Exploring the Top Magento 2 Payment Gateways for eCommerce Business
Boosted by the pandemic, the eCommerce industry has grown to $8.80 trillion globally in 2024 and is poised to reach $18.81 trillion by 2029. Statistics report that 79% of customers shop online at least once a month.
Therefore, this high growth requires companies to shift their businesses online and integrate their eCommerce stores with reliable payment gateway. Ecommerce stores adapting to support online transactions with secure and safe payment gateways are guaranteed to attract more customers. Suitable payment gateways act as the bridge between an online store and the financial network.
When looking forward to deploying a secure payment gateway to your Magento store, Magento 2 Extensions is the solution. Among 3,700+ Magento 2 extensions, you can find many reliable Payment Gateway Extensions that support multiple payment methods to support your customer’s easy and seamless experience in shopping products.
This article will guide you through Magento 2 payment gateways.
What is a Payment Gateway?
A payment gateway represents an eCommerce transaction service. It acts as an intermediary between merchants, customers, and financial institutions.
It approves customers’ digital payments for businesses With this Gateway you can ensure secure and smooth processing of online transactions.
In 2022, the payment gateway global market size was estimated at $26.79 billion in 2022. It can expand at 22.2% CAGR from 2024 to 2030.
The extension connects the customers’ shopping cart to the payment processor. Italso connects the store owner’s acquiring bank.
It securely transmits your customer’s payment details to the payment processor. It then communicates with the merchant’s acquiring bank to complete the fund transfer.
Looking forward to equipping your Magento store with a transparent payment gateway? Magento 2 payment gateway extensions as part of Hyva theme extensions are the optimal solution.
Best Magento Payment Gateway Extensions for Your eCommerce Business
The following listed are the best Magento 2 Payment Gateway Extensions:
PayPal Multicurrency Magento 2
PayPal is one of those immensely popular payment gateways across the world. It is trusted by 435 million+ merchants and customers. The PayPal payment gateway offers a reliable, user-friendly, and secure solution for eCommerce businesses.
Considering building a Magento 2 store to cater to the global market? If so, you can’t rely on the payment gateways that are limited to handling national transactions.
Instead, your online store needs a payment gateway that can support international currencies.
With the PayPal Multicurrency Magento 2 extension, you can accept payments from global customers.
The default PayPal Checkout, restricts payments only in the store’s base currency. This makes many global customers leave your store without making a purchase.
You can avoid this scenario with the PayPal Multicurrency Magento 2 extension. It can facilitate customers to pay in their preferred currency.
Therefore, you can now accept payments from customers residing in different countries. Consequently you can improve the user experience of your eCommerce store.
Features of Magento 2 PayPal multicurrency Magento 2 extension:
- Supports multiple currencies
- Allows customers to pay in their choice of currency
- Easy one-click installation
- Compatible with Hyva theme
PayTrace Payment Gateway Magento 2
Headquartered in Spokane, Washington, PayTrace is a level I PCI-compliant payment gateway that many eCommerce stores are using to enable secure online payments for their customers.
If you want to integrate an ingenious payment gateway into your eCommerce store, you can’t miss out on PayTrace as one of the popular Magento 2 Extensions.
PayTrace payment gateway extension by Magento 2 specializes in B2B transactions and can process level II and II credit card data.
Moreover, it uses the direct payment processing method, allowing customers to choose the payment option when checking out and enter their card details in the eCommerce store to place the order.
Now that the transaction process is handled in the Magento 2 environment, it takes much less time to handle more transactions, elevating the efficiency of your online store’s payment system.
PayTrace payment gateway is among the Hyva theme extensions that process electronic payments and receive payment authorization within a few seconds.
Features of PayTrace payment gateway Magento 2:
- Allows customers to use all primary credit cards
- Uses PayTrace Post API and JSON API
- Compatible with Hyva theme
- Enable vault to save cards for future transactions
Magneto 2 Payment Restrictions
Sometimes, merchants look for ways to limit the use of specific payment methods per product and service.
This is because, in the eCommerce business, not every payment method is suitable for each product.
For example, an eCommerce business owner might want to enable ‘Cash on Delivery’ for high-priced products. Moreover, he is comfortable with the ‘Bank transfer’ option for low-priced products.
However, the Magento 2 marketplace doesn’t allow store owners to restrict the payments by default.
To curtail the payments based on different conditions, you will need to access the Magneto 2 Payment Restrictions extension.
It’s the perfect tool to restrict your store’s payment methods based on shipping addresses, product prices, store views, customer groups, or cart attributes. In addition, the Magneto 2 Payment Restrictions extension allows you to set flexible conditions to restrict payment methods.
You can create payment restriction rules through the backend by adding specific rules, customer groups, payment method conditions, and store view selections and save these rules.
These conditions can be set based on the product and cart attributes to apply to the rule.
Features of Magento 2 payment restrictions extension:
- Restrict payment methods at checkout
- Improve the payment process’ productivity
- Set payment rules based on customer groups
- Compatible with Hyva themes
Wrapping it up!
The choice of Magento 2 Extensions to integrate payment gateways is a crucial decision that can drive your eCommerce store to success. Since each Magento 2 payment gateway has its strengths and limitations, you should research thoroughly.
Consider several factors, such as your target market, industry, preferred currencies, security requirements, payment restrictions to be levied, compatibility with Hyva theme extensions, etc., to select the extension that suits your Magento 2 store.
Moreover, if you want to tailor the Magento 2 payment gateways, working with Magento 2 developers can help.
