A secure, flexible, and reliable online payment service is the key to success for any e-store. The ability to process payments is what makes your e-store a truly scalable marketing and sales channel for your business. A payment service enables your store’s users to select one of many payment methods and transfer the money to the merchant securely. Failure of payment, lack of a sense of security with the payment mechanism, and restrictions to a very few options – all these problems spoil the online cart checkout experience degrade your store’s reputation. A robust payment solution is a basic necessity for any online business.
While setting up your e-store, you will need to decide as to which payment mechanism you want to offer your customers. It’s a best practice, for obvious reasons, to have as many payment options as possible. Payment services take care of all the complex data security norms for online financial exchanges. Moreover, they streamline payments by organizing all payment methods under a single interface between the customer and you. Plus, they validate the customer’s credit/debit/banking info with respective financial institutions, and do a lot more. This implies that you need to look for a reliable and reputed online payments solution provider.
Here’s a guide to help you understand the USPs and most coveted service benefits offered by the top 10 payment services.
PayPal Payments Pro
A product based on PayPal technology, the Payments Pro solution is a highly recommended payment providerfor e-retailers looking to add a robust credit card payments processing capability to their e-stores. It’s an end to end web payments solution, enabling seamless credit card payments (Mastercard, Visa, American Express, Discover, and more). Shoppers can also use PayPal as well as PayPal credit payments to complete their online purchases, once you implement PayPal Payments Pro on your e-store. The gateway can be added to all major e-commerce platforms via its APIs.
From a security perspective, PayPal Payments Pro offers you all necessary controls to make your checkout process PCI compliant. It also supports a major encryption protocols to ensure secure transfer of users’ card information online. Because it’s an enterprise grade platform, e-retailers can customize its look and feel to gel well with the branding of the e-store. Because it is compatible with all major shopping cart platforms, you could start using it to accept payments right away.
Completely forget all payment processing hassles when you have Amazon Payments to choose. The e-commerce giant’s payment processing product offers you APIs using which you can integrate it as a payment gateway to your website, customize the look and feel, and let users complete transactions using a payment method they are familiar with.
Adding Amazon Payments to your e-store is like adding a new plugin. It is a completely mobile-friendly channel, offering the benefit of responsive screens so that mobile shoppers can complete payments seamlessly. Being a retail-focused payment solution, Amazon Payments offers functionalities to streamline the online checkout process, enable recurring payments, and ensure the best of security to shoppers and e-stores.
A futuristic payments solution, WePay focuses on handling complex payments rules and models for platform websites. This makes it one of the more viable payments solution for e-commerce stores selling services with complicated payment terms and for platforms where payments need to be accepted as a part of crowdfunding activities. WePay lets users pay using the most recent payment methods such as Android Pay and Apple Pay.
Whatever unique payment processing requirements your niche business wants fulfilled, WePay will do it for you. WePay also uses machine learning and human oversight to mitigate transaction fraud, and offers a guarantee to indemnify customers against fraud. Being a platform-focused payments solution, WePay comes with stellar capabilities to help Software as a Service (SaaS) vendors, maximize engagement, grow user base, ensure compliance, and deliver memorable user experiences.
Offering the best security standards, Adyen is an open source payment processing system that prides itself in its maximal uptime guarantee. E-retailers can accept payments on multiple physical hosting locations using Adyen. You get regular SLA reports from Adyen, which help you keep transactions under control.
This payments service allows consumers to pay from mobile devices of conventional PCs and laptops. It works with all major payment methods, such as DISCOVER, Interac, UnionPay, Mastercard, Visa, AliPay, and many more. Adyen is also easy to integrate with major business applications such as Hybris, Ebizmarts, Cegid, Salesforce and Navitaire. With Adyen, you can be certain that payments will be in your account super quick, irrespective of the physical location of the payer.
Here’s another payment processing service, using which you can accept payments from credit cards, electronic checks, and several other alternative payment methods. Authorize.net offers a wholesome payments management service, including fraud detection to make sure your e-store is not caught up in unnecessary litigation.
With Authorize.net, you get a free POS mobile app and a free website payment seal. 24X7 support is another key product benefit, particularly for e-retailers starting up with their ecommerce ventures. Authorize.net can be easily integrated with ecommerce platforms like Magento, WooCommerce, 3DCart, and dozens of others.
This UK based payment processing service has grown rapidly. The USP of Skrill is its vast range of options; it supports over 30 currencies, works with several payment methods right from credit card to cash, and brings to you the best of security to make all your transactions super secure.
With Skrill, you can even order a pre-paid Mastercard and use it draw money from ATM machines worldwide. Skrill is already supported as a payment method at major ecommerce platforms. So, you will benefit by adding it to your e-store because it offers customers the convenience of familiarity.
Stripe is among the most futuristic payment processing services of these times. Security, customization, speed, ease of setup – you ask for it, and Stripe has it. Stripe’s payment services can be used across a wide range of ecommerce models, right from e-retail to subscription services, from crowdfunding to on-demand marketplaces, and more. Stripe’s APIs help you integrate it easily with all your business applications and ecommerce portals where you need to process payments.
Stripe’s Sigma service helps e-retailers view sales data along with analytics in real time, enabling them to make optimization decisions on the fly. Beyond all traditional payment methods, Stripe also allows shoppers to pay via Bitcoins, ACH, AliPay, and any other niche mechanism.
If you want to integrate all your sales channels together via a single payment service, WorldPay is a good option. In-store, online, mobile – you name it and WorldPay supports your channels. Apart from being easy to integrate with all major ecommerce platforms, WorldPay offers you advanced payment-processing options. These include – automated billing for subscription type products, custom-made loyalty programs for consumers, card-on-file support, and backend settlements.
WorldPay is a suitable payment service for all kinds of ecommerce businesses – right from e-retail marketplaces to dating websites. Leading client side encryption and tokenization helps WoldPay deliver super secure payment processing for your business. Almost all major currencies are supported within the WorldPay ecosystem.
With more than 300 anti-fraud checks and PCI Level 1 compliance, 2CheckOut is among the most secure and reliable payment services for your e-store. It supports 87+ currencies, 15+ languages, and is operational across more than 200 marketplaces online.
Customizations and sandbox testing functionality make 2CheckOut a great payments solution for ecommerce stores that need to keep on adding new features to their online checkout processes. 2CheckOut supports all major payment methods and gateways, including PayPal.
You can choose from 2 types of checkout processes – Standard, where the checkout page appears in the best possible format as decided based on the user’s device, or Inline, where the checkout page appears inside the merchant website. This payment system seamlessly integrates with more than a hundred online shopping carts like Magento, Shopify, and WP e-commerce. Also, you can use its open APIs to integrate it within your hosted ecommerce website.
For anybody looking to simply the art of online payments, check out Simplify Commerce. This new age payment service supports major payment methods, languages, and currencies. You can also accept Apple Pay and Android Pay payments via this service. Managing payments for subscriptions and payment plans is also easy with Simplify Commerce.
You can accept orders and payments from virtual terminals such as your mobile phone, desktop, and laptop, on the move. Anti-fraud tools built into this service make sure there are no unsavory transaction failures or frauds. Sensitive payment data is managed on Simplify Commerce’s Level 1 PCI compliant servers, which helps your e-commerce store stay PCI compliant as well.
A robust payment service is a core pillar for an ecommerce store. The 10 payment processing services we’ve covered in this guide help e-store owners implement seamless, secure, and customized checkout processes, with anti-fraud, encryption, and analytics technology modules working for them in the background.