Review 10 Payment Gateways For Your Online Marketplace or Classified Website

All over the world, online marketplaces totalled more than 3 trillion dollars worth of sales in 2021.

The top 100 online marketplaces are primarily concentrated in North America, Europe, Asia, and Latin America. The Middle East/Africa region - is steadily catching up.

Even better, the e-commerce share of total retail sales around the globe is expected to increase to almost 25% by 2025, with more than 2 billion people shopping online.

Yclas believes in the transformative power of e-commerce, and this is why we make it easy for entrepreneurs like you to start your marketplace website, with or without coding skills.

Why is a Good Payment Gateway Important for Your Online Marketplace

Every year, about 32.4% of hacking attempts are successful.

And often, hackers target e-commerce websites through financial fraud, phishing, spamming, DoS and DDoS attacks.

A good payment gateway helps protect sensitive details like credit card numbers by encrypting the payment information.

A secure and efficient payment gateway ensures a successful online marketplace website.

-15% of shoppers will abandon a cart if they don't think they have a good experience

- 6% of them will seek a shop with better payment options

- 4% will leave a website if it's having technical issues with its payment

Here are ten payment gateways that we offer at Yclas.

Stripe's Leading Market Share for Payment Processing 

Launched in 2010, Stripe is a payment processor that accepts more than 135 currencies and payment methods, including credit and debit cards and mobile wallets and buy now, pay later services.

Stripe is used in 46 countries and enjoys a market valuation of $94.4 billion as of 2021.

3.1 million websites use Stripe, and according to their website, the gateway receives more than 250M API requests per day.

Currently, Stripe has 48 patents and 39 investors, including Elon Musk. It holds more than 15% of the market share in the payment processing industry.

PayPal's Trusted Security

PayPal rose to worldwide popularity after it was acquired by eBay for 1.5 billion dollars back in 2002.

Since then, it has become the most used digital payment method globally, with a reported base of 392 million active users.

With more than 1.6 million websites using PayPal, it has been found that buyers are 54% more willing to buy from a store if it accepts PayPal.

In 2020 alone, this payment gateway processed more than 15 billion transactions; in 2021, it generated an annual total payment value of 936 billion dollars.

Like Stripe, PayPal employs protective mechanisms to keep customers' account information secure, such as transaction monitoring and anti-fraud systems.

2checkout's Payment Gateway Flexibility

Officially started in 2006, 2Checkout was founded by the people who developed RAV Antivirus, a piece of technology that Microsoft purchased to form part of its antivirus software offerings.

In 2020, it was acquired by Verifone and envisioned a platform that will "enable omnichannel commerce wherever and whenever clients shop."

Pioneering cashless payment, 2Checkout has an estimated annual revenue of $30.1M, with more than 400,000 users worldwide.

According to its website, the gateway processes 10.3 billion transactions every year, and it has over 80 global offices.

As a complete e-commerce solution, it offers various programs for online sellers.

Its most expensive option, for instance, allows you to sell in 200 countries or territories and integrate with 120+ carts.

On the other hand, its most cost-effective solution still brings excellent bang for your buck with access to more than 45 payment methods, conversion rate optimization, and shopping cart customization.

Escrow.com's Simplicity 

Founded in 1999, Escrow.com is an online escrow processing payment gateway that enables the "simplest way" to complete escrow transactions.

It's easy to integrate with your marketplace website, as it only requires one API call.

Additionally, it accepts various types of payment methods, such as PayPal, bank debit, wire transfer, or credit and debit cards.

Since it was acquired by Freelancer.com back in 2015, it has enjoyed numerous awards.

These include a Gold award for Company of the Year in the Small Financial Services sector from The International Business Awards.

Escrow also captured the BBB Torch Award for Ethics from the Better Business Bureau Torch Awards.

Escrow.com is used by several trusted e-commerce websites such as Shopify Exchange and GoDaddy.

BitPay for Processing Bitcoin Payments 

If you want to enable Bitcoin payments through your website, BitPay will will allow you to do this.

Established in 2011, it has since developed into the leading provider of blockchain payment technology that allows "powerful, enterprise-grade tools for crypto acceptance and spending."

In 2022, BitPay will process more than 70,000 transactions every month.

Customers can buy a cryptocurrency with their credit or debit cards or use their crypto and convert it into dollars through the BitPay card.

The top industries that use this payment gateway are computers, electronics, technologies, law and government, and finance.

Robo Kassa for a Russian Online Marketplace

Robokassa is an online payment gateway for the Russian market, so if your online marketplace website is targeting this market, Robo Kassa is one to consider.

This platform was founded in 2002 and has gathered more than 202,000 active users.

As a comprehensive solution, it accepts several popular payment methods, including online wallets, banking cards, installment cards, and Yandex contactless payment.

It also offers Robocheki, an online tool that enables accepting payments without a cash register.

MercadoPago for Latin American Online Marketplaces 

On the other side of the world, Yclas' integration with MercadoPago makes it easy for marketplace website entrepreneurs in Latin America to process payments.

Created by Mercado Libre, the most extensive e-commerce ecosystem in the region, the platform reportedly processed more than 3 billion transactions in 2021, up by about 70% from the number of transactions it facilitated in 2020.

Around 20 million people in Mexico, Argentina, and Brazil actively use MercadoPago, and it's on more than 55,000 e-commerce websites.

Alipay for Asia's Payment Processing 

Alipay is a payment gateway that caters to China and Asia.

Alipay, founded in 2004, is the most extensive online payment service in China, with over 1.3 billion active users and $17 trillion worth of processed transactions in 2020 alone.

Over 80 million merchants use it in their businesses, relying upon its "smart e-commerce, rapid digital transformation, and powerful data-driven marketing capabilities" to drive their e-commerce goals.

It works for merchants that use Alibaba and Taobao; it also supports external merchants such as Lenovo and CCTV.

Authorize.net's Credibility with Visa's Backing

A subsidiary of Visa, Authorize.net, was founded in 2004 and has since grown to become a trusted gateway for accepting various payment methods for e-commerce and online marketplaces websites.

These include debit and credit cards, eChecks, and other digital payment platforms like PayPal and Apple Pay.

Its most-loved features are automatic recurring billing, advanced fraud detection, and customer information management.

Through these functionalities, it has served over 445,000 small businesses, processing more than 1 billion transactions every year, which amounts to $149 billion worth of payments.

SecurePay, Australia's Payment Gateway

And Down Under, we have SecurePay.

Founded in 2009, it has grown to be entrusted by more than 90,000 businesses, both large and small.

It's also a trusted choice for Australia's budding e-commerce industry, which recently saw 44% of online payments made with debit cards.

A Wide Variety of Options with Yclas' Payment Gateways 

Ready to integrate one of the payment gateway into your online marketplace website?

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