5 Best Payment Gateways For Your eCommerce Business In 2021

You are going to need a payment gateway if you plan to set up an eCommerce website or a digital store to sell your products online.

A good payment gateway makes processing online payments both simple and easy to manage for you. It is like having that one dependable cashier, whose role is the linchpin of your online store.

Like any good cashier, payment gateways too:

- Handle all the monetary transactions as part of the sales process.

- Prevent potential frauds, by verifying the legitimacy of the payment methods being used at the time of transaction.

- And their ‘good behaviour’ may play a significant role in customer retention.

Thus, if you are looking for a payment gateway to take your eCommerce business to the next level — we have already narrowed down the list of the fastest, safest options available in 2021.

1. Stripe

• Stripe has been successfully handling transactions worth more than a billion dollars every year.

• Stripe takes a standard fee of 2.9% + $0.30 per transaction, which in our opinion is more than just affordable.

• Stripe does not offer a ready-to-use solution, but an array of flexible tools that you could customize as per your own needs in order to manage your online payments.

• Offers a wide range of APIs, enabling you to create your own subscription services crowdfunding platforms & on-demand marketplaces.

• Supports 135 currencies & accepts payments form used in 42 countries.

• Also offers features such as mobile payments, subscription-based billing plans & single-click checkouts.

2. Paypal

• Created in 1999, Paypal has become one of the most versatile and well-known online payment processors of the modern age, facilitating 220 million active users across the globe.

• Pretty much like Stripe, Paypal also charges only 2.9% + $0.30 per transaction.

• While it can process only 25 currencies, PayPal accepts payments from users in over a whopping 200 countries!

• PayPal claims to boost checkout conversions by 44 percent due to its trusted brand and widespread use, by providing their service as a payment option to the consumers.

• It's also very easy to add PayPal as a payment tool — users simply sign up for a PayPal account and add a "Pay by PayPal" button to their website, and you’re good to go.

3. Square

• Founded by Twitter co-founder Jack Dorsey in 2009, Square paved the way for retailers by offering an online payment system that could be used on mobile devices instead of cumbersome and costly POS hardware.

• Square charges, about 2.6% + $0.10 for in-person or e-commerce transactions, 2.9% + $0.30 for invoice-attached transactions, and 3.5% + $0.15 for manual or card-on-file entry transactions.

• The reason why we included Square in this list is because it allows users to accept both in-person and online payments with no setup or startup fees, and it comes with a free mobile card reader.

• Square offers a relatively Users can get the app for free on any iOS or Android device and use a Square-provided free mobile credit card reader to accept payments.

4. Authorize.net

• Authorize.Net is one of the oldest payment gateway providers, having been founded in 1996. It already has over 430,000 merchants and processes over one billion transactions annually.

• Authorize.net also charges 2.9% + $0.30 plus a monthly subscription fee of $25.

• It's simple to set up and use, fits with almost every retailer account, and supports transactions from customers all over the world.

• Accepts payments from websites and easily moves funds into a merchant bank account with the solution.

• It supports Visa, MasterCard, American Express, Discover, Diner's Club, and JCB credit cards, among others.

• In addition to this - the platform works seamlessly with other digital payment systems including Apple Pay, PayPal, and Visa Checkout.

5. Adyen

• Adyen is used by industry leaders such as Uber, Spotify, Microsoft, and eBay to manage their company and consumer transactions - it's that good.

• The firm uses Interchange pricing with an extra processing fee, which varies from 1% to 5% depending on the mode of payment.

• Adyen not only accepts more than 250 payment methods and 150 different currencies from around the world, but it also allows you to evaluate transaction data and gain “data-rich insights to learn consumer behaviour.”

• It also allows you to accept all payments made to your company from a single platform, as well as provide risk management and reporting tools.

• There's also an integrated risk management platform that sifts through data to spot and combat fraud.

• Having a payment gateway is essential for every eCommerce business, however, finding the right one that meets all your needs is the only difficult part here.

Having worked with all the aforementioned alternatives, we can assure you that all of them perform equally well. All of them have their own pros & you can pick the one which works best for you.