When you choose a payment gateway, you see an array of options! How do you choose the gateway that’s right for you?
The
most popular payment gateways used in the USA are as follows:
PayPal
PayPal
is the de facto choice of most people who want to start accepting
payments online. It is one of the older and well known payment
gateways that has built its reputation over the years.
PayPal
is extremely simple to set up. All it asks for is an email address.
And you can begin sending and receiving payments. It also offers a
“merchant services” division that allows businesses of all sizes
to accept credit card payments like a normal merchant account, with
low transaction fees.
- PayPal
accepts MasterCard,
Visa, Discover, American Express and more - There
is no sign up fee - Transaction fees are quite nominal at .9% + $0.3
to 2.9% + $0.3 each - It is possible to do business via PayPal in 190
countries
2Checkout
2Checkout,
popularly known as 2CO has been around since 2000. 2Checkout can
help your business go global and it offers the convenience of 8
payment methods, 15 languages, and 26 currencies. Furthermore, 2CO
partners with most popular online shopping carts and invoicing
systems. It can be integrated with Joomla, redSHOP, VirtueMart etc.
To
start 2CO, you just need to sign up with an application. Once it is
approved, your site is up and running.
- There is no signup fee
- It
accepts MasterCard, Visa, Discover, American Express, Diners , JCB,
Debit cards with the Visa or MasterCard logo, PIN debit cards with
the Visa or MasterCard logo and PayPal - It
is supported by 200 countries in the world - Apart from transaction
fee of $0.45 + 5.5% each, there is also a monthly fee of $10.99.
that’s quite nominal if there are volumes
Google
Wallet
Google
Wallet is a mobile payment system developed by Google. It allows its
users to store debit cards, credit cards, loyalty cards, and gift
cards among other things, as well as accessing sales promotions on
their mobile phone. More and more people use smartphones and other
mobile device, so they will increasingly use this type of payment
service to shop anytime and anywhere they want. If you get Google
Wallet, I think the number of your customers will also increase.
- Google
Wallet accepts MasterCard, Visa, Discover and American Express - There is no sign up fee and the transaction fees are quite nominal
at 1.9% + $0.30 to 2.9% + $0.30 each - The only catch is that Google
Wallet is supported only in the United States. So, it might not be a
great idea to go for Google Wallet if you have a pan-global
clientele
Authorize.Net
has been a leading provider of payment gateway services since 1996.
It manages the submission of billions of transactions to processing
networks on behalf of merchant customers. Authorize.net is part of
CyberSource Corporation, a subsidiary of Visa.
- Authorize.net
accepts Visa, MasterCard, American Express, Discover, Diner’s Club
and JCB - The sign up fee with Authorize.net is quite steep at
$99.00 - Additionally, there is a monthly gateway fee and a batch fee
and these come to around $45 - Authorize.net is supported in 190+
countries
Amazon
Payment
In
2007, Amazon launched its gateway Amazon Payment. Amazon built its
reputation through the online retail site and then went on to give
this to retailers. One can purchase online and pay via Amazon
Payment with just the Amazon customer ID.
- Amazon
Payment accepts Visa, MasterCard, Discover, American Express, Diners
Club, and JCB - There is no signup fee and the transaction fee is
nominal- 1.9%+$0.3 to 5%+$0.05 each but the catch is that it is
valid only in a few countries
Let’s
look at other payment gateways in forthcoming posts!
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