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The Top 9 eCommerce Payment Gateways in 2022

By James LePage
 on June 14, 2022

The Top 9 eCommerce Payment Gateways in 2022

By James LePage
 on June 14, 2022

Operating a successful eCommerce store requires a proper payment gateway and a method of processing payments without hassle. Choosing a payment gateway for your eCommerce store is essential before you can begin generating sales and successfully collecting the revenue you are earning. 

Selecting an eCommerce payment gateway in 2022 will depend on the type of audience you intend to reach as well as the accessibility of payment gateways that are suitable for your needs.

The Top 9 eCommerce Payment Gateways in 2022

Finding an eCommerce payment gateway that is not only popular but also reliable and trustworthy is key. With the rise of online hacking, identity theft, scams, and phishing attacks, ensuring you have a safe and secure eCommerce payment gateway for your online presence and digital storefront is essential.

We have searched the internet to find the top eCommerce payment gateways for both independent eCommerce shops as well as large online storefronts for major corporations.  

1. PayPal

If you've spent any time online in any capacity, you have likely heard of PayPal at some point or another. PayPal is a leading payment gateway that was first launched and established way back in 2002. Ever since then, PayPal has continuously grown and expanded and is now available in 203 countries in total. PayPal is one of the safest and most secured payment gateways, which is why it is preferred by so many, individuals and corporations alike.

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Using PayPal is simple, straightforward, and easy, allowing even those who are unfamiliar with payment gateways and online sales the ability to set up an account without a hassle. Not only is PayPal a well-known payment gateway available for even international users, but it also has an ever-expanding anti-fraud department and team to heavily monitor accounts and transactions at all times for potential frauds and scams.

Pros of Using PayPal

  • No monthly fees
  • No startup fee to open a PayPal account
  • Compatible with many platforms and can be integrated with a wide range of online storefronts
  • Secure and encrypted solution to provide you and your users with peace of mind 

Cons of PayPal

  • Transaction fees at PayPal can be more than average, which can quickly add up for those who generate numerous sales in any given day
  • Lack of customer support can be frustrating, especially when you need it most
  • Lack of transparency can be aggravating if your account is flagged or blocked for any reason

2. Stripe

Stripe is a newer alternative to PayPal that quickly garnered popularity as it provided the ability to accept payments using cryptocurrencies such as Bitcoin. With Stripe, it is possible to get started with accepting payments online right away, as Stripe offers a free trial period to all new customers. With its updated API, Stripe is constantly being reconfigured to maintain its safety and encryption standards whenever it is used by both clients and customers alike.

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Stripe currently supports payments from 24 currencies, making it a leading payment processor for those interested in selling items online in their own store or with the use of a third-party store host. Using Stripe is not entirely free, unfortunately. Each transaction will cost 2.9% as well as $.30 for each individual transaction processed using Stripe.  

Pros of Stripe

  • Free trial period available to all new users
  • Supports payments from 24 currencies to date
  • Accepts payments using cryptocurrencies such as Bitcoin
  • Complete payment without redirection to another payment page
  • Customized libraries available

Cons of Stripe

  • Geographical restrictions and/or limitations in some cases
  • UI is not as user-friendly for those who are unfamiliar with tech navigation 
  • More expensive than alternative payment gateways and processors available 

3. Apple Pay

One of the world's leading touchless payment systems available today is Apple Pay. Apple Pay is known for its compatibility with Apple devices and smartphones while shopping in-person as well as online with an eCommerce store. Using Apple Pay is simple, straightforward, and only requires a single tap while using an Apple iPhone or iPad. Traditional credit and debit card providers such as MasterCard, Visa, and American Express are also compatible with the touchless Apple Pay gateway.

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Those who choose to accept Apple Pay when selling items, services, or even digital downloads can expect to pay $0.15 per completed transaction. 

Pros of Apple Pay

  • Access to millions of Apple users and subscribers who are familiar with Apple Pay
  • The ability to offer a touchless payment system, which can result in an increase in sales and ultimately, revenue 
  • Completely free for customers to use while checking out without additional fees 

Cons of Apple Pay

  • Can limit the access you have depending on additional payment gateways and methods you have available 
  • Only available to owners of Apple iPhones and Apple iPad devices 

4. Square

If you sell products both online as well as in person, one payment gateway to consider is Square. Unlike many payment gateway solutions on this list, Square is one solution that also works well in person with a retail store or even if you are selling products at a local fair. Square provides merchants with a physical payment terminal that can be used to process payments on-site rather than requiring an online sale or a standard POS setup. 

square

Using Square is easy and accessible for anyone with a smartphone or tablet. Additionally, Square is also compatible with a variety of eCommerce platforms, such as Wix, Magento, WooCommerce, and OpenCart. Using Square will cost you $.10 per transaction in addition to a 2.5% service fee. Additionally, if you keep a Square payment terminal on you at all times, you will need to pay $60 per location for the service(s) rendered. 

Pros of Square

  • Sell products online or in-person with a Square payment terminal 
  • Extensive integration with WordPress, WooCommerce, Wix, OpenCart, and Magento available
  • 2.5% service fee and a $.10 transaction fee per swipe or transaction
  • Support is available 24/7 for all clients, regardless of the level of service you require 

Cons of Square

  • Monthly service costs begin at $60 per location in which your Square device(s)/terminal(s) are used
  • Business transactions may be limited with Square, depending on the number of transactions you are completing and the size of the transactions being processed 

5. Authorize.net

Authorize.net is another well-known online payment processor and gateway that has been around for more than two decades. With its customizable features and options for customers, Authorize.net still stands as a leading payment gateway for small and medium-sized businesses. Not only is Authorize a trusted payment gateway, but it is also compatible with well-known eCommerce storefront solutions such as Magento and WooCommerce. It is not required to utilize an SSL certificate or PCI compliance in order to use Authorize.net to accept and process payments of your own.

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With Authorize.net, you will be charged $.30 per transaction as well as a 2.9% fee on all purchases completed using the gateway. 

Pros of Authorize.net

  • Anti-fraud detection and increased security built-in to Authorize.net
  • Charges monthly fees instead of fees for each individual transaction you process
  • All-in-one payment provider 
  • Helps streamline the checkout process
  • Does not require PCI compliance
  • Does not require an SSL certificate 
  • Transfer funds immediately to your verified bank account 
  • No long-term contracts require
  • No limit on the size of the transaction(s)
  • Customer service available on-demand 

Cons of Authorize.net

  • More expensive than alternative payment gateways available
  • Monthly charges rather than charging per transaction, which can be more costly for smaller or newer online businesses
  • The website is not as user-friendly as the alternative solutions available. 

6. 2Checkout (Verifone)

2Checkout, now called Verifone, is another top-notch payment processing gateway that is currently available in more than 87 countries worldwide. Whether you are selling a few products or managing a large online corporation, you can do so with ease with 2Checkout.

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2Checkout is also compatible with various platforms including both WooCommerce as well as Shopify, making it easier than ever to begin accepting and processing payments from just about anywhere.

Pros of Verifone (2Checkout)

  • Shopify and WooCommerce integration
  • Available in more than 87 countries internationally
  • Visa and MasterCard are accepted along with American Express and Diners Club cards
  • Numerous payment plans begin at 3.5% transaction rate fees and $.35 transaction flat-rate fees

Cons of Verifone (2Checkout)

  • More expensive than alternatives, with typical fees coming in at 4.5% and $0.45 per transaction and sale with the most popular package available from 2Checkout
  • Not as modern as some alternative eCommerce gateways available today 

7. Skrill

Skrill is another newer mobile-based payment gateway solution that is currently available in more than 40 countries worldwide. With a 1.2% transaction fee for each purchase, it is one of the most affordable payment gateways suitable for dropshipping and smaller businesses.

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Skrill also allows the transfer of money to various regions that are considered "high-risk", which can be appealing to those who are interested in targeting these areas.  

Pros of Skrill

  • Ability to target high-risk regions and areas where other payment gateways are prohibited
  • 1.2% transaction fee plus a flat $.29 fee per transaction processed
  • WooCommerce dropshipping integration is available 
  • Available in more than 40 countries worldwide 

Cons of Skrill

  • Not as well-known as alternative eCommerce payment gateways
  • Formerly known as a service to store and transmit gambling earnings
  • Available in high-risk regions, which can be daunting to merchants 

8. Wepay

If you own a dropshipping business, one of the most well-known payment gateways available is Wepay. Wepay, founded in 2008, provides a white-label API that makes it easier than ever to process payments.

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Pros of Wepay

  • 1.5% and $0.30 flat-rate transaction fee for each transaction processed
  • Merchants can immediately request and transfer earnings to a bank account.
  • Compatible with many dropshipping sites and setups available today.
  • A viable alternative payment gateway that is similar to PayPal in offerings and features. 
  • Affordable for both independent and existing businesses.

Cons of Wepay

  • Customers of the company are charged a 2.9% fee and a flat fee of $0.25 per transaction completed. 
  • Not as popular or widespread as alternative payment gateways.
  • Not as expansive in terms of features, plugins, and add-ons available for the base service.

9. SecurePay

If you're looking for a trusted and reliable payment gateway for your eCommerce store, SecurePay is one solution you can count on. Established in 1997, SecurePay is one of the oldest eCommerce payment gateway solutions that is still thriving and existing nearly 25 years later. For those who are looking for a robust solution when it comes to accepting and managing payments for small and medium-sized businesses, SecurePay delivers. SecurePay offers straightforward registration options, shopping cart integration, and even a free trial for those interested in getting started. 

securepay

SecurePay charges a 2.4% transaction fee for all online payments and 4.5% transaction fees for other payments as well as $395 annually for eCommerce payment processing. While SecurePay is not one of the cheapest payment gateways for eCommerce stores, it is one of the longest-standing and trusted resources available around the globe. 

Pros of SecurePay

  • Straightforward user registration and eCommerce integration 
  • Real-time analytics for merchants to compare online traffic, reputation, social media activity, revenue generated, as well as past performance of various sales and/or marketing campaigns 
  • Free trial for those interested in trying SecurePay for the first time
  • Accepts payments from EMV and Apple Pay
  • Suitable for larger transactions without issue
  • Easy shopping cart integration
  • Secured and encrypted processing 
  • Easy administrative dashboard management 

Cons of SecurePay

  • More expensive than alternative eCommerce payment gateways available
  • Transaction and service fees in addition to $395 for annual eCommerce payment processing 
  • Not available for Android mobile devices 

Whether you are building a small niche store online or if you want to expand an existing business with an online storefront, comparing the top eCommerce payment gateways for your eCommerce shop is imperative before you launch and go live. With the right eCommerce payment gateway, maintain your peace of mind knowing that your sales and processed transactions are handled with care and are done in a protected, secured, and encrypted environment. 


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andrew
andrew
4 days ago

This was a very informative blog and I really enjoyed reading it. But I also have a few points regarding it to discuss with you.

A payment gateway is a platform that allows customers to make online payments. Some popular payment gateway also offer security features such as 2-factor authentication and fraud monitoring.

Let's checkout a few things that you can keep in mind while selecting the correct payment gateway options for your eCommerce store:-

1. Support for payment methods and currencies
2. Choosing the right integration method
3. Non-hosted (integrated) method

Article By
James LePage
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James LePage is the founder of Isotropic Design, a digital agency that builds WordPress websites. I read, write and design constantly!
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