5 Best WooCommerce Payment Gateways For 2024

Did You Know? As per the article of Statista, with a market share of 23.43%, WooCommerce is one the largest platform in the eCommerce industry. Currently, there are more than 1 million WooCommerce stores actively working.

You have created your online store with utmost care and selected everything best but, now you are confused about which WooCommerce payment gateways to choose. Don’t worry, we are here to help you out. Let’s understand the meaning of WooCommerce payment gateway before going to its list.

What is WooCommerce Payment Gateway?

As a new WooCommerce store owner, you will have to decide which payment gateway to use. WooCommerce Payment gateways are third-party service providers that enable you to accept online payments on your eCommerce store.

There are 2 different kinds of payment gateways that can be used on website:

1. Integrated via your website
   A payment form is available on your website. That means the buyer doesn’t need to leave your website. Most popular eCommerce sites like Shopify uses this method.
2. Integrated via 3rd party payment gateway website
   A payment form is available on the payment gateway’s company website. For this buyer need to click on the shown link which redirects them to 3rd party payment gateway’s webpage. PayPal is the best example of this method.

How Does A Payment Gateway Work?

The work process of payment gateway is easy to understand by dividing it into five simple steps. When your customer makes the payment in your WooCommerce store, it performs important functions.

1. Firstly, amount passes through the store’s server.
2. Now payment gateway transfers the amount to the issuing bank from your store’s payment portal. It also asks the bank for confirmation.
3. After the banks’ response, the payment authorization request can be accepted or rejected.
4. The response comes back to the payment gateway through merchant server.
5. Then server response allows the buyer to make purchase.

This whole process is done within a blink of an eye.

Which Factors To Consider Before Choosing WooCommerce Payment Gateway?

• Transaction Fees
  Many WooCommerce payment gateways charge a fee for the transaction that took place on your online store. The fee has two parts; the first is some percentage of the transaction – between 2.5% to 3.5%, and the second is a small amount for each transaction – around $0.30.
• Operational Costs
  Not only transaction fees but many WooCommerce payment gateways charge other fees like account maintenance fees, monthly account charges, bank withdrawal charges, and many others.
• Ease of Use
  Don’t challenge yourself by selecting a payment gateway with a confusing process. Financial transactions become hard to do when you add an extra level of complexity to them. The payment process must be easy to use.
• Support in Your Consumers’ Country
  Many WooCommerce payment gateways are geographically limited due to legal restrictions. It’s the best option to select the payment gateway which is actively used in your targeted audience area.
• Currency
  Consumers always like to pay in their national currency. Some payment gateways also charge fees for the conversion of currency. Make sure your WooCommerce payment gateway supports different currencies with its conversion.
• Security
  When it comes to a financial transaction, security becomes the top-most priority. You are leaving your consumers’ and your data vulnerable if your payment gateway isn’t secure. So, it’s necessary to choose a secure WooCommerce payment gateway.

Which Are Best WooCommerce Payment Gateways?

1. Stripe
2. PayPal
3. Square
4. Authorize.Net
5. Amazon Pay

1. Stripe

Stripe is the most popular payment gateway around the globe. Currently, it is actively working on more than 3 million websites. Another amazing fact is that 90% of U.S. adults use Stripe to buy items from online stores. Stripe works smoothly on both desktop and mobile websites.

Key Features

• You can build beautiful forms with Stripe Elements.
• Easily customizable designs.
• It has the best reputation for providing customer support.
• Provides invoices and financial reporting.
• It uses machine learning for the prevention of fraud.

Availability and Payment Methods

1. It is available in 35+ countries like U.S, Australia, India, Brazil, Singapore, Europe, Hong Kong, New Zeeland, Malaysia, and many more countries.
2. It accepts many popular payment methods that include credit / debit cards, Google Pay, Apple Pay, and much more.

Fees

• Stripe charges 2.9% + $0.30 per transaction.
• Conversion of currency at 1%.
• International charges are also at 1%.

2. PayPal

PayPal is one of the oldest and most used payment gateways for eCommerce websites. It has more than 361 million active users. Being a pioneer of the online payment industry; it offers different services suitable to business, personal, and eCommerce websites.

Key Features

• PayPal offers a customizable API.
• It accepts payment from any computer with PayPal Terminal.
• It is easy to set up and use PayPal.
• Send professional invoices via mail.
• Majority of people are familiar with it.

Availability and Payment Methods

1. PayPal is available in 200 countries which includes African countries, American regions, Asia Pacific countries, and European countries.
2. PayPal supports payment from your Master Card, Visa, bank account, American Express card, PayPal Cash program, and many more.

Fees

• PayPal differs its fees depending on location and type of transaction.
• The standard fee is 2.9% + $0.30 per transaction.
• International transaction charges are 1.5%.

3. Square

Square payment gateway is famous for ubiquitous white square devices. It’s the best option for businesses with physical stores. Square has an active base of more than 70 million users around the world. WooCommerce Square Extension synchronizes products between your website and Square account.

Key Features

• Square is integrated with Instagram.
• It accepts both types of payments – In-person and Online.
• Square provides invoices and coupons.
• It’s well-designed and very easy to use.
• Square securely saves consumers payment details for recurring transactions.

Availability and Payment Methods

1. It is available in U.S, Japan, Canada, Australia, and United Kingdom.
2. It accepts Debit / Credit cards, Google Pay, Apple Pay, and Square gift cards.

Fees

• Square standard fee is 2.6% + $0.10 for contactless payments, inserted chip cards, and swiped cards.
• Payments that are manually keyed-in using a Card on File or using a Virtual Terminal have 3.5% + $0.15 fees.
• Invoices cost 3.5% + $0.15 or 2.9% + $0.30 by using Card on File.

4. Authorize.Net

Authorize.Net is a payment gateway owned and managed by VISA. It is widely known for its easy integration and smooth payment process. More than 430,000 merchants trust Authorize.Net for their business transactions. It is the best choice for enterprise-level businesses.

Key Features

• It has an advanced feature of fraud detection and prevention.
• It has the simplest checkout options.
• Accepts every kind of virtual payment.
• Provides a feature to customers for storing their payment details securely for future transactions.
• Authorize.Net provides the best customer support.

Availability and Payment Methods

1. It is available in countries like U.S, Canada, Europe, Australia, and United Kingdom.
2. It accepts the payments like Master Card, American Express, Visa, Apple Pay, Chase Pay, and many more.

Fees

• The standard fee is 2.9% + $.030 per transaction.
• It also charges a monthly fee of $25.

5. Amazon Pay

Amazon Pay is a payment gateway platform operated by Amazon. Customers can use their Amazon account to make payments on your website. There are more than 50 million users of Amazon Pay. It does not charge any monthly fees. Users don’t need to enter payment information to a third-party website.

Key Features

• Amazon Pay is fully mobile optimized.
• It is integrated with Alexa for voice search orders.
• It supports to all, from small businesses to enterprise-level companies.
• Amazon Pay is easy to set up and use.
• Makes the payment process seamless for customers.

Availability and Payment Methods

1. It is available in 170 countries including U.S, Japan, Spain, United Kingdom, Australia, France, India, Germany, and many more.
2. It has various payment options like deferred payments, recurring payments, split payments, and more.

Fees

• It charges a fee of 2.9% + $0.30 per transaction.
• No monthly fees.

Establishing a WooCommerce store is not that easy as you think. Many factors affect for the setup of an online store. You need to know everything about WooCommerce store before starting your own.

Don’t forget to make your functionalities of WooCommerce store scalable for high traffic. If your WooCommerce store is not scalable enough for higher traffic, then you might lose a large consumer base. There are multiple ways to speed up a WooCommerce store for higher traffic.

FAQs About WooCommerce Payment Gateways 

Your Time to Deliver Flawless Customer Payment Experience

As you know, WooCommerce has a big market share in the eCommerce platform. To run a successful WooCommerce store, selection and integration of best payment gateway is a necessity. You can contact our WooCommerce WordPress integration experts for flawless, secure integration of the best WooCommerce payment gateway onto your online store to make user experience more intuitive.