What are Payment Gateways?
Payment gateways ensure customer payment transactions take place securely through transmitting payment information directly to banks. E-commerce businesses are dependent on these gateways to ensure customer information remains confidential.
These gateways can integrate with other e-commerce tools, for example payment processing and subscription management software. They also allow merchants to accept electronic payments.
How to qualify for this category
In order to qualify for this category, products must:
- Accept all forms of online payment
- Process online transactions by connecting e-commerce websites to payment processors
- Use virtual terminals to encrypt information securely
- Transmit payment information to the processor securely
Top 5 Payment Gateways
The experts at TechRound have compiled a list of the best payment gateways below.
1. PayPal
PayPal uses credit card processing to allow e-commerce businesses to accept all major payment types from online customers. Businesses of any size can use PayPal credit card processing as it is possible to customise online checkouts to facilitate scalable solutions.
2. Apple Pay for Merchants
Financial transitions can be made through Apple Pay, an apple application compatible with Apple devices.
3. Stripe Connect
Businesses are able to accept and manage online payments through Stripe. Stripe offers solutions for online payments targeted at developers, providing tools and unified APIs.
4. GoCardless
Helping businesses to accept payments worldwide, GoCardless facilitates recurring payments. Payments are collected through direct debit working with billing software or payment gateways already in place.
GoCardless aims to help reduce payment failure and increase payment volume whilst providing insight into payments’ status. This software also aims to save time through automating administrative tasks, increasing customer retention.
5. Bolt
The first checkout experience platform to exist, Bolt connects customers and e-commerce sites. Bolt challenges complex technical issues in checkout, digital wallets and fraud detection to ensure businesses can focus on their customer base.
Do I need Payment Gateways?
Payment gateways are essential for e-commerce businesses for payments to take place online. This software automates transactions securely and integrate with tools such as subscription management software.
Charities and non-profit organisations also benefit from payment gateways as they able donations to be made online whilst confined within taxation requirements.
Individual consumers also benefit from payment gateways as they enable payments to be made securely to acquaintances and contractors. It is also possible to send requests and invoices easily.
How much do they cost?
The price of using a payment gateway differs from platform to platform. PayPal is free to use as an individual to make transactions on e-commerce sites, but there is an entry level price of $30 per month to operate as an online vendor.
GoCardless offers different packages depending on what features you would like to use as a vendor, with the option to pay monthly. Prices also differ based on whether the transactions are international and whether the currency needs to be converted.
There is also an option to compare the different packages on their website to ensure you pay for the package best suited to your business.
Are free trials available?
As an individual consumer, it is often free to use payment gateway platforms. GoCardless offers the chance to make trial payments to see how the gateway functions.
It is important to note when free trials of the payment gateways end to avoid paying unnecessary charges.
