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Mar 15, 2023

Top 7 Popular E-commerce Payment Solutions in 2023

Top 7 Popular E-commerce Payment Solutions in 2023

A stunning online presence can be easily overshadowed by a payment system that's unreliable or difficult to use. To ensure customers both stay and shop, businesses should aim for comprehensive solutions that prioritize performance as well as aesthetics.

But which payment solutions are worth the investment? Read along to find out.

In this blog, we've listed the top 7 eCommerce payment solutions along with the primary features they offer. This way, you can easily compare the available options, choose the best payment solution and ensure success for your e-commerce business.

Current E-commerce Industry Landscape

Over the past couple of years, especially after the COVID-19 pandemic, consumer behavior has changed significantly. Consumers now prefer shopping online more than physically visiting the store. No wonder over 75% of individuals shop online at least once a month.

And this inclination towards online shopping comes from its convenience, further fueling the global eCommerce industry. According to a report, retail eCommerce sales that were at 3.5 trillion are expected to surpass $6.5 trillion by 2023.

While the eCommerce industry is growing, and millions of businesses are popping up, only a few have become successful. And the reason behind their success is a seamless checkout experience, which comes from a reliable payment solution.

Let's now learn about some of the most reliable payment solutions you can integrate into your business to offer your customers a customized and seamless checkout experience.

7 Best Payment Solutions for E-commerce

7 Best Payment Solutions for E-commerce-1

Here are the top payment solutions for eCommerce you can rely on:

1. inai

inai is an end-to-end payment aggregator solution that can take your business global like no one else. With inai, you can integrate over 30 payment gateways and offer 300+ payment methods to your customers. 

Here are some striking features inai offers:

  • Setup Fee: Depends.

  • Monthly Fee: Smallest plan starts at $500 a month + 0.2% of transaction volume

  • Transaction Charges: 0.2%

  • Payment Methods: inai supports 300+ local and global payment methods, from traditional credit or debit cards to crypto, digital wallets, BNPL, and more.

  • Currency Support: With inai, you can access all major currencies globally.

  • Customer Support: Top-notch support with a 2-hour TAT. 

  • Approvals and Onboarding Time: Anywhere between a few hours to a few days.

  • Ease of Integration: Allows you to integrate any payment gateway without writing a single line of code and go live within hours.

  • Payment Routing: Allows you to route transactions through the most viable payment gateway using parameters such as success rate, transaction charges, etc.

  • Customization: Customize the checkouts to match your brand design and offer a better checkout experience to customers.

2. Stripe

Stripe offers a complete platform for accepting in-person and online payments from your customers globally. The customizable platform helps you maximize conversions and reduce fraud using machine learning. 

Here are some other features Stripe comes with:

  • Setup Fee: Zero setup or annual fee.

  • Transaction Charges: Stripe works on the pay-as-you-go model and charges:

      - 2% per transaction for cards issued in India
      - 3% per transaction for cards issued outside India

  • Payment Methods: Strip supports local/global debit and credit cards, digital wallets, and several other payment methods.

  • Currency Support: With Stripe, you can accept more than 135 currencies and expand your business to multiple locations.

  • Customer Support: Stipe offers 24/7 customer support to eCommerce merchants. Also, dedicated customer support is available.

  • Approvals and Onboarding Time: N/A.

  • eCommerce Platform Integration: Offers integration with major eCommerce and CRM platforms, including:

     1. Magento

     2. PrestaShop

     3. Shopify

     4. Salesforce

3. PayPal

PayPal offers a service known as PayPal Payments Pro that allows you to accept eCommerce payments from your customers. You can accept various payment methods, integrate different platforms, and manage invoicing within the same platform.

  • Setup Fee: Zero setup fee.

  • Monthly fee: $30 a month

  • Transaction Charges:

    - 2.99% + fixed fee for credit and debit cards

    - 3.49% + fixed fee for PayPal 

    - 2.59% + fixed fee for alternative payment methods.

    You can check out the complete pricing here. 

  • Currency Support: With PayPal, you can accept all major currencies.

  • Payment Methods: PayPal offers support for numerous payment methods, including digital wallets like Venmo and PayPal and traditional payment methods like credit or debit cards.

  • Customer Support: You can call PayPal Payments Pro, email them, or check out their help page.

  • Approvals and Onboarding Time: N/A.

  • eCommerce Platform Integration: Offers integration with major eCommerce and CRM platforms, including:

      1. Magento
      2. Shopify
      3. 3dcart

Good Read: Top 7 Best Payment Orchestration Platforms You Need to Know

4. Razorpay

Razorpay is another popular payment gateway that offers a complete payment solution for eCommerce businesses. You can manage all payments and financial operations from a single dashboard, such as tracking payments and issuing refunds. 

Here are some important highlights about Razorpay:

  • Setup Fee: Zero.

  • Transaction Charges:

      - 2% per transaction + GST for Indian credit and debit cards.

      - 2% per transaction for wallets, net banking, and UPI.

       - 3% per transaction + GST for international cards.

  • Payment Methods: Razorpay supports more than 100+ payment methods, including wallets, net banking, debit, and credit cards.

  • Currency Support: Razorpay supports all major currencies, including CAD, EUR, HKD, GBP, USD, SGD, AUD, and more.

  • Customer Support: Customer support is easily reachable and reliable when resolving queries.  

  • Approvals and Onboarding Time: N/A.

  • eCommerce Platform Integration: Offers integration with major eCommerce and CRM platforms, including:

      1. Magento

      2. PrestaShop

      3. WooCommerce

      4. WordPress 

      5. WIX

5. Skrill

Skrill is one of the best payment solutions for eCommerce businesses that offers integration with numerous shopping carts and eCommerce platforms. It's PCI compliant, offers decent customer support, and can help you take your business global.

  • Setup Fee: No setup or monthly fee.

  • Transaction Charges: 0.00% to 5.00%, depending on the payment method used.

  • Accepted Payment Methods: Skrill supports almost all major credit and debit cards and other payment methods such as Giropay, Trustly, Rapid Transfer, Klarna, and more.

  • Supported Currencies: It supports over 40 currencies.

  • Approvals and Onboarding Time: N/A.

  • eCommerce Platform Integration: eCommerce integrations include:

     1. WooCommerce

     2. BigCommerce

     3. Magento

     4. Wix


6. Adyen

Adyen is a comprehensive payment solution popular among e-commerce companies. It offers a range of payment methods and supports several currencies, enabling you to globalize your business.

Here are some important highlights about Adyen:

  • Setup Fee: Not set up fee.

  • Transaction Charges: Fixed €0.10 processing fee + fee determined by the payment method.

  • Accepted Payment Methods: Adyen supports all major credit and debit card brands along with numerous alternative payment methods such as Diners Club, HCB, Giro Card, Discover, BACS Direct Debit, and more.

  • Supported Currencies: It supports all major currencies.

  • Approvals and Onboarding Time: N/A.

  • eCommerce Platform Integration: Adyen offers integration with these platforms:

     1. Vue Storefront     

     2. Big Commerce

     3. Microsoft 365

     4. WooCommerce

7. Authorize.net

Authorize.net is a versatile platform that allows you to accept payments in whatever way works for you, from the mobile app and website to manual payments. Also, you can customize this platform how you want and offer your customers a better checkout experience. 

Here are the highlights of Authorize.net:

  • Setup Fee: None 

  • Monthly fee: $25

  • Transaction Charges: 2.9% + 30¢ per transaction

  • Payment Methods: Authorize.net supports credit/debit (all major ones) cards and several alternative payment methods such as PayPal, Apple Pay, checks, and more 

  • Supported Currencies: It supports all major currencies.

  • Approvals and Onboarding Time: N/A.

  • eCommerce Platform Integration: Offers integration with a range of eCommerce platforms, including:

     1. BigCommerce

     2. WooCommerce

     3. Magento

Wrapping Up

With the right payment solutions, you can transform your customers' experience during checkout. This will help to reduce cart abandonment and contribute significantly towards sales increases - however, make sure you compare each option in detail for maximum benefit!

Pro Tip: inai, unlike other options, is a payment aggregator solution and comes with several advanced features like payment routing, checkout localization, a wide selection of local and global payment methods, and more. Plus, seamless integration ensures your customers have the best experience possible - making it the smart choice for any business.

Increase Conversion Rates for ecommerce

 

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Picture of Swaroop Patil S

Swaroop is the founding member at inai, he relishes any opportunity to get his creative juices flowing. Marketing, Analytics, Web Designing, and Automation are a few trades that Swaroop finds himself dabbling in.