What is a payment gateway? Comparison of 5 payment gateways 2021

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What is a payment gateway?​

A payment gateway is a service that authorizes and processes debit / credit card payments for online merchants and traditional retail, offline merchants. The payment gateway facilitates the smooth flow of such transactions by encrypting sensitive data and transferring it between the payment portal (website or mobile device) and the bank / payment processor.

How the payment gateway works​

In general, payment gateways facilitate communication between your website or specialty store, the payment processor, and the bank that issued the credit card used to make the purchase. Security is a core component of all payment gateways, so every transaction that occurs between the merchant and the issuing bank is encrypted to protect sensitive financial information.

Although the transaction process takes only a few seconds, there are several steps involved during this short period of time. Once a customer receives a request for a secure payment page and places an order, the transaction data (credit card number, date, CVV code) is encrypted and sent to your payment processor through the gateway. The payment processor contacts the credit card issuing bank and receives feedback in the form of confirming or rejecting the transaction. The response is then sent to the payment gateway, which forwards it to your site. Finally, the information is interpreted and an appropriate response is generated. If the deal was approved, the seller fulfills the order.

5 widely used payment gateways in 2021​

Our small review will include both established companies and not so widely known, but nevertheless, dynamically developing organizations.

Authorize.Net​

Authorize.Net is an online payment gateway that allows small to mid-sized online stores to accept credit card and electronic check payments from websites and automatically deposit funds into their bank account.

The company accepts various types of business and provides services to both merchants and individual users, having a universal card reader that can be connected to a computer or mobile device to receive payments on the go. Authorize.Net also provides payment processing for dozens of pre-integrated third-party sales systems.

Also, the company provides MO / TO payments. This feature is ideal for merchants who take orders from their customers by mail or phone.

Authorize.Net handles payments for the USA, Canada, UK, Australia.

Authorize.Net fees​

The base transaction fee is 2.9% + 0.3 $. In addition, there are a number of additional fees that include:

• Gateway setup fee is $ 49.
• The monthly fixed payment is $ 25.
• Chargeback fee is $ 25.

WePay​

WePay is an online payment solution that has been designed to provide optimal payment terms for its users. The company works closely with platforms to provide fully integrated payment and risk management services so that users can deliver the end-to-end user interfaces they want without incurring unnecessary overhead.

WePay is a trusted partner for over a thousand platforms, helping to make their payments as convenient, simple and secure as possible. It provides many functionalities for various business industries.

WePay accepts payments for the USA, Canada, UK.

WePay fees​

• The transaction fee is 2.9% + $ 0.3.
• For ACH payments - 1% + 0.3 $.
• Chargeback fee - 15 $.

Skrill​

Skrill is one of the most popular payment gateways around the world, with the utmost focus on providing the best customer service. The company is one of the payment services that allows merchants to serve their customers more efficiently without worrying about payment delays.

Skrill began providing its electronic payment services in 2001. The company has conquered the world market and at the moment its clients are some of the best brands in the world. Through innovative solutions and capabilities, Skrill provides services to clients from a variety of industries.

The company also has prestigious awards at its disposal such as the Deloitte Technology Fast 50 Award, the EGP B2B Award and a number of others, making it a highly trustworthy organization.

The company allows making payments in more than 200 countries around the world. For more information, the website has a list of countries that Skrill does NOT work with.

Skrill fees​

Sending money to another Skrill wallet incurs a fee of 1.9% of the amount sent, with a fee limited to the equivalent of € 20. You also pay a 3.99% currency conversion fee at Skrill's wholesale rate.

Withdrawal fee is:

• MasterCard — 4.99%.
• Visa - 7.5%.
• Bank Transfer — 5.5 EUR.

PaySpace​

PaySpace is an international payment provider that operates in the B2B field. The company offers its services to merchants of small, medium and large businesses and works with both low-risk and high-risk industries. The company has successfully developed proprietary fraud prevention software and continues to build on its expertise as it expands into new markets and expands its portfolio of payment processing solutions.

Plus, PaySpace is quite flexible and can offer its customers a custom payment environment to meet the specific needs of your customers.

The advantages of the company include:

• Recurring payments.
• The ability to make payments to the card of any bank in the world.
• An effective solution for fraud prevention.
• More than 150 alternative payment methods, both local and global
• The ability to process any currency, including bitcoin.

PaySpace also provides a feature to challenge chargebacks, which saves merchants time and money.

The company's website does not have a list of available countries, but the support service says that the company can work with merchants from more than 170 countries.

PaySpace fees​

Transaction fees start from 1.2% + 0.3 $. There is also a commission for a chargeback of $ 20.

2Checkout​

2Checkout is one of the leading global payment platforms that allows businesses to accept online and mobile payments from shoppers around the world, with localized payment options and multiple options designed for both merchants and individual customers.

The platform supports a variety of transaction methods and supports various business industries around the world.

Payment methods available from 2Checkout include MasterCard, Visa, Discover, American Express, Diners Club, JCB, debit cards and Paypal. With global coverage in over 200 markets, 2Checkout provides localized options, allowing merchants to customize the platform as needed, to sell in the customer's language and currency, and provide the localized payment options offered in that market.

The company is PCI DSS Level 1 certified and uses proprietary fraud detection algorithms. 2Checkout also uses tokenization for security during transactions.

2Checkout fees​

The company offers its clients a commission of 2.9% + $ 0.3 for businesses with a turnover of less than $ 50,000 per month on cards. International transactions are subject to a 1% surcharge.

The chargeback fee is $ 20.