The results of the YouGov survey showed that 50% of online customers would rather cancel their purchase if their preferred method of payment was unavailable. 40% of respondents mentioned that they feel more convenient when purchasing in web stores that offer a certain freedom of choice when it comes to payment methods. Just imagine how you can increase your sales, successful deals and customer loyalty just with a right Magento payment solution.

Statistic: Preferred payment methods of online shoppers worldwide as of 4th quarter 2015 | Statista
Find more statistics at Statista

Online payment methods differ around the World.

For your customers’ comfort you need to provide payment methods typically preferred by the target market. Some gateways have a limited number of these methods, **so pay attention to available payment ways in Magento payment solution. **

Don’t muddle up payments gateways and merchant accounts. Let us get all this straighten out. What is payment gateway? Payment gateway is an eCommerce application that facilitates transferring the information between website and acquiring bank. On the other hand, merchant account is a storage where your money are stored before being sent into a bank account. Some of the solutions currently available on the market provide both tools’ functionality on a single platform but some offer just one of the given services. Notice that credit card payment gateway takes different amount of money for its implementation. There are 3 most popular fee types:

  • setup fees
  • monthly fees
  • transactional fees.

Payment solutions can take only transaction fees or charge additive fees. Make sure that you are avare of all fees of your Magento payment gateway integration.

Processing credit card data securely. Choose gateway with** anti-fraud protection** that provide data encryption and allows CVV2 verification.

High risk credit card processing is an additive feature, so check it if your business is dealing with gambling, ebooks, electronic cigarettes, adult content or other risky sectors.

24/7 customer support is a must.

Some eCommerce payment gateways provide limited transactions and other restrictions which is why they are suitable for small business only. So pay attention to scalability of Magento payment gateway extensions.

Pay close attention to the contract term as you will not be able to change the gateway during this period.

Let’s review benefits of the most popular Magento payment gateways.

</tr> </tbody> </table> The flexibility of Magento allows to integrate a whole set of top quality payment gateways with your Magento Store. It supports over 50 payment gateways! Magento payment gateway list includes top Payment Processing Systems like Paypal, 2checkout, SagePay, WorldPay, Authorize.Net, Braintree, Amazon Payment, WePay, Dwolla etc. But which Magento payment gateway extension is the best for your business does not really depend on Magento, it is influenced by demographics, customers, currency and various other factors which shall be taken into consideration when selecting a payment gateway. For every market segment, every sort of business there is something to appeal to. It’s just a matter of determining what works for you and your target audience.
2Checkout Payment Extension Authorize.net CIM-Certified by Authorize.Net-Payment Module Braintree Payments ebizmarts - Sage Pay Suite CE Europe - (SagePay OFFICIAL Extension) WePay Payment Gateway Dwolla
Extension Price Free $ 249 Free
  • Free
  • Sage Pay Suite PRO Magento 1 (Europe) $253.52
  • Sage Pay Suite PRO (Europe) for Magento 2 $373.54
  • $ 45 Free
    Payment Methods
  • Visa
  • MasterCard
  • American Express
  • Discover
  • Diner's Club
  • JCB PayPal
  • Visa
  • MasterCard
  • American Express
  • Discover
  • Diner's Club
  • JCB
  • Apple Pay
  • PayPal
  • Visa Checkout
  • Visa
  • MasterCard
  • American Express
  • Discover
  • Diner's Club
  • JCB
  • Maestro
  • Apple Pay
  • Android Pay
  • PayPal
  • Bitcoin Venmo
  • Visa
  • MasterCard
  • American Express,
  • Maestro PayPal
  • Giropay iDeal
  • EPS e-payment standart
  • ELV
  • Visa
  • MasterCard
  • American Express
  • Bank Account
  • VISA Debit Card
  • Prepaid Card(GreenDot and NetSpend)
  • Secure checkout + + + + + +
    Account Updater + + + - - +
    Recurring/ Subscription Billing + + + - - +
    Fraud protection
  • Data encryption</td>
  • Address Verification Service (AVS)
  • Card Code Verification (CVV2)
  • Support for Verified by Visa and MasterCard SecureCode
  • Advanced Fraud Detection Suite
  • Address Verification Service (AVS)
  • Card Code Verification (CVV2)
  • Data encryption
  • Risk Threshold Rules
  • 3D Secure
  • Address Verification Service (AVS)
  • Card Code Verification (CVV2)
  • 3D Secure authentication (with Visa, MasterCard)
  • American Express SafeKey
  • Additional transaction checks that include Postal Address File (PAF) checks
  • Highest level of PCI security
  • Tokenization for card data
  • Multi-factor authentication
  • Tokenization
  • TLS 128-bit encryption
  • Mobile Payments Free 2Checkout Mobile App for merchants
  • Free Authorize.Net mPOS mobile application to accept payments on the go.
  • Free Virtual Terminal to enter payment information manually.
  • Mobile App Mobile App enables to sell Magento products within retail stores Developers can develop custom mobile app for your store Free Mobile App
    Rates Price per wallet- or card-based transaction is around 2.9% + $0.30.
    Price per chargeback is around $25.</br>
    No monthly fees, no setup fees</br>
    Price per wallet- or card-based transaction is around 2.9% + $0.30.
    Setup $49</br>
    Monthly Gateway $25</br>
    Chargeback $25</br>
    Price per wallet- or card-based transaction is around 2.9% + $0.30.
    Price per chargeback is around $15.</br>
    0 – 1000 transactions per quarter – 25 GBP per month, any extra transactions costing an extra 10p each.
    High cancellation fee</br>
    Price per wallet- or card-based transaction is around 2.9% + $0.30.
    Price per chargeback is around $15.</br>
    No monthly fees.
    Free fee transactions under $10.l.</br>
    Fees for every transaction over $10 are $0.25.</br>
    Customer Support Web form email
  • Online Support Center
  • Toll-free phone support
  • Online chat
  • eTicket system
  • Web form email
  • Phone support
  • Web form email
  • 24/7 Support
  • Ebizmarts forum
  • Self support
  • Web form email
  • </li>
  • Self support (Support center and support forum)
  • Web form email
  • Notes Some errors may occur while working with custom themes. Accept international transactions but your business must be based in the United States, Canada, United Kingdom, Europe or Australia. Payment Methods differ depending on a region. Generally, there is no difference whether you create a mobile app, website, or both - Braintree covers nearly all fronts, platforms, and device. Also, it doesn’t have single-transaction limits. It accepts 130 + International currencies. Customer can save, add and edit stored credit card. 2 business day payout. Provide funds receiving within 2 business days. Sage Payment Solutions charges an early termination fee. To cancel Sage Payment contract they charge you a set amount multiplied by the number of months left in your contract. Contract Duration - 3-years. Extension is fully open-source and extremely easy to use. WePay allows making purchases without having an account. Send and receive one-time,recurring, or mass payments with a free account. Dwolla works with USD only and only in US. Restrictions: personal transactions are limited to $5,000 while business ones – to $10,000. Supported credit cards depend on the linked bank account.
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