Top 6 Payment Gateways in US
Online payments have become a part and parcel of our daily lives. We’re transacting online not only through debit or credit cards but through numerous other modes like UPI, net banking and wallets as well.
Paying online is a fundamental feature that every e-commerce platform in the world offers. And they can provide this facility by integrating with a payment gateway.
If you are setting up an e-commerce store or selling digital products from your website, you’ll need a payment gateway to accept payments from your customers.
What is a payment gateway?
A payment gateway is like a tunnel that connects your bank account to the platform where you need to transfer your money. It is a software that authorises you to conduct an online transaction through different payment modes like net banking, credit card, debit card, UPI or the many online wallets that are available these days.
A Payment Gateway plays the role of a third party that securely transfers your money from the bank account to the merchant’s payment portal.
To explain this in simpler terms, suppose you are buying a shirt from a popular digital platform like Amazon. When you make the payment for the shirt, a payment gateway helps you in the process by transferring your money to Amazon.
Until a couple of years back, setting up a payment gateway as a mammoth task. It used to involve a lot of documentation, verification, huge setup feeds and technical know how to make it work.
But now, it has become very easy to set up a payment gateway for selling your products online.
How to find the right payment gateway provider?
If your organisation accepts card payments, it’s important to research and find the payment gateway provider that best fits your unique needs. Consider the following:
- Security: Security of your customers’ information should be your first priority. Customers should trust that their financial information is secure when making an online transaction with your business. Look for a PCI-DSS certification such as anti-fraud protection.
- Customer experience: In addition to security, buyers are looking for a smooth and convenient purchasing experience. As more customers turn to online shopping, it is important that you offer them an experience that balances with what they are familiar with from big sites, even if you are running a small business. If it requires too much time, effort or personal information to buy through you, they may turn elsewhere.
- Domestic and international payment acceptance: We live and work in a global market. Make sure you’re not limiting your business to only local sales.
- Fees: Make sure your payment gateway fits into your company’s budget.
- UX: A few of the top factors for are directly associated with the UX that users get from the payment gateways. 28% of customers abandon a shopping cart for a complicated checkout process, and this makes the user experience design a significant aspect of any payment gateway.
With the plethora of options for payment gateways that are available, it can be difficult for you to choose one that is the most appropriate for your store.
Let’s make it easier for you.
We will list the top 6 payment gateways in US that offer easy, quick, seamless, and secure transactions. So, that it will be easy for you to decide which one to pick for your e-commerce platform.
Therefore, make an appropriate choice for your online store that relies on quality standards and policies, and secures the available sensitive data.
PayPal was founded in 1999 and both MasterCard and credit card payments can acknowledge it. It is free for buyers, while merchants need to pay transition fees while using PayPal for Visa payments. This e-commerce payment gateway does not require any setup expenses, gateway fees, or monthly charges.
The advantage is that merchants do not have to pay once the sale is done. While using PayPal Standard, customers may leave the site to checkout and sign in to their PayPal account or they can pay via credit card or Visa without signing up. PayPal Pro enables merchants to have and modify their entire check out process so that consumers do not have to leave the site. It also accepts credit cards via fax, mail, or phone.
PayPal Payment Gateway Fees: 2.9% per transaction, with no monthly fees
Top Brands Using PayPal Payment Gateway: Adidas, Disney, ASOS, and Etsy
Amazon Pay offers a secure checkout experience backed by Amazon’s technology, innovation, and robust risk management services.
With a single login, the customer is immediately identified and enabled to complete a transaction, a possibility that is also available on mobile devices. Amazon’s A-to-Z Guarantee makes these transactions 100% secure and charges no additional fees to do so. As with most payment gateways, clients are only charged a fixed percentage of the amount they are transferring.
Within their Amazon Payments package, merchants will also find a fully-featured e-commerce suite that will help them promote, sell, and manage products and orders. In such a manner, Amazon Payments optimises its marketplace activities and converts them into reliable vendors with great reputations
Amazon payment gateway fees: 2.9% + $0.30 per transaction for domestic U.S. transactions, plus tax where applicable. They also charge for Cross-border transactions that are subject to an additional fee of 3.9%.
PaySimple is a SaaS platform aimed at ecommerce and small and medium enterprises, which allows to accept payments, automate billing and manage customers effectively. In particular, PaySimple offers useful solutions for omnichannel retailers, i.e. they offer solutions for online and offline channels together in their business.
PaySimple’s payment gateway has very interesting features for retailers like:
- Processing POS payments by credit card.
- App for Android and iOS that allows you to accept payments via mobile phone
- SSL data encryption and PCI DSS compliance
- Cash flow reports and electronic invoicing.
Paysimple Payment Gateway fees: Credit card processing fees are 2.49% Per transaction + monthly fees
Braintree, a division of PayPal, is a company based in Chicago that specializes in mobile and web payment systems for e-commerce companies. Braintree payment gateway is one of the most secure and reliable payment method these days.
Braintree Payment Gateway extension allows the admin to add Braintree payment method for the customers. This module is designed to simplify the payment process for any online store. Using this module, the customers can do the transaction by almost all kinds of payment cards without redirecting to any payment gateway website.
Braintree environment meets the highest industry standards and guidelines like level 1 PCI compliant, industry recognition, no prohibited data storage, data encryption via the Braintree Vault, authentication & session management, activity monitoring, and testing. Braintree also doesn’t have any additional monthly fees.
Brain Tree Payment Gateway fees: 2.9% + $.30 per transaction
Stripe builds the most powerful and flexible tools for internet commerce. If you own an e-commerce store, Stripe’s meticulously designed APIs and unmatched functionality help you create the best possible product for your users. Millions of the world’s most innovative technology companies are scaling faster and more efficiently by building their businesses on Stripe.
Stripe provides you with the following features:
- Customized checkout experience: The UI toolkit gives you elements from Stripe’s own collective experience for front-end, design, and analytics that you can use to build and customize your own payment forms.
- Varied payment options: You can support the payment gateway preferred by your customer as Stripe offers a variety of options. Go global by processing payments for all major credit and debit cards in every country. Digital wallets such as Alipay, Amex Express Checkout, and Apple Pay are available for customers who want a convenient way to pay without sharing their card information.
- Secured payment processing: When it comes to revenue optimization, Stripe optimizes routing paths through direct integrations with card networks like Visa, MasterCard, and American Express.
Stripe Payment Gateway fees: 2.9% transaction fees + $0.30 monthly charges
Authorize.Net is most needed in retail and service environments looking for a flexible solution that works in tune with their order management practices. It was developed to help merchants sell more in both local and online stores. It covers for the work of full-time staff, stores and organizes data, and helps you fight fraud without making constant checks and reviews
What you will also appreciate about this platform is the 24/7 free support provided by knowledgeable professionals who will also assist you when building custom connections. On their website, you will also find an array of tutorials and training materials, so that you can optimize the potential of the platform.
While there are several other options on the market for payment gateways, it’s important to opt for an industry leader to be on the safe side. You should carefully evaluate your needs and requirements and then seek out the best payment gateway that fits your business needs and that serves your store in the long run.
Payment Gateway + Billing Solution
What if the payment gateway is already integrated with your billing or invoicing software and you never have to worry about any setup hassles? This is what ProfitBooks billing software offers. Just upload a few documents from the application and you are all set. When you send invoices to your customers, they’ll see an option to pay using credit/debit card, netbanking and wallets.
The transaction fee is super low – 1.9% of transaction value or flat Rs. 99 – whichever is lower!
Know more about ProfitBooks and test drive it for free.