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If you are dealing in cash, you would know how much cash could be difficult. If you have an idea for building a payment gateway application, then you are going the right way, my friend. But before you start building it, there are some things that you should care about. If you are planning to charge your customer for your service, feature, or product then you will need proper functionality to charge this amount from the user.
Cash payments are not feasible as online and application payments. Period. Well, payment gateways are just service providers which help merchants carry out transactions with authorized credit and debit cards. Here are some statistics about digital payment gateways, so that you may build up your confidence in building such applications.
- Do you know what is total transaction value in the digital payments segments in 2019? It is $4,137,523 million.
- This number can be expected to show a growth rate of 12.8% by 2023.
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Top 3 digital payment gateways in Canada
1) Square
Before anyone else, Square was the first to introduce the concept of a swipe-based smartphone processing system in 2009. And they introduced the feature of the lack of monthly fee, they were the first to do so.
It is regarded as the most feature-rich and sophisticated mPOS (mobile POS) system available today without charging a monthly fee. The rates that Square charges businesses are 2.75% for swipe transactions, 3.5% + $0.15 for keyed transactions, and 2.9% + $0.30 for online transactions.
There are no monthly fees, statement fees, or minimum payments required. This is a real blessing for businesses in Canada.
In addition, Square offers a free online store that syncs with in-app inventory counts and eCommerce connectors to enable a seamless transition between online and offline sales.
In addition, Square has a virtual terminal, stored card functionality, invoicing and recurring billing, an online ordering option, analytics, third-party app integrations (the reason we mentioned it as the best payment processor in Canada), and a payment doorway API for developers. Aren’t these features enough for any payment gateways?
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2) Moneris
Moneris is the leading payment processor in Canada for all sorts of businesses, processing almost 3 billion online payments annually. For the same reason, it is one of Canada's leading providers of credit card processing services.
With Moneris Securitint, accountability and connectivity are made easier. This payment processor has its headquarters in Toronto and offers a dependable multichannel solution. For small businesses aiming to grow quickly, Moneris is the best merchant account, provider.
With organizations including Sage Accounting, RBC, and BMO, it has formed partnerships. For small firms and businesses that are expanding quickly, Moneris also offers services like inventory and sales tracking capabilities with their help.
Moneris has a $19.95 monthly subscription cost and an extra 2.75% credit card fee.
3) PayPal
With more than 250 million members globally, many of them from Canada, Paypal was the most popular eCommerce platform and one of the finest payment gateways in Canada. It serves its more than 200,000 Canadian SMB clients by offering a range of solutions.
The PayPal Payment standard solution is the one that small businesses prefer the most since it makes it so simple to complete transactions online. Well, it will be easy if you don’t want to gamble your money and security. Small business owners use PayPal because it eliminates the extra security risk of internally keeping client credit card information. PayPal is the finest payment gateway for small businesses.
The costs it levies entirely depend on the kind of service. It typically costs 2.9% plus $0.30 for each transaction. This 2.9% decreases when the monthly volume is reached; in fact, it can go as low as 1.9% + $0.30.
For speedy and secure transactions, we have incorporated PayPal, one of the most popular payment processors in Canada, into a number of cab booking platforms.
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4) Stripe
Leave Canada, let’s talk about the whole western world. And when we talk about it we will get to know that stripe is the most popular payment integration system. While installing the payment integration system in your application, you should first go through the legends of the system looking for what they are using? There are some big industries using Stripe for their payment gateway.
Their names are as follows:
Under Armour, TaskRabbit, and Lyft have Stripe as their online POS system.
What is stripe and how does it work
Considerably stripe is a third-party payment system, which splits the payment, makes in-app mobile payments, and also uses advanced reporting tools.
Charges: Transaction charge: 2.9% + $0.30 per transaction
5) Elavon
Well from the above four you must be aware of at least two payment gateways. But I have a certain feeling that you will not be aware of this one. To your shock, Elavon is one of the top 5 global payment providers and the largest in the US. Elavon has a service network in over 30 countries with 1.3 million merchants.
With a tight grip on 100 currencies, they perform 3 billion transactions every year. Elavon is relatively quicker than the other services. Elavon allows every card that is available in the world for processing and it charges $270 as a one-time fee. Also if you are a business owner and if you sign up with Elavon, there are cashback programs too. You will save a lot of money from it.
Charges: $10 monthly fees + $0.19 transaction fees + 2.65%-3.5% for credit card payments
Conclusion
Running a business challenge in today’s world. The integration of the payment gateway remains a key component, whether an app is made to enhance the business or serve as its primary tenet. Which Canadian payment gateway providers are the most dependable? We hope you've found your answer. Gladly I will prefer PayPal the most.
Well, it is up to your choice if you want to go with the either of three. But trust me all three payment gateways are very reliable and important to have. On the other hand, PayPal has everything you need in a payment gateway. In Canada, there is a number of applications used for maintaining a payment gateway. But Square, Moneris, and PayPal are the most used top 3 payment gateways of all time. In fact, PayPal from my point of view is the most used payment gateway in the world. Maybe or maybe not.
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