I Need A Payment Gateway – What Are The Best Options?
Companies selling consumer products online need a reliable payment gateway that is quick and easy for customers to use and can handle your volume of sales.
At present there is only a handful to choose from which actually makes your decision easier. However, some payment gateways have options that may suit your business better than others.
Below, we give you a round-up of your options and outline the pros and cons for each.
Paypal is the most popular payment gateway in the UK, principally because it has been established the longest. But is does also provide a swift and effective service.
- Most consumers already have a Paypal account so you do not have to ask them to set up another payment process
- Bank transfers a quick
- No added fees
- Buyer protection provides buyer confidence
- Installing payment on your website is quick and easy
- Accepted by majority of countries around the world
- Vulnerable to fraud and scams
- Sellers are bound by Paypals’s buyer protection policy, not your own
- Can sometimes lock accounts for trivial reasons which causes extra work accessing money
- Not able to manage large numbers of transactions
- Poor customer support service
Sagepay is the largest independent payment gateway service provider across Europe. Although not as big in the UK, they are a well respected brand and a good option for businesses with a large number of online transactions.
- Reliable brand
- Gives consumers option to pay with Paypal account
- Multiple currency available with no additional conversion costs
- Affordable transaction fee
- No monthly charges
- Excellent customer support
- Transactions fee
- Account can take anything from 10 days to six months to authorize
Another one of the early starters, Authorize.net started in North America and is now available to merchants in the UK and Europe with some 350,000 users already onboard.
- In-site purchasing process means your customer does not have to navigate off-site
- Low transaction fees of $0.10
- Live chat support
- $99 set up fee
- $20 a month service fee
- You need a merchant account with your bank
Stripes concept is to make it easier for companies to offer customers simple transaction online. It’s a concept that is surely bound to work. But does the system?
- Easy to set up and use.
- No monthly fees
- Simple payment process.
- Modern interface with mobile user in mind.
- High transaction fees
Another mainstay of the major payment gateways, WorldPay is recognised as a professional and trustworthy service provider.
- 15-minute initial setup
- Reduced fees for large volumes of sales
- Allows customers to use Paypal
- Not much information about charges so you need to call for clarification
- Accounts not authorised immediately
- Additional services such as recurring fees, multiple currencies hike up monthly fees
- Not the most helpful customer support
If you need a payment gateway for your online business, we recommend looking in to your options early in case you have to wait for an account to be authorized.