Online credit card processing : Choosing a small business payment gateway is the most important task when it comes to running a smooth business. In this article, we will discuss the 3 best online payment gateways for small businesses that can grow alongside your small business and ensure the security of your customer data.
Parameters on which we evaluated the payment gateways for online credit card processing :
Grow-along principle:
This basically means that the gateway you are choosing has the flexibility to scale up along with your business.
Price of the gateway:
Does your payment gateway require monthly fees, set-up fees, and other transaction charges?
Types of payment methods it supports:
Does the payment gateway have singular, dual, or multiple modes of payment? The latter would be given higher points in the evaluation.
Customer support:
How quick and accessible the customer service of the gateway is?
Security of the gateway:
Does the gateway insures the data security of the customer? And hence getting a wide customer base and customers’ trust.
Integration ease:
Evaluating these parameters, we’ve prepared a list of the top 3 payment gateways for small businesses which will surely save you time in selecting one for your business.
Stripe:
(Most customizable payment gateway)
Online credit card processing: In 2010, Stripe was created with the intention of giving startups a straightforward, minimally-coded method for accepting online payments. Since then, a variety of products that facilitate internet commerce for startups and small businesses have been established.
Now, it’s being used by both tiny local companies and the biggest brands in the world, like Google, Amazon, Uber, Booking.com, Deliveroo, NBC, and Just Eat. Every time you’re creating a customized solution for your small business or integrating with an e-commerce platform, Stripe provides many scalable solutions for both online and offline payments.
Fees and charges?
The transaction cost for Stipe is 2.9% plus 30 cents per transaction; however, there are no setup or monthly fees.
Types of payment methods:
Along with various types of card payments, Stripe also supports:
Apple pay
Google pay
WeChat pay
Multibanco
Microsoft pay
iDEAL
Click to pay
And various types of payment methods are available in the market.
Customer support:
365 days a year by chat, phone, or email. In addition, Stripe offers a support service that answers the most frequent problems with Stripe integration as well as the queries and requirements of any other user.
Data Security:
It should be possible for you to verify your PCI compliance before using Stripe. The simplest way for you to comply with PCI is to completely cut off access to your client’s card information. To safeguard the credit card details of your consumers, Stripe takes care of all the security grunt work.
Integration ease:
Developers are put first at Stripe. It was designed from the beginning to be a payment system that only required a few lines of code to incorporate, and it still operates on this idea. Additionally, Stripe enables over 660 third-party integrations in the areas of e-commerce, marketing, sales, finance, and operations.
What are a few advantages and disadvantages of Stripe?
- ✓ No setup and monthly fees. 2.9% + 30 cents per transaction.
- ✓ Easy integration or an existing e-commerce platform, making it the best payment gateway for small e-commerce businesses.
- ✓ Supports various payment methods.
- ✖️ Needs technological know-how and resources to be integrated and customized properly.
- ✖️ In-person transactions are unreliable and lack functionality.
PayPal:
(best payment gateway for small businesses)
With more than 20 years of experience on the market, PayPal is among the best payment gateways for small businesses accepting recurring payments. PayPal provides a variety of products that can help your small business, including:
~ PayPal Checkout: this is a straightforward payment method that enables your company to accept different payment kinds. The most appropriate payment alternatives are automatically presented to your consumers, whether they prefer to pay with PayPal, Venmo, PayPal Credit, a major credit or debit card, or a regional payment option.
~ PayPal Payments Standard: this is a reliable payment integration solution, If you wish to install it yourself, it only takes a few lines of HTML code to add payment buttons to your website; no development assistance is needed.
~ PayPal Payments Pro: is fantastic for individuals who wish to accept credit and debit cards, PayPal, and PayPal Credit but require additional customizability choices, It enables you to design a special checkout procedure that works best for your clients.
The finest payment gateway for expanding and scaling small businesses is Payments Pro. You’ll probably need a professional growth service as a result.
~ PayPal Here: may set up for on-the-go or in-store payments. It transforms a tablet or smartphone into a mobile payment terminal.
Fees and charges?
Setting up PayPal is cost-free. Payments made online cost 2.9% + 30 cents, whereas payments made in person cost 2.7%.
Types of payment methods:
Your clients will be able to utilize the following payment options if you choose PayPal as your small business payment gateway provider:
- ° PayPal
- ° ApplePay
- ° Bitcoin
- ° AndroidPay
- ° Venmo
Customer support:
With PayPal telephonic support is available from 5 am to 8 pm (Mon-Fri) and
6 am to 6 pm (Sat-Sun).
PayPal also provides customer support through live chat and e-mails
Data Security:
One of the most secure payment processors is PayPal. All transactions are automatically encrypted using 128-bit Secure Sockets Layer (SSL) protocol technology.
Integration ease:
I’ve discussed PayPal integration above. Everything depends on the approach you take. While PayPal Payments Pro requires customization, PayPal Payments Standard can be readily implemented without a professional developer.
What are the few advantages and disadvantages of using PayPal:
- ✓No setup and monthly fees. 2.9% + 30 cents per transaction.
- ✓ Fast and easy setup, making it the best payment gateway for small business websites.
- ✓ Most trusted payment gateway.
- ✖️ Limited in-person payment options.
- ✖️ Inexplicably frozen funds.
Authorize.Net:
(Most trusted payment gateway by small businesses)
Now a fully owned subsidiary of Visa, Authorize.Net In terms of security, makes it the finest payment gateway for small internet businesses. It provides a wide range of customization possibilities that enable you to develop and expand alongside your payment gateway. The payment system that small businesses trust the most now is Authorize.Net.
Fees and charges?
Net fees are $25 per month plus 2.9% plus 30 cents for each transaction.
Types of payment methods:
Authorize.Net support various types of payment methods which includes:
- Visa
- MasterCard
- Visa SRC
- Apple Pay
- Discover
- American Express
- Chase Pay
- E-check
- JCB PayPal
Hence, because of these varieties, it becomes the most trusted and loved payment gateway by small businesses.
Customer support:
Customer service is available around the clock from Authorize.Net via phone, email, or live chat.
Data Security:
One of the most secure products on the market is known as Authorize.Net. It has made PCI DSS compliance simpler, enabling all organizations to safeguard the sensitive data of their clients. Visa’s infrastructure has a 99.99% uptime, which helps minimize downtime for organizations.
Integration ease:
Authorize.Net may be linked with numerous widely-liked e-commerce platforms (including Shopify, WooCommerce, and BigCommerce) as well as unique apps as a pure payment gateway solution.
What are the few advantages and disadvantages of using Authorize.Net:
- ✓ High Security
- ✓ Easy to set up and use
- ✖️ Limited reporting and in-person payment features
- ✖️ $25 monthly fee
What is the bottom line, before choosing a payment gateway?
Online credit card processing: In selecting a payment gateway, a “customer-first” mindset is necessary. Don’t forget to ask yourself the following questions if you are unsure about which payment gateway would be appropriate for both your clients and your expanding business:
- Can the payment gateway grow along with your business?
- Does the pricing model suits my business?
- Does my customer have multiple payment options depending on the area and preferences?
- Is the support available 24×7?
- How much effort do I need to put into the integration of the gateway if needed?
