If you’re starting a new e-commerce business, figuring out which payment gateway to use is not a problem. We’ve created a list of the top payment gateways which can help you figure out which payment gateway is best for you. You will also come to know how it works and the different factors to consider when choosing the right option for your business, especially for your customers.
What is a Payment Gateway?
A payment gateway is a platform through which you can accept payments. They are third-party service providers that enable you to accept online payments in your eCommerce store.
At the moment of buying, customers send their credit or debit card information to the online store and finally to the bank. After this, a payment gateway reports to you if the charge has been approved or not; if not, the amount will be canceled.
How does a payment gateway work?
When any customer makes a payment through a WooCommerce store, a payment gateway performs several important operations. First, it passes the payment through the store’s server, then transfers the payment from the payment portal to the issuing bank and asks for confirmation. Based on the bank’s response, the payment authorization request can be either accepted or rejected.
Best WooCommerce Payment Gateways
- Apple Pay
- PayPal Pro
- Amazon Pay
Stripe is an online service to accepts all credit and debit card payments on your E-Commerce website. An SSL certificate is needed between your server and the bank so the store cannot cache the entry of confidential information.
There are no setup or annual fees for Stripe, but they do charge 2.9% + 30¢ per transaction.
Currency: Stripe supports processing payments in 135+ currencies.
Country: Stripe is available for businesses in 40+ countries.
Apple Pay is a payment service for I-phones, I-Pads, and other IOS devices and is supported on newly launched mobile phones by Apple. The payment service was initially based on NFC technology.
Fees: Apple charges 0.15% per transaction on US purchases.
Currency: Apple Pay supports all major credit or debit cards, including American Express, Visa, Mastercard, etc.
Country: Apple Pay is available in over 40 countries in Europe, North America, Asia, and the Middle East. Apple Cash is only available in the United States.
PayPal is one of the most popular payment services available for e-commerce stores. WooCommerce has in-built PayPal payment supports on your online store. It is the oldest payment gateway on the internet. Many people prefer it.
It is easy to set up and is globally accessible, with support for more than 200 countries/regions worldwide.
9% + 30¢ per transaction for local payments.
9% transaction fee for international payments.
PayPal accepts more than 20 currencies including USD, GBP, AUD, CAD, etc.
Country: PayPal Pro supports businesses in more than 200 countries across the world.
Amazon Pay is the payment solution operated by Amazon. And it is preferable because customers can pay using their existing Amazon account.
Fees: No monthly costs transaction fees are 2.9% plus an authorization fee of $0.30
Currency: AUD, GBP, DKK, EUR, HKD, JPY, NZD, NOK, ZAR, SEK, CHF, and USD.
Country: Amazon Pay is available in more than 170 countries around the world
Square is one of the best payment gateways for E-Commerce stores. Particularly, for stores with physical locations, delivery, and other selling options.
Fees: The transaction fee varies for each country, but it offers a fixed transaction rate.
Country: U.S., Canada, Australia, Japan, and the UK.
Authorize.net is a great WooCommerce payment gateway used by thousands of businesses and is well known for its easy integration and smooth payment processing. It is available for merchants located in the United States, Canada, United Kingdom, Europe or Australia,
Fees: The one-time cost of the plugin is $79 for a single site. The license comes with a year of support and updates.
Country: The plugin supports the United States, the United Kingdom, Europe, Australia, and Canada.
AliPay is a secured payment processor in China only in one region but now it is slowly taking action globally.
Fees: 0.1% transaction fee on credit card payments above $294
Currencies: AUD, CAD, EUR, HKD, GBP, SGD, USD.
Countries: India, Thailand, Philippines, Indonesia, Pakistan, Bangladesh, Korea, Hong Kong, and Malaysia.