Hello there, today in this article, we are going to discuss how to choose the right payment gateway for Magento 2. So keep reading.
Making a purchase online is always challenging for customers, as they have many concerns and expectations from an e-commerce platform. It is the responsibility of the business owner to choose the right payment methods. Digital commerce accounts for 63% of all digital payment transactions. The Magento payment gateways play a crucial role for business owners and customers to generate revenue.
Which is an ideal payment gateway for Magento 2? How do you choose from the wide range of options available on the market? We ensure that after reading this content piece, you will have answers to most of your queries related to Magento payment gateways.
What Is A Magento Payment Gateway?
It is a system that is integrated into the online store as a secure payment service provider. Magento payment gateway will process and manage the transaction through your process. The payment methods will determine the customer experience and engagement with your store.
After the customer places an order at your e-commerce store, it is the responsibility of the payment gateway to verify the transaction details and check if they have enough funds to place the specific order.
Some important elements of a payment gateway that you must know are:
- Merchant account: There is a separate account used for transactions just for the business. Both the business and the customer need a payment gateway to accept and receive online payments.
- Payment Processor: When a business has pricing for customers, the payment processor is the service that will authorize the customer transaction details.
- Encryption: It is better to have PCI-compliant resources that follow the right standards for maintaining security during transactions.
- Maintenance: This is the charge of the payment gateway to ensure smooth and uninterrupted services to the customers. There are Magento payment gateways that do not charge any maintenance fees or have certain limitations.
How To Select The Payment Gateway For Magento 2 Store?
1. Highly Flexible
You understand that the e-commerce business is growing fast and following the latest demands of the customers. Like Magento Community Editions, it is perfectly designed for scaling or start-up businesses. Magento Enterprise Editions is designed for smaller and larger e-commerce businesses.
It is better to choose the right payment processor that provides great support to both your business and customers.
2. Great Compatibility
Magento has specific terms and conditions that should be followed by the payment gateways to ensure they are compatible with the store. Also, pay attention to the integration process, as it makes a huge difference for the platform. There are various tools that help to check the compatibility of the payment gateway for your store.
With the increase in online fraud, it is challenging to find the right payment gateway that has strong security features. This will help to ensure that your customers feel safe while completing transactions and that you do not have any cart abandonments due to the payment gateway.
4. Functional Demands
The store has great payment gateway support by default, but there are chances that you will need to integrate extra ones. Before making a final decision, it is best to understand the functionalities you require. They have the majority of the features for users, such as PayPal or PayTrace Payment Gateway.
5. Multiple Currency
You are more likely to be dealing with a global business where customers expect to complete payments in their currency. It is important to have the right method and be transparent about the conversion rates to ensure smooth payments.
6. Smooth Checkout
This helps to retain customers and boost the conversion rate for businesses. The main target is to let the customers complete the transactions hassle-free and faster. Some things you can ensure are:
- No Login: There should be a voluntary sign-in, and only essential data is asked for the transactions.
- Payment Options: Include a dynamic geolocation function that will automatically provide localized currency and country information.
- Fee: Always have a clear and transparent process in place for calculating fees or charges for customers. It is preferable if the merchant discloses the costs to the customer during the purchase process.
What Are Some of The Best Payment Gateway for Magento 2 Stores?
We understand it is challenging to choose the best payment gateway module for Magento 2. Here is a list of the top ones on the list:
PayTrace Payment Gateway
The Magento 2 PayTrace Payment Gateway has some of the best functionalities and services to ensure a better experience during payments. Users can complete transactions through Visa, JCB credit cards, Discover, MasterCard, or Express at their convenience.
PayPal Payment Gateway
This Magento payment gateway already has 170+ million users around the globe, which gives you an opportunity to gain trust easily. It has various strategies to avoid fraud, like advanced encryption, a monitoring platform, and following standard security procedures.
Stripe Payment Gateway
It is one of the Magento 2 payment methods that provides its services in 25 countries. Be it billing customers for recurring transactions, setting up a marketplace, accepting payments, or more, it can all be managed from a single platform. Besides this, the best part is that it enables you to complete payments in 100 currencies.
This Magento payment plugin provides customers with secure and streamlined services. Besides this, it ensures an effortless customer experience with minimal information required. There is a processing fee, but no monthly or license subscription for the merchants.
Authorize.net Payment Gateway
This Magento payment plugin provides customers with secure and streamlined services. Moreover, it ensures an effortless customer experience with minimal information required. There is a processing fee, but no monthly or license subscription for the merchants.
Braintree Payment Gateway
It is a full-stack Magento payment plugin that is owned by PayPal. This is highly suitable for online stores as it allows completing transactions using multiple payment methods like Apple Pay, Google Pay, Venmo, and also others.
The Last Tip!
When you are looking for the best payment gateway for your Magento 2 store, it is important to explore its features, benefits, functionalities, and uses. We suggest that you invest your time in knowing your requirements, customer interests, and also payment gateway functions.
Interesting Related Article: 5 Best Secure Payment Gateway Plugins For WordPress.