Top 5 Ecommerce Payment Gateways & how to integrate them on Magento
It has been argued that “in competitive market of today’s era, the key element for the e-businesses to boom is to offer visitors a seamless user experience (UX),” and we second that!
If you are running an e-commerce store then you must be familiar with fact that customer satisfaction matters the most and assisting them with a superior experience can make your business stand out from the crowd.
This is the focal point from where the secret of ‘magical formula’ for a successful online store emerges. Running an e-commerce store in such a competitive market requires attention, dedication, passion, and also a lot of effort. According to a recent survey, 86% of consumers always look for an excellent experience. (source)
While doing online shopping, the factor that can turn a visitor into a potential customer is the first impression and the user experience, offered by the brand. From selecting items, putting them in the cart, reading the descriptions of the products, and finally checking out; the process could be struggling and the customers would like to have throughout the hustle-free experience.
A survey was done in the past that reported 73% of the customers are more interested to know the type of the payment that business accepts and this decides whether they would continue to buy the product or not! (source)
In this article, we are going to walk through the top 5 e-commerce payment gateways that are encouraging an efficient and outstanding checkout process for the business. These payment gateways are integrated on the Magento that is an e-commerce open-source platform. Several companies offer to become the official Magento partner of your business to keep it streamlined.
Even if you aren’t known with the concept of Magento, this guide would gear you up with all the advanced methods. Let’s dive into the study.
What is Magento & How to Sync it With E-Commerce Businesses?
Loosely speaking, Magento is a gigantic e-commerce platform that is written in the programming language of PHP. It is a PHP framework that is built making use of some other libraries, for example, Symfony and Zend (Laminas). One of the statistics released in 2008, showed that Magento was acquired by Adobe Inc. in 2018 and then it turned into a necessity of E-commerce businesses, at a fast pace.
Catering businesses with a flexible shopping cart system, Magento offers powerful marketing and search engine optimization with catalogue management tools. Though, with the help of this software and overall through magneto development company, the e-commerce businesses can get full control over the functionality, content, and design of their virtual store.
Imagine the scenario, you have selected a lot of items, added all of them into the cart but now, you are stuck into the complex check out system of the website. Sounds miserable and way too struggling! In such scenarios, one would get irritated and may decide to put a full stop right there, instead of purchasing.
To avoid such inconveniences and to make the customers fall head over heels for offered services, businesses must look for a secure, convenient, and cost-effective payment gateway.
Here, we would be walking through the top 5 e-commerce payment gateways and the methods through which they are integrated on the Magento. But wait, first take this brownie tip: hiring experienced professionals from any of the best Magento agency would help your business to give tough competition to your rivalries.
Top 5 Ecommerce Payment Gateways and How They Work?
Once the customer is done with online shopping and moves out to click the ‘submit button’, the payment procedure begins, within the blink of an eye. The Magento payment gateway helps in recording the transactions, encrypts the payment details, and sends them to the payment processor.
The payment processor transfers the details of the transaction to the bank and here, the bank decides if the payment is approved or not. If the payment is approved or whether it is denied, the response is sent back to the payment processor.
The payment gateway then responds to the customer with the results. The Magento payment gateway also acts as the bridge between the bank and the customer. Magento development services can also be found on the internet to initiate your eCommerce store.
Below is the guide listed with the top 5 eCommerce payment gateways. Choose the one that suits your business precisely.
PayPal is one of the world’s most popular online payment gateways that is being considered as an official payment almost by all online businesses, running throughout the world. So far, it has almost been 218 million consumer accounts and the gateway that is being used as a payment method is, by 17 million merchants and this has given it the edge over all the other competitors. Magento development is not easy but integrating PayPal into a virtual eCommerce store can make so many processes easier for businesses.
If you are looking for a gateway that is secure enough and is user-friendly then, going with PayPal is the best option around as it is highly known for its secured and easy payment methods. For the concerns of fraud and protections, PayPal also offers advanced encryption methods and 24-hours monitoring.
Whether you are a new buyer or a new seller, PayPal and its functional features are not that much complicated. Take Walmart and eBay as the finest example as these two leading merchandises are using PayPal yet both of the brands are known for their remarkable services. Though, the list of benefits of using PayPal for buying and selling purposes is way longer but, if we keep it in a nutshell then it can be said that, if you want to have an encrypted and efficient payment gateway then PayPal is a win-win strategy!
Giving a tough competition to the PayPal, Stripe is another top-demanding e-commerce payment gateway that makes it convenient to integrate on the Magento of your virtual eCommerce store. This payment gateway comes with a set of necessary tools that functions to handle the in-app payments and the process of other transactions.
Stripe is supporting up to 100 currencies and is now available in more than 25 countries for the use of online businesses. If you want to serve your customers with convenience and diversity, then Stripe is commendable to work with! Also, this provides a transparent experience with no hidden charges or extra charges so, it’s not less than a bonus.
For the Magento eCommerce stores, Stripe is delivering great payment services as it is completely integrated and is catering for customers with 24/7 tech support. The customizability and the scalability of the Stripe is its main strength that can assist with the one-click checkout and mobile payments as well.
Authorize.net is another great eCommerce payment gateway that is being used by businesses nowadays. The payment gateway has won the trust (or you can say hearts) of more than 430,000 merchants from several companies. The tech-savvy gateway is assisting businesses with highly convenient and easy-to-use interfaces which makes Authorize.net stand out from the crowd.
From the debit cards to the credit cards of Visa, Mastercard, and other paychecks, and e-checks, Authorize.net makes payment processes user-friendly and is less time-consuming in comparison to other payment gateways. It also supports different currencies and there are no longer-term contracts are supposed to be done with the merchants.
Also, Authorize.net is easy to integrate into the Magento eCommerce stores and it comes with efficient and top-notch security features along with a fraud protection system. The card information of the customer also remains confidential when using Authorie.net. So, for the businesses that are looking for the safest and the trusted payment gateway, Authorize.net is your gateway to go.
In the list of top eCommerce payment gateways, Amazon Payments also stands tall. The payment service was launched back in 2007 and is being used highly in UK and USA. This payment gateway allows the customers to make the financial transaction on-site for a more streamlined and efficient checkout experience.
Amazon Payments is one of the renowned and simplified payment services, providing sellers and consumers with a hassle-free payment experience. The service is flexible enough and is known for securing the entire information of users. The best part is, there are no additional required charges for the Amazon Payment gateway and this what makes it more exceptional than others.
Via using Amazon Payments gateway, millions of Amazon purchasers can pay on your Magento eCommerce through using similar Amazon accounts. Also, this leverages the trust of Amazon to grow businesses and to provide highly secured services along with the facility of fraud detection technology, shortly.
The last but another most effective pick of the top eCommerce payment gateways list is; CyberSource. This is an e-commerce credit card payment system management service company, dealing with the customers’ payments via using online medium and is streamlining the payment processes flawlessly. This gateway is also enhanced with the payment security and fraud management processes.
In a crux, CyberSource is the part of Authorize.net that is a Visa company with more than 400,000 merchants, around the globe. This payment gateway is also efficient and advanced enough that would enable you to manage the payment transactions conveniently. CyberSource assists customers with a user-friendly payment experience and automated fraud protection.
The integration of CyberSource considered easiest enough as it accommodates 24/7 tech support. The platform is doing well in keeping the data and card information of the customers secured. The businesses that are looking for a one-stop solution for payments with a reliable and secured method, then CyberSource is the best one to pick!
The Bottom Line:
The quick glimpse on this ultimate and comprehensive guide must have made the picture clear that where each gateway has its pros and cons, on the same side, all payments gateways are playing a crucial role for businesses.
Before you jump on the bandwagon, take this last piece of advice and before you pick the one for your business, make sure to go with the efficient and most suitable one for your Magento eCommerce store. Make sure to check for the security and other cost-effective features as well, right before choosing payment gateways.