A payment gateway is an integral part of your Magento e-commerce business. It helps connect businesses with digital transactions of e-commerce and builds smooth processing between the customer and the merchant.
With the support of multiple payment methods available, it is easier to streamline the experience for customers to buy your products. Yet, selecting the best match from the abundance of options can make your work a bit daunting. Thus, we will explore the top 3 payment gateways, which shall meet essential business requirements for your company.
How to Choose the Best Payment Method for Your Online Business?
Choosing a payment gateway for a seamless checkout experience for online shoppers can be daunting. However, there are some specific criteria that you can implement to analyze the suitable payment gateway integration in your e-commerce business.
Here are the tips & tricks for choosing the best working payment method for your company:-
Before you choose a preferable payment gateway for your business it is important to know that it resonates with all the available payment methods. These can include all types of credit and debit cards or other alternative cards that your customer usually uses to make payments. It will make your integration strong & make the payment process quite seamless.
Security is the topmost priority when choosing any of the payment gateways. Additionally, being certain that your payment gateway is level 1 PCI compliant will shield you from any unforeseen fraudulent activities.
Make sure your payment options are flexible for mobile payment options, as most of the volume of payments is done from mobile. It will make it more convenient for users to access different payment methods to optimize the transaction process.
If you are considering a payment gateway to function in your business, you should also be aware of the pricing or subscription system of the payment gateway. Whether your transactions are mostly high volume or maybe a bit low volume, the fees of transactions for different payment companies can be changed according to it. So, make sure you choose that one kind of payment method that gives the best resources with low transaction fees and boosts your revenue to greater limits.
When you are approaching any payment gateways, try to opt for the one that has better customer service capabilities. It is important to consider the potential threats or inconveniences you get when any payment gets lagged or delayed for the system. Thus, customer service that comes with smooth & faster solutions will be conducive for your business.
How Does it Work?
A payment gateway works securely by the following steps:-
- The payment gateway receives the transaction data from the customer when they enter it on the checkout page.
- It verifies and stores the data in digital mode and uses a digital certificate for the acquiring bank or merchant account.
- When the issuing bank authenticates the transactions, it decides on the approval or decline of the same payment.
- Finally, for a maximum of 2-3 working days, the payment gets deposited to the merchant’s account seamlessly.
These payment gateways always build a strong presence that helps avoid any redundancy and makes sure that the transaction is made in a smooth way.
Best-Rates Payment Gateways in 2023
The payment gateway safely encrypts and transmits the data to the payment processor once the customer places an order in your e-commerce store. In this way, if a transaction gets approved, the payment gateway sends confirmation back to your website.
Here are the three top-rated payment gateway extensions in 2023:-
PayPal Multi Currency Magento 2
PayPal is the widely used platform for payments globally. Paypal multicurrency Magento 2 extension has features that keep the payment functionalities more convenient and smoother for the customers.
It supports globally any preferred customer currency and improves user experience effortlessly. It allows customers to order from any currency (like AUD, EUR, BRL, AD, DKK, CZK, SGD, INR, MXN, RUB, GBO, etc.). Its PCI option and customer support system gives the authenticity of good service. Plus, the quick and efficient reporting & affordable costs help more businesses to install the extension & get the assured experience of customer-merchant transactions.
PayTrace Payment Gateway Magento 2
In our second rank comes the PayTrace payment gateway for Magento 2. It has gained customer attention because of its smooth and streamlined transactions between business owners and customers. The architecture of this payment method is also user-friendly and provides credibility with the user banks of both the customer and owner’s banks.
It has multiple payment options & security for faster payments or refunds. It has no equipment costs, yet great security provides ease in the integration process. It also authorizes users, tracks payment information, and saves it for future reference. Also, 24/7 customer support is a convenient option for different customers all over the world.
Monetico Payment Gateway Magento 2
The third and last payment gateway on our list is the Monetico payment gateway option for Magento 2 to smoothen the redirection of payments to the Monetico payment page.
It’s a package of all the payment options that can adapt to any online store and give support in a flexible manner. With its advanced tools & technologies, it keeps the transaction seamless and secure for users to navigate.
With a 24/7 customer service option, it makes it compatible for different users from different time zones to get the advantage of the services.
Alternative Payment Methods
Other than these three best payment options, there is an alternative payment option, i.e. offline credit card payment method in Magento 2.
If you are a Magento 2 store owner, you can benefit from the offline credit card payment module of Magento. It helps customers store their credit card information in an extremely secure & encrypted form.
It helps it easier to place an order with the previously saved information on the credit card smoothly. Along with that, it enables offline credit card processing through a new payment method functioning similarly to any credit card payment. It allows us to complete the transaction successfully & in a simple, responsive manner.
By utilizing the three payment gateways, you can optimize and streamline both your transaction and the customer experience in your service. Making more informed decisions while executing any of the methods is also significant to increase the value of the company.