Leading Magento Payment Gateway: PayPal or Stripe

The most important factor of any eCommerce store is payment. The payment process is a very sensitive point for any online eCommerce store owner. So, it's really necessary to choose the most secure payment gateways for your store. Because it will cause to lose the customers if you do not focus on the Payment gateway. Compare to other eCommerce platforms Magento is more secure. Moreover, it supports many payment gateways. Additionally, Magento also gives you the default payment method choices. Further, there are many things that you need to consider while choosing the payment gateway. Therefore, we will see the leading Magento payment gateway: Paypal or stripe.

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However, it is difficult to select the payment gateway that fulfills all your requirements and suits your business type. But, in Magento, you can use the default Magento payment methods or you can also integrate other payment gateways. The best payment gateway in Magento is Paypal and Stripe. So let's learn about it more in detail.

What is Payment Gateway?

In simple words, we can say that a payment gateway is a technology that allows merchants to accept the payment from the customer on their purchase via credit card, debit card, etc. Further, it helps online store owners to process the payment to the payment processor who later receives money from the customers. Moreover, it makes a bridge between the merchant and the consumer.

PayPal Payment Gateway

PayPal is one of the most popular payment gateways. Moreover, it is also the most extensively used online payment method for many years all over the world and it is an online payment processing company. Furthermore, it has millions of users as a customer or as a merchant. PayPal is the most popular way to send and receive money online by just creating an account on PayPal.

Features of PayPal

  • Accept Payments Online
  • Barcode Scanning
  • Credit Card Reader
  • Express Checkout
  • Inventory Tracking
  • Mobile Card Reader
  • Online Invoicing
  • PCI Compliance
  • Shopping Cart
  • Virtual Terminal

Advantages

  • Advanced security for the transaction
  • Better customer experience
  • Accepts domestic and international payments.
  • Lower charges 2.9% +$0.30 for every transaction
  • Easy to set-up

Disadvantages

  • No refunds for fees returned.
  • Eas set-up can cause a target for frauds.
  • Difficult to transfer the data to another gateway.
  • Takes too long to unlock your account.

Stripe Payment Gateway

Stripe is also one of the popular online payment systems for Magento. Moreover, it provides excellent payment services to their web developer who would like to integrate the Stripe payment system for their projects by Stripe API. It also uses the traditional sign-up process for account creation. It provides multiple options for checkout. Additionally, it is very easy to integrate even a person who has limited knowledge of coding can also add their embedded checkout with a single line of JavaScript. It also helps you to create a more unique payment form by using its custom UI toolkit.

Features of Stripe

  • Device compatibility
  • Multiple payment options
  • Customer-friendly interface
  • Third-party integrations & support
  • Online payments and Omni-channel
  • Recurring payments
  • Platform and marketplace payments
  • Fraud protection

Advantages

  • You can also edit and create a custom code.
  • It has no boundaries for tech lovers.
  • Countless opportunities for development.
  • Best customer support

Disadvantages

  • No refund
  • Available in limited country
  • No 3D security service
  • Takes charges as more as you use its functions

Wrapping Up

Above all, some aspects of the payment gateway are most important such as security, cost, capability, and convenience. But today we tried to cover every point of both the payment gateway in this article Leading Magento payment gateway: PayPal or Stripe.

Magento store owners should use any Magento payment extension because that can provide all the features of payment gateway as well as Magento functionalities too. Here is some useful extension for your stores such as Milople's Partial Payment, Stripe Payment(Free), Recurring and subscription Payment, Deposit payment, Magpie Payment gateway, and many more.