The traditional method of money transfer to various vendors, sellers or service providers is through banks. It was considered the most secure and the only way to transfer money across the globe. The respective person visits the banks, clears the documentation and the money gets transferred. This practice took a paradigm shift with the emergence of various payment gateways like Stripe, Square, Dwolla, Paypal and Braintree. Payment gateways simplified this task by taking care of payment processing, security and compliance. If you are looking out for the best payment gateway integration, then you need to read this blog. Here we have given the top 5 payment gateways comparison.
The demand for eCommerce apps is skyrocketing, and so is the demand for payment gateways. People are looking out for hassle-free, online payment systems using which they can handle the cash-free transactions. Isn’t that something that is beneficial even in times of pandemic COVID-19?
A payment gateway has the potential to define 50% chances of your eCommerce success. Stripe, Square, Dwolla, Paypal and Braintree are arguably the ones holding the top spots. But which overrides the other is a difficult question!
With the help of our expert team members, we have analyzed the features and functionalities and tried to simplify the things for you. You can hire mobile app developers to integrate the same into your application. Keep reading….
There are a few key features that define the functionality of payment gateways. Have a look…
Payment processing speed:
The speed of fund transfer plays a major role in judging a payment gateway authenticity. Upon the purchase, the fund should get transferred to respective bank accounts instantly.
It is a vital requirement that payment gateways need to have a range of payment methods available. Credit cards, debit cards and digital wallets are a must-have feature for a payment gateway success.
Payment gateways charge some amount of money for account set up, cancellation and for every transaction you make using them. This amount may vary from company to company.
Payment gateways charge a fixed amount on a monthly basis for subscriptions, content, online courses, etc.
Securing and complying with the guidelines is one of the main features on which payment gateways need to focus upon. It can be in the form of PCI DSS, Fraud or Chargeback prevention certificates. A payment gateway is responsible to handle the merchant’s as well as the client’s safety.
Depending on the payment gateways, the service offers PSPs that can be integrated into Shopify, WooCommerce and other eCommerce platforms.
Since these gateways are used for even global transactions, it is important that it should provide a range of currencies. It is an expected feature that a payment gateway should allow customers to pay in local currency. This helps in gaining the trust of the customers in the gateway.