Top 10 Payment Providers for Magento 2
Ideally, your customer’s journey ends at the checkout page when they’re ready to purchase from your site. However, according to a study performed by Fresh Relevance, up to 57% of online buyers abandon their cart just one step away from getting a product.
So, what’s stopping customers from completing a purchase? Besides other reasons, a large percentage of it is related to the payment process. Thus, 21% of surveyed customers say that the checkout process was too long or complicated for them to complete. 17% of respondents didn’t trust the site with their credit card information and 6% report a lack of payment methods available.
And surprisingly, 78% of surveyed agree they’re more likely to shop with an online retailer if they see the logo of their preferred payment type.
We all can agree that payment gateways are essential for any eCommerce store since it stands between your company’s bank account and a customer’s wallet. However, what’s even more important is to implement the best payment option that would eliminate the issues we mentioned above.
So, before looking into different solutions available out there, let’s establish criteria that will help you choose.
- Capabilities – take a close look at what types of payments are accepted and compare them to your customer’s needs.
- Customer experience – ensure that the payment provider you choose offers smooth checkout.
- Security – it’s probably the most important criteria to take into consideration to secure your customers’ personal information and protect your company from possible fraud.
- Implementation – check how payment solution integrates with your Magento store
- Cost – consider what fees are charged
Now, keep these in mind, and let’s take a look at the most suitable payment solutions for Magento.
Magento 2 built-in payment solutions.
The great news is, there are 5 popular payment providers already present in Magento 2 by default, which makes the integration much easier and less time-consuming. Let’s take a closer look at each provider separately.
PayPal is one of the most recognizable payment providers with an excellent reputation and 170+ million worldwide users.
The most significant benefit of PayPal is its simplicity. A customer can use their PayPal account or simply an email address to pay for goods in just a few clicks.
As for fraud prevention, PayPal offers advanced encryption and 24-hour monitoring. It also supports 200+ currencies and has a relatively average cost of 2.9 percent + 0.30 USD. However, PayPal charges you based on monthly sales volume, so it’s worth taking the time to read through all T&Cs.
You can easily set up PayPal right from your Magento admin panel following the instructions here.
Braintree is a full-stack payment platform owned by PayPal. It’s suitable for businesses of all sizes and allows different payment methods such as Apple Pay/Google Pay, Bitcoin, Venmo, and others.
It’s optimized for both web and mobile devices and has a PayPal integration built-in. Besides, Braintree also provides secure data storage and fraud protection.
3. Amazon Pay
Amazon Pay is a flexible payment gateway that provides users with two services: Checkout By Amazon (CBA) and Amazon Simple Pay (ASP). It allows users to pay with their Amazon account through a widget, which means they do not need a redirect to any external site to complete the purchase.
Amazon Pay gives you the flexibility to control the entire shopping experience and connect it to your ERP or other systems.
It also provides several merchant tools, such as payment marks and buttons, logos, marketing guides, and more.
You can easily set up Amazon Pay following the steps here.