4 best payment gateway solutions for your e-commerce needs

In today's digital age, choosing the right payment gateway solution is a critical decision for any e-commerce business as it can significantly impact the success, security, and efficiency of online transactions. To help you make an informed decision, we'll explore what payment gateway solutions are, what to look for in a payment gateway provider, and introduce four top options suitable for e-commerce websites in Myanmar.

What is a payment gateway solution?

A payment gateway is a crucial component of any e-commerce platform. It serves as the virtual cash register of your online store, facilitating electronic funds transfer and ensuring secure payments for online purchases.¹ Acting as the bridge between your website and the payment processing bank, it verifies customer credit card details, authorises payments, and ensures that retailers receive prompt payment confirmation from the issuing bank. The integration of an online payment gateway into your business is essential for providing multiple payment options, securing transactions, and optimising the overall shopping experience.

How does a payment gateway work?

Payment gateways follow a precise process to settle online transactions. When a customer places an order online, they enter their credit or debit card details.² The payment gateway encrypts this sensitive information and forwards the transaction to the issuing bank for authentication. Once confirmed, the payment gateway employs Secure Sockets Layer (SSL) technology to transmit the transaction details to the payment processor, completing the online transaction securely.

What to look for in a payment gateway solution

When selecting a payment gateway for your e-commerce business, several factors should guide your decision:

• Security: Ensure the payment gateway provides robust security measures to protect customer data and transactions from cyber threats.
• Cost of payment gateway: Consider the pricing structure, including transaction fees and any additional charges, to determine its cost-effectiveness for your business.
• Customer service: Choose a payment gateway provider known for responsive customer support to address any issues promptly.
• Compatibility: Verify that the payment gateway integrates seamlessly with your chosen e-commerce platform, such as Shopify, WooCommerce, or Magento.

Now, let's explore a list of four of the best payment gateway solutions³ and their features that will make them an attractive option for e-commerce businesses in Myanmar:

1. Atome

Atome is a prominent digital consumer financing platform in Southeast Asia. It offers flexible payment gateway solutions at popular online and offline retailers across various categories. Atome's key feature is "3 easy payments with 0% interest," allowing users to split their purchases into three interest-free instalments.⁴ While it integrates with major e-commerce platforms like Shopify, WooCommerce, and Wix, transactions are exclusively conducted within the Atome app. It accepts major debit and credit cards like Visa, Mastercard, and American Express.⁵ 

Advantages of this payment gateway:

• Simplifies the payment process, encouraging customers to spend more
• Supports various e-commerce platforms
• Offers payment flexibility with interest-free instalments
• Supported in Myanmar, meaning that local customers can use it too⁶

Disadvantages of this online payment system:

• Higher transaction fees compared to some alternatives

2. HitPay

HitPay is an all-in-one payments platform designed for small businesses and SMEs.⁷ It offers various popular payment methods through a single account and seamlessly integrates with numerous e-commerce platforms, including Shopify, WooCommerce, and more. HitPay stands out with its transparent pricing model, charging only per transaction without setup or annual fees. It boasts express onboarding, ensuring swift setup, and provides fast payout times.

Advantages of this payment gateway:

• Offers a wide range of payment methods
• Compatible with multiple e-commerce platforms
• Transparent pricing with no setup or annual fees
• Available payment gateway in Myanmar⁸

Disadvantages of this online payment system:

• Limited additional payment methods compared to some competitors
• Specialised in serving SMEs and may not be suitable for enterprises

3. Stripe

Stripe is a developer-friendly payment gateway widely popular among businesses of all sizes. It supports various e-commerce platforms like Shopify, WooCommerce, and Magento and offers a suite of powerful financial tools.⁹ Stripe's benefits include processing payments in over 135 currencies and multiple payment methods, simplifying international expansion. It provides features like Dynamic 3D Secure authentication, advanced reporting tools, subscription management, and instant payouts.¹⁰ 

Advantages of this payment gateway:

• Advanced financial tools and reporting
• Supports multiple currencies and payment methods
• Offers instant payouts and subscription management

Disadvantages of this online payment system:

• Requires technical expertise
• Not suitable for high-risk industries
• Stripe is not available in Myanmar, but businesses can sign up by establishing a business entity in supported countries, particularly the United States and offer it as a payment gateway for international customers¹¹

4. PayPal

PayPal is a user-friendly payment gateway known for its ease of setup and use. It offers a personalised checkout experience for web and mobile users, accepting a wide range of credit and debit cards.¹² PayPal enhances user experiences by providing a variety of payment options and is ideal for businesses that cannot or prefer not to establish a merchant account. PayPal is also globally recognised, connecting businesses with millions of PayPal customers. 

Advantages of this payment gateway:

• Enhances credibility and security for e-commerce sites
• Offers a variety of payment options and user-friendly checkout experiences
• Available in numerous countries and supports multiple currencies

Disadvantages of this online payment system:

• Higher transaction fees compared to some alternatives
• Not available in Myanmar directly but accessible to international customers as PayPal is available in over 200 countries/regions and supports up to 25 currencies¹³

Unlock your business's full potential with DHL Express

Selecting the most suitable payment gateway involves careful deliberation. Factors like transaction fees and accepted currencies play a crucial role in supporting business expansion and ensuring customer satisfaction. In addition to choosing the right payment gateway for your e-commerce enterprise, there exists a range of other solutions capable of enhancing your business's growth potential. 

One such solution involves collaborating with an experienced logistics partner, ensuring prompt order deliveries to your customers. DHL Express Myanmar offers a variety of delivery services designed to streamline your logistics and shipping processes. Whether you require urgent, time-sensitive deliveries or need to ship large items fast, open a DHL Express business account today to initiate the process of expanding and optimising your online business operations. 

To learn more about how we can assist you in growing your business, read our guides on how DHL Express Delivery Service benefits local businesses and the benefits of tracking and tracing parcels with DHL Express.