A secure, fast, and easy-to-use payment system is an important aspect of managing an eCommerce platform or maintaining an online presence. It must be secure, accept several payment methods, be simple to use, and work well with your platform. Therefore, you must choose a payment method that meets both your consumers’ and your company’s needs. Through the use of a payment gateway, a merchant can accept credit cards and accept electronic payments. The payment gateway you choose determines the currencies you may receive, the transaction cost, how quickly money arrives in your merchant account, and the payment options you’ll provide.

Payment gateways – What are they?

In both online and offline establishments, a payment gateway enables customers and merchants to easily exchange payments between them. It uses security protocols and encryption to safeguard data during transactions. Websites/applications/mobile devices communicate with payment processors/banks to transfer data back and forth.

Best payment gateways for transactions:

UniPay Gateway is one of the world’s most popular payment administration system for PayFacs, Saas, and equity organisations. UniPay Platform offers a cost-effective white label gateway solution as well as a comprehensive on-premise software licence (including source code) that provides a high-quality payment processing experience for businesses of all sizes. The platform is open-ended, extremely adaptable, and intelligent to fulfil the payment processing demands of small, medium, and enterprise-sized enterprises. The payment processing and collecting functions can be easily customised to meet the needs of any company. UniPay comes with a slew of critical, innovative features for today’s organisations. Support for 3D Secure, EMV, and P2PE is among these features. UniPay can also handle many forms of credit cards, ACH transactions, and foreign payments through some worldwide connectors, among other things.

In addition to accepting all of the major credit cards, PayPal also accepts other payment options, such as ACH transfer. PayPal is one of the world’s most widely used electronic payment systems. It offers scalable solutions for companies of all sizes. Among the services it offers are PayPal Payments Pro, PayPal Express Checkout, and Braintree. If you want an integrated checkout directly on your website, you can upgrade to PayPal Payments Pro. As a hosted payment option, PayPal is frequently used. The simplest way is to use PayPal Express Checkout, which adds a PayPal button to your website. Although Braintree is a distinct payment solution, it is part of the PayPal family. The most significant benefit of utilising Braintree is that it does not charge an extra fee for international transactions. PayPal’s price strategy is complicated, with separate computations for micropayments, platform use, and foreign commerce. Domestic transactions cost 2.9 per cent plus $0.30 for each transaction. Transactions outside the United States cost 3.9 per cent plus a charge depending on the currency used. The standard PayPal has no monthly fee, whereas Payments Pro has a $30 monthly subscription fee. The chargeback amount is $20, whereas the chargeback amount for Braintree, with the exact transaction cost, is $15. There are no startup fees.

GoCardless is a global Direct Debit platform that lets you collect recurring payments from your customer’s bank accounts and settle them in your home country, with foreign exchange handled seamlessly. When you open a merchant account with GoCardless, you’ll be instantly included in the BACS network. To register for other schemes or take payments from consumers who use GoCardless, you need to contact GoCardless support. When consumers make a direct debit payment, their bank receives an order to allow an authorised third party to withdraw funds from their account.

Stripe is a custom-payment solution for online retailers. Stripe accepts all primary payment methods, including Apple Pay, WeChat Pay, Alipay, Android Pay, and mobile payment providers such as Apple Pay, WeChat Pay, Alipay, and Android Pay. The service is ready to go with its extensive documentation, worldwide support, and monitoring system. With 135 accepted currencies and integrating with other third-party systems, it provides a more straightforward PCI compliance approach. Stripe does not charge any setup costs. Per transaction, the regular package charges 2.9 per cent + $0.30. In addition, there is a charge for processing foreign cards (1 per cent). On the other hand, Stripe provides large enterprises with a tailored solution and price package. The chargeback is a set amount of $15.