Best payment gateway: Top 7 best payment gateways

A payment gateway is a tool that streamlines the payment process for eCommerce merchants. A merchant will need a payment gateway on top of a merchant account to process payments.

If you wish to expand into the eCommerce space, then you’ll want to read on to find the best payment gateway.

Discover Wise Business:
Receive payments with ease 💰

Best payment gateway options compared

Here are the best payment gateway providers for secure credit card transactions online:

Top 7 payment gateway providers
Stripe PayPal Square Payoneer Adyen 2Checkout Braintree

Each of these online payment services has plenty to offer if you plan on selling goods online. But they also have some key differences. This guide will help decide which is the best option for your business.

Stripe

Stripe is a fintech company that offers payment management solutions. It serves both brick-and-mortar and online businesses. Stripe Payments lets you accept credit cards, debit cards, and mobile wallets around the world.

Stripe can be a good choice for developers. It has a wide range of customization tools to tailor the payment process to your business. It also allows businesses to offers Buy Now Pay Later (BNPL) payment methods such as Klarna.

The company’s biggest strength may also be a weakness for some. The less tech-savvy entrepreneurs might not be able to make the most of its features.

Cost	Useful for
2.9% + 30¢ per successful card charge or by payment with link 0.8% per ACH direct debit with a $5.00 cap¹ BNPL: Starting at 5.99% + 30¢ for Klarna	Tailoring the payment process to your business with customization options

💡 Did you know you can link your Wise account with Stripe? This means you can receive money in multiple currencies, without high fees and hidden costs! Perfect if you have an international business.

PayPal

PayPal is one of the best online payment processors. It features an intuitive design that’s user-friendly even for new business owners.

One of the main reasons to consider PayPal is that there are already so many PayPal business account users. The fees can be tricky to figure out, though, which can be a downside for some.

Cost	Useful for
The fees for PayPal vary based on many factors, you can check how much PayPal will charge with the PayPal fees calculator	Simple setup and convenience

Square

Square offers easy-to-use software and a convenient app for receiving payments from customers. It’s a popular payment gateway service for small businesses.

Square allows business owners to set up for both in-person and online payments with minimal effort or startup costs. Square might not be as suitable for entrepreneurs wanting more complex payment options, though.

Cost	Useful for
No setup fee No monthly fee 2.9% + 30¢ per transaction $0.50 per delivery order²	Setting up in-store and online payments free of charge

Payoneer

Payoneer is an online financial services platform that many top companies like Airbnb and Google use. The platform supports worldwide transactions in more than 200 countries and 150 local currencies.

You can use Payoneer to send payment requests that customers can pay via credit card, ACH direct debit, and direct bank transfer.

One consideration of Payoneer is that the fees can add up compared to other services if you regularly receive card payments from non-Payoneer customers.

Cost	Useful for
Free to set up and send/receive payments between Payoneer accounts 3% fee for credit card payments from non-Payoneer customers 1% for ACH direct debit³	Receiving international transactions

Adyen

Adyen is a popular option for doing business on an international scale. Adyen comes with no set up or monthly fees, and you can choose when and in which currency you want to settle.

Adyen charges a fixed processing fee + a fee determined by the payment method.

Cost	Useful for
No setup fees No monthly fees Fixed processing fee + a fee determined by the payment method, e.g. ACH Direct Debit: $0.13 + $0.27⁴	Carrying out premium global payment processing

You can also check the guide to Adyen alternatives next!

Verifone (Previously 2Checkout)

Verifone isn't the most well-known payment processor service, but it offers an online gateway plus additional services as add-ons.

With Verifone, you can receive payments from more than 200 countries. There are several pricing plans with different options. The 2SELL tier provides an easy and simple way to sell globally, and is the most comparable to the other options within this article.

If you want the option to sell in-store, it won’t be the right service for your business.

Cost	Useful for
2SELL: 3.5% + $0.35 per successful sale Cross border fee of 2% on top of transaction fees⁵	Getting a free online gateway and for businesses that only sell online

Braintree

Braintree, which belongs to PayPal, offers both in-store and online payment processing. It’s a simple service that accepts all the most popular payment methods, with a sleek interface.

The simplicity of the service comes at the expense of extra features, so if you’re looking for an advanced option, you should look elsewhere.

You can also read about the differences between Braintree and PayPal to find out more.

Cost	Useful for
No monthly fees 2.59% + $.49 per card/digital wallet transaction⁶ Additional 1% fee when the customer's card is issued outside of the US Venmo: 3.49% + $.49 per transaction ACH Direct Debit: 0.75% per transaction	Simple navigation and for those who appreciate a sleek interface

💡 If you need an international payment gateway provider, you can also check out the top international payment gateways. Or read our guide on Braintree alternatives.

How do payment gateways work?

Payment gateways are services that you’ll find in eCommerce platforms such as eBay. The gateways authorize credit card payments for all types of businesses over the internet.

A payment gateway passes on information from the customer’s end to your end as the business owner. The payment then goes through your payment processing platform.

The payment information will be taken from your payment processor and sent to your business account.

If this sounds technical, you can think of payment gateways as virtual doors. These doors create shortcuts during the payment process and keep the transactions secure.

Factors to consider when looking for the best payment gateway

To make the right choice, you might want to consider the following factors:

Business needs 💼

This one is straightforward: does your business rely on online payments?

If the answer is yes, then you may have to invest in a payment gateway. If you only deal in brick-and-mortar sales, then you won’t need one.

Payment gateway cost 💵

Payment gateway services vary in price, so it’s worth crunching the numbers to see which option makes the most financial sense for your business.

While you may want advanced customization options, if you have a tight budget, you may have to consider more basic services.

If you feel like your business will gain from the extra features, then it might worth splashing out on a premium service.

Security 🔒

Security is a number one concern for most customers with online transactions.

If customers have doubts over the safety of their money, they’re going to be reluctant when it comes to putting in their order. As such, you may need to consider a payment gateway that has more security measures in place.

Payment types and currencies 💳

The majority of small business owners do most of their transactions domestically. If you expand into the international market, a payment gateway will help you receive cross-border payments.

Save on international business payments with Wise

If you run a small business, you'll know how important saving time and money can be. With that in mind, it's worth considering where the money will land once it's gone through the payment gateway. Especially if you have an international business payment to make.

With the Wise Business account, you can save on international payments. Receiving money from overseas is a breeze, and payments are secure.

Wise is not a bank, but a Money Services Business (MSB) provider and a smart alternative to banks. The Wise Business account is designed with international business in mind, and makes it easy to send, hold, and manage business funds in 40+ currencies. You can get major currency account details for a one-off fee to receive overseas payments like a local. You can also Send money to 160+ countries.

You can also connect your Wise Business account to receive payments from eCommerce platforms such as Amazon or via Stripe.

10,000 businesses join Wise every month. You can create your account online in just a few clicks.

Open a Wise Business account
to receive international payments 🚀

Or read the guide on how to open a Wise Business account

---

Sources:

1. Stripe pricing
2. Square fees
3. Payoneer Fees
4. Full list of prices for supported payment methods - Adyen
5. Verifone Pricing
6. Pricing - Braintree

All sources checked February 2024.