When the whole world is inclined toward the digital industry, it brings in opportunities but parallel increases the competition.
We know that Magento has gained popularity in the market, and most business owners have started their businesses from it. If you rely on Magento 2 Extensions for all the features and functionalities in your ecommerce store, then this might be the right content piece for you.
When it comes to transactions, this is where most customers will abandon your store if they do not feel secure. The fear is genuine, as your customers will be sharing their sensitive information, and they do not want someone unauthorized to get access to it.
Almost 20% abandon carts due to site security. This means you can lose potential leads if you fail to provide a safe method to place an order successfully.
What is a Magento payment gateway?
In simple words, the technology will capture and transfer payment information from the customers to the business owners. The right ones will keep the transactions in your store to be completed smoothly.
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While running a business, it is important to understand the basic terminologies and processes of a payment gateway. The key players to consider in an online payment process are:
- Merchant: This online business provides customers with products or services.
- Customer: The person that wants access to the products or services from the merchant and initiates the transactions.
- Issuing Bank: The customer’s bank will issue the transaction based on the card schemas.
- Acquirer Bank: This will be the acquiring bank that maintains the merchant transactions for receiving payments.
It will also ensure that the details are accurate to complete transactions while being the right interface between merchant and customers.
Merchants' main challenge is choosing an effective and efficient payment gateway that successfully meets store and customer needs. Here, we will share a curated list of top payment extensions for the Magento 2 store!
What are the top payment gateway extensions for Magento 2 store?
1. Magento 2 PayPal Multicurrency Extension
Due to its secure interface, this has become the top choice for customers and business owners. Some benefits of considering this Magento 2 extension are:
- It is easier to install and set up, which means you can start accepting payments quickly
- The platform redirects customers to another portal for completing payments, which means your website does not deal with sensitive information.
- It provides customers with a faster and more seamless experience with a simple checkout process.
- The paypal multi currency magento 2 extension helps to accept payments globally in different currencies. This will help to scale your business effortlessly.
2. Stripe Magento 2 Payment Gateway
This is one of the leading payment methods with a wide network and reduces complexity. The reasons to invest in this payment gateway are:
- It has a user-friendly interface that works on all devices and browsers to provide easy accessibility.
- This payment gateway maintains transparency in transactions and keeps it clear for the customers.
- The owners can customize the checkout process to make it user-friendly and responsive.
- It accepts various payments and currencies, making it easier for customers globally.
3. Magento 2 PayTrace Payment Gateway
Sometimes users do not want to indulge in redirections to complete the transactions. So, this payment gateway will complete the transactions, not redirect users, and give a user-friendly experience. Some unique benefits are:
- Being a web-enabled system, users can access their PayTrace account from different resources.
- It has great functionalities to monitor all the transactions on the ecommerce store. This helps to ensure that everything is running smoothly.
- Customers can complete the payments using a debit card, credit card, or e-check at their convenience.
- When it comes to PayTrace Payment Gateway, it does not take users to any third-party platforms during the checkout process, which saves time and makes it a user-friendly approach.
4. Amazon Pay
Integrating with your ecommerce store and optimizing for better user engagement is easier. The best is that it will accept almost all the major credit and debit cards, making it a perfect solution for customers. A few important pros of using this payment gateway are:
- It makes the process of managing payments effortless and accurate for ecommerce stores.
- The payment gateway does not redirect customers, which makes the payment process faster and more user-friendly.
- Many users already trust Amazon, which means you have fewer chances of abandonment during the payment process.
- Being a mobile-friendly resource, it provides easy accessibility to customers and smoother transactions.
5. Magento 2 Monetico Payment Gateway Extension
This Magento 2 extension will help to accept payments by tailoring its features to meet your sales volume and demands. A few important advantages of investing in this payment gateway are:
- It removes the barrier of geographical locations and time zones as it will accept payments globally and around the clock.
- For the owners, it provides automatic payment updates and adapts to the latest trends
- Monetico payment gateway extension is a customized method compatible with multiple versions of the Magento store.
6. WorldPay Magento Payment Gateway
This robust platform manages online transactions smoothly by providing an optimized solution for various industries. It is a flexible method that will help businesses to accept payments easily through mobile devices. Some unique benefits of integrating this payment extension are:
- Customers can complete transactions using checks, online wallets, or credit cards.
- It has great optimization features that will help boost sales for the business.
- This payment extension makes it easier to tailor the platform according to customer expectations.
- It follows great security measures to ensure all the information is safe from unauthorized users and online vulnerabilities.
It started as a part of small to medium-level businesses, but now it is used by several large-scale companies. It is the right solution when looking for something that meets your requirements and security. A few great benefits of this payment extension are:
- It has an interactive interface that makes the transaction process easy and faster.
- This method allows the owner to customize every feature for the customers to make everything seamless.
- This Payment gateway Magento 2 extension follows the right security measures to ensure that all information is safe from online fraud.
- The best part is that all the checkout information is shared in an encrypted format from the merchant’s website, which reduces the risks of incorrect pricing.
8. Braintree Magento Payment Gateway
This might be the right solution if you want a simple UI that brings a customized experience. Some advantages that you must look at:
- It will store payment information securely for future purchases and transactions.
- This payment gateway provides transparent and straightforward rates to business owners making it easier to grab the right deal.
- It accepts payments using credit cards, debit cards, digital wallets, and more which makes it easier for the customers
- Merchants can accept payments from mobile apps and websites at their convenience.
Read More: How to Configure Braintree Payment Method
What are the mistakes you must avoid while choosing a payment gateway?
While everyone is focused on getting the best payment gateway, there are certain things that they forget to check:
It is important to understand if the payment gateway can accept payments globally and in multiple currencies. Preferring local payment gateways will increase your challenge when business owners plan to target global audiences.
The attempts to steal sensitive information are increasing, so you must keep track of every user visiting your platform. It is important to check if the payment gateway has a record of all the transactions.
Owners must check if the solution provides more than just processing payments. These extra features will help in retaining customers and improve business performance.
No Security Features
It is the merchant’s responsibility to be aware of the global regulations and compliance standards while running an ecommerce business on a large scale. There are payment gateways that handle security and risk management which will simplify the transaction process.
Not checking hidden fees
Third-party extensions always have certain transaction fees, which the merchants need to understand. Many extensions keep hidden charges or have hefty prices based on transaction type or volume. It is important to understand the fees before integrating the extension.
When you run an ecommerce store, it is significant to know the importance of being unique to maintain brand value. But if the payment gateway has restrictions to make updates, you will be unable to provide a personalized solution and create friction for the customers.
When running an ecommerce store, it becomes crucial for the business to explore all the possibilities and choose the best one. Especially when dealing with Magento extension for payment, it is challenging to get everything under a single roof.
As there are various choices, consider all the vital factors to complete the transactions and then take the final step. We hope the above list gives you better insights about the best payment gateway for Magento 2 store. Still, if you want an effective solution, connect with our experts now and explore great opportunities for your store.