Payment Gateways Comparison
In this article:
Introduction of payment gateway.
Key characteristics of payment gateway.
Comparison between payment gateways.
Summary of the comparison.
1. Introduction of Payment Gateway.
A payment gateway is a merchant service provided by an e-commerce application service provider that authorizes credit card or direct payments processing for e-businesses, online retailers, bricks and clicks, or traditional brick and mortar.
Payment gateway works as the middleman between the merchant and his/her customer, ensuring the transaction is carried out securely and promptly.
2. Key Characteristics of payment gateway.
Approval Time: Time taken for the approval of the application.
Transaction Fee: Fee you pay every time to process each transaction.
Settlement Day: The time lag between receiving a customer payment and receiving the funds in your merchant bank account.
Settlement Amount: Minimum amount for the payment gateway service provider to credit the funds into your account.
Worldwide Payment: Supports foreign currencies.
3. Comparison between payment gateways.
Razer Merchant Services: https://xenber.com/malaysia-online-payment-gateways-comparison-ipay88-razer-merchant-services-eghl/
iPay88: Redeem iPay88 Online Banking Plan
Click here to know more about other payment gateways available in EasyStore.
4. Summary of the comparison.
Fast approval time: Stripe, PayPal, Payex
Low transaction fee: Billplz, Payex, Atome, Maybank2u
Short settlement cycle: PayPal, Braintree, WechatPay, AliPay, Billplz, Maybank2u, Payex
Low minimum settlement amount: Stripe and iPay88
Worldwide payment: Stripe, PayPal, Braintree, Razer Merchant Services
Updated on: 24/09/2022