The Best 4 Payment Gateway Providers For Your Business in 2024

With the pace of life getting faster and faster, businesses across industries are looking for ways to streamline operations and make it easier for customers to complete key tasks.

Today’s consumers want fast—but affordable—access to business services that can be booked quickly and paid for immediately through tools like digital cards, electronic wallets, cryptocurrency, and other payment methods.

Online payment solutions are an effective way to meet these new expectations. Yet, finding payment gateway providers that meet the unique needs and goals of your business can feel challenging. Below, you’ll find the top payment gateway solutions offered on the market today and which option is best for businesses.

Before we take a look at the top payment gateways, let’s review what these platforms are.

What is a payment gateway?

Payment gateways are platforms that make online payments easier for merchants or those in eCommerce or WooCommerce. With the tools, merchants can accept payment methods such as electronic payments (like Apple Pay or Google Pay), accept credit cards, and debit cards. Most payment gateway platforms follow this process:

1. Consumers make a purchase and proceed to the checkout page on a merchant’s site.
2. Next, customers enter their payment details on the payment page of the website.
3. The payment gateway then encrypts the payment. This is done to ensure the payment is secure and the customer’s information or financial data stays protected.
4. Next, the platform sends the encrypted payment to the corresponding issuing bank or financial institution.
5. The financial institution then reviews the payment and either approves or declines it and sends the response back which then sends it to the payment gateway.
6. Finally, the payment response is forwarded directly to the merchant’s site. The customer is also informed about whether their transaction was accepted or rejected. If the transaction is approved, the funds are transferred from the customer’s bank account to the merchant or issuing bank.

Six Key Features of Payment Gateway Platforms

Features of payment gateway platforms depend on specific payment gateway companies’ processes. However, most of the top payment platforms offer businesses the following:

Security and Fraud Prevention

To keep a customer’s personal and payment information secure, most payment gateways or merchant services include advanced encryption technologies. These features help protect sensitive information from unauthorized user access or theft as it’s sent between the payment gateway and the corresponding financial institution. Additionally, fraud detection mechanisms like Card Verification Value (CVV) and real-time transaction monitoring help identify and prevent suspicious activities.

Ease of Integration

For a payment gateway to be effective and user-friendly, it has to integrate with a business’s existing technology stack. Top payment gateways include well-documented Application Programming Interfaces (APIs) and Software Development Kits (SDKs) that allow for seamless integration.

Payment Methods Supported

With numerous payment forms available to customers, businesses need to ensure their payment gateway or payment processor supports these methods, including major credit cards, digital wallets, bank transfers, and alternative payments. The ability to take payments is also critical for businesses with an international customer base.

User Experience and Interface

The user experience and interface of a payment gateway are arguably the most important features. A great payment gateway is clean, intuitive, and user-friendly, simplifying online payment processing for both customers and businesses. Top platforms typically include customizable payment pages that match the look and feel of the business, which helps build trust with customers.

Reporting and Analytics

Reporting and analytic tools are critical for businesses to understand customer preferences and optimize their payment processes to match. More advanced payment gateways or payment processors can offer deeper insights into customer behavior, fraud patterns, chargeback rates, and more, allowing businesses to monitor and manage transactions, respond to security threats, and better manage cash flow.

Customer Support

Customer support is also a critical feature of payment gateways. Businesses need access to knowledgeable and responsive support teams that can quickly resolve technical issues or troubleshoot problems. Support is usually offered through multiple channels, including phone, email, live chat, or text messaging, as well as through a knowledge base or help center.

4 Types of Payment Gateway Providers

Before we review the best online payment gateways, it’s important to understand the four different types of payment gateway providers:

Hosted Gateways

Hosted gateways are solutions where payment processing happens directly on the payment gateway provider’s servers. They’re like a ready-made checkout counter for businesses. For example, when a customer is ready to pay, they’re sent to a secure payment page provided by the gateway solution.

Self-Hosted Gateways

Customers can handle payments directly on a business’s website with self-hosted gateways. When customers checkout, they enter their payment details on the same website, making for a smoother checkout experience.

API-Hosted Gateways

API-hosted gateways provide organizations with more customization around their billing processes. These gateways allow businesses to embed payment processing directly into their online payment portal or mobile app, giving them more flexibility to create a unique payment process for their customers.

Local Bank Integration

Local bank integration involves connecting directly with the issuing bank to process payments, which usually involves setting up a merchant account. The approach allows businesses to receive payments directly into their bank accounts, an ideal option for larger businesses or those with high buyer volumes.

The Top 12 Payment Gateway Providers in the Market

Now that you know the importance of a payment gateway for your business, here are the top 11 payment gateway providers in today’s marketplace — from 2Checkout, Braintree, and Stripe Payments to PayPal, Podium, and Square.

Podium Payments

Known for its ability to enhance customer engagement, Podium Payments allows organizations to handle payment transactions in the channel they’re already using to communicate with customers—text. With payment requests in the same communication thread, customers are more likely to make payments on time. Podium Payments also features advanced security features, ensuring customer personal or financial data are secure and protected. Additionally, Podium’s payment processor platform features competitive transaction fees of just 2.9% + $0.30 per transaction.

Learn more about how Podium Payments can simplify and streamline payment processes by watching a free demo.

Chase for Business

Chase for Business offers numerous payment solutions designed for both small and large organizations. The platform includes integration with Chase’s business accounts and includes features for online, in-office, or mobile-based payments. Payment methods, including ACH transfers, debit and credit cards, and others are also supported. The platform typically charges 2.6% + $0.10 per transaction though the amount can vary based on transaction volume and type.

WePay

A Chase company, WePay is a payment service provider that easily handles online payment processing for platform businesses, crowdfunding sites, and online marketplaces. WePay offers numerous APIs that allow for seamless integration of payment processing into various platforms, with a strong focus on fraud prevention and compliance. The payment processor also provides customized pricing for larger businesses or those with higher transaction volumes, offering flexibility based on specific needs. WePay’s transaction fees typically start at 2.9% + $0.30 per transaction for most credit card payments.

Stripe

Known for its powerful API, Stripe is popular among more tech-savvy businesses or developers. The flexible platform supports various payment options, such as credit cards, cryptocurrencies, and even digital wallets. Some of Stripe’s additional key features include advanced fraud protection, recurring billing, and customization options. Stripe charges 2.9% + $0.30 per successful transaction for online payments, with different rates for in-person and international transactions.

PayPal

One of the most popular online payment solutions, PayPal is known for its ease of use and flexibility. PayPal allows organizations to accept payments online directly through someone’s PayPal account or their credit or debit card. PayPal also provides robust buyer and seller protection, something particularly beneficial for businesses who must ensure customers’ personal information and financial data are protected. PayPal charges 2.9% + $0.30 per transaction for domestic sales, with slightly higher fees for international transactions.

Ayden

Ayden is a global payment gateway that’s well known for its extensive range of payment methods and scalability. It supports online, on-location, and mobile payments and includes features including risk management, multi-currency support, advanced reporting features, and others. For businesses with international operations, Ayden is particularly beneficial as it offers sophisticated fraud detection and can easily handle high transaction volumes. Adyen’s transaction fees vary based on the payment method and region but typically start around 2.9% + $0.12 per transaction.

Braintree

A PayPal service, Braintree is a comprehensive payment solution platform that includes credit card processing, mobile payments, and recurring payments. It’s known for its ability to support a wide range of payment types and its flexible API that allows for extensive customization. Braintree’s transaction fees are typically around 2.9% + $0.30 per transaction, with additional fees for international cards.

Square

Square provides organizations with a range of payment solutions, including point-of-sale (POS) systems, online payments, and invoicing. The platform features a straightforward pricing model, a free point-of-sale app, and multiple hardware options. The ease of use and flexibility of the platform makes it ideal for smaller businesses or startups. Square’s pricing model includes a flat fee of 2.6% + $0.10 per transaction for card-present payments and 2.9% + $0.30 for online payments.

Amazon Pay

Leveraging the trustability of Amazon, Amazon Pay creates a seamless checkout experience for users using their Amazon account credentials. Some of its key features include easy integration with e-commerce sites, support for multiple payment methods, and a fast, secure checkout process. Amazon Pay charges fees similar to PayPal, which is typically around 2.9% + $0.30 per transaction for domestic payments. For businesses looking to capitalize on Amazon’s customer base or those wanting a familiar, convenient payment option, Amazon Pay is a good choice.

Verifone (formerly known as 2Checkout.com, Inc.)

2Checkout, now called Verifone, provides businesses with a global payment gateway that supports numerous payment methods and currencies. It also includes recurring billing, multi-currency support, and a customizable checkout experience. Processing fees are generally around 3.5% + $0.35 per transaction, with variations depending on the payment method and region.

CyberSource

A Visa company, CyberSource is a robust payment gateway that includes features like fraud management, global payment support, and reporting tools. It supports payment methods like credit and debit cards, digital wallets, ACH transfers, and more. CyberSource is particularly beneficial for businesses needing advanced security and fraud detection features. The payment processing platform typically charges around 2.9% + $0.10 per transaction, but this can vary depending on transaction type and volume.

Helcim

Helcim provides businesses with a payment gateway that’s focused on providing transparency and high-quality customer service. It supports various payment methods, recurring billing, and advanced reporting tools. Helcim charges a flat rate of 2.6% + $0.10 per transaction, which is considered standard for most payment gateway platforms. For businesses looking for a platform with clear pricing and reliable service, Helcim is a great choice.

As businesses are evaluating payment gateways, they must carefully consider their specific business goals, customer needs, transaction or processing fees, and existing technology stack. Keeping this information in mind during the evaluation process will help you find a payment platform that provides a fast and secure payment process.

Elevate Your Payment Experience With the Right Gateway from Podium

Payment gateway services can transform how businesses across industries handle customer transactions. The right tool provides a seamless, secure, and efficient payment experience for both businesses and their customers while keeping processing fees low. From robust security features and easy integration to support for different payment methods and reporting tools, top payment gateway platforms allow businesses to customize their processes based on their specific needs.

With Podium Payments, simplifying the payment process for your merchant accounts and your customers is easier than ever. Podium Payments accepts payments from financing and subscription models that make the payment experience fast, convenient, and secure for everyone. Additionally, with an easy setup and centralized payment, businesses can deliver a seamless payment experience from start to finish without the hassle of multiple platforms.

Ready to elevate your payment processes? See how Podium Payments simplifies transactions and improves business performance by watching a free demo today.