Online payment platforms is a service provider that handles transactions between two parties, such as a merchant and a customer. It accomplishes the payment by relaying the payment information, like a credit card, from the customer to the merchant’s preferred bank account. In this article, we offer you the most popular electronic payment platforms and help you choose which ones are best suited for your business by clarifying the advantages of each one.
Most Common Online Payment Platforms
Online payment Platforms- PayPal Payments
It is one of the most widely accepted online payment platforms, It is the reigning champion. In fact, it’s the de facto online payment solution for online customers, freelancers, and business owners.
- PayPal doesn’t require payers to have a PayPal account, it is flexible enough to be used by small businesses and market leaders, support eCommerce users, and allow them to accept credit card (Visa, Master, Discover, American) and rewards from users without a PayPal account.
and it relies on an open API infrastructure to relate easily to any shopping cart/marketplace solution. It also allows phone-based credit card payments and gives users a handy invoicing kit to charge consumers right away.
- In as little as 15 minutes, you add a simple PayPal button on your site. and, once a payment is sent and processes, PayPal Payments Pro takes literally minutes to make it available to you.
- Custom checkout: it lets the user customize checkout as he needs it, and create a positive checkout experience for his customers.
- Fast mobile payments: With PayPal, receiving money is not limited to office desks and computers. You can easily turn your mobile devices into moneymaking machines.
Online Payment Platforms – Amazon Payments
It is a secure and streamlined payment service for Amazon clients, The service is available to both merchants and shoppers to facilitate their online purchases, as it works with the information you’ve already inserted in your Amazon account to complete check-ins and check-outs.
- Amazon Payments optimizes their marketplace activities and converts them into reliable vendors with a great reputation.
- Amazon Payments operates in several different languages to help reach out to international audiences and supports all leading currencies.
- Amazon Payments enables users to easily access their information from the merchant’s site, thus streamlining the purchasing process as they no longer have to enter their information such as name, shipping address, and credit card details among others.
It enables merchants to accept mobile and online payments from buyers worldwide, and without any concern about delays and security. If you wish to get paid instantly, look no further than 2CheckOut. 2CheckOut served over 50k merchants, built over 300 unique fraud prevention rules, and reached Level 1 PCI compliance.
- Support for all leading payment methods 2Checkout is best known for supporting all leading payment methods and gateway services, among which MasterCard, Visa, Discover, American Express, Diner’s Club, JCB, debit card, and even PayPal.
- Options to choose from 2CheckOut enhances customers’ buying experience with 2 different checkout methods: Standard, which displays the checkout page depending to the customer’s device, and Inline, which shows as if the Checkout page is part of the merchant’s site while providing all the benefits of a hosted checkout solution.
- Global availability 2Checkout allows you to operate in 211 markets provides localized options. It supports 8 different payment types, 87 different currencies, and operates on more than 200 global markets.
It is one of online payment platforms that was created by industry experts who have established a partnership with the wider payments industry: from expected partners “local banks, major card networks, the PCI Council” to the unexpected “the W3C, internet browser providers, and industry associations”.
- Reports and insights Stripe’s Sigma service allows businesses to easily view sales data and analytics in real-time, providing insight that can help you refine and improve operations for increased effectiveness and growth.
- Secure payment When it comes to revenue optimization, Stripe optimizes routing paths through direct integrations with card networks like Visa, MasterCard, and American Express.
- Multiple payment options You can support the payment gateway preferred by your customer as Stripe offers a variety of options.
One of the world’s fastest and simplest online money transfer solutions designed for private and professional usage. You can use it to send and receive payments worldwide, enable secure money transfers from mobile devices.
- Suitable for freelancers Payza is a very convenient and safe solution for businesses and professionals to send and accept money from any location in the world.
- International service is available in 21 different currencies, The service now caters to over 15 million users worldwide and that figure keeps on growing.
A popular online payment thanks to features like instant withdrawals and deposits, low transaction fees, exclusive offers, the ability to accept from 40 currencies, and being able to send text messages directly from your account.
- Multiple transaction methods Skrill enables several payment transaction options such as credit cards, cash and email- transactions.
- Mobile accounts Your account works on mobiles devices too which lets you make transactions and payments from almost anywhere.
- POS option Skrill is quite a handy tool for POS businesses and online stores. You can pay for stuff online with your account.
- Global availability At the moment, Skrill supports over 30 different currencies and makes it possible to target buyers for your products and services all around the globe.
Authorize is most needed in retail and service environments looking for a flexible gateway solution that works. It was developed to help merchants sell more in both local and online stores, It is designed for small-to-medium-sized businesses.
- Customer integration manager (CIM) The platform’s Customer Information Manager (CIM) enables users to store their customers’ sensitive payment information on AuthorizeNet’s secure servers.
- Active online payment system Authorize’s online payment system accepts credit cards and electronic checks from websites and deposit funds automatically into your merchant bank account.
- VPOS In a retail setting, you can use Authorize.Net as a personalized virtual point of sale system (VPOS). In case you already have a good POS in place, this platform will be easy to integrate with it.