In 2019, online merchants are faced with a wide range of options when it comes to choosing a payment processing provider. The best platforms are able to meet the needs of both an eCommerce business and its customers and ensure secure financial transactions. Consider these factors when looking to partner with a payment platform.
Secure payment authorization might be the most important factor for choosing a payment provider. According to the Online Fraud Benchmark Report, online businesses face direct financial consequences from an unsecured platform, as 0.8% to 0.9% of annual sales could be lost to fraud. In addition, eCommerce businesses jeopardize their entire brand reputation when customers are at risk due to an unsecured payment gateway. Pay attention to which types of fraud detection and security tools are used.
Cost is an important consideration when choosing an eCommerce payment platform. It’s important to compare monthly service costs in addition to all individual transactions and rates. The most basic variable cost is the direct processing fee charged for each transaction, which is typically a percentage of the total transaction amount. In addition, a payment partner may also charge interchange, assessment or markup fees, so it is important to keep in mind the total cost of doing business with the provider.
Top eCommerce payment providers for 2019
What are some of the eCommerce payment processing companies leading the pack in 2019? The following four platforms all offer top-notch service.
Stripe is one of the payment processing industry leaders because it offers a high degree of customization and a secure approach to online financial transactions. Its vibrant developer community makes it a smart choice for integrating with the Stripe API infrastructure.
PayPal has earned a strong reputation for processing online financial transactions. The new Payments Pro allows credit, debit and even PayPal payment options and delivers features with support for as many as 26 currencies. M Payments Pro also supports mobile checkout and PCI compliance.
Amazon Pay, the recently rebranded update to Amazon Payments, is another leading payment provider in 2019. This service advertises no add-on fees outside of the 2.9% plus a 30-cent fee per transaction. This fee is in line with the industry. Amazon Pay also utilizes fraud detection and customer verification to secure transactions. It even integrates with Amazon IoT devices to allow voice-based shopping.
WePay is a specialized eCommerce platform and an early P2P payment processor, which now handles $1.4 trillion in annual payments. The WePay gateway is a joint effort with Chase Bank. The platform provides a sleek interface and secure integration for developers via RESTful APIs.
Reasons to switch to a new payment provider
Businesses may have several reasons for switching to a new payment provider, such as evolving day-to-day needs and providing a better customer experience. For example, a business expanding internationally may find itself needing to handle payments from different countries and currencies. Or, a business may want to upgrade its payment gateway user experience for customers while also saving on fees.
Regardless of the reason, Terrace Consulting has the depth of experience to help design a successful eCommerce platform from start to finish. Contact us today to get advice about which payment platform will best suit the needs of your business.