Magento 2 Payments
News

Magento Payment Gateway Integrations: An Overview of Contenders | Magenest

Perhaps we can all agree with this opinion:

 

“In the digital age, payment is increasingly being done online.”

 

Today there are various online payment gateways that act as standalone processors or as

integrations in e-Commerce platforms such as Magento.

 

You might be thinking of PayPal, yes?

 

Since the dot-com bubble of the last two decades, PayPal is by-and-large the largest payment

gateway on the planet.

 

But PayPal’s not the only contender here.

 

Other significant competitors are there, competing with PayPal since the smartphone era.

 

In this article we show you most popular payment gateways online. Especially in case you’re doing

commerce business.

 

If you are further interested, we have built integrations for most of them in Magento that you can

check out here: https://store.magenest.com/magento-2/payment-integration.html 

 

1. Stripe

 

Magento Payment Gateway Integrations

 

Stripe, currently the hottest new kid on the payment gateway block, is taking the world by storm.

 

Wait, really?

 

Absolutely yes. This year Stripe was ranked as No.1 in Forbes’ Cloud 100, a list of top 100

companies engaged in cloud computing.

 

Among the Magento Payment Gateway Integrations, Stripe can be considered the best, or second

best depending on who you ask.

 

Today, Stripe is the second most used e-Commerce payment gateway in the world.

 

It’s really hard to argue against Stripe’s popularity at this point.

 

Stripe is appealing for many reasons. It is marketed as the ultimate e-Commerce toolkit for

developers, it has streamlined and successful APIs (such as add-ons for PrestaShop).

 

Additionally It is the answer to online payment in the smartphone era.

 

Basically you can’t go wrong with Stripe, but as always, there are alternatives to choose from if you

are interested.

 

2. PayPal

 

Magento Payment Gateway Integrations

 

For years the PayPal juggernaut hasn’t seen a halt in e-Commerce payment gateways.

 

In fact, it is so common that the name PayPal is synonymous with “online payment”. Just as much

as how we associate “online shopping” with Amazon.com.

 

This is admittedly crazy.

 

PayPal has its roots in the late 1990s dot-com bubble, and has since dominated the world’s online

payment systems.

 

But does PayPal rule all platforms? Nope. Alipay owns the mobile platform.

 

Even with stiff competition in the market today, most noteworthy from Stripe and Amazon Pay,

PayPal is still on the throne of payment gateways.

 

You might be thinking: “PayPal is unstoppable, there’s no other gateway that can challenge it.”

 

Well you might want to think again.

 

Startups like Stripe however have struck PayPal’s confidence in its status quo, so it has responded

in kind by upgrading APIs and other initiatives.

 

Also, PayPal’s Magento Payment Gateway Integrations continues to be competitive against other

rivals in the Magento marketplace.

3. Skrill

 

Magento Payment Gateway Integrations

 

Are you into gambling?

 

Or into gaming? Or any sort of “unconventional” business?

 

Congratulations, Skril’s got your six.

 

If your business is in the “unconventional” area (a.k.a. high risks, high rewards), Skrill is the one

you should choose as one of your Magento Payment Gateway Integrations.

 

Skrill was formerly called Moneybookers, and was known primarily for two things:

 

Low-cost international money transfers and…

 

…being the only reliable, sanctioned digital wallet to online gambling.

 

Perhaps one of Skrill’s biggest advantages over competitors, aside from being the gateway of choice

for online gambling, is its handling of large scale transactions.

 

Even better: Skrill also allows users to purchase online without the need to fill in financial details.

Another huge advantage it has is that there are absolutely no transaction fees for buyers.

 

Due to this and allowing bigger transactions than competitors, Skrill is popular among those with a

high risk, high reward mentality, especially in the gambling and gaming trade areas.

 

If you’re already into those areas, Skrill will be your best friend.

4. Alipay

 

Magento Payment Gateway Integrations

 

Ever heard of PayPal of the East?

 

That’s what people call Alipay. The word “Ali” should ring a bell to you now that it’s created by

Alibaba.

 

Somewhat similar to how Amazon has Amazon Pay, Chinese e-Commerce giant Alibaba’s very own

Alipay can be considered a leader in the payment industry.

 

While PayPal still dominates the desktop platform, Alipay is the king on the mobile platform.

 

There’s something about Alipay that sets it apart from others, though:

 

It does not allow chargeback. This means that customers must purchase at their own risks,

regardless of circumstances, as Alipay does not support dispute handling at all.

 

Alipay’s integration in Magento has been among the most popular Magento Payment Gateway

Integrations. The PayPal of the East has in recent years integrated various services into the

platform.

 

Alipay’s API is slightly harder to integrate than PayPal, but it’s nevertheless becoming a large

financial service in Asia.

 

If your business is based in China, you might opt for Alipay.

5. Sage Pay

 

Magento Payment Gateway Integrations

 

British software giant Sage Group has set its foot in online payments with its own payment

gateway: Sage Pay.

 

A multi-channel payment service provider, Sage Pay’s size and scope are rather limited compared

to the above payment gateways.

 

It is the only integrated payment solution for Sage’s ERP, and does not allow international

transactions. Despite this, Sage Pay is still one of the more popular Magento Payment Gateway

Integrations.

 

Functionally speaking, Sage Pay carries out many duties similar to other payment gateways. The

downside is that what Sage Pay offers is just a fraction compared to, say, Stripe or Alipay.

 

Despite being based in the U.K., Sage Pay’s popularity falls extremely short of Stripe’s, which has

been dominating the U.K. market for a while.

6. WePay

 

Magento Payment Gateway Integrations

 

No, this is not a Tencent product.

 

Another one of Magento Payment Gateway Integrations. Not really strong a contender like Stripe or

Alipay, WePay nevertheless is still popular in the United States.

 

So what makes it special?

 

Specifically, in the complex scenario where you have a large group of buyers and sellers and need to

distribute money between them and the platform they’re using, WePay is the right choice.

 

The best part about WePay is that there is no monthly fee and no setup fee, and additional charges

only apply for flat per transaction.

 

It gets even better.

 

WePay’s API is better in many ways compared to PayPal. The interface is quite easy to navigate

with a reasonable learning curve. Despite being a relatively small platform, WePay has a strong,

loyal customer base.

 

WePay consistently not only provides services to customers but also follows up the issues

afterwards. WePay has the potential to become among the most significant Magento Payment

Gateway Intergrations alongside the likes of Stripe or PayPal.

 

What it needs now, of course, is expansion.

7. CyberSource

 

Magento Payment Gateway Integrations

 

CyberSource relies solely on credit card payment. It acts as a normal payment gateway like the

others.

 

Wait, is that it? No.

 

In case you didn’t know before, its fraud detection radar is so far the largest on Earth (and among

the best of its kind). It offers specific solutions to enhance fraud prevention and payment security,

way beyond what other competitors could do.

 

Before its acquisition by Visa Inc., CyberSource was growing at an exponential rate compared to

other veterans including Visa itself.

 

Could it be another Stripe with fast growth and a more robust fraud radar? Maybe.

 

CyberSource’s experience in combating e-Commerce fraud is invaluable to many companies. This is

especially true considering fraud is becoming an extremely serious threat to the liability of

businesses to protect customers in online shopping.

 

If you ever feel insecure about payment security, CyberSource will be your solid, dependable best

friend.

 

Like this article? Click here to tweet it!

 

Have something to ask? Contact us at support@magenest.com or send us a message at

http://magenest.com/contact-us/.

Author: Daisy

Related Posts


Leave a comment

Your email address will not be published. Required fields are marked *

At Magenest, we help our customers thrive by offering advanced solutions and working with excellent business partners.

We’re proud to be one of the top Magento 2 developers with capability in building integration solutions with third party business systems and applications.

Please follow & like us

Facebook
Facebook
Google+
Google+
https://store.magenest.com/blog/magento-payment-gateway-integrations-an-overview-of-contenders-magenest">
YouTube
YouTube

For lastest updates

For Magento articles