When it comes to choosing an online payment gateway provider there are a couple of questions that you should ask yourself. What market are you serving and what payment methods do you require to satisfy those markets? We’ve found that the crux of the solution is derived from these two simple questions.
When you understand the goals of your online store and the needs of your customer, you can look at the PSP’s fine print and filter down to the ones that are the most compatible. In our experience, some no brainer filters are (pricing, chargeback policies, services, fees and support), these often outweigh the sophistication of the gateway. The other big consideration from a development point of view is the ease of Magento integration. A widely used and tested extension with favourable Magento connect reviews will be a good starting point.
In order to adhere to PCI compliance, PSP’s use hosted forms on your site rather than being redirected to another page. Its important you are able to skin these forms to match your brand and they are responsive for mobile payments. Here are some online payment gateway providers which tick a lot of the boxes and that we’ve successfully integrated into the Magento platform.
- Catch cry – ‘All-in-one secure payment platform’
- Is still the largest online payment provider in Australia.
- You can get setup and accepting payments within 4 days, they’ve told us that they have managed to get some merchants setup in less than 2 business days.
- They promote themselves as easy, helpful & human. They push that it’s really easy to integrate with eWAY, with local 24/7 Support (that’s free).
- eWay supports: Credit Cards (Visa, MasterCard, AMEX and diners)
- Some key features are; manual orders and refunds, conversion focused checkout features, global fraud protection and compatible with One Page Checkout extension.
- Pricing; No setup fee, start at $0 per month, 2.2% + 30c (other plans available)
Who’s using it? Supre, CostumeBox, RSPCA & Australian Geographic
Extension ‘eWay Rapid 3.1’ (Free)
Magento Connect Rating 4/5, with 657 downloads
*Our 2 cents worth, eWay is easy to integrate but they are expensive and can drop the customer service ball from time to time. 3/5 in our book.
- Catch cry – ‘Australia’s simple, secure and efficient online payment solution’
- They pitch themselves as being the most trusted and secure payment gateway available.
- SecurePay is an off-shoot of Australia Post, an established name in logistics and financials.
- Securepay supports; Paypal, Credit Cards; MasterCard, Visa, American Express, Diners
- Some key features are; accepts foreign currency payments without currency conversions, they are regularly audited by external entities, hold the highest PCI DSS accreditation and heavily screen their employees.
- Pricing; 2.4% domestic cards
Who’s using it? 40,000 businesses, Bupa, NRMA, Origin & Estee Lauder
Extension ‘Official SecurePay XML API’ (Free)
Magento Connect Rating 3.8/5 with 985 downloads
*Our 2 cents worth, a reliable and secure gateway with solid customer support. Quick to onboard customers. 4/5 in our book.
- Catch cry – ‘Yeah, accept that too’
- Built and optimised for Mobile
- Powerful fraud tool out of the box
- No card data touches the merchant’s server/s and Braintree can store cards on file (tokenise)
- They have a solid phone support with an actual person and a free trial is available
- Some key features; no single-transaction limits, 130 + International currencies accepted, customer can save, add and edit stored credit card, 2 business day payout in most cases
- Braintree supports: Credit Cards, Paypal, soon to be available Bitcoin & Apple Pay
- Pricing; 1.75% + $.30 AUD per transaction for domestic cards. Braintree will charge a 0.15c transaction fee for AMEX transactions. International cards are 3.25% and 30c AUD per transaction.
Who’s using it? Airbnb, Uber, ABC
Extension ‘Braintree Payments’ (Free)
Magento Connect Rating 3.7/5 with 1578 downloads
*Our 2c worth, Braintree like SecurePay are relatively new to the market. It’s owned by Paypal which is off-putting to some or seen as a trust asset by others. Now baked into the admin panel for Magento 2.0, offers the best integration with Magento. 4.5/5 in our book.
- Catch cry – ‘Start accepting payments from anyone, anywhere in the world’
- Works with Magento Multi-store Setup
- An IRC channel (#stripe on Freenode) where developers can chat and get live help from real engineers
- Stripe checkout is an embeddable payment form for desktop, tablet, and mobile devices, no coding required.
- Some key features; refunds and partial refunds supported, ability to offer special coupons to users, control access levels to accounts, real-time reports exported to CSV
- Stripe supports; Credit Cards, Paypal, soon to be available Bitcoin & Apple Pay
- Pricing; 1.75% + 30¢ domestic cards / 2.9% + 30¢ for Amex & Int cards
Who’s using it? twitter, xero,
Extension ‘Stripe Payments’ ($75)
Magento Connect Rating 5/5 with 1025 downloads
*Our 2c worth, Stripe is the best priced, much easier to integrate than most and feature-rich. The only downside is that you get paid in 7 days. 4/5 in our book
There will be some other online payment gateway providers that you’ll come across, of course Paypal is one. Pricing for credit cards isn’t competitive and users need to leave the site which may cause a drop in conversion. But on the other hand Paypal has a good reputation. Paypal express is useful, customers can pay from the product page, cart or checkout stages. It really comes down to which pricing scheme best fits the merchant’s business requirements. It’s really up to the merchant to make a call on the percentage of the transaction amount as a cut versus a flat fee or a combination of both.
We think Braintree and Stripe are the front runners, both are widely used, tested and easily integrate with Magento, especially Braintree which is baked into the Magento 2.0 release. Braintree’s 2 day payment and beefed-up security features is why it’s just edging out Stripe. If you’re looking for another Australian owned option, explore ‘Pin Payments’. Some of us are using them for smaller side projects, they have really helpful staff and they price match.
Get in contact with us if you have any questions on the most suitable online payment gateways for your Magento store.
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