Top 10 Payment Gateway Systems
In their essence, payment gateways are specific eCommerce services dedicated to securing and processing credit/debit card transactions using the power of Internet. Due to the huge popularity of these tools, small and large businesses are overwhelmed by promising solutions to choose from. Prior to doing so, however, they need to evaluate several factors and confirm the gateway is suitable for their business.
To make things at least a bit easier, we listed the top payment gateways featured in this category, and which we believe you should consider in 2017. Before trying out any of them, make sure it is available in your country, and check whether it requires a dedicated merchant account. The next thing to pay attention to (alongside the features you need) is pricing and transaction fees – if you run a small store with several transactions per month, you may get this service for free. Here are our top suggestions:
1. PayPal Payments Pro – Our Score: 9.3/10
With the highest expert score in this category of 9.3/10, and an amazing customer satisfaction rate of 100%, PayPal Payments Pro is the current leader of our Payment Gateways category. This doesn’t come as a surprise, as PayPal is also the most popular payment processing technology available in almost every country in the world. With PayPal Payments Pro, users are charged with a flat rate of 2.90 percent along with a $0.30 per-transaction fee, but they can also subscribe for an all-inclusive monthly package priced at $35 per month.
Which are the things that make PayPal Pro better than its competitors? If you’re running an international retail business and wish to give customers a hassle-free checkout service and a functional virtual terminal, PayPal will make it happen. Whatever your business requirements are, PayPal Payments Pro offers you unmatched versatility by allowing you to configure the service the way your business demands. With a customized checkout, you are in control of providing unique, positive checkout experience for your shoppers. You can integrate layout and colors to match your company’s theme and brand. On top of that, PayPal Payments Pro works seamlessly with all the major shopping carts in the market right off the bat.
Once payment has been made and processed, you will be able to access it in a matter of minutes. Whether you want your funds to linger in your PayPal Payments Pro account or have it transferred to your bank is totally up to you. You should also have in mind that PayPal works with 25 different currencies, accepts Visa, Master, and American Express cards, and guarantees full and simplified PCI compliance.
2. Stripe Subscriptions – Our Score: 9.2/10
The second best-rated app in this category is Stripe Subscriptions, with a current export score of 9.2/10, and a customer satisfaction rate of 93%. At the same time, it is one of the smartest Stripe engines that handle recurrent billing in all business environments, and offers a variety of handy add-ons that complete users’ control over their transactions.
How does Stripe Subscriptions simplify online payment? Our experts compare its functionality to an always-activated autopilot that will handle your daily, weekly, monthly, or yearly recurring needs and pull out all relevant details to help you make smarter decisions. Stripe Subscriptions is able to handle even the most uncommon and complex subscription schemes, as it is customizable and fully compliant with PCI standards and policies.
You also get to enjoy powerful tools built into Stripe’s API to further improve your reach, helping you connect with new audiences, try new strategies, and maximize renewals. With a very robust toolkit, Stripe lets you build and incorporate trial periods in your plans or give coupons to help you devise and refine your strategies. The flexible APIs also helps in further customizing your workflows so that you can deliver a positive user experience for your customers.
3. Amazon Payments – Our Score: 9.1/10
Amazon Payments is another one of the top payment gateway systems designed to meet the needs of Amazon merchants and shoppers. Seamlessly integrated with the marketplace, the solution processes thousands of transactions per day, and improves customers loyalty by simplifying their payments. What is more, Amazon Payments enables users to easily access their information from the merchant’s site, thus streamlining the purchasing process as they no longer have to enter their information such as name, shipping address, and credit card details among others. As expected from an Amazon product, security is not up to discussion.
Amazon Payments consist of two separate modules: Log In and Pay (for shoppers), and Pay With Amazon (for merchants). Log In and Pay is an instant payment service that eliminates the hassle of adding products to carts, and entering credit card details again and again. Pay With Amazon, on the other hand, enables merchants to accelerate and monitor checkout, and have a clear overview of loyalty and cart abandonment results. The tool can also be embedded on any merchant website.
4. Skrill – Our Score: 9.0/10
Skrill is a prestigious and modern payment processing and money transfer service established in 2001. The core value of this system is simplicity, as it processes both email and cash transactions in over 30 currencies worldwide. With a modest transaction fee, each individual or business user can send and receive money in a secure and transparent way. In fact, Skill offers some of the best anti-fraud screening features to ensure no mishaps will threaten your data.
All it takes to use Skrill is to open an account with your email address, and choose the desired payment method (completely free!). The same account can be accessed on mobile devices, for which this company provided dedicated mobile apps. The highlight of this system is that it allows you to apply for a prepaid Master card you can use to pay or withdraw money all around the world. This makes Skrill usable both for individuals and retail businesses, and an excellent addition to your POS apps that helps complete payments in less than no time.
5. Braintree – Our Score: 9.0/10
Braintree is another popular gateway developed to facilitate payment in eCommerce environments. It is currently used by merchants in 40 different countries, and enabled to accept and split payments in over 130 currencies. For 3 years already, Braintree belongs to the PayPal family, and guarantees just the same functionality and security as the rest of this productivity suite.
Why choosing Braintree? Our experts recommend this system to international businesses targeting payers in different geographies, but also to small e-stores looking to accelerate checkout. Users get to choose between several payment methods (PayPal included), but what really matters to them is that Braintree accounts in advance all foreign exchange and cross-border transaction fees. Another thing that makes Braintree a top choice for businesses is the open API architecture, thanks to which you can connect it to literally any app or system, and expand its functionality for operations other than payment processing.
6. PayU – Our Score: 9.0/10
PayU is a simple online payment service that doesn’t only facilitate transactions, but also analyzes customers’ behavior to give merchants local expertise and valuable insights. PayU covers more than 250 payment methods, thanks to which customers can pay fast using their computer, tablet, smartphone, or e-wallet. Direct bank account transfers are also supported.
The platform operates in 16 states on 4 continents, and currently serves more than 2 billion customers. Directly connected to local acquirers, PayU has one of the most powerful anti-fraud mechanisms, including high approval rates, an efficient fraud management program, and online tokenization. It also provides a hosted checkout that allows users to quickly integrate and start receiving all local payment methods. There is also the one click buy that allows consumers to purchase with a simple click, increasing conversion rates. Other features to consider are its open APIs, payment encryption, and Software Development Kits that help expand its functionality.
7. Authorize.net – Our Score: 9.0/10
Authorize.Net’s payment gateway offers a variety of options available for its users so they can accept and process payments. Its online payment system accepts credit cards and electronic checks from websites and deposit funds automatically into your merchant bank account, saving time and money for small- to medium-sized businesses. For retail locations, users have the option to use either its Virtual Point of Sale (VPOS) solution or choose from dozens of pre-integrated, third party POS systems.
The highlight of this system is its Customer Information Manager (CIM), thanks to which customers can store and secure their sensitive payment data on Authorize.Net’s secure servers, and ensure transactions are fully compliant with PCI DSS standards. Authorize.Net also offers an internal Fraud Detection Suite which identifies, manages, and prevents suspicious fraudulent transactions revealing at the same time what caused them.
8. BlueSnap – Our Score: 9.0/10
BlueSnap represents an integrated global payment management and affiliate marketing service designed to help businesses fully manage all their payment processes. The same as Amazon.Net, this system offers a recognizable fraud detection mechanism known to minimize instances of fraudulent payments up to 80%. At the same time, BlueSnap is global tool that offers businesses a Powered Buy Platform (a vast global network of acquiring banks), and a powerful subscription billing engine that generates accurate invoices and gathers subscribers from all around the world.
What is really specific about BlueSnap is that it takes care of payment processes via phone, as it offers a built in virtual terminal in every console.On top of that, users can opt to deliver specialized emails to their clients detailing the products and services that that intend to buy. They can place their payment details on their own, and complete the transaction on any device. BlueSnap also has one of the most powerful analytic suites in this industry, allowing merchants to study all faucets of their conversions and performance, optimize order pages upon detailed comparison, and generate real-time sales reports.
9. WePay – Our Score: 9.0/10
WePay‘s second name is optimal payment experience, and that’s all because it makes online transactions easy and seamless. It partners closely with platforms to provide fully integrated payments and risk services so users can deliver the end-to-end user experiences they want without taking on the overhead that is not wanted. Basically, all WePay operations happen on the same page, and are completed in only few seconds.
WePay’s payment technologies have been designed to meet the unique payment needs of each business, no matter how complex or risky these are. Users have control over the experience, including customization options for sign-up, checkout, and email communications, as well as the opportunity to white-label the buyer and seller experience. At the same time, 3rd party redirects and lengthy merchant onboarding flows that undermine user adoption and payer checkout are avoided and fraud protection is ensured. Transaction reporting is also provided.
10. CyberSource – Our Score: 8.9/10
CyberSource is an attractive payment management service that automates transactions, but also streamlines fraud management. At the moment, CyberSource is being applied by approximately half a million of businesses around the world, and caters to the specific requirements of their brands as different as they may be. In fact, CyberSource may be the most configurable solution in this category, as users get to adjust even their secure acceptance and tokenization technologies.
The single connection also lets users accept payments across multiple channels as well from web to mobile, and even call center, with universal token and central database of transactions, supporting all channels, provides a consolidated view of customer activity that can be leveraged for customer analysis and marketing activities. At the same time, there are also Format-preserving tokens built into the platform that cannot be reverse-engineered, enabling users to process payments, manage chargebacks, and handle support queries safely. Companies can also use CyberSource to collect leads with its simple switch-to-issuer connection to VisaNet.
Payment Gateway systems are the digital equivalent of credit card processors found in digital stores, which makes them absolutely essential in online retail environments. There are many platforms of this kind available on the market, but what distinguishes the best among them is whether they ensure seamless and easy transactions, correspond to quality standards and policies, and secure sensitive data to prevent all types of financial frauds. The best course of action when choosing your top payment gateway program is to ensure it meets the needs of your business, and rely on experts’ suggestions listed after a careful scoring and comparison process.Category: B2B News