What Payment Gateway Provider to Choose for Your Startup? Eager to know how to choose the best payment gateway providers? In this post, you’ll learn everything about the most powerful payment gateway platforms for startups and be able to choose the best one for yourself.
Startup founders often struggle while choosing the best payment gateway for web applications. Cashflow is vital for any business, and that’s why it is necessary to select the right payment gateway that will be convenient for both – you and your customers. Moreover, if your customers experience some difficulties while paying for your services or products, in all likelihood, they won’t come back to you again. Therefore, if you don’t want to lose your customers, here’s a comprehensive guide on how to choose the best online payment services.
When comparing payment gateway providers in this post, we’ll analyze the leading services on the market and help you choose the right solution for your business needs.
Things to Consider When Choosing the Right Online Payment Systems
Here are the main aspects that you need to consider:
Check the time frames
The first thing that you need to do is to check how long it takes to process a payment while using a chosen provider.
Some services impose specific time frames for contracts. In some instances, you need to sign a contract for a few months or a year. You need to check if there’s an opportunity to cancel fees if you don’t want to use this service anymore or you are unhappy with their services.
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What currencies does a service support?
A lot depends on your needs in this case. Choose the one that supports your currencies. Otherwise, it is not a fit for you. You should make sure the chosen gateway supports the most popular currencies.
It would be great if the chosen option doesn’t have any hidden fees and has a transparent pricing policy. To avoid this, you need to ask your payment gateway about all potential costs that may exist.
The majority of services offer a card updater option for free, but in some instances, there’s an additional fee. This option can save your money and is very convenient for your customers.
Fraud prevention options
The majority of services have the following fraud prevention features:
- Card Verification Value.
- Address Verification System.
- Hourly Velocity Filter.
- Transaction IP Velocity Filter.
All these tools can reduce your losses in the long run.
Unfortunately, not all services offer data portability, and if you want to leave the service, you need to ask the customers that paid for your products or services to provide you with their billing data again. It’s a time-consuming task that frustrates both you and your customers.
Comprehensive Payment Gateway Comparison
Let’s review the most popular payment gateways that exist on the market. We hope that this review will help you make the right choice.
This service already has 346 million active users and is successfully operating in 202 countries. It is not just a popular gateway; it has lots of benefits for your business:
- It allows users to send money to and from a banking account or PayPal account.
- You can receive payments.
- You can get credit.
- You’ll have a digital wallet.
The transaction charge is not sky-high – 2,9% (depending on the country of origin).
If you run your business in the USA, this service might be a perfect solution for you. It’s a user-friendly tool that allows you to customize the way you can send and receive payments. The account is absolutely free, and it charges only 0,5% per transaction. However, this service is targeted for the American users; it is not an international payment gateway. If you plan to enter foreign markets in the future, this service is not for you.
It’s a popular solution that can meet the needs of even the most demanding users. This website accepts payments through PayPal, Apple Pay, Google Pay, Masterpass, Checkout, ACH Direct Debit. They even promised to take bitcoins in the future. The service charges 2,9% per each transaction. Besides, there are no hidden or extra fees. Users only need to pay for making transactions.
It’s a trusted platform that offers a wide array of features. It’s a perfect solution for social media users. The service allows users to split bills, request money, and check what they are spending cash on.
Lots of online and offline merchants like using this platform. The service allows its users to pay using debit/credit cards, eWallet, or US bank accounts.
PayPal owns the platform, and that’s why the charges are the same as the parent company offers.
This service offers integrated payments for commerce platforms. In other words, it can easily be integrated into your platform and allows you to customize everything as you like. Moreover, there’s no need to log in separately on the third-party payment processor for users. The service accepts the majority of cards and has a robust fraud protection system. It charges 2,9% per each transaction and 1% for bank transfers.
Overall, PayPal is the most widely-used solution among users. It is up to you to decide which one to choose, but we hope that this online payment gateway comparison will help you make the right choice. However, you should remember that you can’t neglect this issue. If you want to build a web app that will help your business grow and will let you sell your products or services, you need to choose a reliable gateway platform. Cashflow is vital for any business!