Available Payment Gateways
Payment Gateways of WooCommerce
What are Payment Gateways?
A payment gateway is a method through which payments from customers are captured by a third party for secure payment on online e-commerce platforms. These payments after verification of credentials are then transferred by such third-party platforms to the owner’s account. As online purchases take place via cardless transaction, therefore payment gateways offer secure platforms which protect both the customers and the acquirers.
There are 4 main parties involved in payment gateways as following:
Payment gateways are integrated into the e-commerce online platform and offer a simplified solution to the customers to transact safely on such platforms. It ensures authenticity by carrying out deposit, charge, refund, dispute, or dispute reversal on the platform as a neutral third party.
These payment gateways are integrated via APIs of different payment mechanisms with the online store. There are generally 4 different types of payment gateways operational mechanisms as below:
Payment Gateways Available at WooCommerce
WooCommerce offers multiple payment gateways and some gateways are inbuilt in WooCommerce and most of the gateways are available as plugins and can be bought from the marketplace. Some of the major payment gateways that WooCommerce offer in its extension store are as following:
Therefore, up to 66 API payment gateways are provided by the WooCommerce extensions store. These can be integrated with their own fee associated. Most of the gateways charge 2.5% plus 30c on each transaction and some also involve recurring subscription charges. Choosing the one payment gateway one has to keep in check different factors including the cost per transaction, subscription cost, extension cost, and also the feasibility of the gateway in a specific geographical location.
WooCommerce, an e-commerce platform provides multiple choices to merchants and service providers to integrate the payment API that fits their needs and costs.
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