I. How is payment gateway effect your business

          Some researches show that a half of customers can cancel their purchase if they can not found their preferred method of payment in your store. After product quality, payment gateway is the most essential element for an online store. So, the necessary task of an administrator is finding the best payment gateway possible for your store and your checkout UX.
You should remember that: Checkout can make or break the customer’s experience in eCommerce.
The reasons to choose the suitable payment gateway for your business:
  1. The payment gateway that you choose can improve the checkout process. For example, we can reduce some steps, speed up the process, decline payment risks and leather fee for your customers. People tend to be closer to a one – click checkout.
  2. It is possible for developers to integrate any payment gateway with store’s administration system. However, you will have to customize in extreme level to make it work, and absolutely the opportunity cost of this action is not cheap. Also, when you highly customize anything in your checkout, it will become difficult for checkout performs seamlessly across all channels. An activity requires a lot more dev work and resource versus an already-built solution which is tested.
  3. There is a new trend in payment gateway, people are keen on shopping simultaneously they are browse new feed on Twitter or Facebook. Would it be perfect if the clients could shop your products without ever leaving Facebook.
           This is the real innovation to meet up people demand. If you are the vision administrator, you can feel confident about your growth and future success of reaching your customers.
All of them is the reason I choose Stripe as the best suitable payment gateway for your small business. The following section will explain details of my choice.
First of all, we can make comparison between the largest payment gateway PayPal with the chosen payment gateway Stripe.
 
Pricing
2.9% + $0.30/transaction
No monthly account fee
Standard online Fees:
2.9% + $0.30/transaction
Account fee from $0 to $30/mo
Setup fees
$0
$0 for most accounts
$99 for PayFlow Pro
Chargeback Fees
$15 – refunded if decided in your favour
$20 – refunded if decided in your favour
Ease of Setup and Shopping Cart Integrations
Easy Plug & Play with 51 top shopping carts, plus API for others
Easy Plug & Play with nearly every eCommerce platform plus API for others
Supported Payments
All major credit cards, ACH checks, Apple Pay, Android Pay & Bitcoin
All majors credit cards & PayPal
Customer Support
Email or online form support with return calls from customer service. No direct contact phone number
Phone & email account support
Phone Hours
Mon-Fri: 5am-10pm PT
Sat-Sun: 6am- 8pm PT
           Both Stripe and PayPal fulfil the role as a payment processing services to help customers accept money through your website. But in my opinion and my friends experience as payment developers, Stripe is easier to use and understand, simpler to setup and maintain, more flexible and better value for about the same price as PayPal.

II. Stripe – The best payment gate way for small and medium business

      Here, I will list the reasons supporting my thought:
  1. Take the responsibility of security when the payment information is entered directly into Stripe’s secure server and never touches your store’s data.
  2. Accept over 100 currencies, support Apple Pay, Android Pay, and even Bitcoin
  3. Have the simplest pricing structure of our three picks. No monthly fee, no add-ons for recurring payments or declined charges. The only other fee you might encounter is their $15 chargeback fee.
  4. Stripe’s secure API lets it connect to virtually any cart, and even be fully customized by a programmer.
  5. Stripe values data portability. If you decided to leave Stripe, they will help you migrate your credit and debit data in a secure and PCI-compliant way, which PayPal never give it you.
  6. Customer service has open channels for email support and IRC channel
       For developers, the story is quite different because they have a bit of a different appeal that Stripe is built for developer but not merchants.
Support Platform:  BigCommerce, Shopify, WooCommerce, Magento, Spree Commerce
Contract: There are no contract requirements, but you must have to agree to the Terms of Service & Privacy Policy.
Easier integration, setup and maintenance.
All of above features are interesting approaches for the companies and organizations. Stripe is showing its true vision in the future and confirm the right solution for not only the small business but also the other large and medium business.