When customers shop online, they often enter their credit information into a secure payment gateway. This protects the customer and the business.
The payment gateway works by depositing the payment from the customer's transction directly to your company’s bank account. To access these payment gateways, you need to create a merchant account and link the payment services with it. There are many payment gateways to choose from, but some of the most common include Stripe and PayPal.
Stripe is a popular complete payment platform. It can bill customers as well as accept online and in-person payments. Data security is another plus of using Stripe as the backend payment processor for your website.
Stripe supports processing payments in 135+ currencies, allowing you to charge customers in their native currency while receiving funds in yours. This is especially helpful if you have a global presence, as charging in a customer’s native currency can increase sales.
Their processing fees begin at 2.9% plus $0.30 per transaction with their Integrated plan. They also offer a Customized plan that they can tailor to your business needs.
PayPal is one of the most popular Online Payment Processing System available in more than 200 countries/regions and support 25 currencies. Customers worldwide know and trust the name.
Small businesses and e-commerce platforms can use PayPal to safely accept payment in person, online, or by phone. Accepted payment types include PayPal, Venmo, and PayPal Credit. PayPal includes the added security of advanced fraud protection technology.
Their processing fees begin at 2.9% plus $0.30 per transaction.
The different types of payment options that you can integrate into your website are cards, bank redirects, bank transfers, and wallets.
Most payment gateways support several card brands, such as large global networks like Visa and Mastercard. When you integrate a payment method, you can begin accepting a diversity of card brands without any additional configurations, including:
Bank redirects let customers pay online using their bank account. They drive more than half of online commerce in Germany, the Netherlands. Bank redirects are often used by:
Bank redirects may not be a good fit for your business if you sell subscriptions. Some bank redirects don’t support recurring payments.
Customers can use wallets to pay online with a saved card or a digital wallet balance. The following are popular wallets:
Retailers often use wallets to:
Wallets may not be a good fit for your business if:
Bank transfers let customers send money to you directly from their bank account. Bank transfers are often used by:
Bank transfers might not be a good fit for your business if:
When a customer enters their personal information and payment details, they need to know they can trust your site. An SSL certificate shows that your website is secure and encrypts credit card information. Be sure to display the certificate or other security credentials on your site or during the checkout process to reassure users that their information is safe with you.