Top 11 Payment Gateways around the World
In today’s modern era online payment gateway have become a necessary and business are searching for new ways to deliver e-commerce customer experience through online payments. So I will provide you the list of best payment gateway that could help you in your business.
The system of online payment services may seem complicated, but its purpose is to provide comfort to the customer. No matter the size of your organization, if you want to reach potential customers, it’s essential to offer an online payment option that is easy and safe to use.
Before we start with the list it is necessary to know all about payment gateway
What is a Payment Gateway?
Payment Gateways are a way to receive or make the payments. It gets the payment from your customer and settles the equivalent for you. It is a function that makes the exchange of the transaction data conceivable from the dealer to the procuring bank.
The entire payment measure contains foundation parties that are included to make the payment move conceivable. The principal parties are Issuing bank > Payment Processors or Card Processors> Payment passage/aggregator themselves > Nodal bank> Acquiring bank.
Payment Gateways first catches the client’s paid sums in the Bank Account and after it is gotten comfortable the Merchants Bank according to the chosen settlement time-frame. Payment Gateways even encourage purchaser and merchant assurance by being a middle person among both. It gives different payment choices to your clients and permits them to pay in any capacity they need. Like Credit Card, Debit Card, Wallet, QR Code, UPI/Bhim, and so forth.
Working of Payment Gateway
Following are the steps are used during the payment process:
- Firstly, customers add the product or services that they want to buy in a card and then move to the payment page.
- Fill the details of the debit card, credit card. Details as follows:-
- 16 digit card number
- Card Holder Name
- Expiration date
- CVV number
- Once you will submit thenit will take you to the payment gateway.
- After that card details are encrypted and go through the security check before sending the card information to the corresponding bank.
- Then the bank sends that information securely to the card schemes.
- The card schemes make another layer of security. After that, it sends information to the issuing bank.
- Now, the bank performs security and fraud checks. After that bank authorizes the transaction and sends back the approval and decline message to the card scheme and then to the acquirer.
- Then the bank sends the decline or approval message to the payment gateway that sends further to the merchant.
- If the payment is successful then the acquirer collects the payment amount from the bank and transfer to the merchant’s account.
ESSENTIAL Features in Payment Gateway
Choosing the right payment gateway for your business is essential to increase your brand loyalty and hence, your customer base. Here are some tips to help you select the best on
Security: Ensure that your payment gateway has a minimum of 3D security protocols and complies with PCI Data Security Standard.
Smooth website integration: Make sure that your gateway integrates with your website smoothly. This would also make sureits a seamless payment process throughout.
Payout time: Your payment gateway must not take too much time to settle the transaction money with the bank.
Multicurrency support: If you are managing customers across the globe, then having multiple currency payment gateways is a must!
24/7 customer support: Issues or site breakdowns are common, but you need to solve them as soon as possible to avoid any loss of transactions or customer dissatisfaction.
Here is the payment gateway list of the top 10 most widely used and trustworthy payment gateway provider.
PAYPAL is an ecommerce payment platform intended to help individuals and organizations to send and get payments without giving monetary data.
It is one of the tops of the line payment gateways that permit clients to send or receive payments across the globe with just an email address instantly. It is very easy to buy or sell using your mobile phones on any merchant website or app. Paypal operates in 203 countries and it supports widely used credit cards like Visa, Mastercard, Citibank, American Express, etc.
Paypal Supported Countries:
Razorpay is the only payments solutions provider in India that allows businesses to accept, process and disburse payments with its product suite. Customers can avail access to all payment modes like credit and debit cards, UPI, and popular mobile wallets. With flash checkout, they can also transact seamlessly by just entering the CVV and 3D-secure.
Also, Razorpay’s International Payments feature has introduced multi-currency support for up to 100 currencies, including United States Dollars, Great Britain Pounds, Singapore Dollars, Euros and UAE Dirham.
With complete online onboarding, Razorpay’s product suite supports 50-plus banks for net-banking, and the solutions are PCI DSS Level 1 compliant and ISO 27001: 2013 certified. Businesses, as well as individuals and freelancers, can accept payments using Razorpay.
Headquartered in New York City, Payoneer specialises in cross border B2B payments. Present in almost 200 countries, the payment service provider allows account holders to send and receive funds into their bank account.
Payoneer offers multiple ways to get paid from international clients and global marketplaces – quickly, securely and at the lowest costs. Its users can load funds to their prepaid MasterCard, and after loading, they can withdraw their money from any bank’s ATM where the logo of MasterCard is displayed.
- Single and Mass payout
- Receive payments
- Funds Withdrawal
- Integrated payments
- Partner Network
- Escrow Payments
Skrill is one of the notable payment gateways around the globe. Skrill comprehends present-day payment requests with regards to payment preparation and cash moving.
Skrill began in the year 2001. Presently, Skrill has many top organizations as their clients utilizing their inventive arrangements in their organizations.
Skrill is perceived and granted by many top organizations, for example, Deloitte Technology Fast 50 Award, B2B EGP Award, and a few others.
It is one of the fruitful UK-based payment gateways that upholds more than 30 unique monetary standards, that empowers clients to buy items and administrations around the world.
- Email exchanges
- Fast access
- One spot information
- Free record
- Supports 30 monetary forms
- Visa exchanges
Stripe is a payment processor that supports credit card and recurring payments, Apple Pay and others. It offers customers quick onboarding, secure and flexible integration, good API services, simple interface, etc.
This payment service provider allows individuals and businesses to accept online payments. Stripe also provides technical, fraud prevention, and banking infrastructure required to operate online payment systems.
- Versatile client interface
- Multi-cash payouts
- Clean canvas
- Cooperation notes
- Installment alternatives
- Embeddable checkout
- Custom UI toolbox
- Question dealing with
- Open-source module
- United reports
- Bookkeeping reconciliations
- Bound together payout
- Monetary announcing
- Jobs and authorizations
According to research, Alipay has a 54.26% share of the third-party payment market in mainland China, and it continues to grow.
Launched in 2004 by the Alibaba Group, Alipay is a third-party online payment app. Alipay claims to have the most significant market share in China with 400 million users, which is close to half of China’s online payment market in 2016.
It operates with more than 60 financial institutions, including Visa and MasterCard, to provide payment services to online and local Chinese businesses.
Alipay can be used in smartphones with Alipay wallet app. It also provides other options like P2P transfer, ticket purchase, credit card bill payment, bank account management, etc.
2Checkout is a popular global payment gateway that allows businesses to accept online payments from buyers around the globe. It has many features and localized payment options that help both merchants and customers to make the payment process streamlined.
It is the US-based payment gateway that supports multiple payment methods and transactions worldwide. It is secure and reliable, More Than 50,000 merchants using 2Checkout payment gateway worldwide. It supports 8 different payment methods, 15 languages, and 87 different currencies in global markets.
- Level 1 PCI data security standard
- Multiple payment options
- Recurring billing
- Customized checkout options
- Integration with 100+ online carts and systems
- Create customized subscription plans
- Support – 87 currencies
- Support – 15 languages
- Account updater
PayU is a fintech company that provides payment technology to online merchants. The company was founded in 2002 and is headquartered in Hoofddorp, Netherlands. It allows online businesses to accept and process payments through payment methods that can be integrated with web and mobile applications.24*7 support
Simple and Convenient transactions
Receive fast and assured payments for your delivered products else get your money back!
Easy to use and track
Track your PayUMoney transactions from My PayU dashboard, which will keep you updated on information on shipping details, transaction status, refunds and other details.
Easy dispute solutions
With the help of PayUMoney's dispute resolution team, avail of the teams tact and get your disputes resolved and your money back quickly.
Authorize.Net is the best payment gateway that provides strong infrastructure and security to ensure smooth data transfer. This payment method is a fully integrated electronic check payment.
- E-check processing
- Retail payment
- Virtual terminal and batch upload
- Phone/mail payment
- Sync for QuickBooks
- Advanced fraud detection suit
10. Securion Pay
Securian Pay is a secure online payment method that supports multiple operating systems such as Windows, Linux, Android, and iOS and it is a standalone payment solution.
- 1-click payment
- Retry logic
- Subscription plan manager
- Trials and discounts
- Custom form
11. cc avenue
CCAvenue is a Commerce Service Provider, authorized as a Master Merchant, by Indian financial institutions, to appoint Sub Merchants, to accept and validate Internet payments via Credit Card, and Net banking facilities from the Sub Merchant's (your) customers in real-time. CCavenue holds your hard earned money for over a year and asks for private info of your customers like ID proof and transaction proof in order to release payment. They even asked us how did we target our customers which is none of their business. They never pay their merchants.
The online payment method is the future of e-commerce business. They build a safe link between the website and the payment processor by encrypting the debit or credit card details. The above discussed are some of the best payment gateways that offer easy, seamless, quick, and secure transactions. Shopygo provides integration to any payment gateway you wish to use with your store.