Nowadays, every mobile device user has the ability to connect to the network at any convenient time regardless of location. While paying for personal purchases or making utility payments, many users employ special applications. What does the payment process look like? The customer selects goods from the choice of different offered products and places them into the order basket. When placing an order, the buyer can choose between several payment options, the number, and types of which depend on the connected payment services choice. The online payment gateway processes the information on the required payment and, through the connection with the bank, authorizes the transfer of funds from the consumer to the business trading account. If within a few days the customer does not challenge the transaction, the money is transferred to the store.
Payment systems are characterized by the support for the following features:
- Provision of the variety of alternative payment methods and communication with banks and electronic purses;
- Protection of the transmitted data. Data exchange between the payment gateway and banks, including transmission channels, are protected by the most powerful security and encryption protocols;
- Authorization. The payment system ensures the reconciliation of the buyer’s data with the banks in which they are serviced and authorization of transfers;
- Processing of payment requests. Once the payment system receives a request for a transaction, it sends the data to the customer’s bank or the electronic wallet, after which authorization and reconciliation of the data occurs.
In this article, we described the three top payment platforms in 2018:
Payment processing services comparison: Braintree
Braintree service is a subsidiary of PayPal and was purchased by the latter in 2013. The company provides its customers with integration to a payment gateway, as well as the ability to create trading accounts. There are ready-made order basket options for integration with websites, online stores and web applications. Commerce PayPal feature allows adding buy buttons to any application, including social media clients. An example of such an application can be Facebook Messenger, associated with the social network of the same name.
The main features of Braintree:
- Integration of the Braintree services requires the attention of professional programmers;
- Supports browser-based data encryption;
Payment processing services comparison: Stripe
Stripe is the best payment services choice for those who want to offer their customers the opportunity to settle payments with cryptocurrencies like bitcoin.
Another serious advantage of Stripe is the direct interaction with Alipay payment system.
Payment processing services comparison: PayPal
The PayPal integrated payment system is considered the most famous of all mentioned. This system is available to users from 202 countries, which is an undoubted advantage of PayPal vs Stripe since the latter is available in 25 countries only. PayPal performs the exhaustive systematic fraud checks. The advantage of PayPal vs Braintree is the presence of its own servers, to which the user data is redirected, thus eliminating the need for extra security measures. PayPal also provides discounts on services for large customers.
PayPal also offers a paid premium Payments Pro service containing the additional functionality, including customizable checkout pages, elimination of the need for the redirection to the PayPal website and real-time transaction authorization.
Payment processing services comparison: Service Fees
The next table shows a side-by-side online payment gateway comparison so that our readers can make an educated payment services choice.
Payment services choice: PayPal vs Stripe vs Braintree
When creating applications integrated with payment systems, developers must select the payment processor first. In this selection, special attention should be paid to the ease of integration, taking into account the provided support for programming languages and how it augments the work of existing applications. To choose the best payment gateway, of great importance is also the degree of protection of the user personal data.
All the above-mentioned platforms are characteristic of the wide support for operating systems, programming languages, a plenty of quoted currencies, and interaction with major brands of bank cards, such as Visa and Mastercard. All the three platforms return the commission fee in the event of a refund and carry out payments not later than in two days. Pray this brief payment processors comparison would be helpful for you when making the suitable payment platforms choice.