50% of online shoppers would cancel their purchase if their preferred method of payment was not available. Source
Therefore when it comes to choosing payment gateways for your ecommerce website, it is important to keep in mind the benefits that each payment gateway brings, not only to your company, but also to the customer, which will in-turn inevitably benefit your company.
Some of the most popular payment gateways that you should consider for your ecommerce website include:
Below is a table comparing the pros & cons of each payment gateway:
|Set Up Cost||FREE *costs apply to Payment Gateway Pro accounts||FREE||FREE||FREE|
|Monthly Cost||None||£19.95 Pay monthly or £0 Pay as you go||£20.90 Flex Plan or £45 Plus Plan||None|
|Charge Per Transaction||3.4% + 20p per transaction for sales under £1,500 a month and 1.9% + 20p per transaction for sales of up to £55,000 a month||2.75% for Credit Cards and 0.75% for Debit Cards on Pay monthly or 2.75% + £0.20 (applies to both credit and debit cards) for Pay as you go||2.09% for Credit Cards and 0.74% for Debit Cards||1.4% + 20p for European cards, 2.9% + 20p
for non-European cards
|Free Transactions Per Month||None||None||350 free transactions for Flex Plan then £0.12 per transaction or 500 for Plus Plan then £0.10 per transaction||None|
|Time Before Money Becomes Available||Immediately* merchants must supply full bank account number and sort code for withdrawals||3-5 days||3-5 days||7 days|
|Discount For Non Profit Organisations||Yes - 1.4% + 20p for all transactions||Yes - Extra Credit scheme||No||Yes - Negotiable Fee discount|
View this table as a PDF
Has this blog helped you decide which payment gateway is best for your ecommerce website?
If so let us know on Twitter!