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The Benefits of Using a Payment Gateway
Are you a business owner interested in understanding the available payment options for transactions? Online payments are becoming more convenient and safe through new technologies that facilitate credit card transactions. By using a payment gateway, companies are expanding their business across the Internet. Consider the various factors that go into online transactions and how you can choose the best payment gateway today.
What is a Payment Gateway?
Payment Gateways are a kind of software and server that is cable of transmitting the information from a transaction to banks during a purchase. This communication not only transfers the information and payment to the bank, but it also is capable of receiving such information as whether the transaction is approved or declined. These services include a high level of security to protect sensitive data such as credit card numbers that might be abused by fraudulent parties. Sometimes a service fee is applicable to utilize an online payment gateway. The details simply depend on the payment gateway providers themselves and the terms they have established. Although some research might be required to choose the best product, an ecommerce payment gateway certainly has its benefits for your business.
Benefits of Using a Payment Gateway
- Much faster payment method than cheques or processing a credit card manually
- Much easier way to process payments as well
- No third-party site is needed to perform transactions
Various Types of Payment Gateway Services
First and foremost, these gateway services are used as a credit card payment gateway. A transaction using this kind of service retains and protects sensitive data while contacting banks with information. A credit card payment gateway should automatically guarantee a certain level of security by the very nature of its function. An ecommerce payment gateway might also be capable of other features, including a reporting system and the ability to process refunds. Sometimes, a merchant account payment gateway is capable of using multiple user accounts or of processing reoccurring transactions.
How to Choose the Best Online Payment Gateway
Payment gateways are becoming increasingly popular. With this popularity comes a wide variety of options for your business. Some of the most important factors in choosing an online payment gateway of course include pricing, but also its features and support. The best payment gateway doesn't rack up significant fees but also guarantees security in your online transactions. Payment gateway providers should be able to provide information regarding their services and associated costs. As pricing is sometimes the most inhibitive factor, be sure to gather this information when making a payment gateway comparison between companies.
By doing just a little research, you should be able to make a basic payment gateway comparison that will help you choose a service for your business. With so many payment gateway services available for use today, your choices should be plentiful. Start investigating today how a merchant account payment gateway can significantly benefit you and your business.
Our Top 3 Picks
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Industry-leading CCP with value-added servicesVisit SiteCall866-724-0648866-724-0648- Best for - Additional value-added services, low rates
- Rates - Starts at 0.15%
- Contract Length - 3 years
Safe PaymentsIndustry-leading CCP with value-added servicesSafe PaymentsRead Leaders Merchant Services ReviewLeaders is one of the best credit card processing services in the industry. It’s been around for 20 years, and its parent company is the reputable Paysafe Group Subsidiary. Leaders gives businesses a lot of reasons to love it, including some of the best credit card processing rates in the industry. We’re talking about rates that start at just 0.15%. Plus, Leaders has a 98% approval rating. So, businesses having a hard time getting the green flag will find Leaders’ process refreshing.
What's more, Leaders offers a solid $500 Assurance guarantee. This states that if the company can't save you money within the first 6 months of your contract, you'll be awarded $500 in compensation. Leaders works with the reliable Clover point of sale system, and it also integrates with QuickBooks. New SMBs will appreciate the helpful glossary of terms and 24/7/365 customer service for troubleshooting any issues. Additionally, Leaders offers value-added services such as business cash advances, loyalty programs, gift cards, check guarantee services, and point of sale systems.
Leaders Merchant Services Pros & Cons
PROS
$500 Assurance ProgramIntegrates with QuickBooksRates starting at 0.15%CONS
Long contract termsPricey early termination fee - 2
Offers global payments in 17 countriesVisit SiteCall866-761-9332866-761-9332- Best for - Businesses and corporations looking to scale up
- Rates - Quote-based
- Contract Length - From month-to-month to three years
Offers global payments in 17 countriesRead Paysafe ReviewPaysafe is a comprehensive payment solution that is transforming how businesses handle transactions. It accepts global payments in 17 currencies, including credit cards, debit cards, digital wallets, POS systems, cash cards, and installment payments. The scale-based pricing starts at 15% for low volume, 3.9% per volume, and 9.5% for higher volume. There's also a fixed fee of 1.5 euros per transaction. Paysafe offers various services, including online, digital wallet, and in-person payments, and additional benefits like POS systems, receipt management, and currency conversion. This makes it a versatile choice for businesses of all sizes and types.
Paysafe offers several tools to assist businesses with their in-store payment processing. One of the notable equipment offerings is Paysafe's Android tablet POS (Point of Sale) system, which facilitates on-the-spot payment acceptance. This POS system, combined with Paysafe's sophisticated in-store payment structure, allows businesses to provide their customers with various payment options, including installment payments and mobile purchasing. For detailed pricing, contact Paysafe directly for a tailored quote.
Paysafe Pros & Cons
PROS
Flexible pricingIntegrates with major Ecommerce platforms like ShopifyAdvanced security measures including tokenizationCONS
Customer support response can take up to 24 business hoursNo clear application process mentioned for setup - 3
A versatile all-in-one payment processing solution- Best for - Small businesses, freelancers, and entrepreneurs
- Rates - From 2.5%
- Contract Length - Monthly
A versatile all-in-one payment processing solutionRead GoDaddy ReviewGoDaddy Payments is an all-in-one payment processing solution designed for small businesses and entrepreneurs. It integrates seamlessly with GoDaddy’s website builders and e-commerce tools, offering competitive transaction rates and fast payouts. Businesses can accept online, in-person, and remote payments, making it a versatile choice for merchants in the U.S.
GoDaddy Pros & Cons
PROS
Seamless integration with GoDaddy’s ecosystemCompetitive transaction fees, especially for in-person paymentsFast payouts, often within the next business dayCONS
Reports of unexpected account holds and closuresLimited international support
