With the rise of eCommerce, online payment systems have become essential for businesses to accept payments from customers securely and efficiently.
The payment process can make or break an eCommerce business, and having a reliable and secure payment system is crucial for building trust and credibility with customers.
In this blog post, we will provide a list of the top 12 online payment systems for eCommerce sites.
These payment systems offer a range of features and advantages for small and large businesses, including secure transactions, recurring payments, direct debit, and mobile wallet payments.
Whether you’re running an online store or a booking platform, choosing the right payment system is vital for the success of your eCommerce business.
So, let’s dive into the list of the top 12 online payment systems and explore their features and benefits.
Online payment systems are digital platforms that enable users to send and receive money over the internet.
They allow businesses and individuals to securely and conveniently transfer funds, make purchases, and receive payments online.
Widely recognized for its security and ease of use, PayPal offers both personal and business accounts.
It supports multiple payment methods, including credit cards and direct debit, and is a great choice for small businesses.
PayPal Transaction Fees: 2.9% + $0.30 per transaction
Stripe is a customizable payment platform that supports recurring payments, Stripe is a popular choice for subscription-based businesses.
It offers flexible payment options and supports over 135 currencies.
Stripe Transaction Fees: 2.9% + $0.30 per transaction
Amazon Pay is a payment system that allows customers to use their Amazon account to make payments.
It offers a seamless checkout experience and supports recurring payments.
Amazon Pay Transaction Fees: 2.9% + $0.30 per transaction
Authorize.net is a secure payment gateway that’s suitable for businesses of all sizes.
Authorize.net provides fraud detection and prevention tools, as well as a virtual terminal for phone and mail orders.
Authorize.net Transaction Fees: 2.9% + $0.30 per transaction
Square is a versatile payment processing system that offers point-of-sale solutions and online payment processing.
It’s known for its user-friendly interface and offers competitive transaction fees.
Square Transaction Fees: 2.9% + $0.30 per transaction
Braintree is a payment system that offers customizable payment processing options and supports multiple payment methods, including credit cards and PayPal.
It’s known for its advanced fraud detection and prevention tools.
Braintree Transaction Fees: 3.4% + $0.50 per transaction
A payment system that offers a range of payment options, including credit cards and PayPal.
It supports global payments and offers a simple integration process.
2Checkout Transaction Fees: 3.5% + $0.35 per transaction
A payment system that supports multiple payment methods and offers global payment processing.
It’s known for its low transaction fees and flexible payment options.
Payoneer Transaction Fees: 3% per transaction
Worldpay is also a popular online payment system for eCommerce sites.
It provides a range of payment processing solutions for businesses of all sizes, including credit card and debit card payments, as well as mobile and online payment options.
Worldpay Transaction Fees: 1.5% per transaction
Skrill provides a range of payment processing solutions for businesses of all sizes, including credit card and debit card payments, as well as mobile and online payment options.
Skrill is known for its competitive transaction fees and supports over 40 currencies.
Skrill Transaction Fees: 2.5%
Wepay is a payment processing platform that provides an API for businesses to easily integrate online payment processing into their website or app.
It also offers features such as customizable payment pages, and chargeback management, making it a great choice for businesses looking for a simple and secure payment processing solution.
WePay Transaction Fees: 2.9% + $0.30 per transaction
Payline is a payment processing company that provides a range of online payment solutions for businesses of all sizes.
It offers credit card and ACH payments, mobile payments, and online payments.
Payline Transaction Fees: 0.75% + $0.20 per transaction
Online payment services are necessary for eCommerce sites and businesses that operate online.
They provide a secure and efficient way to accept payments, process transactions, and manage financial transactions.
They also offer customers the convenience of making payments online, which can increase sales and improve customer satisfaction.
Online payment terminology includes terms such as credit card processing, direct debit, mobile wallets, recurring payments, and payment gateways.
Credit card processing refers to the process of accepting credit card payments, while direct debit refers to the process of automatically debiting funds from a customer’s bank account.
Mobile wallets allow customers to make payments using their mobile devices, and recurring payments refer to automatic payments that are charged on a regular basis.
Payment gateways are platforms that securely process online payments.
The online payment process typically involves several steps, including entering payment information, authorizing the payment, and processing the payment.
The payment information is securely transmitted to the payment gateway or processor, which verifies the transaction and sends a response back to the merchant.
Once the payment is authorized and processed, the funds are transferred from the customer’s account to the merchant’s account.
Online payment systems offer several advantages, including convenience, security, speed, and cost-effectiveness.
They allow customers to make payments from anywhere at any time, and provide businesses with a way to process transactions quickly and efficiently.
They also offer secure payment processing and protection against fraud and chargebacks.
Finally, online payment systems can be more cost-effective than traditional payment methods, such as checks or wire transfers.
Online payment systems provide a secure and convenient way to accept payments, process transactions, and manage financial transactions.
With so many payment systems available, it’s important to consider factors such as transaction fees, security, ease of use, and customer support when selecting the right payment system for your business.
By choosing the right system, you can offer a seamless checkout experience for your customers, increase sales, and grow your eCommerce business.