As an e-commerce business owner, you need to focus on customer checkout experience. This can be influenced by several factors. But one of the most important elements is a payment option.
A reliable and safe Magento payment gateway is vital to providing the optimal shopping experience to your customers.
While considering Magento Extension for e-commerce, it is common for PayPal to pop into your head. However, you can find several other extensions that can improve your customers' checkout experience.
In today's blog, we are going to help you pick the best payment gateway for your e-commerce store.
What is a Magento Payment Gateway?
In e-commerce, you need to approve digital payments. And that's what a payment gateway does.
It is a transaction service that helps you approve digital payment. It acts as a connecting channel between customer shopping cart, the payment processor and merchant's acquiring bank.
- A payment gateway securely transmits your customer's payment information to the payment processor.
- The payment processor then communicates with the acquiring bank.
- Once the acquiring band responds, the payment will be successful.
Examples of popular payment gateway integrations include:
- Paypal Multicurrency
- Paytrace payment gateway
- Offline Credit Card Payment
How do you evaluate a payment gateway for Magento?
Now it is pretty evident that a well-functioning payment gateway is essential for offering a smooth check out experience to your online shoppers.
The payment gateway you choose should be adaptive to your Magento store. it should also align with your business goals and overall strategic brand directions.
When shortlisting Magento extension for e-commerce, consider the following factors:
Security
The payment gateway must be PCI-DSS compliant. It should leverage advanced security measures. These security integrations protect you and your customers against fraud and data breaches.
Integration
When selecting a payment gateway, a smooth integration with Magento and your hosting provider is essential. Only then can your customers check out their cart without any complexities?
Today, online Shoppers prefer website that offer multiple alternative to make payment. Therefore, your payment gateway integration should support various payment methods.
These include credit cards and digital wallets.
Pricing
You must have a predefined budget for operating your e-commerce Store. Therefore, when considering to integrated a new plugin don't forget to check the cost.
The pricing needs to be transparent, and transaction fees should be affordable.
Customer support
The payment gateway must offer reliable customer support. They can help you troubleshoot any issues that arise in the future.
User experience
As mentioned previously, check out experience is very important. Complex check out processes can lead to increased cart abandonment rate.
Therefore, your chosen Magento extension for e-commerce should offer a smooth and intuitive checkout experience.
Scalability
With time you are business will grow. And your payment gateway should be able to accommodate your evolving needs as you scale up your business.
Magento presents 2 editions—community and enterprise. Your choice of Magento version can affect your capabilities to deliver more robust features.
- The Magento community is ideal for startups or small e-commerce businesses
- Magento enterprise caters to both small and large enterprises.
Consider a payment service provider that can incorporate both editions. This ensures future backup.
Best Magento 2 Payment Integrations For 2024
Paypal Multi Currency Magento 2 Extension
Paypal multi-currency Magento 2 extension is one of the most popular plugins in the E-Commerce industry.
With this extension, your customers can make payments in the desired currency through Paypal.
For customers, this will lead to a better shopping experience. Business owners can broaden their customer base.
Accept payments from global customers effortlessly.
Here are a few standout features of Paypal Multicurrency Magento 2 Extension:
- Supports both PayPal standard & PayPal express payment method
- You can easily accept payment in any currency other than the base currency
- Your customers can place orders in their own currency available in your store
- Easy and fast one-click installation to get you started quickly.
- Hyva Theme compatible for better performance
- Supports advanced Magento versions, including 2.0.x, 2.1.x, 2.2.x, 2.3.x, 2.4.x
Paytrace payment gateway
Hectic or time consuming payment process can lead to cart abandonment. And that's very frustrating for business owners.
But you can skip all the frustration with the PayTrace payment gateway. The most amazing benefit of this plugin is that your customers don't need to leave your website page when they make a payment.
With this plugin your customers can stay on your website page and complete the payment. This translates into quick and easy check out.
Here's a list of key features:
- This payment extension is compatible with several advanced Magento versions, including 2.2.x, 2.3.x, and 2.4.x
- Your customer get the flexibility to use all the major credit credits accessible in the US. These include Visa, American Express, Mastercard, and more.
- The tech structure leverages PayTrace JSON API and PayTrace Post API.
- Hyva Theme compatible.
Offline Credit Card Payment Method In Magento 2
Entering credit card details every you shop can be frustrating. And your customer also shares the same experience.
But you can change that with the Offline Credit Card Payment Method In Magento 2.
With these plugins, your customers can save their credit card details for future use.
All they need to do is enter their credit card number and the expiry date for the first time.
Then, the card details are stored in the secured database. Not only that but the data is also stored in an encrypted format using Magento's built-in encryption method.
What do we love about this plugin?
- Credit card details are in an encrypted format, making them less vulnerable to threats.
- Your customers can use the saved credit card details for both online and offline order processing.
- As a store admin, you have the option to view and wipe out the credit card details in case of any security breaches.
Magento 2 Payment Restrictions
Various Payment methods are at the heart of any eCommerce Store.
Sometimes all payment methods may not be suitable for your customers or products. In such cases you can restrict specific payment methods depending on certain conditions.
For example, you might disable cash on delivery for orders below $100.
With the Magento 2 Payment Restrictions, you can adjust payment restriction rules on your Magento 2 store.
