Payment gateways enable online retailers to receive credit card payments on eCommerce websites. They keep the exchange of information and its processing between payment portal websites and the bank secure. The consumers don't just pay with fewer clicks, but also get peace of mind by using the most secure payment processors.
They process confidential credit card information securely from an online payment form to the payment processor. ECommerce websites can integrate these payment processing gateways with any payment device.
Authorize.net started serving businesses in 1996 and is the much sought-after payment gateway in the industry today. Being widely accepted, it is being used by more than 400,000 online retailers. Starting with a $49 setup fee and $29 monthly fee, it stays among the top payment gateways.
CardConnect is a fast payment processing system powered by their patented tokenization engine. The powerful engine ensures security, which is the primary concern of all retailers and consumers.
Chase is also a major name in the payment processing industry. You get very low processing fee as compared to others in our list. The low cost comes with few compromises, making Chase not the right choice for enterprises or large-sized retailers.
Visa Checkout serves as a digital representative of an online customer’s credit card. It can’t be set up as a separate mobile wallet on any eCommerce website. Visa Checkout is a major competitor of PayPal. The online customers using Visa Checkout can process their online payments 22% faster than all other available options.
MasterPass, developed by MasterCard, is a major competitor of PayPal and Visa Checkout. It offers retailers a platform that is simple, trusted and easy to use for both retailers and customers. Customers enrolled with MasterPass are saved from the hassle of re-entering entire information for each purchase. Instead, they will just click on the “buy with MasterPass” button that will log them into their account to purchase.
PayPal is the most widely accepted and trusted payment gateway because most people have PayPal accounts and they use it every day. Almost everybody has heard of it. It’s buyer-friendly, but the main drawback is it charges per transaction making it a relatively costly option especially when the purchases are small. It can add up to considerable cost to the buyers.