9 Best Magento Payment Gateways
The payment gateways are the most important part of the buying experience. They can affect the customer’s decision whether to purchase something or not. One of the challenges eCommerce store owners face is to select a payment gateway integration that works optimal for their Magento stores.
Evaluating the best Magento payment gateway for your store requires you to consider several factors such as:
- Security: Above anything, a payment gateway should offer a secure transaction for your customers. So, you have to consider the gateway’s data security features.
- Reliability: It’s always best to use a payment gateway that is easy to integrate into your Magento store.
- Pricing: Different payment gateways come with different features and pricing. It depends on your individual business requirements which one is best for you. For example, if you have international customers, then your payment gateway should be the one that supports multiple currencies.
- Scalability: Again, different payment gateways depending on your business’s size.
PayPal is a payment gateway that has been around for a long time. It is used by millions of people all over the world. PayPal is hands down the best Magento payment gateway because it is built into Magento.
Small businesses worldwide prefer PayPal due to its simple user interface (UI) and amazing features. Plus, you can accept online payments with PayPal Express Checkout. You don’t have to install Magento extensions for this purpose.
|1. Secure Payment||1. Bad customer service|
|2. Buyers can purchase in different currencies easily.||2. Can be a target of scams and phishing|
|3. Additional Magento support features||3. Funds can be delayed in cases of dispute.|
Stripe has a wide range of features and is easy to use. Stripe gained popularity because of the way it handles payments and can be integrated seamlessly into your business. In addition, like PayPal, Stripe supports multiple different currencies. As a result, you don’t have to set up separate merchant facilities.
One benefit of Stripe over PayPal is that it stays on-site when the customer clicks to pay. However, unlike in PayPal, customers are redirected to a different site during checkout. This increases the chances of eCommerce stores losing their customers when they are redirected to another site during payment. Magento 2 Stripe extension is the best payment gateway for global Magento store owners to integrate into their eCommerce websites.
|1. Supports multiple currencies||1. Some of the tools and open API may require expert software knowledge to be used|
|2. You can create a custom checkout flow using the advanced developer tool.|
|3. Transparent pricing. No hidden monthly fees.|
Braintree is a service by PayPal. Some of the well-known companies out there, such as Uber and Animoto use Braintree as their payment gateway. Braintree is one of the best payment gateways for Magento store owners because it is safe and convenient. Security features include determining potential threats and risky transactions. Braintree supports recurring payments.
Compared to PayPal, both payment gateways have similar features, except that Braintree has an edge that allows more customization for no additional fee.
Like PayPal and Stripe, Braintree also supports multiple currencies. In addition, it works on eCommerce websites and POS.
|1. Secure payment processing||1. It is difficult to set up Braintree in your Magento store.|
|2. Advance safety features to deal with frauds, and chargebacks.||2. No seamless migration from existing payment systems.|
|3. Securely stores customer data for recurring billing|
Authorize.Net has become a trusted solution for small and medium-sized companies. It has great integration with Magento stores.
Authorize.net offers a secure payment service. The easy-to-use payment gateway and the uncomplicated interface make Authorize.net stand out from PayPal and Stripe.
Authorize.net Customer Information Manager (CIM) function enables customers to save their credit card information to purchase again later. This payment gateway is used for eCommerce businesses based in the United States, Canada, Europe and Australia only.
|1. Supports several varieties of card types||1. Requires separate merchant accounts.|
|2. Automated receipts.||2. No free trial|
|3. Users won’t be redirected from the Magento’s checkout page during payment.|
5. Amazon Pay
Just like Amazon, the Amazon payment gateway is fast, secure and convenient for your Magento store. Customers can pay via Amazon Pay by logging and paying using their Amazon accounts at your Magento store. We all know how important a customer experience is in eCommerce. Via Amazon Pay, the time it takes for the customer to checkout decreases; hence, chances of your repeat customer and more sales increase. Not only that, your Magento store will use the customer’s information from his/her Amazon accounts, thus saving your customers the hassle of creating a new account and remembering their password for it.
Just like in Amazon.com, Amazon Pay also offers protection against fraud.
|1. Quick and seamless payment process||1. Not a friendly user interface.|
|2. Customers can pay via mobiles|
A great payment gateway that has a large global reach. 2Checkout handles the challenges of digital commerce globally. It is ideal for subscription-based businesses as it provides recurring billing to customers.
2Checkout offers a multi-tier defense mechanism against frauds and threats to your business. It accepts several payment methods like credit cards, debit cards and PayPal.
2Checkout integration into Magento is done via API. If you find the integration difficult, hire a Magento developer to do it for you.
|1. Supports multiple currencies||1. Transaction fee higher than PayPal|
|2. Offers versatile payment solutions for Magento stores.||2. Customer service is not that great.|
|3. Provides automatic recurring billing every month for subscription based businesses.|
No matter what the size of your eCommerce store is, Dwolla is an efficient and flexible payment gateway. Your Magento store will accept ACH payments.
Dwolla is preferable to B2B businesses because it has seamless API integration. Hence, you can monitor your financial activities, validate bank details, and manage payments within the dashboard.
Integrating Dwolla into your Magento store may require some coding. So, if you aren’t that familiar with it then you might require an expert to integrate the payment gateway for you on your website.
|1. Accepts all major credit cards.||1. Doesn’t support international payments. Users have to be in United States|
|2. API is not too complex||2. Customers still don’t find it as trustworthy as the other payment gateways.|
8. First Data Payeezy
Payeezy is based in Canada and is ideal for scaling eCommerce businesses. It provides innovative PoS and payment solutions. It accepts multiple currencies and thus accepts global payments. It identifies frauds and threats to your business. Integrating Payeezy with your Magento store enables credit card processing for secure online payments.
|1. You can customize the title for the payment method in the frontend.||1. Overpriced account fees|
|2. 3D secure checkout prevents against fraud|
|3. Supports multiple currencies|
One of the most amazing payment gateways that isn’t as popular as PayPal or Braintree. However, it is a convenient payment gateway that requires no out-sourcing.
WorldPay offers plenty of options for your customers to pay. It is a secure payment gateway that has robust risk management capabilities and that is what makes it a great choice for Magento eCommerce merchants.
A unique feature of WorldPay is that you are provided a report that monitors your performance.
|1. Great technical support provided.||1. Takes long time to set up an account.|
|2. Allows several payment methods.|
|3. Supports international payments|
Magento Payment Gateway is a Must-Have- Which One is Best For You?
Payment gateways can be the reason for the success of your Magento store. The easier it is to buy from your store the higher will be your conversions. Your customers want security of their financial information and an easy and fast purchasing experience.
This guide provides the list of 9 best Magento payment gateways for secure payments. Different payment gateways have different features. You have to consider which payment gateway suits the best for your business. Tekglide provides Magento development services that can help you integrate any of these payment gateways into your Magento store and start receiving payments from your customers.