The 5 best online payment processing services in 2023

12 cents plus 3%-12% for other payment methods, depending on transaction type. Merchant account providers generally have better support, but you need to verify the support levels because they range widely. It’s easy to test the level of service you will get with their response times. For example, your website may be built with WordPress, which means the payment gateway needs to integrate seamlessly. Possibly you want your system to connect to QuickBooksfor your accounting.

How Much Does an Online Payment Gateway Cost

Payment gateway development costs will increase to create the one that is preferred and used by the masses. See our customers From startups to Fortune 500s, explore how millions of businesses use Stripe to start and scale their companies. Explore the docs Start building your integration and accept your first payment in minutes. Stripe libraries are available in every language from Ruby to Go.

Does the payment gateway come bundled with a merchant account?

There are still consumers out there who don’t like to place online orders because of security concerns. High-quality payment gateways offer strong security and maintain PCI compliance. They focus on mobile ecommerce, platform-based payments, non-profits, and software as a service . Generally reserved for large-scale businesses that can invest in the necessary security and encryption, this method takes care of everything on its servers. All the checkout and payment processing happens on your site.

Consider another option on the list if you want a comprehensive payment solution. Square can often terminate a merchant account when problems arise with third-party payment processing without adequate explanations. Various payment options are available, including recurring payments, invoicing, credit or debit card payments, and contactless payments. Supports cross-border online payments, making it easier for sellers to operate their eCommerce business internationally and make more money online. This payment gateway lets customers enter their payment details directly on the merchant’s website.

Payment Gateway vs Payment Processor

Some gateways will collect the payment right on the form, while others will direct users to another page to complete the purchase. Wire transfer costs are the costs incurred when making a transaction via wire transfer. Wire transfers between domestic banks usually cost far less than those made internationally, and are naturally faster to process³. The source code would consume much more resources from the client than a white-label payment aggregator, though.

  • The payment gateway from Handepay, for example, is charged at £19.99 per month for the first 400 transactions, after which you pay an additional 10p for every payment processed.
  • Account Updater may incur additional costs, and the eCheck plan comes with additional services.
  • Revolut has a score of 4.8/5 in our research and it is one of the most affordable mobile readers we looked at.
  • PayPal’s merchant fees depend on your location, payment methods accepted, and currency.
  • With the solution, you can accept payments from websites and transfer funds into a merchant bank account quickly.

Stripe is a payment service provider , meaning that you’ll have an aggregated account rather than your own merchant account with a unique merchant ID number. One inherent weakness of all PSPs is that there is a higher chance of experiencing held funds, or even having your account suddenly terminated with little or no warning. While the chance of this happening to you is still rather low, it’s something to consider if your business is particularly reliant on credit card sales to maintain an adequate cash flow. Contract providers offer their service for fixed monthly fee, which covers transaction fees up to a certain threshold, and then charge low transaction fees per payment you take once you go above.

The flat-rate pricing system may be costly for businesses with higher transaction volumes. The payment gateway passes this response back to the eCommerce site to let the customer complete the transaction. The payment gateway receives the response from the processor. After receiving the information, the payment gateway will perform fraud checks and encrypt it using built-in security protocols, namely Transport Layer Security .

For over a decade, she’s helped small business owners make money online. When she’s not trying out the latest tech or travel blogging with her family, you can find her curling up with a good novel. Payment Depot is best for businesses that process a lot of transactions. You can use our free quote comparison tool to help find the right payment provider for your business.

Banking-as-a-Service Embed financial services in your platform or product. Money is an independent, advertiser-supported website and may receive compensation payment gateway definition for some links to products and services throughout this website. Helcim has overall positive scores on several product review websites.

However, with our nearly 15 years of covering the market, we can say it makes more sense to focus on finding the cheapest payment gateway for your business, rather than a free one. Our payment flow has developed in the e-commerce world to perform seamlessly and effectively across all platforms and devices. We take pleasure in combining technology with customer service, to solve your concerns at the moment. An automated teller machine is a system that enables consumers to process payments to eCommerce merchants without having to deal with bank representatives.

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