The number of transactions has been increasing and all hackers see are dollar signs from e-commerce websites to major businesses. The way hackers get to these transactions is by manipulating the payment processing chain which promises them lucrative rewards. The stakes keep getting higher for both the retailers and cybercriminals. Thankfully there are cost effective solutions for e-commerce businesses who want to offer their customers a convenient way to pay, using their debit and credit cards, without losing their trust and putting their banking information at risk. Here are the best cost effective solutions for secure e-commerce payment gateways.
Using PayPal with E-commerce Websites
PayPal has set the standard for online payment gateways with features which include no fee buyer processing currency conversion, encrypted transactions and no monthly minimum for its merchants since 1999. Furthermore, it has an easy setup with customisable options such as the ‘view cart’ button for your business. However, one of the biggest benefits of PayPal is that numerous people use this payment gateway which in turn makes it one of the most recognised payment processors in the world.
The negative side to PayPal is that its merchants pay transaction fees as well as the customer service is deeply lacking. But in the long run, it is worth it for e-commerce brands. This payment gateway leader offers premium rewards to hackers who monitor the PayPal network looking for vulnerabilities and weaknesses.
Using Braintree with E-commerce Websites
Braintree is backed by PayPal and is a great option for those ‘one-off’ payments and subscription management. It offers some amazing advantages for merchants such as no transaction fees for the first $50,000 and offer volume discounts for those who exceed $80,000 per month. They also have a currency converter that is available with an additional 1 percent fee for processing and all chargebacks receive a $15 fee which is standard for most payment gateways. The downfall to Braintree is that most users state that the setup is a bit confusing and the API isn’t a direct placement.
Using Stripe with E-commerce Websites
Stripe is also a great option when it comes to an easy to use, direct placement option for processing cards. It is user friendly with great features right from the get-go such as accepting more credit cards, automated payments for recurring billing and being able to sync your sales data with apps that you are already making use of. Stripe offers a 2% market exchange rate with its currency conversion and process Bitcoin for 0.5%. They also have many other features such as mobility focused features for businesses to use Apple Pay, Android Pay and American Express Checkout. You are also able to arrange for discounts on multiple transactions as well as no monthly fees. Stripe also processes their payments on their own network where hackers are not able to access credit card information.
There are many other payment gateways out there for e-commerce websites, but with all the business online these days, PayPal, Stripe and Braintree are the ones that are most frequently used and are safer than many others. For more information regarding payment gateways, contact our representatives at www.tristarwebsolutions.co.uk.