Once you have decided which products you will sell in your online store, the next decision that you need to make is how you will accept payments online. Whether you are an existing eCommerce business or new to the game, all online retailers require a reliable and secure payment processing system to ensure smooth transactions and customer satisfaction. However, with so many payment solutions available in the market, choosing the right online payment option for your business can be overwhelming. In this article, we will take a look at the eight best eCommerce payment solutions for new and growing online retailers.
What is a payment processing solution?
A payment processing solution is the software that an online retailer uses in order for the buyer’s money to find its way to the seller's hand when he completes a purchase. This process should be seamless and require no more than a few seconds. Two main differences exist between the online payment options, hosted and self-hosted. Hosted payments, such as PayPal, will redirect the buyer off-site to complete the transaction. On the other hand, self-hosted payments, such as Stripe, allow the customer to complete the payment on your site.
When selecting a payment solution, online retailers need to consider factors such as the size of their business, the types of products or services they sell, and their target audience. When choosing your eCommerce payment solution, three main considerations need to be made.
- It integrates with your eCommerce platform.
- Has good terms and rates
- Accepts the preferred payment methods of your shoppers
Here are some of the top eCommerce payment solutions available:
8 best eCommerce payment solutions
PayPal
PayPal is the most frequently used eCommerce payment method in the world. It is a household name that most people are familiar with, trust, and use regularly. For new eCommerce businesses, PayPal makes an excellent solution for you to start off with. It is easy to use, reliable, secure, can be integrated into almost every platform, and will put your customers at ease when completing their purchase. Although it may not be the most cost-effective solution out there, the charge per transaction is relatively low, and there are no monthly charges or setup fees involved.
Stripe
Stripe is a simple and popular payment processing platform that offers seamless integration with eCommerce platforms such as Shopify, WooCommerce, and Magento. It provides a simple and secure checkout process and supports over 135 currencies. Stripe offers a wide range of features and is considered a great solution for retailers who want to customize their payment methods, as it also provides excellent “developer-friendly” tools. If you work with a brick-and-mortar store, Stripe supports in-person payment with their POS system, remaining consistent with both marketplaces.
Square
Square is the perfect solution for businesses with a brick-and-mortar presence interested in taking their activity online. Square is well known for its POS systems that can be easily integrated with its eCommerce payment methods. If you haven’t yet opened an online store, Square offers an impressive website builder that doesn’t fall short of many other well-known eCommerce platforms. In addition to Square’s high versatility, another significant advantage is its competitive pricing and easy integration with almost all eCommerce platforms.
Helcim
Helcim is an ideal solution for small eCommerce small businesses as it is easy to use and does not require specific coding knowledge. It can be integrated with many eCommerce third-party software and is highly customizable. In addition, Helcim has no setup, monthly, cancellation, or compliance fees, making it a much more cost-effective solution than most other online payment options.
Venmo
Transferwise
Transferwise is a popular alternative to PayPal and is often preferred because of its lower fees and compatibility with international payments, having minimal fees, and competitive exchange rates. It is a popular payment solution for eCommerce stores that have buyers worldwide or need to pay international suppliers. TransferWise allows small businesses to send and receive money in multiple currencies, convert currencies, and deposit funds to their local bank accounts. Overall, TransferWise is an excellent solution for businesses looking for a user-friendly and affordable payment method.
2Checkout
2Checkout is considered a great alternative to other well-known solutions, such as Stripe or PayPal, as it is supported in many countries and some high-risk industries. Like Transferwise, 2Checkout specializes in international sales and global payments, working with over 80 currencies in 15 languages. Although it has a slightly pricier payment model, it offers a simple and attractive option for many eCommerce businesses.
Apple Pay
As the obsession for all things Apple only continues to grow, Apple Pay makes a very convenient payment solution for many Apple users worldwide. Apple Pay is a digital wallet and mobile payment service that allows users to make purchases in-store, online, and within apps. For eCommerce businesses, Apple Pay offers a convenient and secure mCommerce payment option for shoppers purchasing through mobile devices. The downside, Apply Pay isn’t readily available for all platforms. To accept Apple Pay on an eCommerce website, businesses need to use a payment processor that works with Apple Pay, enable payment request buttons, and display the Apple Pay logo to let customers know that the payment option is available.
To wrap it up, choosing the right payment processing solution for your eCommerce business can significantly impact your sales and customer experience. Choosing the right eCommerce payment solution for your store will help you streamline your payment processing system and take your online retail business to the next level. You can find the right solution that meets your business needs by considering and reviewing the features, pricing, and customer feedback of the top 8 eCommerce payment solutions listed above.
Integration with ehouse
A fully integrated payment system is important, but it is not the only thing to consider when discussing platform integration. It is also vital that your eCommerce platform be fully integrated with your fulfillment center or third-party logistics (3PL). Among the many benefits that ehouse provides to eCommerce businesses, it offers easy integration with almost every eCommerce platform, making inventory management completely hassle-free. By becoming part of the ehouse community, you will learn the skills and gain knowledge about payment solutions and business strategy from store owners with years of experience. A reliable supply chain management solution such as ehouse can make all the difference to a business looking to expand and achieve its goals. To learn more about how you can invest in your business's future with ehouse, contact our eCommerce logistics experts today.
