Top 5 Payment Systems for your Websites and Apps
Last updated: Feb 22, 2020
In order to produce revenue from your e-commerce website or app, you should be able to accept money from your customers. Below, we reviewed the top 5 payment systems for your website or app.
PayPal is the world’s most widely used payment gateway. It has a very good reputation for ease-of-use, reliability, and security. There are more than 250 million active PayPal accounts all around the world building a large community of potential customers.
This is why you should consider adding PayPal payment to your app or website. studies show that customers trust to websites with PayPal option more than sites without PayPal. Adding the PayPal payment button to a website or app increases the customer conversion rate by 82%.
PayPal allows users to send and receive payments directly to an email address, a feature few other solutions provide. With PayPal you can also accept credit and debit cards, PayPal, Venmo, and PayPal credit. This popular payment method imposes no setup fees but it takes 2.9% + $0.30 per transaction for US e-commerce sales. International transactions cost a bit more, 4.4% plus a fixed fee depending on the country the sale comes from.
Stripe is yet another powerful payment system designed for e-commerce businesses that are handling billions of dollars annually. It provides a robust API that is versatile and customisable.
So, it is an excellent payment solution for developers who would like to integrate a payment system to their projects without effort. It supports a range of programming languages including Ruby, Python, PHP and Java. Furthermore, it is compatible with more than a hundred currencies and offers features like mobile payment, subscription-billing, and one-click checkout. Stripe supports in-person payment as well as an online gateway.
So, if you have a brick and mortar store you can add a stripe POS in addition to an online gateway in your e-commerce site. According to statistics, businesses using strip have increased revenue after implementing the gateway. This payment gateway charges a 2.9% flat fee plus $0.30 for every transaction.
Braintree offers specialised mobile and web payment solutions for startups. It is well-known for working with popular brands like Airbnb and LivingSocial. They offer a secure and easy-to-use checkout UI that enables users to buy your products in a few clicks, resulting in a more convection rate. Using Braintree, you can reach more than 250 million PayPal accounts and 200+ global markets.
However, integrating Braintree to your business requires some experience and knowledge of coding. To make life easier for developers, Braintree provides libraries and example codes for this in Ruby, Python, PHP, Java, .NET, and Node JS; mobile libraries for iOS and Android; and Braintree.js for in-browser card encryption. This mobile and app-friendly method offers a simple basic plan for online payments which includes 1.9% + €0.30 per transaction.
With more than 300,000 merchant accounts, Authorize.net is one of the most widely used payment gateways on the internet. It is well integrated into e-commerce platforms such as Magento, Volusion and X-Cart. utilizing this solution, you can accept payment and transfer funds to your bank account quickly. It supports all major credit cards as well as digital payment services such as PayPal, Apple Pay, and Visa Checkout. Authorize.net offers three different payment plans. Payment Gateway Only plan has no setup fees but charges a $25 monthly fee plus a 10¢ fee per transaction.
5. Google Pay
Google Pay is Google’s answer to PayPal, a digital wallet and online system to facilitate in-app and tap-to-pay purchases with an android phone, tablets or watches. This payment service allows users to use their Google profiles for online payment and add payment service to websites, apps, Stripe, Braintree, and Google Assistant.
To facilitate transactions, Google Pay uses NFC to transfer funds. It replaces credit or debit card chip and pin code or magnetic stripe allowing users to upload these in the Google Pay wallet. It also takes advantage of physical authentication such as fingerprint where available.
Google Pay checkout fees start at 2.9% + $0.30 per transaction for sales less than $3,000.
Your e-commerce website or app is useless if you can’t get paid. Realising that your customers have not the same preference, you should provide them as many payment options as you can. This will lead to a higher conversion rate and revenue for a long time.
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