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Did you know that the average cart abandonment rate across industries is just under 70%? And the top cited reasons for card abandonment are related to issues with payments. Moreover, eCommerce brands lose a shocking $18 billion yearly sales revenue due to cart abandonment.
Having a suitable payment processing method is critical to driving down the cart abandonment rate on your WooCommerce store. However, choosing the right WooCommerce payment gateway can be a daunting task. Not to worry – we’ve created a quick guide with what you need to know.
Payment Gateway: What You Need To Know
Simply put, a payment gateway is a service for processing all online payments. The role of the payment gateway is to accept or reject a transaction, whether that transaction is from card payments or something else, before the funds are deposited into your bank account. Technically speaking, you need a merchant account as well as a payment gateway to accept online payments. However, today, you can use Payment Service Providers (PSP) to get both.
How to Choose a Payment Gateway
While many WooCommerce payment gateway options exist, they do have some key differences, so it’s important to look a the features you need to consider before choosing one. Here’s what you should factor in to your decision:
- Transaction fees: Most WooCommerce payment gateways charge a fee for every transaction, and this fee can vary based on factors like your business location, customers’ card type, and so on.
- Other charges: Some payment gateways also charge additional fees, so it’s important to be aware of these before you lock in any option.
- Availability: Some payment processing services are only available in certain regions. Make sure your preferred option is available in your and your customers’ countries.
- Digital payments: Make sure your payment gateway can accept card payments but also accept digital payments from Apple Pay, Google Pay, PayPal, and so on.
- Platform integration: It’s essential to choose a payment gateway that is straightforward to install and configure and works well on your eCommerce store.
Top WooCommerce Payment Gateways
Generally speaking, most WooCommerce stores offer standard payment options. However, it’s a good idea to differentiate yourself from your competitors by providing as many payment options as possible. With this in mind, the best WooCommerce payment gateways are exactly®, Amazon Pay, Apple Pay, AliPay, Authorize.net, Braintree, Skrill, PayPal Pro, Stripe, and Verifone.
Of course, these payment gateways differ in many ways, so it’s essential to research each one individually to find the best fit for your online store. For example, Stripe is one of the most popular payment gateways worldwide because it’s available in over 45 countries, supports more than 135 currencies, and is free of annual or setup fees. PayPal is also incredibly popular but has more restrictions in some countries. And increasingly popular, Exactly.com is a highly reliable payment gateway that serves over 150 currencies and accepts all major cards and digital wallets.
Wrapping Up
Payment processing is a vital aspect of any online store because, without it, you don’t have a business at all. We hope that by reading this guide, you have a better idea of which WooCommerce payment gateway is right for your online store.
