Payment gateways are third-party facilitators that allow you to acknowledge payments from your clients online. A payment gateway will usually have a selection of payment alternatives, which include:
- Cash cards
- Credit Card/Debit Cards
When the client wants to pay from an online store, he can select the option which he gets most suitable and pay you. In a way, the payment gateway operates as a bridge connecting your bank and store to enable the shopper to carry out shopping without any hassle. In place for the service, the payment gateway claims their fee from you through a Transaction Discount Rate (TDR) on the transaction amount.
Online payment gateways are essential, if your business relies on an E-commerce website and require collecting finances on the website in lieu of services or products obtainable to process the payment made by your clients. This assists customers to pay without difficulty, and later on the seller/supplier/manufacturer can access the cash paid by the client/shopper either or ask for a check or withdraw from their bank account.
Below are the common and main top ten E-commerce payment processors in the world:
This is a top-tier payment acquirer and most popular worldwide. In 2011, PayPal was able to do 4 billion USD transactions in terms of payments.
It became well-liked in 1996 and ever since it has conducted funds transactions amounting to billions. To register an account, you need to pay a one-time startup fee of $99, monthly charges amounting to $20 and $0.10 for every transaction.
There are no setup cost for merchant account service and online payment processor. The transaction fee per every transaction includes 2.9% + $0.03 for the qualified cardholders.
4. Sage Pay
There are more than 40,000 businesses using Sage Pay because it is believed to deliver secure payment services. It is reported every month that this payment gateway can process up to millions of transaction payments.
5. Google Checkout
The account is connected to a Google profile enabling Internet users to pay for services and purchase the products online.
6. Amazon Payment
This payment processor was initiated in 2007. This is a product of Amazon.com, which enables account owners to send money via ACH and receive funds using Amazon API. The transaction fee ranges around 2.0% + $0.03 for transactions above $10 while payment below $10, the transaction fee is 5.0% + $0.05.
This payment gateway is used for taking in payments for products, donations, event tickets, etc. It has no setup fee or monthly charges.
2CO or 2CheckOut allows users to receive PayPal payments and credit card payments. It also provides recurring billing facilities, shopping cart stores and international payments.
It transacts and processes 1 million USD payments daily. The transaction fee or charges are not less than $10.
10. Moneybookers (Skrill)
This is the simplest payment processor with more than 120,000 merchants worldwide with 41 different currencies and 100 payment options.