7 Best Magento Payment Extensions to Boost Sales

21 Nov, 2017 weblizar 1 Comment

• Magento 2

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.

1. Magento Layaway – Partial Payment Extension

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,

• Customers can opt the installment plan for a particular product or whole order value.
• From “my account” settings, users can easily manage and pay installments
• Merchants can set a fixed or percentage layaway fee

2. Subscription and Recurring Payments

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,

• The extension supports external gateways like eWay, Authorize.Net, PayPal and Stripe recurring profiles and also supports all product kinds but for grouped and gift cards.
• Customers are provided full control over the subscription process shipping and billing address changes, order cancellation, and subscription suspension.
• The extension is designed in a way that it fits all viewports so that customers enjoy convenient shopping across all the devices.

3. Stripe Payment Gateway and Subscriptions

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,

• The subscription comes with management tools allowing merchants to create subscription price, subscription plans for products payment cycle and billing intervals.
• The highest level of PCI DSS certification provides secure and hassle-free shopping experience, and there is zero possibility for hackers to steal information. Merchants can also block payment from countries where credit card hacking is common.
• Supports 25 countries and over 130 currencies.

4. Sage Say Suite Pro

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,

• The extension offers free of cost email support for one year.
• Supports multiple currencies
• The price is inclusive of installation services, and it also supports PayPal.

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5. Net CIM with Recurring Profiles

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,

• Merchants can add edit, and delete saved payment data for each customer.
• The extension supports both XML and SOAP.
• The extension features Advanced Fraud Detection Suite (AFDS) and hold-for-review.
• User-friendly and mobile responsive

6. Amazon Pay

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,

• The increased security helps merchants to capture customers who hesitate to enter their credentials.
• It offers a smooth and trusted payment experience to customers on desktops as well as mobile phones.
• Merchants can monitor and improve sales significantly as the checkout procedure is fast and easy.

7. Payment Restrictions

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,

• Merchants can restrict payment methods for weekends, specific dates, certain products, and backorders.
• Adjustable functionality and effective payment restrictions.
• Merchants can also provide additional payment options for privileged customers such as ‘cash on delivery’ or ‘check/money order.

8. PayTrace Payment Gateway Magento 2 Extension

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

Features:

• This extension is compatible with Magento 2.2.x and 2.3.x.
• You can use all the major credit credits which are accessible in the US, including Visa, Mastercard, American Express, Discover, and JCB.
• Utilizes PayTrace JSON API and PayTrace Post API.

Conclusion

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.