Magneto is an open source eCommerce Content Management System. It is one of the most popular eCommerce development platforms and is used by many businesses across the world. Being an open source platform, Magneto allows complete freedom to the businesses to customize their online stores according to their requirements.
One of the significant aspects of an online store is the method of payment. Magneto enables you to include payment gateways in your online store instead of using third-parties. This helps your customers to complete their purchase easily. Let’s look at the payment gateways you should consider for your Magneto store.
List of Payment Gateways and Their Charges
Here is a list of some of the most popular payment gateways which you can use in your Magneto store along with the transaction fees that are charged.
- Amazon Pay: Amazon pay allows the customers to pay through their Amazon account and wallet. Amazon Pay does not have any upfront charges; however, the service will charge a fee on every authorization which is 2.9%(for the US) and 3.9%(for Cross – Borders) of the transaction amount plus 0.30 USD.
- Authorize.Net: Authorize.net is used for payment gateways worldwide. It offers various pricing plans for the users which include a $25 monthly fee and varying amounts of transaction fees starting from 0.10 USD per transaction plus a daily batch fee of 0.10 USD or a 2.9% transaction fee plus 0.30 USD. It also offers tailored pricing solutions for businesses earning more than 500,000 USD annually.
- ChronoPay: Magneto web development also supports ChronoPay. It does not have a setup fee and has different pricing plans based on the type and turnover of the business. Their transaction fees include a 0.30 EUR base charge and 0.5% to 2.65% fee on the amount.
- SecurePay: SecurePay charges a 395 USD annual fee and 0.45 USD per transaction. If you have more than 3,000 transactions annually, you can opt for the $800 plan and forgo annual fees and transaction fees. For yearly transactions above 5,000, you can contact them for a customized plan.
- 2checkout.com, Inc: 2checkout.com has pricing plans starting from a base rate of 0.35 USD plus 3.5% per transaction. And its most popular pricing plan is at 0.45 USD plus 4.5% per transaction. It has no annual or monthly charges or setup fees.
- PayPal: PayPal has become synonymous with electronic payments. Moreover, PayPal is deeply integrated into the Magneto web development platform. It charges a transaction fee of 2.9% plus a fixed fee which is based on the currency, for USD it is 0.30 USD.
In Conclusion
These payment gateways accept payments through debit and credit cards as well as certain eWallets. Additionally, there may be extra charges for international transactions on these gateways. These gateways also provide additional features such as fraud protection, ease of recurring payments and much more. It should also be noted that they would charge extra in case of chargebacks on the transactions. You should not, however, limit your Magneto store to one payment gateway. Instead, include the various popular gateways in the country where you want to sell.
Disclaimer: The prices given, may change in accordance with the policies of respective companies.