Payment gateways have become sacrosanct for business operations, and companies need to have an accepted method of payment to make it easy to interact with customers financially, otherwise there is a risk they could miss out on sales. In a world where many customers pay for goods online digitally with cash superseded, the need to have a trusted payment gateway shouldn’t be understated.
Choosing the best payment gateway for your business ultimately comes with its own set of challenges, however, among the factors you need to take into account, include pricing models, favourable transaction fees, as well as other supported features to get the most from them.
We have used some methodology to reveal some of the standout payment gateways in the game and explain how your business can benefit to maximise profits.
Square
A pioneer payment gateway, Square has become one of the most trusted and comprehensive options for businesses. Whether you are involved in the restaurant industry or the entertainment sphere, Square has instilled a few in-person payment products that will be appreciated. That includes payroll support and a wide range of other APIs to customise your payment gateway to best suit your needs.
With no recurring monthly fee, as well as affordable software, Square is held in high regard for those companies that want to capitalise on customer loyalty tools to incentivise and create repeat business down the line through greater levels of engagement.
Among the other tailored features that Square is renowned for include inventory management solutions and advanced reporting, so you can have a better handle on operations and react as necessary, and is worth taking a look at.
PayPal
One of the most famous names in the online payment industry, PayPal is an undisputed behemoth, but it is also a great tool for businesses. Easy to set up and use, PayPal makes it seamless to make and receive payments all over the world.
PayPal tends to be associated with online marketplace eBay and the payment processing service is ideal for e-vendors as you will be allowed to accept credit cards, such as AmEx and VISA.
With ample customisation options, online invoicing and easy cart integration, PayPal has become a go-to option for all types of businesses. Pricing is competitive with PayPal as there is a processing fee of 2.99% plus an additional fixed fee levied, but then again with no monthly fees incorporated, small businesses can benefit.
PaySafe
With several brands under its umbrella, including renowned peer-to-peer payments app Skrill, Paysafe is fast becoming a diversified payment gateway. It would be a disservice to label it as being more than just a facilitator of card payments.
While it supports multiple foreign currencies and digital wallets, Paysafe has a compliance fee and a minimum monthly fee that must be met.
That said, if you are after a single payment vendor that can handle multiple forms of payment, then PaySafe may be just the ticket.
Navigating the world of Boku
In an era when digital security is paramount, Boku has enabled businesses to protect themselves against fraud and unauthorised use. Its general growth trajectory can be attributed to its widening acceptance across various industries, and Boku’s user-friendly nature makes it easy to navigate.
Boku has also become largely entrenched in the world of iGaming and its streamlined process requires minimal input from users. Indeed, those gamblers who wish to play at some of the top Boku casinos in the UK will be given peace of mind, especially those who are cautious about making financial transactions online. All British Casino, for example, is a licensed operator that adheres to all security protocols and it ensures that players are protected when making deposits or withdrawals using this method.
Boku has proven over time to adapt to emerging technologies, and its extensive reach means it is a critical player as a payment gateway.
Stripe
Rounding off this carefully curated list is Stripe. Another powerful payment gateway, Stripe also has several APIs that can help you create your subscription services or even crowdfunding platforms.
The dashboard is extremely user-friendly, and one of the distinct differences between this payment gateway and others is that it demands a bit more technical knowledge. Anyway, once you have got to grips with that, Stripe is an ideal companion, and you can get some decent discounts if you have larger volume needs.
Final Thoughts
Choosing the best payment gateway can’t be done in a vacuum. It is a rigorous process, but once you have evaluated some of the key concepts covered in this guide, then you will start to reap the rewards.
As always, pay close attention to the terms and conditions, so you don’t find yourself in for a rude awakening.
