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Top 8 eCommerce payment providers

Bharath Vittal
Bharath Vittal
Jun 21, 2022
5
Min Read

It is estimated that by 2040, 95% of purchases will be made online. Since the eCommerce industry is booming, a business with no global boundaries will make a bounty of profits. For that, you need a trusted payment gateway that accepts payments worldwide.

Whether you are a consumer or a business owner, an eCommerce payment provider is a must, and you need to choose one wisely. You will require a risk-free, price-competitive, and convenient platform based on your geographical region. 

With a pool of payment gateways available, here are the top eight eCommerce payment providers.

1. PayPal


Founders:
Peter Thiel, Max Levchin, Luke Nosek, Yu Pan, Ken Howery
Location:
California, US 
Founded in:
1998
Monthly unique visitors:
34,579,720

Paypal is one of the top eCommerce payment providers with services available worldwide. It accepts payments in more than 100 currencies and offers features like Paypal QR code, funds transfer, instant transfer, and buy now pay later.

PayPal has driven more than 425M consumers in 200 markets to join and thrive in the global economy. Due to the variety of options available, it has facilitated the regulation of small and medium-sized businesses. 

You need a PayPal account to regulate your domestic and international transactions. 

Pricing:

Free for personal use (sending gifts to family and friends)
2.9% + 30 cents per transaction
International sales are a bit expensive

2. Stripe


Founders:
John Collison, Patrick Collison
Location
: California, US
Founded in
: 2009
Monthly unique visitors:
12,582,964

Stripe is another popular international payment gateway, especially in European countries. It is best suited for customers worldwide as it supports more than 135 currencies with a quick payment processing system.

Initially, it can take up to seven days, but post that, it embraces your choice of a daily, weekly, or monthly payment system.

Stripe is a feature-packed online platform that is regularly updated every year. For a  customizable checkout flow, you must have some technical knowledge, or it may be slightly tricky. 

Pricing:

Flat-rate transaction, no hidden or monthly fees; only pay for what you use.
2.9% + 30 cents per transaction

3. Square


Founders
: Jack Dorsey and Jim McKelvey
Location: San Francisco, California 
Founded in
: 2009
Monthly unique visitors:
4,656,176

Square is an American payment gateway with built-in payments and customer-driven checkouts. It provides omnichannel solutions to the sellers to maintain their business-related transactions.

Though it is focused on the in-person point of sale, it provides various other eCommerce tools that encourage online selling. Merchants are also given access to business loans to grow through Square capital. It is best suited for physical retail shops planning to sell online.

You can create your own website with Square as a host or use it for payment purposes on existing websites.

Pricing:

No monthly fees
2.9% per business transaction + 30 cents

4. Braintree


Founder:
Bryan Johnson
Location:
Chicago, US
Founded in:
2007
Monthly unique visitors:
402,984

Braintree, acquired by PayPal, specializes in mobile and web payment platforms with multiple payment options. They include PayPal, Venmo (in the US), Apple Pay, Google Pay, credit card, and debit card.

Provided with essential eCommerce tools, merchants in 45+ countries can accept payments in 130+ currencies. Users can experience a seamless checkout online or in-person with a few technical skills.

Pricing:
No monthly or annual fee
2.59% + 0.49 cents per transaction (varied for different methods)

5. Adyen



Founders
: Arnout Schuijff, Pieter van der Does
Location
:  Amsterdam
Founded in
: 2006
Monthly unique visitors:
4,821,361

Adyen is a Dutch financial service gateway platform that has served leading clients in the industry such as Uber, Mango, Spotify, eBay, and others.

Its financial services include 150+ global currencies and 100+ payment methods available for merchants. It is an all-in-one payment solution with no international boundaries.

Getting started is a long process, but the helpful insights Adyen provides to grow your business and understand your customer behavior is worth the wait.

It also offers three checkout integration options— fully customized, components, and drop-in.

Pricing:
Processing fee ($0.12) + payment method fee (varied for different payment methods)

6. Authorize.net


Founder
: Jeff Knowles
Location
: Foster City, California
Founded in
: 1996
Monthly unique visitors:
2,343,188

Authorize.net, owned by Visa, is a leading payment gateway in the payment industry with more than 4,30,000 merchants around the globe.

You can accept payments from across the world, but the business must be registered in one of these countries: the US, UK, Canada, Europe, or Australia.

It accepts major credit cards and other digital payment solutions like online payments, mobile payments, eCheck payments, and virtual point of sale.

Pricing:
No setup fee
Monthly fee ($25), 2.9% + 30 cents per transaction (All-in-one pack)

7. Klarna


Founders
: Sebastian Siemiatkowski, Niklas Adalberth, Victor Jacobsson
Location
: Stockholm, Sweden
Founded in
: 2005 
Monthly unique visitors:
2,125,603

Klarna is a Swedish fintech company and a top payment provider for online stores founded to make online shopping easier. With more than 147M active consumers and over 400,000 merchants in 45 countries, it fulfills its mission of making online shopping safe, simple, and smooth.

It is available in Australia, Austria, Belgium, Denmark, Finland, France, Germany, Italy, Netherlands, Norway, Poland, Spain, Sweden, Switzerland, the United Kingdom, and the United States.

Klarna is suitable for all business sizes, but its "buy now pay later" feature has proven beneficial for business owners. Direct payment, buy now pay later, and installment plans to pay for storefronts are available with Klarna. It also offers the option to pay the whole amount in four installments without incurring interest. 

Pricing:
Quote-based pricing

8. CyberSource

 

Founder: Bill McKiernan
Location:
Foster City, CA, US 
Founded in:
1994
Monthly unique visitors:
2,299,927

CyberSource is another payment service provider that accepts payments in 50+ currencies, across more than 190 countries. In 2010, CyberSource became a Visa solution, giving merchants access to an even larger audience worldwide.

It is a one-place solution for merchants without opting for local service providers; hence, over 450,000 businesses use CyberSource.

Cross-channel payments, payment cards, global tax calculation, and fraud detection are some of its tailored features. Secure checkout and risk management are its core capabilities done by tokenization technology.

Pricing:
Quote-based plan 

Final Word

Choosing a top eCommerce payment provider can be a little tricky. The best way to select one is to weigh the features of all providers against the list of features you require. 

Processing fees, location, and various payment methods are important factors that a business or consumer should ideally consider. A platform with popular payment methods, geographic viability, and low transaction fees is generally considered perfect—one that helps the business grow. 


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