Over the past decade, the ecommerce industry has slowly risen to a multiple billion dollar venture and is set to rake in several trillions in the next couple of years. With such a substantial growth pattern at its helm, more and more businesses are looking for ways to get their share in the pie. And as the techniques and platforms advance, ecommerce is seeing a constant evolution in its adolescence. But the one thing that has remained constant, and is projected to continue for the foreseeable future, is how your customers utilise payment gateways for ecommerce.
The existing ecommerce payment gateway options today share the same qualities amongst them. They’re all stable, reliable and secure and each one of them have a solid foundation of trust from the consumer side of business. So whether you opt for Braintree, PayPal, Amazon Pay or Shopify, you’re bound to land with a consistently reliable gateway. What most people run into problems, however, is when the pairing of the aforementioned payment gateways is brought into question with the existing website development platforms. This guide aims to solve that problem.
The Best Payment Gateway for Your eCommerce Platform
There are a handful of ecommerce website builders available today and while they employ a host of options already, selecting the right one for your website can be daunting. Let’s go through some of the most popular options:
Now while WooCommerce may not be a standalone solution on its own, it is perhaps one of the most widely used platforms for ecommerce websites. WooCommerce is a WordPress plugin and requires a WordPress account. And because of its integration with the popular website hosting and building suite, a host of third-party payment gateway options are available. This includes popular choices such as PayPal and Amazon Pay.
Going the PayPal route may be the best if you’re looking for reliability but it has one small niggle. Once the payment process is initiated, PayPal redirects shoppers from your website to its for secure payments. But this doesn’t have to be adeal breaker. Because of PayPal’s immense reputability across the global ecommerce spheres, it can be beneficial for new business owners. They can utilise it to boost customer trust within their brand.
Along with this, another point to consider in favour of PayPal may be server processing. Ecommerce stores are infamous for their bandwidth consumption from client servers and having to add additional payment gateway functionality to WooCommerce could prove disastrous to your site’s loading speeds. And PayPal has low processing fees, has integration with every platform and is perhaps the defacto name when it comes to online payment security.
Shopify may have its payment gateway labled with the same name but don’t let it mislead you. Their payment solution is powered by Stripe, which is a popular payment gateway used widely on various ecommerce platforms. The fact that it is seamlessly integrated in Shopify means it is the simplest one available if your website is built and hosted on the ecommerce platform too.
Shopify has grown to be an easy-to-use but incredibly versatile ecommerce website builder. It’s rise to popularity has been its convenience and easy interface coupled with a plethora of customisation options available to businesses directly. So if your client has a simpler ecommerce store in mind without the fancy bells and whistles of WordPress, Shopify may be the answer.
But Shopify payment gateway solutions aren’t free. Your clients would have to pay for processing fees, and an extra charge through Shopify too. This can prove to be a hurdle for most as it doubles the cost required to accept orders on the website alone! But this premium buys you a lot of piece of mind too. Shopify Payments have fraud protection built-in, Stripe as its parent partner, automatic payment processing and funds are transferred to your account within days.
Magento has long been the go-to ecommerce platform for many. Adobe, Nike and Warby Parker are all popular brands that have utilised magento for their ecommerce requirements and it continues to be the standout option for most. The primary reason for its widespread adoption is the fact that it serves as an all-in-one solution. Magento neatly organizes marketing, business management, analytics and CRM into one, making it the perfect choice for any business looking for complete hands-on control over their brand. Magento also serves as an excellent option for large-scale businesses.
And for this reason, most businesses wanting their brand developed on Magento can pay its premium too. And with such a scale of operation, a reliable and functional payment gateway solution is going to be the priority.
Magento provides three payment processing options outright: PayPal, Authorize.NET and Braintree. Braintree is an excellent option for clients that have their business based entirely in North America. PayPal and Authorize.NET have much wider geographic reach however and are both great options to implement if your client has customers across the globe. Credit cards and digital wallets (Google Pay/Apple Pay) are available too which make the entire payment process a lot more secure. Coupled with Google and Apple’s influence on the digital wallet landscape, and Magento starts to make a lot of sense if your client is looking for a global solution.
Regardless of the platform, 2021 makes deciding the best payment gateway for your ecommerce website a breeze. The first approach is understanding your or your client’s business requirements and geographic reach and building from there. Almost any of the aforementioned gateways serve their purpose and do it incredibly well.
If you’re looking to setup a payment gateway for your ecommerce business or store, InvoZone might just be the place to get the job done. Our team of experienced web developers can assist you with selecting the best and most tried-and-true solution for all your ecommerce needs.