Discover the 9 Must-Have Payment Gateways for Small Businesses in Canada

With the growing expansion of eCommerce business, the need for a proper payment gateway is rising significantly. According to recent research, “the global payment gateway market size has increased by 21.12% CAGR from the period of 2023-2031.”

It is the most crucial part for small businesses, as it can easily connect buyers with sellers with the various online stores to sell their products effectively. However, it comes with a limitation of needing to have appropriate functionalities. 

Most of the time, businesses and individuals face the issue of choosing the proper payment options. It’s been found that few are good with domestic transactions; on the other hand, few are specifically designed for global commerce.

We have seen that the payment gateways offer different features, limitations, and benefits. This further initiates confusion among the business leads, which one to choose for their business to get a better response that can connect a significant number of customers. 

The firm has seen a rise in the desire for pay-later solutions that are quick to process and simple to utilize. The selection of the best payment gateway for small businesses in Canada can be overwhelming for merchants because there are so many options. 

This article will make it simpler for you to locate a Canadian payment merchant for your online business.

The Benefit Of Choosing The Right Payment Gateway 

Payment gateway is a major aspect for small businesses, specifically if it’s an eCommerce platform. Without a proper payment system, the customer experience can be hampered. It has various benefits for the business. Let’s find a few of them below: 

Easy Checkout 

It is advantageous to have an appropriate payment gateway because it makes the checkout process easier. Many small businesses and eCommerce platforms experience the problem of abandoned carts, often due to a lack of a suitable payment gateway. 

However, this issue can be resolved by choosing and integrating a highly efficient and user-friendly platform for the payment gateway process. 

Secure Payment 

When managing the payment process, security is a big problem in any company. Due to the increase in cybercrime, it is now more important than ever to use a secure payment method and sensitive client information is frequently used in online businesses. Many internet users are concerned about needing a more secure platform to prevent cybercrime. 

Because of this, many payment gateways include high-end encryption for securing the private and sensitive information of the consumer and merchant to ensure a secure environment throughout their customer experience. It aids in gaining the client confidence necessary for producing quality goods.

Improve Customer Experience 

Customers are more at ease with online payments in this digital age. When purchasing from any store or online site. The rising need for a multiple payment vendor significantly impacts their experience. 

Customers’ expectations have changed considerably, and they now anticipate convenient buying that takes less time. 

A safe and comprehensive digital payment option can be an excellent answer to this need. They will not only keep their customers happy by aligning with their needs, but it will also help the business to stay on the top of the curve. Make a great customer experience with a quality payment gateway. 

Integration With Other Systems

Today’s consumers know the trends that motivate them to want their preferred payment method on their favorite purchasing site. It makes third-party payment mode integration into the gateway system more necessary. 

As a result, the payment gateway provider considers third-party integration to ensure that the software is immediately connected with the chosen website. 

It can also streamline the accounting and invoice process by combining a dependable system with these particular capabilities to improve business efficiency and reduce the need for manual involvement. 

Quick Process

Prompt payment processing is crucial for small businesses and the e-commerce marketplaces. The payment procedure will be sped up compared to manual methods in a faster, more dependable, and secure operations are made with it. 

This will facilitate and accelerate customers’ checkout experiences, undoubtedly enhancing them. It will help to boost the business profiles, assuring higher sales and client loyalty. 

Fraud Detection 

Technology has enabled us to grow positively with many benefits for simplifying our lives. However, with ample help, refined technical solutions come up with major threats for the business and the end-users. 

In recent days, the core concern of any online shopper is their data security due to the growing fraud scenarios. As per the report, “81% of the businesses are getting targeted by payment frauds by 2020”. 

Businesses are the warehouse of sensitive and confidential client data, and that makes cyber crime theft to attack these kinds of sites to get reliable data that can be misused for conducting some serious online fraud. 

To eliminate this scenario, these modular payment gateway providers have included various features for detecting fraud, such as data encryption, PCI, DSS compliance, limit on OTP verifications, and much more to protect your customers and business data to reduce the possibility of fraud. 

Top Payment Gateway In Canada 

In Canada, many affordable payment solutions are available; let’s explore a few of them below and choose the reliable one that is wholly aligned with your business needs. 

Stripe Payments 

Stripe a prominent payment gateway services company, is based in South San Francisco, California, and Dublin, Ireland. Stripe’s payment system is used by more than 3.1 million websites globally for accepting customer payments. 

Merchants using Stripe can quickly begin accepting payments from more than 100 countries. Stripe currently offers a wide range of convenient payment options. Credit cards, debit cards, digital wallets, bank redirection, cash coupons, and buy now, pay later are just a few of the payment methods they offer.

Shoppers can choose the way that suits them best. The business also offers powerful software for protecting the transaction from fraud, with additional charges applicable for every transaction. These products are very helpful for merchants who need to process a lot of transactions due to the lessened chargebacks and credit card fraud.

Key Benefits:-

Consistency 

The core benefit of Stripe payment is its features of continued updates and testing to make sure the functions are working properly. It will help to accept the payments quickly by minimizing errors and delays. 

Payment Transparency 

The pricing process of Stripe payment is transparent and open to their clients. They always ensure that they focus on the best ethical practices to provide the business and customer with the right pricing to ensure long-term relations. 

Secure Processing 

Stripe offers a secure environment for processing payments, making it the most trustworthy payment source for eCommerce businesses. With their highly secure payment process, businesses and customers can guarantee reliable payment processing. 

Great Navigation 

This platform offers a pleasant navigation process for entering data in a more convenient manner by saving a lot of time. They also get a simple interface that helps them to make the payment function faster and more effective. 

Universally Accepted

Stripe is universally acknowledged on all platforms, and that makes it the best choice for small eCommerce businesses. They accept all kinds of payment options, which helps them to make the transaction process simple. 

Paypal

When you are looking for a reliable payment platform for the Canadian region, PayPal is the best option. They are simple platforms that offer great accessibility from websites and mobile applications, making them the most suitable choice for small eCommerce businesses.

It offers distinct payment alternatives, such as online banking, credit cards, and many more. They also have branded credit and debit cards to provide their end-users a better manner. Due to its exclusive benefits, most users, from small businesses to large ones, trust this platform as their reliable gateway. 

Key Benefits:-

Secure Payment 

Paypal is very secure for conducting any kind of financial transactions, from paying regular bills, money transfers, online purchases, and many more, to ensuring the payment process is operating securely.

Quicker Checkout 

With PayPal, you can integrate with any shopping platform, which will help to make the checkout process rapid and will save a lot of time for the customer, which is beneficial for growing their experience towards positivity. 

User-Friendly 

This platform helps transfer money and conduct online purchases universally in a user-friendly manner. You will be able to register and process efficiently like never before, which will help to create a positive outcome. 

Authorize.Net

Autorize.net is a useful platform for eCommerce businesses. They consist of various features, including refined filters for payment processing, customer information management for easy processing, and multiple payment options for better customer and business experience. 

With the help of this platform, the business and customers can get a more useful platform that can help manage the payment process in eCommerce businesses appropriately. 

Key Benefits:-

Multiple Payment Acceptance 

This platform offers many payment options to simplify your business process. They have the major debit and credit cards, gift cards, net banking, and many more to improve the user experience. 

Improve User Benefits 

With this payment gateway, the user can get a better experience in terms of online shopping. With the flexible payment option, the end-user can get the best experience by conveniently purchasing from any site with an auto payment process. 

Higher Control 

Autorize.net is helpful for controlling and monitoring all the payments on the website by using a highly flexible interface to ensure all the transactions are controlled with central security. 

Moneris

This platform is found to be best for eCommerce business; it’s also identified as a core payment gateway in Canada. It’s rich with various features that can be majorly beneficial for eCommerce businesses in this market. 

You can effectively use this platform for conducting various activities such as multi-functional online payment, integrating API, and conducting secure transactions for your business and offer a better interface for the customers. 

Key Benefits:-

Top-Graded Security 

This platform has higher security for conducting the payment process. It involves AVS, CVV, and SSL certification to make sure the customer data and payment details are secure and there is no chance of data leak. 

Fraud Detection 

They use advanced technology to ensure the end-user’s data are secure from fraud. To make the data secure, they use higher encryption to reduce the chances of fraud in the business. 

Afterpay

It’s a buy now and pay later payment gateway, which gives buyers the option to buy the product now, and they can pay the money after a certain period. The loan facility offers no interest for benefitting clients’ purchases.  

Easy Payment Process 

With this application, the user can process their purchase easily as they don’t need to add any payment details; the checkout can be automatically done once the details for afterpay are added. 

Interest-Free Transactions 

With Afterpay, the consumer doesn’t need to pay any interest for their borrowed money. They can pay it within six weeks without interest, and the merchant will get the full amount, which will help to make the process much simpler. 

Stax

This platform is known for its great integrations. It can integrated with any other application for offering services like a one-click shopping cart, a unique checkout process, and many more with a secure payment environment. These highly beneficial features make it the perfect choice for the eCommerce business. 

Key Benefits:-

User Data Update 

This platform is beneficial for managing user data appropriately to ensure higher productivity. They will help to make smart decisions for the users by providing a handy platform for saving the customers’ sensitive data in a secure manner. 

Shopping Cart Integration 

Stax can be integrated with any shopping cart to simplify the purchase process. It will help to offer a highly customizable platform for the end-users. 

Square Payments

This payment gateway is perfect for any kind of business; it offers a wide range of features to ensure your business is getting the right solutions and end-users enjoy the shopping journey with a reliable payment source. They not only offer a feature-rich payment gateway but also help to automate the business process appropriately. 

Key Benefits:-

Advance Reporting 

Square payment helps get a high level of reporting for your business. It will help analyze the payment process to make it more suitable for the customers and business. 

Bambora

Bambora, which is now known as Worldline, is a leading payment gateway that has global support. They are the best platform for digitalizing your eCommerce business. They have a great environment for making the payment process much more secure and easy for the end-users.

Key Benefits:-

Easy Integration 

This platform consists of a lot of pre-build plug-ins that helps the business and customer get the most useful experience. Further, this platform can easily be integrated with other eCommerce payment solutions or any vital website and applications, making it the ideal partner for eCommerce businesses. 

Quick Invoice Payment 

Worldline/Bambora can be the best choice for conducting invoice processing; they allow the right merchant to conduct the invoice payment appropriately. 

Faster Support 

To make sure the payment process is executing suitably, this platform feeds real-time support to their end-users to make the payment process more compelling.

Elavon

Elavon is a leading payment merchant for the eCommerce platform that helps to get a secure environment for online payment transactions. They have various features for making your business more profitable by integrating multiple payment gateway and platforms for making the process much easier for the business and end-users. 

Key Benefits:-

Simple Checkout 

They can create a virtual terminal for conducting web-based payments, making the checkout process much easier and simpler for the users. 

Fraud Detection 

They use some advanced features to protect the end-user’s information from fraud. It involved using features like PCI DSS standard, AVS, and CVV coder for conducting transactions, password recommendation, and more. 

Final Words 

Payment gateway is majorly important for any business; we have shared some key payment gateway platforms for the Canadian market to get an idea about their features and effectiveness for your business. 

Originally Published At - Discover the 9 Must-Have Payment Gateways for Small Businesses in Canada