Customers are searching for lightning speeds when making payments online, and they’re not going to wait around while their bank verifies every transaction. Therefore, your business should provide a payment gateway, which can be set up through various digital wallets. The largest digital wallet is PayPal, which has been around since the beginning of the internet and is excellent at evolving to meet new digital generation expectations. Outside of PayPal, countless alternatives have fantastic benefits – you can find out more below.
WePay has been providing peer-to-peer (P2P) payments since 2008, and its advanced multi-channel infrastructure is why it deserves a place on the list. This means that it can cope with complex demands, whether it’s for small payments or sizeable business transactions. The reason this seemingly small P2P provider can manage high levels of complexity comes from an acquisition by JPM Morgan Chase, which grants access to Chase Merchant Services.
Braintree marries perfectly with the small business (SMB) and provides payment solutions online and in-store, which is perfect for SMB flexibility. Coming under the PayPal banner, Braintree has access to a wealth of experience in the financial industry, which means high levels of customer service. Further, the cost is low, which complements its simple user interface.
Created in 2011, Stripe is one of the most popular payment gateways because of its all-rounder approach. Over 135 currencies are supported through the Stripe network, and the business employs people in 14+ countries, which means borders are torn down for their customers. To work perfectly with eCommerce businesses, Stripe can be easily integrated with the likes of Squarespace, Shopify, and Wiz – as well as having WordPress plugins available.
The manpower of Stripe means fraudulent payments are kept extremely low, thanks to their robust bank verification systems. They team up with the likes of the Yodlee account verification service to make sure all payments are compliant with NACHA regulations – the governing body for ACH deposits. To get started with Yodlee account verification, you simply need to fill in a simple form and let their team talk you through the next steps.
Jack Dorsey, co-founder of Twitter, designed Square with smartphone POS in mind. Therefore, it’s the perfect option for traditional physical businesses because there are zero starting fees, and they even send a card reader at no additional cost. Whether you’re taking credit card payments or running transfers through the ACH network, Square will accept the majority of payments. However, they don’t integrate with PayPal, which significantly reduces the number of potential users.
Despite being the largest payment gateway, Elon Musk’s brainchild PayPal deserves a spot on the list. You only need to browse a couple of online shops to see that PayPal is perfect for online retailers. To grow with the market PayPal has scaled operations and provides countless different options including cryptocurrency.
Payment gateways keep the eCommerce world alive, which is why there is so much competition. There are many reasons to source a payment gateway, and your business’ needs will determine which one you use.