eCommerce Payment Methods

No matter what services or products you provide, any eCommerce website is going to need to select a payment gateway & methods of accepting payment

50% of customers will abandon their purchase if they don’t see their preferred payment system available. The advantages of these alternative payment processes include:

  • Convenience: Fewer barriers to paying for goods, faster checkout process
  • Audience: Adapting suppliers based on customer region, sales-type or demographic
  • Location: Both regional and international methods can be used

Some of the most popular payment methods worldwide include:

  • Digital Wallets (Paypal, Alipay)
  • Credit & Debit Cards (Visa, Mastercard)
  • Direct Debit
  • Bank Transfers
  • Virtual Cards
  • Cryptocurrency
  • Coupons & Store Gift Cards

The difference between an eCommerce solution vs. a payment gateway is that one typically charges transaction fees for handling the payment process.

Transaction Fees & Providers

  1. Stripe at 2.9% + $0.3 per transaction
  2. Paypal Standard at 2.9% + $0.3 per transaction (external check out process)
  3. Bambora at 2.8% + $0.3 per transaction, as well as $25 monthly fee and one time setup fee
  4. Moneris at variable rates (MasterCard / Visa at 1.6% + $0.05) plus one time setup fee of $150
  5. Paystone at variable rates as low as 1.27% + $0.05 per transaction with $20 monthly fee

With plenty of startups disrupting the payment processing industry there will likely be new competitors charging even less fees.