Payment gateways bring speedy retail payment solutions to consumers through the use of digital wallets. One of the most well-known and longest-running digital wallets, PayPal has been growing its services constantly to meet the demands of the millennial and Gen-Z market, who demand technology to be operational everywhere they do. In this article, we will outline five payment gateways, that all take the top spot for a particular audience.
Stripe is arguably the best all-rounder payment gateway out there. Founded in 2011, Stripe employs people in over 14 countries and offers currency transfers between 135 global currencies. Through Stripe, consumers can make payments without borders, pay for subscriptions, and utilize one-click solutions. The platform can integrate with popular online commerce sites including Wiz, Shopify, and Squarespace.
With the amount of power behind Stripe, it needs to have a solid bank verification process to avoid fraudulent actions. Bank account verification is typically managed by third-party businesses, with Envestnet | Yodlee being the best in the business. Using their expertise, businesses can ensure that they’re staying compliant with NACHA regulations, which lays down the law when it comes to ACH deposits.
WePay entered the scene in 2008 and was created with a peer-to-peer community in mind. The reason that WePay is the best for multi-channel is that it has an advanced infrastructure that can deal with complex requests. No matter what size the business is, WePay and Chase Merchant Services can be used to deliver fast results to users.
Twitter co-founder Jack Dorsey created Square back in 2009 and was initially designed to be a POS with the ability to run on smart devices. The reason that this system wins the brick-and-mortar category is that it comes with zero setup fees and includes a card reader along with the system. Square accepts the majority of payment methods, including ACH deposits and credit cards, but it doesn’t offer support for PayPal, which can keep a large portion of the market on the outside.
PayPal is the original wallet, make in 1999 and still standing strong against its competitors. In 2022, PayPal is the greatest solution for businesses, which is why you’ll see it on the majority of online retailers. The reason PayPal does so well is that it’s extremely versatile and even has crypto capabilities now. If a business wants to use PayPal as their gateway they will benefit from competitive rates and a small cost of only $30 a month.
In fitting with its name, Braintree is the best payment gateway for small businesses. Launching in 2010, Braintree was eventually acquire by PayPal and supports the full range of payments both in-store and online. Although it’s not the most groundbreaking system. It is cheap and easy to use, which makes it a great option for startups.
Payment gateways allow the e-commerce world to continue turning, so there’s no surprise that competition in the space is high. The reasons you need a payment gateway will determine which option you choose. But PayPal is a good place to start for any business.