Payment gateways

There are a lot of payment gateway services today, but we can not cover them all we only talk about the most famous providers in this article including Stripe, PayPal, Omise, and Authorize.net.

Stripe

Stripe is a digital payment platform that was founded in 2010 by brothers Patrick and John Collison. The company was created to make it easy for businesses to accept payments online, and it initially focused on creating a simple, easy-to-use API that developers could use to integrate payments into their websites and apps.

In 2011, Stripe launched its public beta and quickly gained traction among small and medium-sized businesses. By 2012, the company had raised $18 million in funding and was processing millions of dollars in transactions every month.

In 2013, Stripe launched Stripe Connect, a platform that allows other businesses to use Stripe’s infrastructure to process payments. This allowed marketplaces, platforms and other businesses to easily accept payments from their users.

In 2014, Stripe launched Atlas, a program that helps entrepreneurs from around the world to start and grow their online businesses. By providing them with the tools and resources they need to get started, such as a US bank account and legal incorporation.

In 2017, Stripe raised $150 million in a funding round that valued the company at $9 billion. Since then, Stripe has continued to grow and expand its services, introducing new products such as Stripe Billing, a recurring payments platform, and Stripe Terminal, a point-of-sale platform.

Today, Stripe is one of the most widely used digital payment platforms in the world, with over 2 million active users and businesses in 120+ countries. It’s popular among businesses of all sizes and industries, and is known for its user-friendly API and advanced fraud detection capabilities.

Benefits

• Easy integration: Stripe offers a variety of tools and libraries to make integrating their API into your website or app as straightforward as possible.

• Security: Stripe follows industry-standard security practices to protect both merchants and customers from fraud and data breaches.

• Global reach: Stripe supports payments in over 130 countries, allowing you to easily accept payments from customers around the world.

• Customizable checkout: Stripe allows you to customize the look and feel of the checkout process to match your brand.

• Analytics and reporting: Stripe provides detailed analytics and reporting on your transactions, so you can track your business’s performance and make informed decisions.

• Subscription and recurring payments : Stripe offers easy setup and management of recurring payments and subscriptions.

• Large developer community: Stripe has a large and active developer community, which means that you can find many resources and solutions online, also it has a good documentation, it’s easy to use.

Paypal

PayPal is a digital payment platform that was founded in 1998 by a group of entrepreneurs, including Peter Thiel, Max Levchin, and Elon Musk. The company was initially called Confinity and was focused on creating a secure way for individuals to send money to each other using their Palm Pilots.

In 1999, Confinity merged with X.com, an online banking company, and the merged company adopted the name PayPal. The new company focused on creating a digital wallet that would allow individuals to securely store their financial information and make online payments.

In 2000, PayPal launched its service to the public, and it quickly gained popularity among online merchants and consumers. By 2002, PayPal had over one million registered users and was processing billions of dollars in transactions every year.

In 2002, eBay acquired PayPal for $1.5 billion, which further accelerated the company’s growth. PayPal became the preferred payment method for eBay transactions, and it quickly became one of the most widely used payment methods on the internet.

In 2015, PayPal spun off from eBay and became its own publicly traded company. Since then, the company has continued to grow and expand its services, introducing new products and features such as Venmo, a peer-to-peer payment app, and PayPal Credit, a line of credit for consumers.

Today, PayPal is one of the largest and most widely recognized digital payment platforms in the world, with over 300 million active users and over 20 million merchants. The company continues to innovate and expand its services, and it remains a popular choice for online payments.

Benefits

• Widely recognized and trusted: PayPal is one of the most widely recognized and trusted payment methods online, which can increase customer confidence and trust in your business.

• Secure: PayPal uses industry-standard security practices to protect both merchants and customers from fraud and data breaches.

• Global reach: PayPal supports payments in over 200 countries, allowing you to easily accept payments from customers around the world.

• Easy to set up and use: PayPal is easy to set up and use, even for those with limited technical expertise.

• Flexible payment options: PayPal offers a variety of payment options, including credit and debit cards, bank transfers, and PayPal balances, giving customers more flexibility in how they pay.

• Recurring payments and subscriptions: PayPal allows for the setup and management of recurring payments and subscriptions.

• Dispute resolution: PayPal provides a dispute resolution process to help resolve disputes between buyers and sellers.

• Support for multiple currencies: PayPal supports a wide range of currencies, making it easy for businesses to accept payments from customers around the world.

Omise

Omise is a payment gateway provider that was founded in 2013 in Thailand. The company was created by a group of entrepreneurs with a background in software development and finance, who saw an opportunity to create a payment gateway that could serve businesses in Southeast Asia, a region that was traditionally underserved by existing payment gateway providers.

In the early days, Omise focused on serving businesses in Thailand, but over time, the company expanded to other countries in Southeast Asia, such as Japan, Indonesia, and Singapore.

In 2015, Omise launched its first product, Omise Payment, which allowed businesses to accept online payments. The company then quickly expanded its offerings to include a variety of other products and services, such as a virtual terminal, recurring payments, and fraud detection.

In 2017, Omise raised $25 million in a series B funding round. This funding was used to further expand the company’s reach and capabilities.

In 2018, Omise launched OmiseGO, a decentralized platform that allows for the exchange of digital assets and other cryptocurrencies. This platform is based on the Ethereum blockchain, and it aims to provide financial services to people who are currently underserved by traditional financial institutions.

Today, Omise is one of the leading payment gateway providers in Southeast Asia, serving businesses in a variety of industries, including e-commerce, travel, and gaming. The company continues to innovate and expand its services, and aims to make payments simple, easy, and accessible for everyone.

Benefits

• Easy integration: Omise offers a variety of tools and libraries to make integrating their API into your website or app as straightforward as possible.

• Security: Omise follows industry-standard security practices to protect both merchants and customers from fraud and data breaches.

• Global reach: Omise supports payments in several countries in Southeast Asia, including Thailand, Japan, and Singapore, allowing you to easily accept payments from customers in the region.

• Customizable checkout: Omise allows you to customize the look and feel of the checkout process to match your brand.

• Multi-language support: Omise supports multiple languages, so you can offer a localized checkout experience for your customers.

• Recurring payments and subscriptions: Omise allows for the setup and management of recurring payments and subscriptions.

• Fraud detection: Omise uses advanced fraud detection algorithms to identify and prevent fraudulent transactions.

• Virtual terminal: Omise offers a virtual terminal, which allows businesses to process payments over the phone, by mail, or in-person.

• Dispute resolution: Omise provides a dispute resolution process to help resolve disputes between buyers and sellers.

• Support for multiple currencies: Omise supports a wide range of currencies, making it easy for businesses to accept payments from customers around the region.

Authorize.net

Authorize.net is a payment gateway provider that was founded in 1996. It is one of the oldest and most widely recognized payment gateway providers in the United States. The company started as a provider of electronic check processing services, but over the years it has evolved to provide a wide range of payment processing services, including credit card and electronic check processing, fraud detection, and recurring payments.

In 2007, Authorize.net was acquired by CyberSource, which is a subsidiary of Visa Inc. Since then, it has continued to grow and expand its services, becoming one of the most widely used payment gateway providers in the United States.

In 2010, Authorize.net was among the first payment gateways to receive PCI DSS 3.0 Level 1 certification, the highest level of security certification in the payments industry.

In 2018, Authorize.net was acquired by the payment processing company, First Data, which further extended the company’s reach and capabilities in the payment gateway industry.

Today, Authorize.net provides payment gateway services to over 400,000 merchants worldwide, processing billions of dollars in transactions every year. It has become a reliable, secure and widely accepted payment gateway for businesses of all sizes, across many different industries.

Benefits

• Widely recognized and trusted: Authorize.net is one of the most widely recognized and trusted payment gateway providers, which can increase customer confidence and trust in your business.

• Secure: Authorize.net uses industry-standard security practices to protect both merchants and customers from fraud and data breaches.

• Easy to set up and use: Authorize.net is easy to set up and use, even for those with limited technical expertise.

• Recurring payments and subscriptions: Authorize.net allows for the setup and management of recurring payments and subscriptions.

• Fraud detection: Authorize.net uses advanced fraud detection algorithms to identify and prevent fraudulent transactions.

• Virtual terminal: Authorize.net offers a virtual terminal, which allows businesses to process payments over the phone, by mail, or in-person.

• Dispute resolution: Authorize.net provides a dispute resolution process to help resolve disputes between buyers and sellers.

• Payment options: Authorize.net accepts various payment options such as credit cards, e-checks, and electronic invoicing.

• Reporting and analytics: Authorize.net provides detailed reporting and analytics on your transactions, so you can track your business’s performance and make informed decisions.

• Good Support: Authorize.net provides good support for their customers and developer community through their documentation, FAQs, and customer support.

Comparison

Here is a comparison of some pros and cons of Stripe, PayPal, Omise, and Authorize.net:

Stripe:

Pros:

• User-friendly API that is easy to integrate into websites and apps.
• Advanced fraud detection capabilities.
• Global coverage, serving businesses in over 120 countries.
• Offers a variety of products and services, such as recurring payments and point-of-sale solutions.

Cons:

• Higher fees compared to some other payment gateway providers.
• Lack of phone support, only email and chat support available.

PayPal:

Pros:

• Widely recognized and trusted by consumers.
• Offers a variety of products and services, such as peer-to-peer - payments and credit lines.
• Strong fraud detection capabilities.
• Global coverage, serving businesses in over 200 markets.

Cons:

• Higher fees for some transactions, such as international payments.
• Some users have reported issues with account holds and freezes.

Omise:

Pros:

• Focus on serving businesses in Southeast Asia, which is traditionally underserved by other payment gateway providers.
• Offers a variety of products and services, such as recurring payments and fraud detection.
• Lower fees compared to some other payment gateway providers.

Cons:

• Limited global coverage, currently only serves businesses in Southeast Asia.
• Less widely recognized and trusted by consumers compared to some other payment gateway providers.

Authorize.net:

Pros:

• Widely recognized and trusted by consumers.
• Offers a variety of products and services, such as recurring payments and fraud detection.
• Strong fraud detection capabilities.
• Global coverage, serving businesses in over 80 countries.

Cons:

• Higher fees compared to some other payment gateway providers.
• Some users have reported issues with account holds and freezes.
• It’s worth noting that this comparison is not exhaustive, and other factors such as transaction volume, type of business and target market should also be considered when choosing a payment gateway provider.