3 min read

October 31, 2022

Top 7 Most Popular Online Payment Solutions

An online payment solution is a service that makes it easy for you to accept payments online. It's the perfect way to take advantage of the internet's reach and make sure your customers don't have to leave the comfort of their homes or offices to pay their bills. An online payment solution can be integrated into any website, so you don't have to worry about having an entirely separate website for your business—just one place where you can manage everything.

There are many online payment platforms available out there. When you're looking for a new platform, it's important to consider the features and functionality that will work best for your business.

XanPay - top 7 most popular online payment solutions


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Factors to consider when choosing an online payment platform:

1. Consider the fees of the payment platform

Pricing for online payment gateways is generally based on the type of transactions a business conducts (online or in-person), the sales volume that it generates and the markets it serves. While choosing the right payment platform for yourself, consider the fees of the payment platform and pick the right option as per your requirements.


2. Efficiency of a transaction

By offering a “guest” checkout option, more than 25 percent of customers will be more likely to complete the purchase. Using a third-party shopping cart with an enrollment procedure built into the cart, retailers can make it an optional factor that allows for a “guest” checkout.

Likewise, the payment gateway should make it easier for retailers to create one-page checkouts by removing form fields that aren't necessary. Big eCommerce businesses expect online retailers to boost conversions by up to 50% by eliminating redundancies (such as entering billing and shipping information even if the postal addresses are the same).

 

3. Multiple functionalities

For online payment methods providers, their business needs determine the features they offer to their clients. If a retailer sells their products and services worldwide, then their payment gateway should provide a global solution and accept several credit cards, debit cards, and currencies in different countries. When choosing a payment gateway, be sure to find out if it supports electronic invoices, all payment types, text/email reminders for customers, smart chargeback management, etc.

4. Easy integration

There are numerous payment gateways to choose from when integrating into an eCommerce platform. Some of these gateways provide detailed instructions on how to integrate into popular platforms such as WooCommerce, Shopify and Magento. However, the ideal solution is to select a payment gateway system that doesn’t bring down the website’s UX with a slow payment process. The best way to accomplish this is by using one that allows customers to pay using their preferred method of payment on your site.

Here is a list of top 7 online payment solutions that you can use for your business.

Top 7 Most Popular Online Payment Solutions 
1. Dwolla

Dwolla offers a similar feature set as PayPal, but it's API allows users to create a customized payment solution that integrates bank transfers or Automated Clearing House (ACH) payments. Customers can receive funds within one business day and there are no fees associated with transactions.

2. Apple Pay

If you operate a retail business, you may wish to consider accepting Apple Pay. The system is faster and more secure than traditional credit card transactions, as it uses touch ID confirmation. In other words, customers can use their fingerprint to pay for their takeout coffee. Apple Pay is still a relatively new service, but it could eventually support older machines. Apple is also reportedly developing a peer-to-peer payments system for iMessage.

3. Stripe

Stripe has been highly praised by users for its powerful and flexible API. This means that you can tailor the platform to meet your specific needs, whether you're running a subscription-based company or an on-demand marketplace. Stripe's ready-to-use integration with hundreds of other applications means that you can get up and running quickly, even if you are not a professional coder. There are no setup, monthly, or hidden fees.

4. XanPay

XanPay is one of the top online payment solutions gaining popularity. You can accept payments from your customers in 15 Asian markets with XanPay. Manage your payments with zero risk of chargebacks, and integrate with 100+ payment methods. The plugin can be embedded in your online storefront to join hundreds of small businesses. XanPay offers a customizable widget that you can implement into your interface. With XanPay, you can grow your business via local payment integration, and reach customers in other countries.

5. Skrill

Skrill offers a number of features that make it a great platform for online payments, including instant withdrawals and deposits, low transaction fees, exclusive offers, the ability to accept payments in more than 40 currencies, and the ability to send text messages directly from your account. 

6. Payoneer

Payoneer is one of the oldest and most widely available payment processing services. It works in more than 200 countries and accepts 150 different currencies. It's free to receive payments and the platform includes a flexible API that grows with your business. You can get a plastic MasterCard if you aren't ready to go fully digital yet.

7. Google Wallet

Google Wallet, formerly known as Google Checkout, is an online payment service that allows users to send or receive money transfers from their browser or mobile devices. You may store credit, debit and loyalty cards to your account.

Nowadays, online businesses have more payment platform options than ever before. Each option has its own advantages and disadvantages, so it's up to you to find out which best suits your business. Which payment platforms have worked best for you in the past? Which ones do you plan to try now? 

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