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The number of consumers getting comfortable with making purchases using mobile devices is increasing rapidly. And supporting mobile commerce and transactions are payment gateways.
If you are an online or a brick and mortar business, you must pay attention to this customer behavior so that you can offer the best payment gateway options for secure and easy payments to your customers.
In this blog, we look at the 10 best payment gateways for mobile apps that you must consider for your business transactions.
Let’s get started!
What is a payment gateway?
A payment gateway is a bridge between an eCommerce website and a payment processor. It is an intermediary technology that ensures secure transmission of payment information required for authorization and settlement. Payment gateways enable cashless payments for online shoppers.
In short, a payment gateway provides an added layer of security. Payment gateways also support other related technologies and functions, such as analytics, fraud prevention, support multiple payment methods, etc.
Without payment gateways, retails have to handle payment data on their own, which increases the risk of fraud. Hence, payment gateway is a must for secure online payments. It helps build customer trust.
There are different types of payment gateways:
- Hosted payment gateway - redirects to a third-party platform
- Self-hosted payment gateway - gives businesses full control over the checkout process
- API-hosted payment gateway - Collects payment details via an API
- Local bank integration gateway - redirects to customers’ bank platform to complete payment
Best payment gateways for eCommerce mobile apps
In this section, we have put together a list of the best payment gateways for mobile apps, their features, and capabilities to make it easy for you to choose the best option for your business needs.
1. Shopify Payments
The payment gateway for Shopify stores, Shopify Payments incorporates payment processing, order management, and analytics into one system. It is in-built in Shopify stores and hence, does not require setting up a third-party payment provider.
Here are some features of Shopify Payments:
- Sell in different currencies
- Savings on transaction fees for orders processed through it or via PayPal Express, Shop Pay, etc.
- Payment processing fees from 0.6%
- Currency conversion fee from 1.5%
- Subscription is free
- Accepts various payment methods, including credit cards, digital wallets, local payment methods
2. PayPal
PayPal is a popular payment gateway, quite often used by small businesses. It is easy to set up PayPal without a contract or startup fees. These are reasons that make it more suitable to small businesses or brands just starting out. Besides, its popularity helps brands increase conversion rates.
Here are some of the features of PayPal:
- PayPal offers a one-touch feature, streamlining and speeding the checkout process
- It is available in over 200 countries and regions
- It supports 25 currencies
- PayPal accepts payments through PayPal accounts, Venmo, credit cards, pay-later options, and cryptocurrencies
- Payment processing fee starts from 2.59% + fixed fee
- Its subscription is free
3. Stripe
Stripe is a payment gateway suitable for high-volume businesses. It is suited for eCommerce and online retailers, as well as subscription-based businesses. Stripe is favorable for online sales payments as well as in-person payments using the Stripe Terminal point of sale system.
Here are some features of Stripe:
- It integrates with many online shopping carts, such as Shopify, WordPress, WooCommerce, and Adobe Commerce
- Stripe operates in 46 countries
- It accepts over 135 currencies
- It has an advanced ML fraud detection system called Radar
- Stripe’s payment processing fees are 2.9% + 30 cents
- It charges additional fees of 0.5% for manually entered cards, 1.5% for international cards, and 1% for currency conversion
- Its subscription is free
- Stripe accepts payments via bank transfers, debit, redirect, Buy now, pay later (BNPL), digital wallets, real-time payments, cash vouchers, etc.
4. Skrill
Skrill is a payment gateway that is most suitable for low-cost international transactions. It supports multiple currencies and hence works best for businesses that transact in different currencies.
Let’s look at some of its key features.
- It offers instant deposits and payouts
- It supports over 40 currencies
- Skrill is used for other functions, such as deposits, withdrawals, transfers, and cryptocurrency trading
- It provides two-factor authentication and the Secure Socket Layer (SSL) enhancing customer retention rate
- Its payment processing fee is 3.99%
- Its subscription is free for active accounts
- It accepts payments via cards, cash, instant bank transfers, wallets, and more
5. Worldpay
Most suited for businesses with high-volume transactions in global markets, Worldpay offers secure and integrated payment methods.
Here are some of its features:
- Operates in 150 countries
- Easily integrates with many third-party apps
- It supports over 120 currencies
- Its payment processing fee is quote-based
- Its subscription fee is also quote-based
- It accepts all kinds of payment methods including cards, digital wallets, local payment methods, and cryptocurrency
6. Afterpay
Afterpay is a payment gateway that enables interest-free installment payments, and hence, is most suited to online businesses that want to increase sales.
Here are some of its features:
- It is free for customers who pay on time
- Allows custom payment messages
- It offers tools to create invoices and split invoices into a payment plan
- It has loyalty management features to offer rewards and incentives to loyal customers
7. Adyen
Suitable for enterprise-size businesses, Adyen offers an easy payment experience for online and in-person transactions. It focuses on mobile payments.
Let’s look at some of its key features:
- Offers dynamic card validation, enhancing security
- Offers instance insights into customer behavior
- Operates in 100 countries
- It supports over 180 currencies
- It uses 200 different electronic payment methods
- Its payment processing fee is €0.11
- Its subscription is free
- Accepts payments in cards, digital wallets, and BNPL
8. Square
Square is a payment gateway best suited to small and mid-sized businesses, as it has minimal costs and handles all fees levied by banks and card companies.
Here are some of its features:
- Monitors all payment activities
- Uses algorithmic automation and human observation to detect suspicious activity
- It offers options for physical store as well for handling in-person transactions
- It has an in-built inventory management system, real-time stock tracing, low stock alerts, and sales reporting, etc.
- It supports 27 currencies
- It is available in the US, UK, Canada, Japan, Australia, and Ireland
- Its payment processing fee starts at 2.6% + 10 cents
- Its subscription is free
- It accepts payments via cards, digital wallets, ACH bank transfer, Cash App Pay, Afterpay, and Square gift card
9. Braintree
Braintree is owned by PayPal. Its full-stack payment platform is known for its flexibility and ease of use.
Here are some of its features:
- Stores customers payment information for future transactions
- Data encryption and fraud protection features
- Advanced currency conversion features
- Offers a dedicated merchant account and free recurring billing
- Allows custom pricing plans, promotions, discounts, free trials and add-ons
- Operates in 45 countries
- Supports more than 130 currencies
- Its payment processing fee is 2.59% for card and digital wallets
- Its subscription is free
- Braintree accepts payments via PayPal, Venmo, cards, digital wallets, and local payment methods
10. Apple Pay
Another popular payment option used by retailers and individuals, Apple Pay is a product of Apple and supports digital wallets and mobile payments.
Here are some of its features:
- It stores card information for future payments
- Easy integrations features
- Advanced privacy and security capabilities
- Apple Pay Later allows splitting purchases into four equal installments
- It has a quick approval process for installments
- Apple Cash Integration enables easy sending and receiving of money
Tips to choose the best payment gateways for eCommerce mobile apps
- Security: Ensure the payment gateway provides advanced security and privacy features to protect payment information and to detect fraud
- Pricing: High payment gateway fees can eat into your profits, hence it is critical to pick a payment gateway that offers competitive pricing options
- Payment methods: Choose a payment gateway that allows multiple payment methods, such as cards, digital wallets, cash, bank transfers, cryptocurrencies, etc.
- Customer support: Ensure your payment gateway provides efficient, fast, and easy customer support in times of need
Have you chosen the best payment gateway for mobile apps for your Shopify store?
With mobile commerce and mobile payments gaining popularity across the globe, it is essential for your Shopify store to be on par with this customer behavior and preference.
However, to be able to integrate an efficient payment gateway for mobile apps, you need a good app builder that easily integrates payment gateways.
Meet Appbrew - a Shopify no-code app builder that helps you build customized apps for your Shopify stores. Its advanced features ensure you partner with the best payment gateways for secure transactions.
Explore Appbrew for your Shopify store app today!
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