Why is a Payment Gateway for the Marketplace Necessary to Manage in 2021?

Online marketplaces are playing a significant role in the growing eCommerce industry. The popularity of online marketplaces grows higher and higher nowadays, and their contribution is massive to the growth of the digital revolution.

The swift growth of marketplaces is the main reason to process a large quantity of Online Marketplace Payment Gateway. As a result, many payment gateways are available globally, but every payment gateway is not suitable for every marketplace platform.

That’s why Payment Gateways for Marketplace is necessary to discuss in the growing era of the eCommerce world. Marketplaces need fast, reliable, convenient payment gateways that suit different types of dynamic marketplaces.

However, various best payment solutions are available like PayPal, Braintree, Stripe, authorize.net, and they are very good at their job. Still, as a marketplace, you should review wisely regarding the selection of payment gateways. Here are some best payment gateways that you should look at first,

Payment Gateways for Marketplaces

Take a look at one of the best payment gateways that are fast, reliable, convenient, and suitable for significant marketplaces in the eCommerce world,

1. PayPal :

One of the largest and oldest online payment processors, PayPal is the first choice of many marketplaces globally. It started its journey back in 1998. Well-known payment processor PayPal supports more than 200 countries.

Paypal charges an average of 2.9% Fees (per transaction and additional) + a fixed fee that varies on the different currencies.

Pros of PayPal

1) Account Creation is Easy

2) Support in 25 currencies

3) Don’t need a merchant account

4) Transfer your money without creating an account

5) Provides strong guarantee against fraud

2. Stripe :

Stripe is a tech company that was born in 2011. It provides the suitable technical infrastructure to operate an online payment system. In addition, it is a marketplace and crowdfunding platform.

Stripe accepts currencies from more than 135 countries and automatically converts foreign currencies into your account currency.

Stripe Charges 2.9% + 0.3$ per transaction regardless of any monthly fee.

Pros of Stripe

1) Easy Integration

2) Fast & easy payments processing

3) Easy to refund transaction

4) Well constructed UI, easy to navigate

5) Offers absolute security and two-factor authentication

3. Braintree :

Braintree is easy to access payment gateway for marketplaces and mobile phone applications.

It was founded back in 2007 and was acquired by PayPal in September 2013.

Braintree charges 2.9% + 0.30$ per transaction

Pros of Braintree

1) Easy Integration

2) Multiple payment acceptance

3) Provide advanced protection against fraud

4) It supports more than 130 countries

4. Mangopay :

One of the Best Payment Solutions for marketplaces, Mangopay, was founded in 2013.

Mangopay provides its services in marketplaces and crowdfunding platforms.

Mangopay charges 1.9% + 0.20£ (per transaction)

Pros of Mangopay

1) Accept multiple currencies that make payment easy

2) It provides a real-time monitoring system

3) Flawless end-to-end payment flow

4) Strong fraud prevention rules

Payment Gateway Necessity that Suit your Marketplace

To manage the online transaction between buyer and seller, online Payment Gateways for Marketplace plays a vital role in the eCommerce world. There are many payment gateways available in the world but choosing the right one that suits your business is a task, isn’t it?

The first thing to do for choosing the Best Payment Solutions is to create a reliable payment flow, create an easy, user-friendly dashboard for payment, And provide an easy check-in and check-out process for users. So users feel they are in a secure environment for payment.

All marketplaces are not the same, and they provide different services in different sectors. Therefore, choosing the right payment solution depends upon your services and what your marketplaces are offering.

Every payment gateway offers different fraud prevention-related terms and conditions, robust payment gateways that already rule the transaction system in the eCommerce world.

Conclusion

Choosing the Best marketplace payment solutions is challenging to approach, but it depends upon your services. What type of marketplace platform you will use to grow your business.

I hope we answer all your queries in our article and hope that our content helps you grow your business.