Secure online payments make an indispensable requirement of a successful e-commerce store. A payment gateway is a channel that facilitates processing of the customer’s credit card so that the merchant receives the payment via the processor. Its role is not, however, confined to channelizing the payment but extends to protection of customer’s credit card information too. It encrypts the credit card numbers to secure them against phishing and identity theft. In this way, it ensures that the transaction is carried out conveniently and securely between the customer and the merchant. As a reliable e-commerce platform, Magento offers easy integration with various payment gateways for a smooth running of the store. The platform’s compatibility with some major ones comes up as one of the numerous benefits of opting for Magento ecommerce development.
PayPal is one of the most popular online payment solutions that offer the dual benefits of speed and security. The most amazing part of using PayPal is that the transaction can be processed with the customer’s email, without the requirement of sharing their financial details. On the other hand, bank accounts or credit cards can also be used for making the transfers. High security features such as advanced encryption and 24-hour anti-fraud monitoring make PayPal a preferred solution for Magento developers.
A secure, convenient, and flexible payment gateway, Amazon Payments allows customers to log in and then pay through their Amazon accounts. They can make use of widgets to choose the payment and shipping methods. This reduces the checkout time and keeps the customers on the site through the entire process. Amazon brings two services for businesses, Amazon Simple Pay (ASP) and Checkout by Amazon (CBA).
Another payment gateway that a large number of magento payment gateways services rely on is Authorize.Net. It is more suitable for the needs of small and medium-sized e-commerce enterprises. Authorize.net enables the customers to save credit card information on the server for future use. It ensures security with features such as address and CVV verification along with a free Advanced Fraud Detection Suite. Also, it offers flexibility as customers can pay with options such as credit card, PayPal, Visa Checkout and e-check. The gateway can be used only by businesses based in the US, Canada, Australia or Europe.
Braintree is a payment gateway owned by PayPal. It comes with an array of impressive features such as flexibility, secure data storage, and fraud protection. It enables customers to securely store the credit card information. They can store the payment information too, as well as add or delete it from their accounts. Braintree is a highly scalable gateway as it suffices for small businesses and global ones too. While customers have six different ways to pay, merchants can accept payments in as many as 130 currencies.
Sage Pay is the largest payment service provider in the UK. It caters to thousands of big and small businesses and processes millions of transactions every month. By integrating this service in their Magento website, merchants can avail multiple methods to accept payments in more than 25 currencies.
Merchants looking to provide localized payment options for their customers can have 2Checkout integrated during the Magento website development. This gateway provides for 8 payment methods including PayPal and credit card. It supports 15 languages and 26 currencies in as many as 196 countries. It comes with high-security features such as more than 300 fraud rules, address, and CVV verification.
Another acclaimed payment solution is WorldPay which accepts almost all major payment methods and supports more than 120 currencies. Additionally, you get an online reporting tool with this gateway. It comes as a free extension with Magento Connect.
Choosing the right payment gateway is vital for the success of online business. It is important to bear in mind the long-term business goals as well as your system capabilities to make an apt choice.