A blog post on the best payment gateway for startups.
Startup growth requires a steady stream of new customers, cash to fund marketing activities, and an affordable payment option that’s fast and secure.
If you’re looking to get started as a small business or operate an existing company from the tech side, you might want to take a look at virtual payment gateways.
These are apps that let you accept payments online, as opposed to limiting your customer base to physical locations or within individual companies. They can also be used for other purposes, like accepting online orders from your customers or processing loyalty program rewards.
If your startup is already active, you may already know which payment gateway will work best for you. However, if you’re planning to launch a new business venture or just starting out, it can be difficult to decide which payment service provider (PSP) will be the best fit for your business.
Fortunately, there are plenty of payment gateways that cater to the needs of startups – from popular brick-and-mortar businesses to small business startups. Read on to learn more about the best payment gateway for startups and which fits your business best.
What is a Payment Gateway?
A payment gateway acts as a bridge for remote payments, enabling businesses to accept online payments without a physical presence. It does this by creating a secure connection between the business and its customers, which is then used to transmit the payment details.
The payment gateway is a secure tunnel between the customer’s device and the business’s server. This means that no data is stored on the gateway server, meaning that hackers and cybercriminals cannot access your business’s data or steal your customers’ payment information.
Some payment gateways also enable easy communication with your company’s accounting department and payment providers, helping to speed up payment and payment-related processes.
How Does a Payment Gateway Work?
When you choose a payment gateway, you’re not just outsourcing your payment process to a third party. You’re also outsourcing the security of your data. At the heart of a payment gateway is the gateway software, which communicates with your bank, credit card company, or other payment providers.
It then uses this information to complete the purchase or processing of a payment. Some payment gateways also enable you to manage and track your customer’s payments online, making it simple for your customers to pay you.
7 Best Payment Gateway for Startups
1. Authorize.Net Payment gateway
The Authorize.Net platform is one of the oldest and most widely used payment gateways in the business. It supports many of the most popular payment methods, including credit cards. Many of the major credit card companies have their own authentication systems, making it more challenging for smaller businesses to use their products.
However, Authorize.Net integrates well with every payment method, making it easy for business owners to accept payments from customers in a variety of different ways.
2. Stripe Payment gateway
The Stripe payment gateway is similar to Authorize.Net in that it supports a wide range of payment methods. However, it also offers a separate platform for managing special financing and investment products, making it more suited to these types of businesses. Stripe is also known for its flexible pricing models and great support for both iOS and Android devices.
3. Braintree Payment gateway
The Braintree payment gateway is a cross-border payment platform used to process payments in both the United States and Europe. It works with a variety of payment providers, including credit cards, banks, and e-commerce providers.
With Braintree, you can accept payments in a variety of different ways. You can process a payment as soon as it is received, you can cash-out payment options, or you can accept payment in advance, with a fee.
4. PayU Payment gateway
PayU is another cross-border payment gateway used in Europe, Asia, and the Middle East. It works with a variety of payment providers, including credit cards, banks, and e-commerce providers. PayU also offers a mobile app for easy access, as well as an online payment gateway. You can accept payments from both individuals and businesses using PayU.
5. Amazon Payments gateway
The Amazon Payments gateway is similar to PayU in that it is also a cross-border payment gateway. It also works with a variety of payment providers, including credit cards, banks, and e-commerce providers. You can accept payments from both individuals and businesses using the Amazon Payments gateway.
6. Razorpay Payment gateway
The Razorpay payment gateway is similar to PayU as it is a cross-border payment gateway. However, unlike PayU, Razorpay is a payment platform that is used for money transfer services. Meaning that it is more relevant for money transfer businesses than for other types of businesses. You can accept payments from both individuals and businesses using the Razorpay payment gateway.
7. Skrill Payment gateway
The Skrill payment gateway is like the other payment gateways that we’ve discussed so far as it supports a wide range of payment methods. However, it also offers a special “skrill” version for banks and other financial institutions. Making it ideal for use with financial institutions that may not be as familiar with cryptocurrencies as other payment providers. You can accept payments from both individuals and businesses using the Skrill payment gateway.
Summary
There are plenty of payment gateways that can help you accept online payments. From popular banks and credit unions to smaller payment providers, there’s a payment gateway for every business.
You can choose from a variety of payment providers, including credit cards, debit cards, check cashing services, and e-commerce providers. There are also several types of payment gateways, so be sure to consider how your business will use the payments before choosing a provider.
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