Payment Gateways & Future Money!
Since the internet began in 1991. It has revolutionised and disrupted many industries…including electronic payments and now finance.
PayPal was a major ‘breakthrough’ for payment solutions across the world wide web when it was founded in 2002. It hasn’t been an easy journey for them. They’ve fought major resistance from users, governments, card companies and banks to really set the standard for the thousands of electronic payment gateways and solutions that we see today.
This week. We decided to add Bitcoin (BTC), Ethereum (ETH), Ripple (XRP) and VeChain (VET) to our own accepted payment methods for clients. For those who may not be aware. In the simplest term. We consider these forms of ‘digital assets’. We share our views on them a bit more under ‘Developing Future Payment Methods’.
Payment Gateways:
There are literally thousands of options to choose from. However, the best solution often depends on what type of business you operate. Take a look at some of our favourite options below.
PayPal
PayPal has spent the past 18 years learning, developing and creating it’s various payment methods. They helped break the political barriers and laid the foundation for many of the payment gateway companies below.
They have over 286 million users and are trusted in over 200 countries. They also support all major credit and debit cards such as Mastercard, Visa and even American Express. You can find close to any payment solution you’re looking for with PayPal these days – from card readers for brick and mortar stores to split payment integrations for complex marketplace platforms.
We have found their integration process for simple e-commerce websites to be incredibly user friendly and simple to use. PayPal doesn’t often require custom developer work – with a large array of popular and secure third party plug-ins available for CMS platforms like Wordpess and Shopify. But, this can depend on the complexity of the payment process you’re needing. For the most part, it’s a good all rounder for simple business payments and is a true global payment provider.
Some of their features include:
- PCI Compliance
- Express Checkout
- Inventory Tracking
- Mobile Card Reader
- Shopping Cart
- Barcode Scanning
- Virtual Terminal
- Online Invoicing
- Credit Card Reader
- Bill Me Later
- Split Marketplace Payments
- Subscriptions
Stripe
Stripe has been growing at a rapid pace since it was founded in 2010. It’s an extremely powerful payment gateway provider that can offer more complex functions, development and customisations to online platforms.
Stripe accepts all major credit and debit cards including AMEX. However, they’re currently only available in 31 countries. Their UX and UI is incredibly modern, clean and simple to use. We have also found their customer support to be phenomenal.
For the most part, if you’re looking to integrate Stripe into a simple e-commerce website. It can be easily achieved through plug ins. But, if you’re looking for custom design or something a little more complex. A developer will be needed.
Some features of Stripe:
- Mobile Customer Interface
- Dispute Handling
- Open Source Plug Ins
- Clean Canvas
- Financial Reporting
- Embeddable Checkouts
- Subscriptions
- Marketplace Split Payments
- Collaboration Notes.
Square 'Inc
Square is a fantastic company founded by Twitters CEO and Co-Founder, Jack Dorsey. The company specialises in hardware and software payment products for small businesses. You would have most likely come across one of their white contactless payment kits before. Square have showed the world that processing payments can be incredibly easy.
We have been fortunate enough to have used the square kit, both as a business and as a customer. The payment system itself is incredibly easy and effortless to use and set up. Plus, you can track and gain key insights all via the app. It’s by far the most feature rich and advanced mobile processor solution that’s available on the market.
Key Features Include:
- Analytics
- Payroll
- Stock Control
- Customer Management
- Invoicing
- E-Commerce
- POS System
- Re-Occurring Payments
Klarna
Klarna is rather unique in this list. They’re actually a bank and instead offer rather different financial services to businesses. However, what they do provide can be incredibly useful for some retailers and e-commerce businesses. You’ve probably came across them before with the likes of H&M, ASOS, Levi’s and Adidas all using their services.
One of their core products is to allow retailers to offer customers; ‘split’ and ‘deferred’ payments via short term payment plans and options. This is usually done in the form of a credit agreement but, between Klarna and the customer. Meaning that your business doesn’t have to worry about collecting the ‘debt’. Instead you’ll simply collect your payment via Klarna themselves (after their fees off-course).
Klarna can be a really handy tool and service to use. Especially, for higher priced items or job-lot buys. It could even persuade consumers to make better purchasing decisions on your site, knowing that they can spread their payments instead. You can also manage everything via their app.
Klarna is currently a service that we’re looking to develop into one of our projects.
BitPay
BitPay was founded back in 2011. It allows merchants to offer bitcoin and bit-cash payment solutions. It now has over 1 million users along with their Visa Debit Card being released in 2016. Intel and Microsoft’s Azure Cloud Platform have both partnered with BitPay to accept digital assets as payments.
It’s an incredibly powerful solution that offers real world use for cryptos such as Bitcoin. In order to implement BitPay and start accepting digital assets for your business. We would recommend that you gain an understanding of bitcoin, alt-coins and blockchain technology.
Key Features:
- Global Payment Solution
- Low Settlement Charges (1% – most credit cards charge 3%).
- Best Bid Exchange Rates
- Top Speed & Security
- Secure from Identity and Chargeback Fraud
- Cryptographically Secure API
- Accepts Over 8+ Digital Assets
- Mobile & Desktop Management
- WordPress / Woocommerce / Shopify Integrations
- Available 38+ Countries
Developing Future Payment Methods
Electronic payments now exceeds two-thirds of non cash payments. Offering consumers more ways to pay and following key trends should be key for all business owners. Especially as we head into an increasing cashless society.
Our views on cryptos and digital assets:
Not only do we believe that cryptocurrencies and digital assets will play a major role in the way we consume, use, distribute and view money. But, also it’s impact on data ownership, IOT (internet of things), providing smart contracts and aiding third-world countries to a truly transparent and global network. The technology behind these ‘digital assets’ is truly remarkable, with mega ‘real-world uses’ for some (with the likes of BMW, Santander and even JP Morgan implementing certain technologies and tokens into their infrastructure). Despite the current volatility in value. We have believed in the longitivtiy of the projects and technology since 2016. Which is why we have now started to accept some digital assets as a means of payment for our clients.
We believe the applications are truly endless and could lead to an incredibly exciting future. We hope that you’ll dive into the rabbit hole…
Disclaimer:
This is not financial advice. Please be aware that we are holders of bitcoin and other altcoins included in this article.
Cryptocurrencies are a high risk investment and may not be suitable for all members of the public and all types of investors.
Before purchasing cryptocurrency, you must ensure that the nature, complexity and risks inherent in the trading of cryptocurrency are suitable for your objectives in light of your circumstances and financial position. You should not purchase cryptocurrency unless you understand the extent of your exposure to potential loss.
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