With the growth of eCommerce, payment gateways become a really important tool for both merchants and customers to manage their payment process better. In fact, it is not difficult to find a payment gateway nowadays, however, choosing the best payment gateway is greatly important because this tool can help you to simplify the buying process, thus pushing them to make more purchases.
Besides, the best payment gateway eCommerce plays a vital role in keeping the customer data secure. Whether you first learn about the payment gateway or you already know about it, this article will help you gain more insight into the best payment gateway in the world that you should not miss.
What is a payment gateway?
Many people know payment gateway, especially business owners. To be more specific, a payment gateway is a technological tool, which is often used by online business owners to make the payment process much more time-saving and convenient. This, as a result, makes a really positive impact on the customers’ buying experience because they no longer have to wait to pay the bill or worry about data security.
Others also say that payment gateway is a crucial part of online payment processing because of its high security. In other words, the data transfers between many accounts are kept confidential and secure thanks to the high technology that a payment gateway offers.
How does the payment gateway work?
As eCommerce is growing significantly, people love shopping online and that love to make online payments as well. Let’s take a look at the way that a payment gateway often works.
The best payment gateway will validate the details of customers’ cards carefully to make sure the funds are enough and available to pay for the items that they purchase.
Firstly, customers will make a purchase then continue to the payment page. Depending on the types of payment that customers will have different ways to pay the money.
Secondly, customers will enter their cards with some information such as name, card expiration, CVV number, etc. for the system to check the validation of the card before moving to the next steps.
Thirdly, the bank will send some confidential numbers or information to the card schemes in order for it to check the layer of fraud. Depending on each bank that they will require more checking stages.
Finally, the customers will deposit money into the merchants’ accounts.
How many types of payment gateway in the world?
There are three common types of payment gateway that are widely used, namely:
Integrated Payment Gateways
This type is often handled by proprietary servers. One of its high advantages is having full control of all the stages to make sure the online payment experience runs smoothly. This helps to advance the brand’s reputation as well as the clients’ expectations. However, when using this type of payment, businesses have to be ready to maintain the complex infrastructure.
Direct Post Gateways
This type is considered the effective version. To be more specific, the checkout process when using this type of payment often happens on the website of business owners, thus, you cannot find a third-party page. It offers more customization and plays a vital role in enhancing your brand’s awareness.
Hosted Payment Gateways
This type will make the customers turn to another page to make their payment. This page is hosted by another provider. Obviously, this type is suitable for some small businesses and startups, however, it is kind of complicated for large companies.
What does a reliable payment gateway usually provide?
There are many payment gateways on the market, so it seems risky once you choose the wrong tool. Therefore, there should be some considerations before making any decision in using a payment gateway. In fact, there are some components that are greatly essential for you to use as valuable tips to choose reliable payment gateways. So, we have listed below the most important criteria for choosing the best payment gateway for international transactions.
Security
The development of the Internet and online business comes along with the high demand for security because cybercriminals are really dangerous. Obviously, people shopping online often face the risk of losing personal data, which affects their daily life seriously. Moreover, money is a really critical part and it is such a risky process when money transferring happened on online platforms. In other words, customers feel worried about online payment despite its convenience.
As a result, some of the best payment gateways have focused on some important measures so as to protect the payment process and customers’ data from cyber fraud. You can easily see some common measures in those payment gateways, such as SSL protocol, tokenization, 3D security layer, data encryption, PCI DSS certification, etc.
Information storage
The best payment gateway offers secure information storing process so customers can re-enter their payment details to look back at their payment process when needed. Normally, their information is often kept and saved on a website or app for further use.
Integration
There are many other business platforms that are really essential to make an online business run smoothly, such as ERP & Accounting, CRM systems, and Shopping carts. So, choosing your best payment gateway which integrates with those platforms will save a lot of time and enhance your business efficiency.
Multiple currencies acceptance
One of the best benefits of using a payment gateway is its acceptance of multiple currencies. As international transactions are common nowadays, this function is more necessary than ever. Obviously, to make your business successful, you should choose a suitable payment gateway to support all types of payments because your potential customers come from all around the world.
Top 10 best payment gateway in the world
You can easily find a great range of payment gateways to integrate with your sites nowadays. However, due to the high demand in security and data management, surely you will need this list of the top 10 best payment gateway in the world, let’s take a look at it.
# Amazon Pay
People know a lot about Amazon, and Amazon Pay is specially built and developed for Amazon shoppers as well as merchants. This platform is widely used in around 8 countries worldwide and it is expected to spread further. More specifically, it has two packages that are used for shoppers and merchants. They all contribute to the smooth buying experience with a wide range of features to encourage customers to shop more.
Highlight features
The system is automatic so it will build a seamless process for both merchants and buyers.
This payment provider can integrate with the merchants’ websites.
The high-security level helps to protect customers’ information
# Paypal
PayPal has been established and used worldwide since 2002. We can say that it is one of the first tools in the market, especially in the USA. One of the main features of this tool is that it accepts multiple currencies and international transactions.
Its priority is security, so both business owners and customers can benefit from using PayPal without worrying too much about their personal data. One of the main reasons for this benefit is that PayPal has strong anti-fraud teams who work effectively on managing suspicious accounts and protecting customers’ information.
Highlight features
This tool can work with almost all merchant accounts, shopping carts, and processors
It is also available with all leading eCommerce solutions, CRMs, Sales management tools, etc.
# Moneris
Moneris is originally a financial technology company in Canada, which mainly specializes in payment processing. It provides many devices and services to simplify the payment process of customers and is recently regarded as one of the best payment gateways that online merchants should have.
More information to read here: https://store.magenest.com/blog/best-payment-gateway/
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