When setting up your online store you’ll need to decide on the payment gateways your customers can use. Payment gateways allow you to take payments online. The most popular payment gateways for online stores are:
PayPal
PayPal is very easy to set up and use and many buyers have a PayPal account. PayPal is one of the most popular payment platforms.
Stripe
Stripe allows you to process credit card payments. It is also popularly used for subscription payments.
Afterpay
Afterpay allows customers to pay for products over four installments – interest-free. It is very popular with the younger generation and often persuades customers to spend more as they will split the payment of 4 weeks.
Zip Pay
Zippay is similar to Afterpay but you can spread the cost over a customised, interest-free, schedule.
When choosing your payment gateway it is important to consider the following:
- Transaction Fees – Most payment gateways will charge a fee for each transaction on your website. Usually, businesses will pass this cost onto their customers by increasing the product cost to cover the charge.
- Additional Charges – Some payment gateways may charge account fees, setup fees, or other additional fees.
- Recurring Payments – Some payment gateways don’t support recurring payments. If you plan to sell subscription products be sure to check that your selected payment gateways will support this.
Need help selecting the best payment gateway for your online store? Get in touch today at hello@sevensandsdesign.com and we can chat!
