Payment gateways for dropshipping are responsible for all online transactions like e-commerce stores. Without them, drop shipping and e-commerce stores will not be stabilized in performing different functions. In fact, their whole processing system will fall down. Cashless economies becoming popular with the use of online payment gateway. It ensures secure and reliable payment gateways for all businesses.
The digital marketplace is flourishing day by day with the rapid rise of drop shipping and e-commerce in the business world. E-commerce and dropshipping business is the emerging trend of this decade. Spreading rapidly throughout the globe leading to new avenues for the business world. E-commerce is aimed at the revolutionary term of this decade, bringing a revolution in the business models of the current era. Hence, these trends gave hick to various payment methods to provide a smooth online payment gateway of services.
If you are thinking to set up your new business in an online world and looking for the best dropshipping payment gateways? Then you’ve come to the right place. In this article, we will discuss the best payment gateways available for your dropshipping store and e-commerce stores.
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HOW E-COMMERCE PAYMENT GATEWAY WORKS
When we do shopping by physically visiting the market we use the money to buy things. Similarly, when we do online shopping we use online payment gateways for purchasing. We use different modes of online payment gateways.
A payment gateway is aimed at facilitating customers for online cash payments and transactions while doing shopping through e-commerce stores. Payment gateway grants customers tension-free, accurate, and secure payments and transactions.
A visitor can easily buy any product when he/she visits any online store. It works in a secure way and deducts the amount from the user’s account and transfers the amount to the store owner. The payment gateway often requires to deduct a small percentage of this transaction as a fee for their service.
HOW ONLINE PAYMENT GATEWAYS CAN BOOST YOUR BUSINESS
- First of all online payment gateways ensure smooth, reliable, and secure transactions.
- Secondly, Its automated payment processor system reduces the working and time of the manufacturer. Which can be utilized in many other product improvement areas.
- Thirdly, the manual payment process can cause different challenges to the buyer and seller. For instance, time-wasting in manual purchasing and carrying cash for payment.
- Fourthly, the payment gateway ensures that the payment information is processed securely and any illegal access to the personal data will be denied.
THINGS TO CONSIDER BEFORE SELECTING A PAYMENT GATEWAY
There are a lot of areas to ponder about before going to select an online payment gateway. Some of them are given below.
CURRENCY
Currency is the first thing to consider before selecting a payment gateway. Analyze which countries you will be selling to. Just ensure that your payment gateway supports different currencies used in different countries.
TRANSACTION CHARGES
If you want to earn maximum profit through your online store then this thing should be considered before the selection of an online payment gateway. Because online transactions deduct some payment charges for their services. Thus, when you are dealing with a great volume of orders, the deduction amount may cause a shock to your profit.
But still, you can avail free transactions with some payment gateways.
CUSTOMER SERVICE
Customer service is very important to avail any service. If you want a peaceful business process customer service can play a greater role in this regard. The best customer service can lead you towards a tension-free business mind.
WIDELY USED PAYMENT GATEWAYS FOR DROPSHIPPING AND E-COMMERCE
Now the curated list of payment gateways is given below to let you understand your requirements according to your business needs.
SHOPIFY PAYMENTS
Shopify is completely integrated with your business. Its major advantage is, it accepts all the major cards to perform online payments. But having a lot of advantages there are a few disadvantages as well. It deducts 15$ for each chargeback you get from Shopify payments. However, you will get back your chargeback, if you win it.
PROS
- easy to integrate with your Shopify store
- Completely integrated with Shopify
- facilitate all major credit cards
- Supports some payment methods
- Gives payouts every 3 business days
- No additional transaction fees
- If enabled, remove the extra 2% transaction fee for other payment gateways enabled on your store.
CONS
- It is operational only in certain countries
- It does not support crypto currency and gambling
PAYPAL
The most globally used online payment gateway is PayPal. Though it’s not as perfect as it could be still, it can satisfy the needs of major groups of people throughout the globe. Because it’s widely accepted in all major countries of the world. It operates almost all the major credit cards such as Visa cards and master cards. Though it charges the least fee for drop shipping transactions. PayPal has made the payment process very easier.
PayPal has made payments a lot easier, they didn’t use to be like today. Anyone can open up an account and integrate the Shopify store or sales funnel with Stripe or PayPal instantly, which is not the case with most of the other payment gateway options.
PROS
- It is considered a well-known and trusted payment gateway throughout the world
- It operates in more than 200 countries.
- Supports all major credit cards
- It has zero charges for monthly subscriptions and new startups.
- Facilitate withdrawal of money anytime
CONS
- Poor customer service
- your money can be put on hold for up to 180 days.
- For no apparent reason,
- High fee (3.5-4 %) when converting currencies
- It charges high transaction fees.
STRIPE
Stripe is another best payment gateway, with the alternative features of PayPal. It also has strong partnerships with Shopify. Currently, it is US-based and available for businesses in more than 40 countries.
PROS
- Latest user interface
- Easy to use and customizable
- Functional in more than 135 countries
- Automatically transfers the funds to a bank account
- Fair pricing method
CONS
- Requires a few technicalities to customize
- It costs similar transaction charges to PayPal.
- Fast and easy money transaction
- Merchant accounts can only be created in a limited amount of countries.
SKRILL
Skrill is another payment gateway to facilitate online payment and transactions. It is functional in more than 40 countries.
APPLE PAY
Just like the characteristics of Google play, the Apple Pay payment gateway has similar characteristics to Google Pay. The major difference between these two is the user base. It only facilitates the users of Apple.
PROS
- Gives access to pay without having an account.
- Reliable payments just in one touch
- User-friendly & simple interface
- Integrated with Shopify Payments
- Functional for all the major credit & debit cards
CONS
- Only available for Apple product users
AMAZON PAY
Amazon Pay is convenient as well as user-friendly payment method. All they need is just to log into Amazon account consumers and use their earlier transaction data for payments.
PROS
- User has to face the least barriers in payments
- Can be operational on all devices
- Ensures transparent payment
- Offers extra features like voice shopping
CONS
- A little technical knowledge is required to set up Amazon Pay on your online store unless you use Shopify.
- Sometimes, you will have to pay extra fees like domestic processing fees and cross-border processing fees
SUMMING UP
There are a lot of payments gateways in the world to make ways for Shopify and E-commerce stores. Every one of them has advantages and disadvantages according to their specifications and geographical area. All you need to do is consider a few things discussed above before selecting the payment gateway according to your business needs.
Hashlogics is the platform where you can avail the best payment gateway strategies to rank your online stores. Our web developers have a strategic approach to payment gateway. Their expertise will leave you better suggestions in terms of payment gateway.
