Best Payment Gateway Providers: A Comparison of Top Options

If you wanted to buy a box of shirts from Thailand to resell in the United States, it would be difficult without a payment gateway. Modern payment gateways allow merchants, vendors, and customers to exchange funds throughout the world. The most difficult part is finding the best payment gateway for your needs.

As a merchant, you should carefully consider how the payment gateway will impact your budget, customer experience, cash flow, and operational costs. To help you find the best option for your needs, we’ve compiled some of the top examples of payment gateways.

TL;DR

• There are many kinds of payment gateways available, so the best option depends on your company’s needs. 
• Businesses should consider their location, budget, payment methods, fraud prevention goals, customer support, and reporting needs.
• Stripe, Adyen, Square Payments, PayPal, Checkout.com, PayCompass, Shopify Payments, Authorize.net, Clover, and Amazon Pay are all leading examples of payment gateways.

If you are uncertain about which payment gateway to choose, PayCompass can evaluate your company’s needs and recommend the best payment solutions.

Factors To Consider When Picking a Payment Gateway Provider

When deciding on the best payment gateways for small businesses, enterprises, and international companies, there are a few factors you should consider. Because each company has different needs, there isn’t a single one-size-fits-all payment gateway. As you consider the different types of payment gateways available, keep the following factors in mind.

• Location: Where you are located and where you sell products is important because each payment gateway provider serves specific areas.
• Payout Speed: It’s important to ask about holds, payout speeds, and other cash flow-related questions.
• Payment Method Availability: Your customers are accustomed to using certain payment methods, so you need a provider that can fulfill these needs.
• Fraud Prevention: Look for a provider that has superior security measures.
• Integration and Developer Tools: You should determine the APIs, plug-ins, and other tools you may need.
• Customer Support: Customer support can vary from high-touch support to almost non-existent.
• Reporting Tools: Reconciliation options, real-time reporting, and similar tools can give you better visibility into your operations.

Best Payment Gateway Providers

To help you find the best payment gateway for your needs, we’ll break down the top 10 payment gateway providers. Then, we’ll compare the strengths and limitations of each payment gateway. For a fast, easy-to-scan review, check out our short payment gateway comparison that follows the list of payment gateway providers.

1. PayCompass

As a leader in the field of payment processing, PayCompass offers excellent security, chargeback prevention tools, and support for merchants. Besides fraud protection and multi-currency support, PayCompass operates its own gateway that provides secure payment solutions for businesses.

Strengths

• PayCompass offers support for international transactions.
• Merchants and consumers can use PayCompass in more than 170 countries.
• Real-time monitoring ensures immediate visibility and high-level security.
• Streamlined onboarding means the average company can be up and running in just three to five days.

Limitations 

• High-risk businesses may face extra requirements to set up an account.
• For the best payment processing experience, merchants can’t just “set it and forget it.” PayCompass offers advanced customization options that can help companies reach their goals.

Ideal For

High-volume merchants have reported positive experiences when they used PayCompass. PayCompass offers support for small, medium, and large businesses. It is especially effective for international merchants.

2. Stripe

Unlike Shopify Payments, Stripe’s payment gateway doesn’t involve an ecommerce platform. Instead, merchants typically integrate Stripe into their existing website or mobile app. Besides basic payment processing options, Stripe also offers invoicing, developer tools, recurring payments, and other advanced features.

Strengths

• Stripe is Payment Card Industry Data Security Standard (PCI DSS) compliant.
• It supports international transactions, with operations in more than 46 countries.
• You can access 24/7 customer support.
• It offers extensive APIs and is incredibly developer-friendly.
• Stripe features built-in machine learning and fraud protection.

Limitations 

• For deep integration and customized options, you’ll need more technical expertise.
• Although the pricing works for startups, it can be more costly for companies that have a high transaction volume.
• It is not available in every country.
• Stripe has stringent rules, which can lead to more frequent account holds and suspensions.

Ideal For

This option is effective if you’re a tech-savvy startup that understands how to use Stripe’s more complex features. It is also effective for subscription businesses.

3. Shopify Payments

Shopify Payments is the payment gateway offered through Shopify. It features a single platform for managing online and in-person transactions. Because it is available on multiple channels, you can use it for purchases through TikTok, Facebook, Google, and other locations.

One key advantage of using Shopify Payments is the Shop Pay option. This allows one-click checkouts, improving your conversion rates and overall customer experience.

Strengths

• Shopify Payments is PCI DSS compliant.
• It is quick to set up and offers a range of integrations.
• Shopify supports cryptocurrency payments through third-party integrations.
• Its accelerated checkout processes can boost your conversion rate.
• Shopify Payments provides support for more than 130 currencies.
• You can manage all of your payments from a single, easy-to-use dashboard.
• Multiple payment methods are accepted.
• Users can access 24/7 customer support.

Limitations 

• If you use a third-party provider to process the payment, you’ll still have to pay fees to Shopify.
• There are many restrictions on high-risk businesses.
• It might not be available in every country.
• You’ll have to pay chargeback fees if customers dispute their transactions.
• There are limited customization options available.

Ideal For

If you’re looking for the best payment gateways for small businesses, Shopify Payments is a good choice. It is also effective for new Shopify users and companies that primarily sell online.

4. PayPal

Because PayPal is a well-known name, it is reassuring for customers and helps to quickly inspire trust. It offers excellent preventative measures to protect your company from fraud. Thanks to how widespread it is, PayPal is a convenient option for small businesses, freelancers, and ecommerce shops. However, it is also known for charging relatively high fees and offering minimal customer support.

Strengths

• Today, PayPal is available in more than 200 countries and supports 25 different currencies.
• It is PCI DSS compliant.
• PayPal offers an integrated POS system.
• It makes accepting international payments easy.
• PayPal enjoys excellent brand recognition and is widely trusted by consumers.
• It offers PayPal Credit and other financing tools.

Limitations 

• The fees and customer service problems make it problematic for high-volume businesses.
• PayPal has a reputation for freezing funds and placing account holds unexpectedly.
• Because of its ubiquity, PayPal is often a target of scammers.

Ideal For

PayPal works best for small, new companies that want to hit the ground running. It’s more effective for freelance-sized businesses than medium or large corporations.

5. Adyen

Adyen is a technology platform that supports 150 currencies. Its end-to-end payment solutions and interchange++ pricing make it ideal for international businesses. Plus, its POS system is available in many different countries.

Strengths

• Adyen offers a single, in-house platform and a unified location for the entire payment lifecycle.
• To protect transactions and prevent fraud, Adyen utilizes AI-powered tools.
• Because it has AI tools and acts as a direct acquirer, Adyen has a high authorization rate.
• Adyen advertises that it accepts more than 250 payment methods around the world.
• This payment gateway can handle online, in-person, and mobile payments.

Limitations 

• Adyen is stringent about enforcing its Know Your Customer (KYC) checks, which can lead to slower onboarding.
• Figuring out how to navigate the dashboard can be challenging.
• Customer support is surprisingly limited.

Ideal For

This is one of the top payment gateway providers for large corporations. It is great for omnichannel companies that need to sell online or in person. Additionally, Adyen is great if you want to scale rapidly into different regions without risking your approval rates.

6. Authorize.net

Authorize.net is a popular payment gateway that is owned by Visa. While it is predominantly used for online transactions, it can also be used for in-person transactions. This payment gateway offers a secure, easy-to-use option for all types of businesses.

Strengths

• Authorize.net uses its robust Advanced Fraud Detection Suite (AFDS) to detect fraud.
• It is capable of accepting payments from customers from around the world.
• This payment gateway can handle recurring billing, electronic check processing, and mail order/telephone order (MOTO) payments.
• Authorize.net offers exceptionally good customer support 24/7.

Limitations 

• There is a monthly gateway fee as well as transaction fees, which can quickly become expensive for low-volume companies.
• The interface is fully functional, but it has an old-school look.
• Authorize.net only works with businesses and processors from certain countries.
• Because accounts are set up in specific currencies, you may have to set up multiple accounts if you want to work with more than one currency.

Ideal For

This is one of the best examples of payment gateways that work for traditional companies. Plus, Authorize.net is a good option if you’re looking for superior fraud control.

7. Square Payments

Square Payments is an all-in-one solution that is designed to have a user-friendly interface. It is widely used and provides instant brand recognition. Additionally, Square Payments is known for having a comprehensive ecosystem for processing in-person, online, and mobile transactions.

Strengths

• Square Payments is an omnichannel system that supports online and offline payments.
• It supports NFC payments, in-app payments, and all types of card payments.
• Users can take advantage of invoicing, inventory management, and appointment scheduling tools.
• Funds are paid out as early as the next business day.
• It advertises no-contract, flat-rate pricing.

Limitations 

• If you aren’t operating in one of the listed countries, Square Payments likely isn’t an option.
• Square Payments sometimes requires a reserve or holds payments.
• Although there aren’t any monthly fees, the transaction fees can add up quickly.
• Customer support can be slow and hard to access.

Ideal For

Square Payments is good for small businesses that want an all-in-one-option while they are starting out. It is better suited for micro-merchants, restaurants, and service-based businesses.

8. Clover

Clover is a comprehensive ecosystem that includes a POS system and app. Owned by Fiserv, this payment gateway can handle in-person, online, and in-app transactions. For tech-savvy users, Clover is a leading choice because of its many customization options.

Strengths

• The virtual terminal is good for handling card-not-present transactions.
• Clover offers a fast onboarding process and is easy to integrate into the rest of your stack.
• It provides quick access to your deposits, ensuring convenient cash flow.
• From inventory management to real-time reporting, Clover offers a number of additional features that can make your life more convenient.

Limitations 

• It is generally considered one of the more expensive options.
• Some of the plug-ins and extensions are only available in specific regions.
• Extended contracts are often required.
• Customer support isn’t ideal.

Ideal For

This option works for small to medium businesses. It is also a good choice for mobile businesses.

9. Amazon Pay

Amazon Pay is a digital payment service. It is owned by Amazon, which gives it instant brand recognition among your customer base. Because customers can check out using information that is already stored in their customer accounts, Amazon Pay offers an added level of convenience.

Strengths

• Customers can use their Amazon account for purchases, which ensures a frictionless transaction.
• The checkout experience is streamlined and fast.
• It offers a mobile-friendly design and is easy to integrate with major ecommerce platforms.
• Amazon Pay offers excellent fraud protection.

Limitations 

• It charges high transaction fees.
• New merchants often face significant reserve requirements.
• It offers limited support and availability offline.

Ideal For

Amazon Pay is great for online merchants in countries that are supported. It is useful for mobile-first companies and businesses that are targeting existing Amazon customers.

10. Checkout.com

If you’re looking for the best payment gateway, Checkout.com is a good choice. It is a high-volume platform that caters to international businesses. Plus, Checkout.com serves as an end-to-end payment processor, acquirer, and gateway.

Strengths

• It supports more than 150 different currencies.
• Checkout.com uses transparent Interchange++ pricing.
• It uses AI-backed acceptance tools to support higher acceptance and approval rates.
• Merchants can enjoy faster settlement timelines.

Limitations 

• Although the costs are transparent, they can still add up.
• KYC checks can slow down the onboarding process.
• Integration processes can be challenging to figure out.

Ideal For

This option is too complex to work well for small businesses. Instead, Checkout.com is a good choice for medium-sized companies and enterprise clients. It is also effective for ecommerce businesses and international merchants.

Payment Gateway Providers Compared

If you’re trying to find the best payment gateway, there are an intimidating number of options to choose from. The following payment gateway comparison includes some of the most popular options.

Payment Gateway	Who Typically Uses it?	What Is Its Coverage Area?	Key Strengths
PayCompass	Small to medium businesses	Multi-currency support is available in more than 170 countries.	It excels at PCI compliance and customized gateway setups.
Stripe	Startup, enterprise, and everyone in between	It operates around the world.	Stripe offers advanced fraud prevention and excellent developer tools.
Shopify Payments	Small to medium businesses that already use Shopify	Shopify Payments is only available in select countries.	It offers excellent Shopify integrations and doesn’t charge third-party transaction fees.
PayPal	Everyone from small businesses to enterprise clients	PayPal is available in more than 200 countries around the world.	The familiarity of PayPal helps to reduce friction during the purchase process.
Adyen	Mid-market to enterprise-level clients	Adyen is available in many countries.	It provides a single platform for in-person and online transactions.
Authorize.Net	Small businesses to medium-sized companies	Authorize.net primarily serves businesses that are located in the United States and Canada.	This gateway offers recurring billing options and excellent fraud protection.
Square Payments	Small businesses, like restaurants and retail shops	While it operates in major markets, availability can vary from country to country.	Square Payments is an all-in-one ecosystem that supports in-person and online transactions.
Clover	Small businesses	It is available in multiple markets.	Clover features a POS suite and a virtual terminal.
Amazon Pay	Ecommerce merchants	Amazon Pay is available in many different countries.	Because it uses Amazon accounts, it is a familiar, frictionless option for customers.
Checkout.com	Mid-market to enterprise-level businesses	It is available in 55 domestic processing countries.	Checkout.com offers excellent integrations and strong fraud protection tools.

How PayCompass Can Help You Find the Best Gateway Solutions

At PayCompass, we partner with global businesses. Our payment gateway solutions help you cut through the noise. Whether you want to use our own gateway solution or want our recommendations for an alternative provider, we’ll provide you with a professional evaluation and personalized support. 

We help by matching the payment gateway to your business model, risk profile, and pricing strategy. Through advanced prevention measures, our team can help you reduce your chargeback rate. From real-time monitoring to advanced reporting analytics, our dashboard gives you the tools you need to manage transactions.

Final Thoughts

Selecting the best payment gateway involves evaluating each provider’s fees, security level, customer support, and availability. Whether you’re a small business or a global enterprise, finding good examples of payment gateways can be daunting.

If you’re uncertain about which payment gateway to choose, PayCompass can help. We can evaluate your company’s needs and match you to the right payment gateway. 

Learn more about how we can help by reaching out to our payment processing experts today.