Payment gateways are an integral part of today’s e-commerce. It’s not just an option for businesses but should be part of any brand’s financial matrix.
A payment gateway is defined as an e-commerce service that facilitates the processing of credit card payments for both physical stores and online businesses. Payment gateways are able to swiftly process these transactions through transfers of data in between websites/mobile devices that serve as payment gateways and the bank.
- First, it does the encryption of data sent in between the vendor and the sales website. The gateway will then transfer transaction information to the payment processor used by the vendor’s bank.
- Authorization. The payment gateways sends the transaction to the issuing bank which looks into the authorization request and then process to either approve or deny request.
- Processing of Order and Payment. The authorization is then forwarded to the payment gateway which is transmitted to the website for processing of payment.
If you are operating a brick-and-mortar or online store, here are the best payment gateways in Canada that can aid you in your e-commerce efforts:
- Elavon. This is considered to be one of the largest payment gateways in Canada. Established in 1991, this caters most to medium- and large-scale businesses. Their customer support team is based in the United States and is available round the clock. As of now, they do not have a strong social media presence yet but are working on it. They have different pricing options with a standard monthly rate of $10 plus $175 as PCI fee. Additionally, they also have an easy-to-navigate website and charges zero cancellation fees.
- Global Payments. This is one of the pioneer payment gateways in Canada having started in 1967. This payment gateway caters to large-scale enterprises or with a ballpark of around $100 million. They have a versatile lineup of products and services that are compatible for both web and mobile users. They also provide 24/7 technical and customer support services. They are known for their month-to-month type of contracts without early termination charges. When you opt for their 3-year renewal contract, you get an auto-renewal clause. You will also be charged $100-$500 if you choose to terminate the contract earlier than agreed upon.
- First Data. This was first introduced in the market in 1969 and was one of the creators of Google Wallet. It caters mainly to large-scale brands or that which processes around 100k worth of transactions. This is the best among the rest with their top-of-the-line technology in place, 24/7 customer service, strong social media presence, and wide range of advanced tools for customers to use. Their contracts are typically set for 4 years.
With different options available in payment gateways, it can be very confusing to select the one that is tailor-fit to your brand. You should make sure that the payment gateway is aligned with your brand’s requirements and goals to make up a perfect partnership with your payment gateway of choice.