TOP 10 payment gateways used around the world

It’s not a new phenomenon to be tempted to purchase anything you see on the internet. You may think you know who you are, but the internet has more alternatives than anybody else for what you want to purchase or add to your wish list.

However, with the generation’s increasing reliance on technology, security is becoming an increasingly critical consideration. The payment method or the gateway is sometimes seen as illegal or unsecure, which discourages many people from doing their shopping online. When it comes to putting your financial information in the hands of an untrustworthy website, no one wants to take the chance.

To begin with, let’s speak about what a payment gateway is….

In a nutshell, a payment gateway is a service provider that acts as a conduit between the consumer and the acquirer. Credit card numbers and other sensitive data are a major part of this section. Paying for goods and services is made easier when a payment gateway acts as a go-between.

As a result, you’re in good hands today. The following is a list of the top 10 most popular online payment gateways, each with its own set of advantages and disadvantages.

1. Paypal

Using this gateway, you may transfer money to your friends and family members as well as to any company you choose to send or trade money with. The transaction is free when sending money to friends and relatives, but PayPal deducts or charges a modest fee when transferring money for commercial purposes.

As Paypal has been trusted by most users in the international market, too, it certainly has some pros and cons.

Pros: 

1. It gives you an extra level of security. If your payment has been completed on a fraudulent site, your money is refunded through Paypal can bring your money back through Paypal.
2. You can send or transfer money to your friends or family free of charge!
3. Encryption of your data so that all the credentials you enter are safe in the system.

Cons: 

1. Charges money if you have a business transaction.
2. Strict and aggressive rules. Paypal has the reputation of strictly freezing your account if they feel that unethical transactions have been carried out through your account. They freeze your account until they find out you have done nothing.
3. Their customer service is hard to reach.

So next time you feel like starting a Paypal account, read their terms and conditions carefully so that your budget doesn’t get frozen!

2. Amazon Pay

When it comes to buying, you can’t go wrong with Amazon, which has a payment gateway that is simple to use, trustworthy, and reliable, making it a popular choice for many consumers.

Pros:

1. There is no need to create unnecessary accounts as it links with your existing amazon shopping account.
2. Users feel amazon has more offers and cashback for their customers who use amazon pay.
3. Has high technological strength, so fewer chances of getting defrauded by scamming offers and payment gateways.

Cons: 

1. Customers need to have an amazon account for using amazon pay.
2. No in-person payment support.
3. Account gets shut down if amazon feels that the customer hasn’t fulfilled the terms and conditions of the account.

3. Google Pay

It is one of the fastest and simplest payment gateways we have. Do you want to book a ticket, a cab or order food? Anything can be done on it with quick and easy steps.

Pros: 

1. Very easy and quick to use. You initiate a payment, and it’s done in less than 30 seconds!
2. Very highly secured. If you want a highly encrypted and safe payment gateway, you want to rely on… google play is the answer!
3. Attractive promotions and rewards. Google pay gives you attractive scratch cards after making a payment or transaction.

Cons:

1. Supports only on certain phones. That’s a significant disadvantage of google pay that only specific phones support google pay on them.
2. The final payment depends on mobile devices.
3. Lack payment receipts. If your phone is lost or misplaced, you won’t access the app as it was associated with your phone.

4. Stripe Payment Gateway

Stripe is a formidable contender in the payment gateways industry, which will soon catch up with Paypal. In addition to that, it follows a cloud-based payment method system so that there is a range of APIs which give the merchant complete control to integrate new payment options.

Pros: 

1. They provide 24*7 customer support to their customers.
2. There are no refund fees for your payments.
3. Most accessible to set up and maintain.

Cons: 

1. Not available in all the countries around the globe. Hence does not support different currencies.
2. Requires software knowledge to use it as it comprises a range of API.

5. American Express

It is high in customer trust even if it doesn’t have a high market share as Paypal and google pay. Many customers use it because of the confidence they have gained over time.

Pros: 

1. Cashback offers up to 5% of the payment or transaction done.
2. Best customer support
3. A high number of customers increases the trustworthiness of the company.

 Cons:

1. Low transaction limits
2. Technical limitations – the customers need to have NFC-compliant smartphones.
3. Limited international availability.

6. Apple Pay

More than 64% of the population in the US uses apple as their smartphones and watches. It pulls out your debit card, credit card, and other wallets associated with your account.

Pros:

1. Easier to use, no pins to remember, scan, and you’re done.
2. Tighter security features
3. Convenient because it has all the details on your phone and is handy.

Cons:

1. Not all merchants other than the US support apple pay.
2. Not accessible and of use if your phone dies out.
3. Most important, it only works with Apple devices.

7. Square

Square allows merchants to accept mobile credit card payments via a plastic dongle that can be inserted into a phone port. Square passes the payment transaction information to the Acquiring Processor via an internet connection.

   Pros: 

1. No monthly or annual fee
2. User-friendly interface
3. Free swipe card reader.

   Cons:

1. Weak customer support
2. Stability issues
3. High transacting companies aren’t supported due to inadequate data security.

8. Visa Checkout

Visa checkout makes it easy for consumers to pay for their purchases by having them fill out as little as two sections on their credit card. In addition, because of their extensive client base, it is simple and dependable to use.

Pros:

1. You don’t have to establish a new account. The customer’s information is already in the gate-way.
2. In other words, transactions are simplified by charging just one card at a time.

Cons:

1. The user may have to keep track of which of his several accounts he wants to utilize.
2. Every new card has to be added manually into the system.

9. Masterpass

The master pass payment mechanism is identical to that of American Express and Visa. It’s a safe and secure way to pay for purchases and other kinds of activities online.

Pros:

1. Exceptional client service.
2. There are no transaction costs.
3. Bonuses and discounts for shopping.

Cons:

1. For each card you use, you need to remember a pin.

10. 2Checkout

If someone is looking for instant payment checkouts, 2checkouts is the answer. It is a fully processed payment solution.

Pros: 

1. Provides worldwide customer support.

1. High and secured data
2. All currencies are supported, as well as languages like English.

Cons:

1. A larger fee is charged in certain countries than others.
2. For the most part, it’s suited to internet ventures.

As a result, the next time you need to choose a payment gateway, thoroughly weigh the benefits and drawbacks of each option.