Electing a convenient payment gateway is the key to future development for novice owners who are engaged in e-commerce. The highest percentage of sales in e-commerce is 19% in China, the US sells 8.1% of products via the Internet. Either way, online stores are becoming more popular among customers.
Also, statistics say that more than half of customers cancel the decision to make a purchase and pay for the goods if there is not their favorite payment system on the site. This, you will agree, a huge number of lost orders and as a result of resources.
There are a few preferable online payment systems that most customers exploit. Among them:
PayPal. The largest debit electronic payment system. Allows to pay bills and purchases, send and receive money orders. As of 2017, PayPal operates in 202 countries (although not all provide a full range of services), has more than 200 million registered users, works with 25 national currencies. A feature of PayPal is the provision of security guarantees to both the buyer and seller.
Braintree a division of PayPal, is a company based in Chicago that specializes in mobile and web payment systems for e-commerce companies. Braintree provides its customers with a merchant account and a payment gateway, along with various features like recurring billing, credit card storage, support for mobile and international payments, and PCI compliance solutions.
Stripe is an American technology company developing solutions for receiving and processing electronic payments. The company provides technical and banking infrastructure for online payment systems. Using Stripe, web developers can integrate payment processing into their website without a need to register a merchant account.
Square, Inc. – an American technology company developing solutions for receiving and processing electronic payments. The main product of the company is the terminal-card reader Square Register – allows individuals and entrepreneurs in the US, Canada, Japan and Australia to accept debit and credit cards on their iOS or Android smartphone or tablet.
Authorize.Net is an electronic payment system that provides owners of online stores and other commercial sites with receiving payments directly on these sites. The system supports payments using both credit cards and electronic checks.
In order not to make a mistake with the choice of the system, ask yourself three main questions:
- How will this payment system improve the user interface?
- Does the platform support the chosen payment system?
- Will the payment system help the business grow and develop?