Running a successful online store requires vigorous planning, relentless marketing and most importantly, the optimization of opportunities to provide the best possible user experience is the critical factor. It is essential for entrepreneurs and business owners to analyze and anticipate the changing dynamics, user demands, and expectations.
Importance of Payment Gateways
Today, the online shopper has more control over the buying process than marketers and business owners. This is because of the wide range of options available; a user can now ruthlessly abandon a website if it fails to meet his demands. One of the determining factors is the smooth checkout procedure and payment gateways. According to some surveys, 50% of online customers are more likely to cancel a purchase if their preferred method of payment is unavailable.
There is no debate in saying that payment gateway is one of the deciding factors for an online store’s success. Thanks to Magento, there is a wide range of free and paid payment gateways available, and you choose one that meets your budget and business needs.
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As a beginner in the industry, choosing the right payment extension may appear to be a daunting task. We have shortlisted seven of the very best payment gateways that have been well accepted in the Magento community and are the first choice of entrepreneurs.
Magento Partial Payment extension by FME is a great way to attract customers and increase sales is to provide partial payment facility to your customers. FME Partial Payment Magento extension allows customers to purchase expensive products in payment installments. Merchants can customize the payment process and can also charge an extra layaway fee. This is an excellent tool for targeting customers who want to purchase products but can’t afford to pay the whole price straightaway.
Some of the other features are,
Subscription and Recurring Payments extension by ahead works allows merchants to sell their products and services as subscriptions. The extension has assembled all the tools merchants required to set up a subscription offer at an online store. In addition, you have full control over defining the period of subscription and size of the payment.
Following are some of the distinguishing features,
Stripe Subscriptions and Payment Gateway has gained immense popularity and has an estimated access to 500 million customers. Once merchant creates a Stripe Merchant account, they can accept MasterCard, Visa, American Express, Discover and even Bitcoin directly via Stripe’s API.
Following are some of the exceptional features,
Sage Say Suite Pro is one of the most trusted and easy to use payment extensions. With over four thousand live merchants using Sage Pay Suite Pro, over 4 billion payments are securely processed with sage pay annually. Sage pay integrates with Magento in few minutes and merchants can select multiple payment functionalities all from one place.
Some of the outstanding features are,
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Authorize.Net CIM with Recurring Profiles is one of the very advanced and premium gateways that fully supports Magento recurring profiles. This extension allows merchants to accept credit card and eChecks from customers directly on the website. Merchants have full control over the billing process and can also create subscriptions and services without relying on PayPal.
Some of the highlighting features are,
Amazon pay is a fast, easy to use and reliable payment gateway designed for both Amazon merchants and shoppers. It is a perfect solution for merchants who buy and sell through Amazon. The extension comes with the Amazon proven security that guarantees hassle-free shopping over multiple devices. The ease of use is incredible, and it simplifies the way merchants accept payments online and also implements strict security measures.
Here are some of the underlining features,
Payment Restrictions is a perfect tool to personalize and localize the shopping experience of customers based on their credentials. The merchants can apply restrictions based on information and limit the use of payment methods by country, region, groups, customer and product attributes.
Following are the top-rated features,
PayTrace Payment Gateway Magento 2 Extension by Elsner technologies is useful in providing a trouble-free and coherent connection between Magento 2 store and the PayTrace credit card processing services. With the help of this payment, gateway extension is automatically done from the checkout page without wasting any time and helps in improving the user experience
To be honest, here, there is no one-size-fits-all strategy when it comes to setting a perfect payment gateway as each has its own set of pros and cons. The solution is to analyze the scope of your business and understand the needs of your target audience.
However, the above-mentioned payment gateways provide better customer satisfaction and can also draw considerable profits to your business.