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Payment gateways for eCommerce [Infographic]

A payment gateway helps eCommerce merchants to handle payments in an easy and comfortable way. The provider of offers a web integration or programming interface that authorizes credit cards or direct payments processing for e-businesses and online retailers. The global online payment gateway market estimated to be worth about 125 billion US dollar by 2023 with a stellar CAGR of 12.8 percent.

The general trends in payment are that they will become invisible for a seamless customer experience and that payments will start to show up in the places youโ€™d least expect. Especially younger customers drive further growth. Currently the top five payment gateways for eCommerce are Braintree, PayU, Amazon Payments, Authorize.Net, and PayPal.

The general transaction fee is 2.9% among all top payment gateways. They all deliver good customer experience, a unified mobile payments experience, and theyโ€™re offering rewards for their customers.ย Security is the most important feature of a payment gateway. With a loss of 6.4 billion US Dollars in 2018 for US merchants and an average loss of 150 thousand US Dollars for small enterprises a year, security has to be addressed. Important Security features in gateways like Address Verification Service (AVS), Card Verification Value (CVV), and Device Identification should be looked for when choosing a payment gateway.

Payment Gateways for Ecommerce

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