What Are The Top Magento Payment Gateways? Explained

Published 6 months ago
Top Magento Development Company in Australia

 

While creating an eCommerce store, it’s essential to add payment gateways to it. Adding different gateways can help customers to pay for your products/ services with or without using cards. Take a look at the successful Magento-based eCommerce stores. You will see that some payment gateways are more successful than others.

Do you Want to Know About These Gateways? Let’s Find Out.

The first payment gateway that comes to mind is PayPal. Over 8 billion businesses use this method to collect local, national, and international payments. Companies love it because;

It's easy to create and transfer customized invoices.

  • Easy to use
  • No setup costs
  • Minimal charges for every transaction (2.9% +$0.30)
  • Used in more than 200 countries
  • Fast and secure
  • Allows credit cards
  • For international transactions, it uses an exchange rate for currency conversions.  
     

Customers love it because;    

  • Easy to use
  • A simplified payment processing system
  • Fast and secure

 

If you speak with Magento development agency experts, they will advise you to add this gateway to the Magento environment. 

The next payment gateway that comes to mind is Braintree. Braintree is offered by Paypal (since 2013). Businesses love it due to the following reasons:

Available in 44 countries and allows over 130 currencies.

  • Same transaction charges as PayPal
  • No monthly charges
  • Seamless transaction processing
  • Well designed and it is easy to use
  • Supports 3D secure payment methods          

 

Why customers love it? Because it offers almost the same features as PayPal.  Next up is Authorize.net. Considered as the best Magento payment gateway, buy many businesses for its simple setup. This tool stores customer's payment information, making it easier for companies to keep track of recurring payments.

A fun fact for you, Authorize.Net, is used by 440,000 merchants worldwide.

Why is it so Popular?

  • Allows online, offline and mobile payment options
  • Enhanced fraud detection systems
  • Has a mobile app for customers
  • Offers customer support (24/7)      

 

If you are looking for ways to add this payment option, consult Magento development services as soon as possible. 

The fourth one on this list is Stripe. Stripe is also a popular choice, like PayPal and Authorize.Net. Businesses of 25 countries, as it supports more than 100 currencies for transactions. The most significant reason for its popularity is the stay-on-site feature. It means you won’t be redirected to another page for processing the transaction.

Most Notifiable Benefits of this Payment Gateway are as Follows:

  • No need to set up or pay monthly fees
  • Free trials and coupons
  • Allows Bitcoin and cryptocurrency (Merchants have to pay 0.8% per these transactions)
  • Different plans are available for various merchants
  • Allows instant transfer from debit cards               
        

Further down the list, we have Worldpay. In the USA alone, nearly 160,000 people use WorldPay. The most significant difference with other payment options is that it does not use third-party processors. It is available in more than 120 countries worldwide.      

Why should it be considered?

  • Advanced reporting and analytical tools  
  • Simplified merchant accounts
  • Allows mobile payments, ATM payments
  • Different fees for credit and debit card processing 
     

Merchants can also consider the option of Amazon Pay, as a lot of customers prefer this wallet.

Notable features:

  • Fraud detection systems
  • Customer protection systems
  • On page transactions
  • Can be integrated with CRM (Customer Relationship Management) modules 
  • Customer-friendly login systems
  • Several tools are available for merchants to customize the shopping experience.            
  • These are the top payment gateways, among others. So, how to select the right payment gateway? You have to keep these things in mind:
  • Convenience
  • Security   
  • Easy-to-use
  • Availability and support
  • Functionalities
  • Costing
  • Enhanced customer experience
  • Growth potential

 

If you want to get the maximum benefits, you need to select multiple payment options. This will appeal to the customers, as they will have various options to pay. If you have any questions about it, the top magento development company in Australia can help you with it.

If you are familiar with the trends in eCommerce, then you would know that Magento is a popular choice. Why? Because it is incredibly easy to use than other eCommerce platforms. So, how can a payment gateway be added to the platform?

Click on Payment Method Module Configuration to configure the modules.

  • Select Payment Methods and configure the payment methods
  • Now, select the Payment facade and configure the payment processing system.
  • Declare the authorization techniques by selecting the actions 
  • Now, you are all set to launch your store and start selling.     

 

If you have any doubts while selecting an eCommerce platform, keep the top most reasons to choose magento as an eCommerce development platform. Are you looking for a reliable and recognized Magento developer? Your search ends here. At My Programmers, we handle each client’s requirements with care. Also, we deliver the projects within time and cost restrictions. Take a look at our past projects and decide for yourself.

Also Read: What's New In PHP? A Developer's Guide

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