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 2023 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.
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.
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.
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
Cons of PayPal
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.
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
Cons of Stripe
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.
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
Cons of Apple Pay
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.
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
Cons of Square
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.
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
Cons of Authorize.net
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.
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)
Cons of Verifone (2Checkout)
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.
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
Cons of Skrill
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.
Pros of Wepay
Cons of Wepay
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 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
Cons of SecurePay
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.