An optimal check-out experience includes a reliable payment gateway for seamless transactions for both the business and the customer. Surveys have shown that payment options play a significant role in a customer’s final purchasing decision.
In this blog, we shall be discussing the three best Magento Payment Gateways for increasing sales and improving customer satisfaction.
What is a Payment Gateway?
An e-commerce payment gateway is a service that facilitates credit card payments within an online store’s existing software. It enables transactions to be processed directly from the e-commerce business to the payment processor, who then receives payment from the customer.
3 Best Magento Payment Gateways
PayPal is a top choice for secure payment for both consumers and store owners. Its reputation has been established by its trust of 218 million customers and 17 million merchants. Users prefer PayPal for several reasons, including its free registration and app download. PayPal accounts allow for a direct connection to bank accounts, allowing customers to pay for online purchases without using credit cards. Additionally, the checkout process prioritizes financial security by only allowing sellers access to the PayPal account number, rather than bank account or credit card numbers. Additionally, PayPal allows for easy purchases in different currencies without the need for currency conversion.
Another major player in the payment gateway industry that can rival PayPal is Stripe. Launched in 2011, Stripe is a payment company based in Australia that offers optimal payment services in over 100 different countries and supports multi-currency transactions without the need for separate merchant facilities. Stripe offers several unique features that have helped it establish a strong position in the market.
One of the key benefits is that customers stay on the same site during the payment process, rather than being redirected to different sites. Furthermore, Stripe charges no additional fees for integration, such as monthly fees, set-up fees, minimum charges, or card storage fees, making it easy and convenient for users. Magento business stores only pay the standard rate of 2.9 percent + 0.30 USD per authorization for this service.
EBizCharge is a powerful payment gateway option for both B2B and B2C merchants using Magento. They even offer an all-in-one payment platform that encompasses the following:
- Merchant account
- Payment gateway,
- Payment integration,
- Payment collection tools and more.
EBizCharge payment platform enables integration of Magento payments with your accounting software to eliminate redundant data entry. It supports native integration with over 100 leading ERP, accounting software, eCommerce platforms, and CRM, making it scalable as your business grows.
In addition to functionality, EBizCharge provides advanced security features such as tokenization & encryption, off-site data storage, customizable fraud modules, and PCI compliance.
Pricing is tailored to your business needs, but you can expect to save a considerable amount of money each month.
The use of a robust payment gateway can speed up the checkout and money transfer process between merchants and customers. Magento 2 stores should consider integrating a Magento payment gateway extension to take advantage of a comprehensive set of payment gateway features.
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