As an online business owner, it is essential to provide your customers with various payment options. After all, shoppers abandon their carts if they cannot pay through their preferred method. Therefore, it is vital to choose the right payment gateway for your online store. BigCommerce offers various payment processors, each with its unique features and pricing. In this article, we will discuss how to choose the right payment processor for your store.
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Understanding Payment Gateways
For those who are not familiar with payment gateways, it is software that processes payments from customers and transfers the funds to the merchant’s bank account. A payment gateway can either be provided by a third-party provider or an in-house solution.
Choosing a Payment Processor
When selecting a payment processor for your store, there are several factors to consider, such as:
Transaction fees vary between payment processors, and it is essential to choose a processor that offers the lowest rates. However, it is necessary to look at other factors other than just the transaction fees. For example, some processors offer flat-rate pricing, while others offer interchange-plus pricing.
Accepted Payment Methods
Besides accepting credit and debit cards, it is essential to consider if the processor supports other payment methods such as PayPal, Apple Pay, and Stripe.
As an online business owner, you need to reassure your customers that their data is secure. Therefore, it is necessary to choose a processor that meets the security requirements set by the Payment Card Industry Data Security Standard (PCI-DSS).
Integration with BigCommerce
It is essential to choose a payment processor that integrates with BigCommerce, making it easy for you to manage orders, refunds, and chargebacks.
Customer support is critical when running an online business. Therefore, it is necessary to choose a payment processor that offers 24/7 customer service to help resolve any issues that may arise.
BigCommerce Payment Processors
BigCommerce offers various payment processors, each with its features and pricing.
Square is a popular payment processor that offers a free card reader and charges a flat-rate fee of 2.6% + $0.10 per transaction. Square also supports other payment methods such as Apple Pay and Google Wallet.
Square is an excellent option for small businesses as it does not charge any monthly fees, and there are no long-term commitments.
PayPal is another popular payment processor on BigCommerce, with over 250 million active users. PayPal charges a transaction fee of 2.9% + $0.30 per transaction for all payment methods. It also supports various payment methods, including credit and debit cards and PayPal Credit.
PayPal is an excellent option for businesses that have an international customer base as it supports over 200 countries.
Stripe is another popular payment processor that offers a competitive transaction fee of 2.9% + $0.30, with no hidden fees. Stripe also supports various payment methods, including Alipay and Google Pay.
Stripe also offers easy integration with BigCommerce, making it easy to manage orders and refunds.
Authorize.net is a payment gateway that allows businesses to process credit and debit card payments. Authorize.net charges a monthly fee of $25, plus a transaction fee of 2.9% + $0.30 per transaction.
Authorize.net also offers advanced features such as fraud detection and prevention, making it a suitable option for established businesses.
In conclusion, choosing the right payment processor for your BigCommerce store is crucial for the success of your business. Consider transaction fees, accepted payment methods, security, integration with BigCommerce, and customer support when selecting a processor. BigCommerce offers various payment processors, each with its unique features and pricing. Choose a payment processor that meets your business needs and budget to provide your customers with a smooth checkout experience.