6 Payment Gateways for Magento You Should Consider

Picking the right payment gateways is hugely important for new and existing Magento stores. Here are 6 payment gateways you should consider.

A payment gateway acts as the middleman between the customer and their bank. If this middleman doesn’t do a good job, customers are less likely to shop with you. Not to mention a bad payment gateway can also be a pain for store owners.

Part of operating a successful Magento online store is using the right payment gateway for your business. This means the payment gateway you choose should suit your short-term and long-term business goals. It should meet your required needs in terms of security, convenience, functionality, and price.

These are the four main pieces to evaluating a payment gateway:

• Security – How are payments protected?
• Convenience – How easy is it to use?
• Capabilities – What options are offered? What payment methods can be used?
• Pricing – What fees are taken for payment processing? Are there any monthly fees?

When choosing a payment gateway, you don’t have to pick just one. It’s common for merchants to have several payment gateways to give customers more options. However, it’s important to keep in mind that some payment processing companies have a minimum monthly processing rate that you must meet.

With this in mind, let’s review the top 6 payment gateways for Magento.

Top 6 Payment Gateways for your Magento Store

1. PayPal

PayPal is one of the most recognizable names on this list. It comes with an excellent reputation for secure payments.

Customers are able to pay through a PayPal account or credit card. Money can be sent to an account using the customer’s email address. With PayPal, customers can also make purchases with credit, giving them the option to spend more and pay for purchases over a period of time.

As far as fraud protection, PayPal offers advanced encryption and 24-hour monitoring.

The fees associated with this payment gateway are 2.9 percent + 0.30 USD per authorization.

2. Braintree

Braintree, which is owned by PayPal, is another excellent payment gateway. It’s flexible enough to work for small businesses, and global ones as well. Customers can choose from six different ways to pay, including Apple Pay, Venmo, and Bitcoin.

Braintree comes with basic fraud protection, secure data storage, and PayPal integration built in. Customers can also store their payment information and choose to add or delete payment information in their accounts.

The fees associated with this payment gateway are 2.9 percent + 0.30 USD per authorization.

3. Stripe

The third payment gateway in this list was made with the intention of getting businesses up, running, and accepting payments quickly. Stripe accepts all major credit cards as well as Bitcoin, Alipay, Apple Pay, and Android Pay.

It comes with simple PCI compliance, and real-time fee reporting. Stripe has been adopted by big names including Deliveroo, ASOS, Monzo, and Xero.

The fees associated with this payment gateway are 2.9 percent + 0.30 per successful authorization.

4. Authorize.net

Authorize.net is a trusted solution that has been around for quite a while. It caters primarily to small and mid-sized businesses. Customers are able to pay by credit card, e-check, Apple Pay, PayPal, and Visa Checkout. It comes with a free Advanced Fraud Detection Suite, as well as other security measures like address and CVV verification.

In addition, businesses using Authorize.net can allow customers to save credit card data for later use with the Authorize.net Customer Information Manager (CIM) function.

Businesses that use Authorize.net for payment processing must be based in the United States, Canada, Europe, or Australia.

The fee to use Authorize.net is a 25 monthly gateway fee and 2.9 percent + 0.30 USD per transaction.

5. Amazon Pay

Amazon Pay works by allowing customers to login and pay through their Amazon account. This helps to decrease checkout time and increase sales. When paying through Amazon, customers choose a payment and shipping method in widgets, so they never leave your site. It also comes with the same fraud protection used on Amazon.com.

The fees associated with this payment gateway vary depending on where you are based. There is no upfront cost to enable this payment gateway on your site.

6. 2Checkout

2Checkout has served over 50,000 merchants and accepts credit card an PayPal payments. This payment gateway comes with over 300 fraud rules, CVV verification, and address verification.

The rate per transaction varies based on where your business is located. A high-volume discount is offered for businesses that process more than 50,000 USD a month. A business in the United States is charged the same as the other payment gateways, 2.9 percent + 0.30 USD per transaction.

Conclusion

Here you have the top 6 payment gateways for Magento. These are not the only payment gateways available for Magento merchants, but are some of the most popular and trusted companies.

Picking the right payment gateway will depend on your specific business needs, whether that means global scalability, simple, no-frills payments, or whatever else you need out of a payment gateway.

If you want to supercharge your sales and maintain payment security, any one of these top payment gateways is a good choice.