offers detailed transaction reports
• It costs only $10 per month.
5. Braintree
Braintree is a payment gateway offering tools to create a seamless checkout method for customers on the ecommerce store. It was acquired by Paypal in the year 2013. It is used by companies including Airbnb and Living Social.
Features:
• No monthly fees
• You pay 2.9% + $0.30 on every transaction made
• Secure checkout for the ecommerce store
• It supports global payment methods.
Wrapping Up
Online payment has become a necessity to run a successful ecommerce business with smooth checkout. The application of an ultimate payment gateway can help to improve the checkout process and money transferring process. Ecommerce stores should consider the integration of the Magento payment gateway extension to avail the complete package of the gateway’s feature list as well as additional features. Payment Gateway boosts business as it helps in smooth & secure transactions. The data shared by the customers must be secure and the gateway has proper security parameters integrated. It is the responsibility of the store merchant to ensure smooth integration of the gateway for improved customer service.
