Pages

Why Payment Gateways are Essential for Online Stores?

E-commerce is gaining attention from audiences globally and they are relying on it for better services. It has become a great challenge to meet customer expectations and provide satisfactory results. This pandemic has made online shopping one of the best solutions get products and services easily. Customers expect the platform to be stable and secure for completing their purchases online. 

The efficiency of e-commerce stores can be noticed by how smooth their checkout process is. The checkout process depends on the payment gateway Magento 2 offers which can fulfill transactions for the organization and clients. 

What is the Payment Gateway? 

It is a merchant service that allows accepting payments in different methods from the customers. It processes transactions directly from the e-commerce stores which can also differ for a certain financial service provider. Customers can submit their card details with secured validation to transfer payments between merchants and acquiring banks. 

Check the below factors of the payment gateway:

Security 

Check how well the transaction details and sensitive information of customers are protected. This information should be secured to save it from any fraud or online intruders. 

Convenience

Notice how much effort is required to integrate the gateway into your platform. 

Capabilities 

Know more about the types of payments that are accepted and how well they resolve queries.

Cost  

Note their charges in the payment processing and if they have any hidden costs or not.

Things to consider before integrating any payment gateway into your Magento store:

Growth of the platform 

It is always advisable to choose a payment gateway that helps your business grow continually. Magneto platform is made for starting and growing e-commerce businesses on the large-scale. Many payment gateways do not expand the existing e-commerce store which will be a waste of time and money. So, select a payment processor that supports your platform and contributes to increasing profit. 

 Improves Customer Experience 

They are the main source of your income so integrate a platform that is suitable for them. Generally, customers prefer that some of their details are auto-filled in the forms to reduce their checkout stress.

Secured Transactions 

There are many illegal frauds on the internet that can affect your reputation in the digital world. Many customers abandon the websites during the checkout process as they don’t feel that payment is secured. Protect your customers from intruders by integrating s secured payment gateway. 

Functional Requirements 

Magento 2 has many in-built payment gateways by default. Owners or developers can integrate new payment methods as per their requirements. 

Buy payment gateway Magento 2 for your e-commerce store: 

Braintree Gateway 

It is an all-in-one payment method suitable for all business types and sizes. It enables business owners to send, accept, process, and split payments to maximize the returns. They are partners with PayPal which gives them a smooth checkout process and reaches out to a global audience. They support merchants, donation collectors, and businesses that require better management. 

Advantages of using the Braintree payment gateway are:

  • It does not have any setup costs
  • Supports more than 140 currencies
  • Integrated with protection tools 
  • Includes advanced security

PayPal Payment Gateway 

It is considered the most significant part of the payment modes offered in the digital world. It offers accepting payments through credit cards, Visa, and more. These payment gateways are easy to integrate and customize as per business requirements. 

Benefits of using the PayPal payment method are:

  • Supports multiple currencies
  • Free setup 
  • No monthly fees included 
  • Payments can be completed using a card or PayPal account
  • It can be used anytime, anywhere, and on any device

PayTrace Payment Gateway 

It is fully loaded with many services and functionalities required to complete transactions.  This gateway processes the payment using American Express, Visa, Discover, MasterCard, and JCB credit cards. This enables users to complete mobile payments from the Magento store itself. 

Advantages of using this payment gateway: 

  • Equipment costs are reduced: Different users can access their PayTrace account from a different place. 
  • It offers lower processing costs 
  • It has various functionalities to track your transactions 
  • It saves the data safely 
  • Users can access their profile through Unique IDs and passwords only. 

Stripe

This payment gateway supports around 25 countries which makes it accessible by the users easily. There are features like customer billing, setup marketplace, and accept payments on a single platform. It might charge you for some extra functionality that you require for the business. 

Benefits of using Stripe Payment Gateway:

  • Supports multiple currencies
  • No monthly or setup cost required 
  • It handles frauds and online disputes 
  • Accepts major credit and debit cards 
  • Includes strong authorization features 
  • Partial and full refunds supported 
  • Offers local payments 
  • Manages transactions effortlessly

Wrapping it up!

Choosing a payment gateway Magento 2 for your e-commerce platform can be confusing as there are so many options available in the market. Well, we have shared with you the factors to consider before integrating payment gateways into your Magento store. This blog also had a collection of payment gateways that are building trust in the market of the owners and customers globally. 

Leave a Reply

Your email address will not be published. Required fields are marked *