Most Popular Payment Processing Solutions for eCommerce Stores

Last Updated: 

March 22, 2024

Every eCommerce website needs to have a way to take customer payments—it's the whole point of having an online store.

Whether you're already running an eCommerce platform or building one from the ground up, your payment gateway should be the top priority. There are several alternatives for processing payments online, and this article will assist you in choosing the best one.

Key Takeaways on Popular Payment Processing Solutions for eCommerce:

  • Payment Processing Software: Essential for facilitating online transactions, ensuring customer money is transferred correctly. Payment processors and gateways are distinct, with processors handling interactions between merchants, banks, and issuing banks.
  • My Payment Savvy: Offers custom payment processing solutions, including credit/debit card processing and text payments, with additional services like utility payment processing.
  • PayPal: A well-known solution acting as both a payment gateway and processor, offering fast, secure, and trusted services with no setup or recurring fees. PayPal is user-friendly, widely recognised, and integrates easily with online stores.
  • Payoneer: Ideal for eCommerce businesses with international transactions, helping to avoid wire transfer fees and currency conversion costs. Payoneer offers localised receiving accounts in multiple currencies and simplifies international payments.
  • Stripe: Suitable for a variety of business models, known for its developer-friendly tools and API. Stripe supports recurring payments and allows for a customised checkout process, potentially increasing revenue and reducing operational costs.

The article emphasises the importance of choosing the right payment processing solution for eCommerce stores, considering factors like speed, ease of use, security, fees, and features, with a detailed comparison of PayPal, Stripe, and Payoneer.

Discover Real-World Success Stories

What is Payment Processing Software?

Customers should be able to pay for an item online in a matter of seconds with no hassle.

Nevertheless, many processes occur in the background to guarantee the customer's money is sent to the correct merchant. One of first-time eCommerce businesses' most prevalent misconceptions is that payment processors and payment gateways are the same things, and that isn't the case.

A payment processor handles the interactions between the merchant, the merchant's bank, and issuing banks. They also provide software to run terminals and POS systems for processing payments. In general, these companies are older with more experience.

My Payment Savvy

Payment Savvy will design a custom payment processing solution to help you get paid faster. They offer reliable services to help all types of businesses. Payment Savvy offers a variety of payment processing solutions designed to fit every need. From credit and debit card processing to paying by text, this payment processing solution is a one-stop shop for payment processing solutions.

They also offer superb extras, such as utility payment processing, so that you can offer your customers even more. 

PayPal

Paypal is an excellent solution that acts as a payment gateway and a processor. There are many reasons to love PayPal as a payment processing solution for eCommerce stores. To name a few: 

  • It's fast and easy to use. 
  • It's secure. 
  • It has the trust factor - PayPal is a well-known and trusted name in online payments.
  • It has no setup or recurring fees, and you can start accepting payments immediately. 

PayPal also offers a wide range of features for eCommerce stores, including automatic invoice generation, order tracking, and fraud prevention. Many of us are already familiar with PayPal- a company known for its reliability, security, and user-friendliness.

This corporation is used daily by hundreds of millions worldwide who trust it for their business needs. If you're starting, we recommend using PayPal. Not only is it a well-known and used website, but it's easy to integrate with any online store.

The PayPal button is a safe bet for your consumers if you are just starting and don't have a well-known brand. PayPal offers security against threats, so people feel safer using it. Also, some people would rather spend money in their PayPal account instead of using a credit or debit card.

PayPal is very popular and enables you to accept many types of payments from your clients. Its flexibility as a payment method enhances its appeal, and you may provide your customers with any form of payment you choose.

With PayPal, you can estimate future jobs and bill for completed ones, saving you valuable time.

Payoneer

An eCommerce company that has already developed a presence in international selling knows there is always room for growth. That might include expanding into untapped markets, retaining more of your foreign sales money, or finding better methods to collaborate with suppliers.

Payoneer is beneficial because it helps to avoid wire transfer fees and costly currency conversion. With localized receiving accounts, you have the option to get payments in USD, EUR, or another currency.

In only three minutes, you can set up accounts, email clients about how to pay them, and have those payments sent straight to your Payoneer account.

Stripe

Stripe is a versatile payment method that you can use for eCommerce shops, subscription services, or on-demand marketplaces. It's something to consider if you operate a business with multiple processes and services.

They also have a few features that make them stand out, one of which is their developer-friendliness. They provide exceptional tools that allow any team that wants to customize their payment method to make the most of it. 

Stripe's easy-to-use API, the broad library for coding languages, and multiple integrations will assist any developer in making the most of Stripe.

Another great feature of Stripe is setting up recurring payments from your customers.

Adding Stripe to your eCommerce site allows you to take payments online and in person, giving you the consistency of a brick-and-mortar store while allowing customers the flexibility of paying how they want.

According to recent studies, those businesses that use Stripe have seen a 6.7% boost in revenue. Furthermore, you'll save money on 81% fewer outages and 24% fewer operational costs when compared to other payment options.

Another advantage of using Stripe is that you can modify your checkout procedure with the Stripe UI toolkit.

Conclusion

You need to consider speed, ease of use, security, fees, and features when looking for the perfect payment processing solution. We've looked at three of the market's most popular solutions—PayPal, Stripe, and Payoneer—and compared their features side-by-side. What works for someone else might not work for you, so it's best to do your research thoroughly.

People Also Like to Read...