If you can’t decide which Magento 2 payment gateway to use or want to know more about the integration process, you’ve come to the right place! Based on our experience and industry standards, we picked the best payment gateways for an online store.
By default, Magento comes with several integrated payment gateways. They are the best choice for new store owners since the setup process is much easier.
PayPal is undoubtedly the first payment gateway you should look into when making an online store. In March 2022, PayPal had over 429 million active users, according to Globaldata. This number alone should convince you that you need to integrate PayPal with your store. All over the world, it is synonymous with security and reliability.
A cherry on top? It comes integrated with Magento, which makes the setup process easier and faster.
Since it has a simple user interface that many are already familiar with, PayPal is a perfect payment gateway for a small business. And with PayPal express checkout, you only need your PayPal business account to get started.
You can choose between different versions of PayPal depending on your needs and budget. Small and medium businesses will get the most use out of their standard platform, and big companies that require more customization should go for the enterprise solution.
Pros:
Cons:
Best for: Small & medium businesses, first time store owners, and anyone who wants to set up payments quickly.
Price: 3.49% +$0.49 per transaction for PayPal payments, 2.59% +$0.49 per transaction for credit and debit cards.
Braintree is a widespread PayPal-powered payment solution. It covers 46 countries and 130+ currencies. Similarly to PayPal, it works with most debit and credit cards, Venmo, and mobile wallets (and PayPal, naturally).
The list of their clients includes Airbnb, Uber, Dropbox, and many other companies you’ll recognize.
Since the Braintree extension comes installed with your Magento store, it’s another great option for those who are just starting out in ecommerce.
Pros:
Cons:
Best for: Businesses of all sizes, someone with a developer on a team to help with customization.
Price: 2.59% + $0.49 per transaction for cards and digital wallets, 3.49% +$0.49 per transaction for PayPal payments.
Now we move to payment gateways that are not available in Magento by default. In order to install them, you will need to use a custom extension.
Authorize.Net is one of the oldest payment gateways. It was created in 1996 and has been very popular in the USA ever since. Currently, 445,000 websites use it as their preferred payment processing option.
Many clients like it for its straightforward user interface and flexible payment options.
Authorize.Net extension used to come with Magento, similarly to PayPal and Braintree, but it’s no longer the case. To install it, you’ll have to choose one of the extensions from Magento Marketplace. Alternatively, you can ask a development company for a custom solution.
Pros:
Cons:
Best for: Someone who needs a simple solution.
Price: $49 setup fee, $25 monthly fee, 2.9% + $0.30 per transaction.
Authorize.net Magento 2 Extensions
Stripe is another hugely popular payment solution. As of 2022, 3.1 million active websites use Stripe. It is available in 47 countries and supports processing payments in 135+ currencies.
Many vendors choose Stripe for its customizability and scalability. You can change the code to customize its features and make Stripe fit your business needs better. It also allows you to charge your customers on a recurring basis, making it a great fit for a store with subscription-based products. However, making changes like these costs extra and requires technical knowledge, so it’s best to trust a web-development company with integration.
Pros:
Cons:
Best for: Mostly online business with occasional in-person sales. Someone, who has a developer on their team to set it up and make changes when needed.
Price: 2.9% + $0.30 per transaction.
Stripe Payments Magento 2 Extension
Another platform that will give your clients a sense of security is Amazon Pay. Millions of users with active Amazon accounts can use this payment method. It will allow them to check out quickly and use a familiar interface. They can also use the address stores in their Amazon account to make the process even quicker.
Pros:
Cons:
Best for:
Price: 2.9% + $0.30 per transaction in your home country. Cross-border processing fee: 3.9% + $0.30 per transaction
Amazon Pay Magento 2 Extension
Square has a sixth place in the list of the most popular payment gateways, with a 1.81% market share. However, it supports only 7 currencies and 8 countries. Square allows both online and in-person use, which is why it is popular with small and medium-sized businesses.
Pros:
Cons:
Best for: Small businesses that have both an online and brick-and-mortar store.
Price: The cheapest plan is 2.9% + $0.30 per transaction. The most expensive Premium plan has a $72 monthly fee, and 2.6% + $0.30 per transaction.
Square payments Magento 2 Extension
#7 Klarna
Klarna is a fast-growing and extremely popular European payment gateway. Created in Sweden in 2005, this year it is responsible for 20% of the country’s ecommerce sales. It has 150 million active users across more than 400,000 stores in 45 countries.
One of the features that made Klarna this popular is their Buy now, Pay later feature. It allows shoppers to buy an expensive item and pay in several credit-free installments.
There’s also a single-click payment with Point-to-Point Encryption (P2PE).
Currently, Klarna works in 17 countries.
Pros:
Cons:
Best for: European sellers. Companies that sell expensive products (like electronics).
Whether you can’t decide between different versions of PayPal or don’t know how to properly integrate a payment gateway, we get it. Magento is a complicated platform, and making it work with other services can be confusing. It is especially true for less popular payment platforms.
If that’s the case, we’d be happy to help you! We offer Magento integration services, where we’ll consult you on the topic and help integrate whatever payment processing method you need.
It is also worth noting that sometimes the best course of action is to combine several payment methods. For example, you can use PayPal for international shoppers, and local payment gateways for clients from your own country.
In cases like this, the integration process is more complicated but ultimately worth it.
Do you need to integrate a payment gateway with your Magento store? Let’s talk!
