There are many Best Online Payment Service Providers available. Before proceeding further, let us understand how payment service providers work.
While buying things online, the customer adds products or services to the cart that they want to buy & continues to the payment page. The customer is then asked to present the details of the credit card, debit card, UPI id, or net banking credentials. After submitting the information, they are securely passed on to the payment gateway based on the integration type, Server-to-server, payment page incorporation, or client-side encryption.
The payment gateway then encrypts the card or banking details & goes through a security check before sending the card information to the recipient bank. The recipient bank sends the information securely to the card schemes, i.e., Visa, Mastercard, Cirrus card, etc.
The card schemes ensure another layer of security checks & then send the payment information to the issuing bank accordingly. After a thorough security & fraud check, the issuing bank authorizes the transaction. The approval or decline message is sent back to the bank, then to the acquirer. Now we have an understanding of how Payment Service Providers work.
Top Online Payment Service Providers
1. PayPal
PayPal is the world’s most widely used & one of the Best Online Payment Service Providers, handling over 19 billion payments in 2021. More than 30 million merchants & 400 million customers use PayPal.
Payments are made using a customer’s existing account or with a credit/debit card. Payment can be sent directly to some email address, prompting users to register for a new PayPal account. In addition to taking payments, PayPal also lets its users send payments through the service, which is a service that only a handful of online payment solutions offer.
2. Amazon Pay
Next on the list is Amazon Pay, which is a payment gateway designed for Amazon merchants & shoppers. It is a simple, fast & secure payment solution that currently helps people in thirteen countries. Amazon payments come with two types – log in & pay for registered shoppers & pay with Amazon for enlisted merchants.
This payment gateway is designed to offer a smooth shopping experience for online shoppers, retailers & sellers. Amazon pay is packed with great features & tools that attract customers & persuade them to shop more, make their shopping procedure streamlined & improve customer engagement & devotion via saved payment details for faster & hassle-free checkouts.
3. Google Pay
It is Google’s fitting reply to PayPal. Google Pay lets users pay for goods & services of their choice through an account connected to their Google profile.
A significant advantage of Google Pay over the competition is that millions of Internet users use Google for various other services, making a payment through Google Pay a simpler process. The latest version of Google Pay provides a significant leap for Android users who don’t have Samsung Pay, but the app’s wide variety of features doesn’t offer as much value as stand-alone budgeting, cash-back & P2P (Person To Person) payment services.
4. Worldpay
Worldpay is the UK’s most popular & Top Online Payment Service Provider. It presently processes around half of all online payments happening in the UK & has some of the most flexible plans for small & medium businesses.
Dealing with Worldpay is like dealing with any prominent provider. Some customers have reported that its support tools are unsystematic. It’s also not as intuitive as companies based entirely online. Instead, the Worldpay payment gateway has to be built into the user’s website’s backend as an API (Application Programming Interface).
Handling or combining the code with other tools can only be easy with software expertise.
5. Skrill
It is undoubtedly one of the most well-known payment gateways worldwide. Skrill recognizes modern payment demands when it comes to payment processing & money transferring. Skrill started its journey in the year 2001. Now, Skrill has many significant companies as their customers using their innovative solutions in their businesses.
Skrill is identified & awarded by many major companies like Deloitte Technology Fast 50 Award, B2B EGP Award & numerous others. It is one of the thriving UK-based payment gateways that support over 30 currencies worldwide, enabling customers to buy products & services around the world.
6. Stripe
Stripe is a cloud-based payment gateway that helps users to accept & manage online transactions anywhere in the world. It offers complete solutions to process online payments & also provides excellent features like a custom UI toolkit, embeddable checkout, combined reports & many more.
Stripe is a robust payment gateway that ensures a smooth movement of funds in your business while connecting with the application that facilitates you to avoid frauds with excellent security, manage revenue & drive sales worldwide. It also offers an open API (Application Programming Interface) that helps incorporate your business ecology.
7. Authorize.net
With a customer base of more than 445,000 merchants, Authorize.net is one of the Internet’s most extensively used payment gateways. This payment solution from Visa has been in the market since 1996 & now capable of handling more than a billion transactions per year. Many broadly used e-commerce platforms, like Magento, Volusion, & X-Cart, combine effortlessly with Authorize.net.
8. SecurionPay
SecurionPay is a payment gateway that offers secure online & mobile payment solutions that is compatible with multiple operating systems like Windows, Mac, Linux, Android & iOS.
It is an individual payment gateway solution that offers fast & secure incorporation to your business ecosystem, like embedded payment forms. The advanced checkout feature allows instant payment processing that helps to enhance the conversion rate. It also offers flexible API so that you can combine your business network with it & have complete control from your side.
What is a Payment Gateway?
A payment gateway is application merchants use to accept credit/ debit cards & other types of electronic payments. Payment gateways are encryption systems that protect sensitive & essential information, like numbers, CVV (Card Verification Value) numbers, or OTP (One Time Password), as it passes from customer to merchant. These gateways then pass the transaction information to the customer’s bank & to the merchant’s partner bank.
The payment gateway is in charge of authorizing the credit / debit card transaction & ensuring that the funds are transferred correctly from the customer’s account to the merchant’s account. Payment gateways usually charge a monthly fee with a per-transaction fee. Here are the names of some Best Online Payment Service Providers you can consider.