How WooCommerce Payment Gateways Work And 5 Best Payment Methods
Payment gateways are simply third-party service providers that offer your eCommerce site the ability to take online payments. For your WooCommerce website to provide clients with a safe, simple, and hassle-free checkout procedure, it is essential to pick the appropriate payment method. A few vital considerations when selecting WooCommerce payment methods are security and fraud safety, transaction costs, hidden fees, the availability of multiple currencies, recurring payment options, etc.
Explaining The Functioning Of WooCommerce Payment Gateways
A few aspects are involved for a WooCommerce transaction method to work properly, including the store, the buyer, the issuer (bank card or wallet), and the merchant’s bank. The gateway offers an interface for the buyer to enter their credit card or bank information or log into their online transaction app as they go to the checkout.
After users enter their information, the transaction is checked to verify the data. It accomplishes this by encrypting and transferring the buyer’s information to the issuer. If the issuer discovers those specifics in their database records, they dispatch a statement back. A reliable transaction gateway will reject if the buyer is a fraud or attempts to produce a fake purchase.
The buying statement is sent to the issuer via the transaction gateway after verifying the customer’s information. The money is transferred to the dealer’s bank after the issuer grants the request. The issuer notifies the fee portal, and the buyer receives an error notice if there is not enough money to finalize the payment.
5 Best WooCommerce Payment Methods
There are several WooCommerce payment methods like Stripe, PayPal, Stax, Square, Payment Depot, Payoneer, PayCafe, etc.
As one of the initial online payment systems, PayPal serves as a one-stop solution for all types of transactions. Both customers and dealers are entirely protected by PayPal, allowing you to follow clear-cut procedures for resolving disputes. Many plugins and e-commerce systems make PayPal the default transaction option.
Due to its extensive feature set, Authorize.net is a preferred option for many firms. It acknowledges almost every popular credit card as well as many debit cards. This transaction portal also manages subscriptions, preorders, and refunds of orders. Buyers can choose to keep their transaction information for their subsequent purchases. It maintains a 2.9% fee with 30 cents for every transaction.
Stripe is undoubtedly one of the widely used payment processors for credit card processing on websites. WooCommerce already includes the ability to choose Stripe as your transaction gateway. It is compatible with all reputable credit and debit cards. More than 45 countries and 135 different currencies are supported by Stripe. Stripe does not indict any setup or yearly charges; however, their transaction fees are 2.9% plus 30 cents.
Another top-notch payment processor for WooCommerce stores is Square. Although it proposes a set transaction cost, the charge differs depending on the nation. The website and the Square account of the buyer are synced with products through the WooCommerce Square Extension. In addition, when coupled with the WooCommerce Subscriptions extension, it offers recurring payments.
Verifone, previously known as 2Checkout, offers e-commerce store owners a variety of options to make sure their online businesses work effectively and without any shortcomings. The payment portal takes transactions from all top credit cards and works well in more than 200 countries.
WooCommerce is compatible with a large number of payment methods. Moreover, add-ons, which are plugins for WooCommerce, incorporate certain payment systems into the WooCommerce checkout procedure. However, making the best payment gateway selection for WooCommerce is crucial as it will leave a long-term impact on the store’s viability and profitability.