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8 Best Payment Gateways for Dropshipping & eCommerce

November 29 2022 12:53
Peter

Are you running an e-commerce or dropshipping store? You must need a solution to accept online payments efficiently. A payment gateway is the best solution to consider in this regard.

Despite the popularity of payment gateways among online businesses. Some people still don’t know what this technology is. So, here in this comprehensive guide, we will explain how e-commerce payment gateways work and the best payment gateways you can consider for your business.

Key highlights:

  • A payment gateway is a technology to accept credit card or debit card purchases. Its consumer-facing interface helps you to gather payment information.

  • In e-commerce and dropshipping, payment gateways work as checkout portals to enter credit or debit card credentials or information.

  • Payment gateways are different than payment processors.

So, here we go:

What is a Payment Gateway?

A payment gateway is a technology that e-commerce or dropshipping stores utilize to accept payments through credit cards or debit cards. This technology is essential to keep online payment systems running smoothly. Payment gateways are key to enabling online payments for businesses and consumers.

This technology helps in reading and transferring information from customers to the bank account of merchants. The job of these gateways is to capture payment data, ensure the availability of funds, and help merchants get paid.

In the digital world, payment gateways are currently cloud-based solutions.

Key players in payment gateways to know.

Before delving deep into how e-commerce payment gateways work, it's important to learn about the key pillars of this technology. Whenever a customer wants to pay online, all the following players get involved in the process:

  • The merchant

Merchant is any online business operating in e-commerce or dropshipping to offer a service or product to customers.

  • The customer

A customer who is a cardholder and wants to purchase your service or product through an online payment.

  • The issuing bank:

This is the customer's bank from which the customer has gotten a debit or credit card on behalf of their credit schemes.

  • The acquirer

The acquiring bank is called the acquirer, which maintains the bank account of the merchant.

How do eCommerce Payment Gateways work?

Payment gateways are a key component of the digital payment processing system. A payment gateway is frontend technology responsible for sending customer information to acquiring bank of the merchant where a transaction is processed.

These technologies are evolving continuously to reflect new technical capacities and consumer tastes. Previously terminals used to accept credit and debit cards with magnetic stripes and paper signatures from cardholders.

However, with the development of chip technologies, the signatures have been replaced with the PIN that consumers enter into the payment gateway directly.

The payment gateway architecture differs based on its type. However, online gateways for e-commerce and dropshipping stores require APIs to communicate payment processing networks.

Here are some of the best payment gateway names in the game

Do you want to know some of the best payment gateways you can use for your dropshipping and e-commerce store? Here we have enlisted some of the best options that you must consider in this regard.

So, here we go:

Stripe

Stripe is one of the fastest-growing payment gateways available to use currently. Incepted in 2010, this payment gateway has been evaluated to be around $ 20 billion. Most amazingly, this payment gateway offers a trial period with late payments.

It doesn’t cost you any refund fee. Moreover, it is considered one of the easiest payment gateways to set up and start with.

However, this US-based payment gateway is currently accepted in above 25 counties. Above all, it accepts all major credit cards.

PayPal

PayPal is arguably the most widely used payment gateway worldwide among e-commerce and dropshipping stores. Most amazingly, this payment gateway is accepted in above 203 countries. Moreover, the payment gateway also provides support to all the major credit cards, including:

  • American Express

  • Visa Card

  • Citibank

  • Mastercard, and more.

You must create a business account with PayPal to use this payment gateway on your e-commerce or dropshipping store.

The key features of PayPal include an easy payment option, inventory tracking, and PCI compliance.

WePay

WePay is another online payment gateway for dropshippers that can offer you a seamless and quick option. Fortunately, this payment gateway is customizable. However, the current payment options available here are limited.

Key features of WePay include:

  • Android pay compatibility

  • Apple Pay

  • PCI compliance

  • Fast and direct bank transfers.

Amazon Pay

Amazon Pay has quickly become a go-to payment gateway for SMBs. The merchant account of Amazon Pay offers sophisticated fraud protection services. However, this payment gateway is currently available in a few regions only. These include Germany, the UK, US.

This is overall a simple and API-driven payment gateway that offers reliable solutions for e-commerce and

Google Pay

Google Pay is another great payment option to use by e-commerce stores and dropshipping stores. Many people in Europe and the United States use Google Wallet to securely store their money online. Google Checkout options offer them enhanced convenience and ease while paying online.

This is not only a faster payment gateway option available currently but also reliable.

Skrill

Skrill is a payment gateway available in more than 40 different countries. The checkout transfer fee of Skrill is 1.9%. However, the charged fee ranges between 0.00% to 5.00% based on your used payment method.

Moreover, this payment gateway offers an official extension for WooCommerce-based e-commerce and dropshipping stores.

2Checkout

2Checkout is another lucrative payment gateway option accepted in over 87 countries. It provides support to all the major credit cards, including:

  • Diners Club

  • American Express

  • Mastercard

  • Visa Card, and more.

Most importantly, this payment gateway is even accepted in various 3rd world countries. Where 2Checkout is used with other payment gateways. Multi-language support and multi-currency layout are key features of 2Checkout.

Square

Square is an amazing payment gateway for e-commerce stores having brick-and-mortar options. This payment gateway is more focused on providing services to physical stores that need POS payment information with a credit card payment gateway to directly route the transactions.

Verdict

These are arguably some of the best payment gateways you can consider integrating into your e-commerce or dropshipping stores. Almost all of these gateways are accepted in multiple countries for added convenience. 


More Articles:

All the Stats You  Need to Know About Dropshipping Profit Margin  

How to handle  Returns with Dropshipping

Ways to Create  Dropship Bundles That Attract More Sales





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