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What Payment Processor Should You Use For Your e-commerce Store?

Choosing the appropriate payment processor for your online store is a crucial yet often disregarded aspect of developing an e-commerce store. With so many options available, determining the ideal solution for your business can be overwhelming. In this article, we will analyze and discuss some of the most widely used payment processors in North America, aiming to assist you in making an informed decision that aligns with your business requirements. Given that each business is unique, it is important to select a payment processor that suits your specific needs.

The payment processor’s we will be covering in this article include:

Paypal - Free social media icons PayPal

PayPal is one of the most widely recognized payment processors in the world. Some of its strengths include peer-to-peer money transfers and excellent customer service. It operates in over 200 countries and now provides an all-in-one payment solution. PayPal seamlessly integrates with online stores, bank accounts, Apple Pay, Google Pay, BNPL (Buy Now Pay Later), credit cards, and debit cards. When using PayPal, there is a transaction fee of 49¢ and a commercial fee of 30¢, in addition to a 3.49% charge based on the purchase price. For more information, please visit the PayPal website.

Paypal Pros:

  1. Convenience for sending and receiving money. 
  2. Global reach and multiple currency support. 
  3. Strong security measures and buyer protection. 
  4. Widely accepted by online retailers. 
  5. Integration with various e-commerce platforms. 
  6. User-friendly mobile app. 

PayPal Cons:

  1. High transaction fees, especially for international transfers. 
  2. Holds and freezes on accounts in suspected fraud cases. 
  3. Limited seller protection, with potential chargebacks and disputes. 
  4. Account limitations, such as withdrawal 

PayPal is supported by:

  1. Shopify
  2. WooCommerce
  3. Wix
  4. BigCommerce
  5. Open Cart
  6. And more

View the full list on the PayPal official website.

Stripe, logo Icon in Vector Logo Stripe

Stripe offers a comprehensive range of integrations that allow you to make online and instore transactions easily. With features like sharable links, flexible invoicing, mobile apps, and in-person payment options, Stripe caters to diverse payment requirements. It seamlessly accepts debit and credit cards from major companies across over 135 countries. Moreover, Stripe facilitates easy integration with various Buy Now Pay Later (BNPL) platforms, including Affirm, Afterpay, Klarna and more.

When it comes to transaction fees, Stripe offers competitive rates for both online and in-person purchases. For online transactions, Stripe charges merchants a 2.9% commission plus 30¢ per transaction. However, for in-person transactions, the commission rate is slightly lower at 2.7% with an additional 5¢ per transaction. It is important to note that for international transactions, an extra 1% commission is applied.

For more detailed information on Stripe's fees and services, visit the Stripe website.

Stripe Pros:

  1. Seamless payment processing experience. 
  2. Global support for multiple countries and currencies. 
  3. Developer-friendly with robust documentation and APIs. 
  4. Strong security measures and data protection. 
  5. Subscription and recurring billing capabilities. 
  6. Transparent and easy-to-understand fee structure. 

Stripe Cons:

  1. Complexity for non-developers.
  2. Account holds and reviews can cause delays.
  3. Limited customer support.
  4. Availability limited to certain regions.

Stripe is supported by:

  1. Shopify
  2. WooCommerce
  3. Squarespace
  4. BigCommerce
  5. Magento
  6. And more

View the full list on the Stripe website.

Download and share clipart about Resume Examples For Buyer Service - Square  Inc Logo Png, Find more hig… | Resume examples, Resume cover letter  examples, Square inc Square

Square offers a range of tools and services to facilitate electronic payments for businesses. It provides payment processing solutions, including hardware devices and software systems for point-of-sale transactions, online and mobile payments, and invoicing. Square also offers business management tools such as analytics, inventory management, and employee management. Additionally, it provides financing options through Square Capital. Overall, Square aims to simplify payment processing and financial operations, empowering businesses with accessible and comprehensive solutions to manage transactions and drive growth.

Square chargers 2.9% of the purchase price, plus a 30¢ fee per transaction for all online transactions. Visit the Square website for a full description.

Square Pros:

  1. User-friendly and intuitive payment processing system.
  2. Versatile hardware options for accepting payments.
  3. Inventory management and analytics features for businesses.
  4. Quick and easy setup process.
  5. Transparent and competitive pricing structure.

Square Cons:

  1. Limited customer support options.
  2. Potential account holds and fund freezes.
  3. Some advanced features may require additional fees or subscriptions.
  4. Availability of certain features may vary by location.
  5. Relatively higher transaction fees for certain business types.

Square is supported by:

  1. BigCommerce
  2. WooCommerce
  3. Weebly
  4. Wix
  5. Ecwid
  6. And more

View the full list on the Square website.

Design resources Clover

Clover Payments offers a range of products, including point-of-sale (POS) systems, payment terminals, mobile payment solutions, and online payment processing. The platform supports various payment methods, such as credit and debit cards, contactless payments (including NFC-based options like Apple Pay and Google Pay), and mobile wallet transactions. Clover offers a variety of plans for different kinds of businesses and a choice to see plans which are more optimized for your business. For more information visit the Clover website.

Pricing varies based on the plan you choose. To see which pricing plan you would fit into, view their pricing info by clicking here.

Clover Pros:

  1. Comprehensive point-of-sale (POS) system with robust features for managing sales, inventory, and customer data.
  2. Wide range of hardware options and integrations for customization.
  3. User-friendly interface and easy setup process.
  4. Reliable and efficient payment processing capabilities.
  5. Strong customer support and assistance.

Clover Cons:

  1. Initial investment for hardware and software can be costly.
  2. Limited compatibility with third-party applications.
  3. Reliance on an internet connection for optimal functionality.
  4. Some advanced features may require additional fees or subscriptions.

Clover is supported by:

  1. Shopify
  2. WooCommerce
  3. Magento

Moneris - YouTube Moneris

Moneris is a payment gateway that allows customers to pay with credit cards and digital wallets such as Apple Pay and Google Pay. It provides a quick and seamless payment experience for customers. The WooCommerce Moneris Payment Gateway is an extension that utilizes Moneris Checkout for maximum checkout security. The credit card gateway is compatible with WooCommerce Subscriptions and WooCommerce Pre-Orders. It is important to note that the WooCommerce Moneris payment gateway is not a free plugin like Stripe or Square.

The pricing for Moneris varies depending on the type of business and the payment processing needs. The e-commerce processing fee is 2.75% + 30¢. For in-store payment processing, Moneris charges a monthly fee of $29.95 per terminal and a credit processing fee of 2.55% + 10¢ per transaction. The Interac Debit Processing Fee costs 10¢ per transaction.

Moneris Pros:

  1. Established and trusted payment processor with a strong presence in the Canadian market.
  2. Wide range of payment options, including credit cards, debit cards, and mobile wallets.
  3. Robust security measures and fraud detection tools.
  4. Integration with various POS systems and e-commerce platforms.
  5. Dedicated customer support and assistance for merchants.

Moneris Cons:

  1. Limited availability outside of the Canadian market.
  2. Potentially higher transaction fees compared to some competitors.
  3. Some users report occasional technical issues or delays in fund transfers.
  4. Complex pricing structure with additional fees for certain features or services.
  5. Limited customization options for the checkout experience.

For info on what platforms support Moneris, please visit their website.

Authorize.Net · GitHub is an online payment gateway that enables businesses to accept payments securely over the internet. It was founded in 1996 as Authorize.Net, Inc. and is now a subsidiary of Visa Inc. It provides businesses with the necessary tools to navigate today’s e-commerce market and allows businesses to accept payments on their own terms. supports payment processing by helping small businesses accept credit card and check payments online, in person, via mobile devices, and more. The payment gateway services that provides help merchants manage their accounts swiftly, allowing them more time to work on their business.

Exact pricing is available by calling at 1-888-323-4289. For more information visit Official Website Pros:

  1. Established and reliable payment gateway with a wide range of features for online transactions.
  2. Multiple payment options and integrations with various e-commerce platforms.
  3. Advanced fraud detection and prevention tools for enhanced security.
  4. Recurring billing and subscription management capabilities.
  5. Robust reporting and analytics feature for business insights. Cons:

  1. Complex setup and configuration process.
  2. Some users report occasional technical issues or downtime.
  3. Higher transaction fees compared to some other payment gateways.
  4. Limited customer support options for non-enterprise customers.
  5. Additional fees for certain advanced features or services.

For info on what platforms support Moneris, please visit their website.

Download WooCommerce Logo in SVG Vector or PNG File Format - WooCommerce Payments

WooCommerce Payments simplifies the process of setting up payment processing on your WooCommerce store. It eliminates the need for third-party payment gateways or plugins, as it is a built-in payment solution specifically tailored for WooCommerce. WooCommerce Payments supports various payment methods, including major credit cards (Visa, Mastercard, American Express, Discover), as well as digital wallets like Apple Pay and Google Pay. This allows customers to pay using their preferred payment method. The fees for credit and debit card payments in Canada are 2.9% + $0.30 for domestic credit or debit cards and 3.9% + $0.30 for non-Canadian issued cards. There is also a 2% fee for currency conversion

WooCommerce Payments Pros:

  1. Seamless integration with WooCommerce, providing a unified platform for managing products, inventory, and payments.
  2. Simplified setup process and easy-to-use interface for merchants.
  3. Competitive transaction fees and transparent pricing structure.
  4. Enhanced security measures and fraud protection.
  5. Access to detailed analytics and reporting for business insights.

WooCommerce Payments Cons:

  1. Availability limited to certain countries and regions.
  2. Some users may experience limitations with supported payment methods or currencies.
  3. Dependency on the WooCommerce platform, which may require additional plugins for specific functionalities.
  4. Limited customer support options compared to dedicated payment processors.
  5. Certain features and capabilities may require additional fees or subscriptions.

WooCommerce Payments is supported by:

  1. WooCommerce

So? Which One Is The Best?

Each payment processor has its pros and cons, and it's crucial to consider factors such as transaction fees, security measures, customer support, and integration capabilities. Ultimately, choosing the right payment processor depends on your unique business requirements and preferences.

PayPal is renowned for its global reach, convenient money transfers, and excellent customer service. Stripe offers seamless payment processing, extensive integrations, and competitive transaction fees. Square simplifies payment processing and provides additional business management tools. Clover offers comprehensive point-of-sale solutions with e-commerce options. Moneris is a trusted Canadian payment processor with diverse payment options. is an established gateway with advanced features. WooCommerce Payments provides a built-in solution tailored for WooCommerce. 

We hope this article has given you the information you need to make an informed decision, but if you are still having trouble deciding, feel free to contact us and tell us about your online store. We would be happy to work with you to ensure you make the right choice.