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The giants of digital payments: similarities, differences and advantages for SMEs

Much has been said about the influence that electronic payment gateways have on the future of companies. It is a sector that has grown at breakneck speed in recent years and has caused SMEs have a choice if they want to use their services. Its importance is increasing, so much so that this market is expected to grow by 21.7% each year.

For this reason, we are going to analyze today the five giants of digital payments.

PayPal

PayPal is, in all probability, the most well-known digital payment platform on the market. Its years of experience have positioned it as one of the most reliable and secure payment gateways for companies but also for individuals. Its presence is practically worldwide and accept payments from all kinds of industries.

Among its great advantages is that it handles the main Credit and debit cards, in addition to offering low interest rates and incremental sales growth. The payment flow costs only $0.10 per transaction and has no cancellation fees or monthly minimums, as claimed by Hubspot. The company also works with physical stores, to which it charges a percentage of commission and fee.

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The company was founded in 1998 as an alternative to traditional methods such as checks and money orders. In 2002 it had its Public Offer for Sale and ended up becoming a wholly owned subsidiary of eBay.

Stripe

It is a software platform for run a business online. Develop powerful and flexible tools for electronic commerce. It is ideal if you have subscription services, marketplace or demand. One of its keys is that it has eliminated the complexities in its system, so its use will require only a few minutes. It also provides the technical, fraud prevention and banking infrastructure necessary to operate online payment systems.

In addition, it offers you constant updates to have the most advanced tools for your business. Its large-scale technology has a presence in more than 100 countries and its rates depend on the age and size of the organizations. The company was founded in 2011 in California by Patrick and John Collison. In 2018 it received a valuation of 20,000 million dollars receiving an investment of 245 million dollars.

Paycomet

Paycomet is a pioneering payment gateway in innovation, which is committed to transaction security, user experience and customer service as its main values. Its solutions are adapted to each shopping experience: virtual POS for ecommerce payments; Call POS, for secure payments by phone; IVR call center, aimed at automatic collections in telemarketing and telephone service platforms or Hotel Reservations Proxy, for the tokenization of cards in tourist reservation systems and Escrow and Marketplace.

This tool operates with all banks in the European Union, can be integrated with the most popular alternative payment methods such as Amazon Pay, Apple Pay, Google Pay, Bizum, Klarna, etc, and is an official partner of Prestashop. It has an advanced fraud scoring or fraud management module, which helps automate the management of scams and integrates with external fraud managers, according to Marketing4Ecommerce.

AmazonPay

The payment service offered by Amazon, officially presented in Spain in 2017, has gained a high degree of confidence and security in users, backed by technology, innovation and solid amazon risk management services. It is ideal for all types of industry and business size with the aim of boosting service with flexible online payment that adapts to personalized environments. Similarly, it serves as a friendly system for non-profit organizations and accepts donations through the website and by voice commands.

Its main difference with PayPal is that Amazon has decided to go a little further. When you make a payment with PayPal on a website, the only thing you save is entering your card details. What it does not prevent is that you have to continue registering on the website where you are going to make the purchase to provide your name and surname as well as the address to which the product is to be sent.

What Amazon Pay does is that you will not have to give any additional data to the website where you buy. In your Amazon account you already have your name, surname, address and telephone number. Therefore, when making a payment with this service you will not have to register to enter more data, since those that Amazon has will be used directly, according to Xataka.

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It is the payment system maximize revenue and facilitate global digital sales. It allows you to scale with your company, in case you want to enter international businesses to increase conversion rates. Its modular design offers: global payments, digital commerce, subscription billing, global financial and tax services, as well as risk and compliance management and partner sales.

The application also integrates the different areas of the company such as management, finance, sales and marketing, electronic commerce and information technology.

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