Top Five Online Electronic Payment Systems
Working with larger projects we often need to integrate some kind of payment system with our web or mobile applications. So the main question is: which payment system is the best and how much does it cost?
One of the best things that the Web offers today is the ability to take your business anywhere on the planet through a website. If you are selling products or services in today’s world it is essential that your customers can purchase via the Internet. This can be easily done by using different payment service providers and, above all, safely.
What is Payment Service Provider?
A PSP, or Payment Service Provider, is a company that provides online marketing services, it accepts payments electronically by managing transactions between sellers and buyers. The most common payment methods that are usually offered are by credit card, bank transfer and real time orders. In addition, PSP offers full guarantees against any risks, especially with international transactions, and thus gain the confidence of consumers who use them.
All online payment systems are assigned a tax rate on transactions, fixed or variable.
What ACH payments refer to?
ACH payments refer to electronic credit and debit transfers. While, a merchant account refers to a bank account which lets a customer receive payments via credit or debit cards.
Payment Gateway
Payment gateway lets merchants safely pass credit card details between the customer and the Payment processor. Payment processor refers a company which merchants use for managing credit card transactions.
PCI compliance
PCI compliance refers to when a merchant or payment gateway makes the payment environment in such a way which lives up to the Payment Card Industry Data Security Standard (PCI DSS).
If you've thought about selling a product or a service on your website here are a list of the most renowned PSPs:
Payflow Payment Gateway (PayPal)
PayPal needs no introduction as it is the world’s most widely used payment acquirer. Paypal payment process involves utilizing a user’s existing account or a credit card. You have the ability of sending money to any email address.
Like most gateways, Payflow payment gateway handles all major credit cards.
PayPal takes 2.9% + $0.30 per transaction but the great thing is that it has no setup or monthly fees.
| # | Payment | Transaction Fee |
|---|---|---|
| 1 | $0 to $3,000 | 2.9% + $0.30 |
| 2 | $3,000+ to $10,000 | 2.5% + $0.30 |
| 3 | $10,000+ | 2.2% + $0.30 |
Authorize.Net
This one is the most popular and widely used payment gateway. More than 300,000 merchants use it. E-commerce platforms likes Shopify, Magento, Volusion, eCommerce and X-Cart accept it. Setting up Authorize.Net costs $99, while the per month charges are $20 and they takes a $0.25 per-transaction fee.
| # | Setup | Per Month | Per Transaction |
|---|---|---|---|
| 1 | $99 | $99 | 2.19% + $0.25 |
Braintree
Braintree is famous for working with popular tech startups like Airbnb and LivingSocial. Transaction fees begins from 2.9% + $0.30 per transaction for qualified cards. There are no transaction fees on fist $50.000. Before they had monthly transaction fees and account setup fees as well.
| # | Per Transaction |
|---|---|
| 1 | 2.19% + $0.25 |
Stripe
Stripe allows web developers to integrate a payment system into their projects utilizing Stripe’s amazing API. Stripe behaves like a merchant account for its providers, managing all PCI compliance and merchant approvals. They have no setup or monthly fees, but they take 2.9% + $0.30 per transaction.
| # | Per Transaction |
|---|---|
| 1 | 2.9% + $0.3 |
WePay
WePay lets merchants accept credit cards and bank account payments online. They focus more on individual user, and thus they have added e-store pages to their website allowing their customers to easily take in payments (such as event tickets, products, donations and etc) through their service. They take a 2.9% transaction fee ($0.30 minimum) for credit card transactions and $0.30 for bank payments. They do not have any changes for setting up an account or any monthly costs.
| # | Per Transaction |
|---|---|
| 1 | 2.9% + $0.3 |
Conclusion
Be extra careful and make sure that you are not keeping any credit card information on your system. If you can always get information about your customer from PSP and let them handle all the payments. Make sure that you have installed SSL certificate on your server and that payment form is properly tested.
Posted by Ingenium Web
iNGENIUM Ltd. is an software development company from EU which delivers a full range of custom .NET, web and mobile solutions for different business to meet partner's demand.
The Power of Imagination Makes Us Infinite
Related Posts
Consumers in every industry often foster emotional connections with brands via tangible experiences they gain through their five senses.
Women can manage warehouse facilities just as well as men and have the skills necessary to do so effectively. Read here to find out more.
Every aspiring mobile developer must eventually face one common question: Should you learn to develop for iOS or Android?
Some people tend to use cryptocurrencies as a means of payment. Indeed, digital assets are accepted as a payment method in some shops and restaurants.
Building your brand and growing your business can be a very challenging pursuit. And sometimes it can seem like you aren’t making any progress in attracting new customers.
If you don’t market your brand on TikTok, you’re missing boatloads of opportunities to engage and connect with your potential customers.
Comments
comments powered by Disqus