Need a merchant account for your Magento store? Well, read on…
In this article, we will discuss why Magento could be the right eCommerce solution for your business, as well as which merchant accounts and payment gateways are the best to use with it.
We will cover:
- What is Magento?
- Benefits of using Magento
- Best merchant accounts for Magento
- Next steps: Choosing a merchant account
What is Magento?
In order to build an online shop, you’ll need an eCommerce platform: a type of software technology that will provide you with a storefront that allows your customers to browse, choose and purchase your products or services.
Magento is one of the leading eCommerce platform providers in the world today, and is used by a wide range of businesses that include Mothercare, Harper’s Bazaar and Paul Smith.
The Benefits of Using Magento
Magento was first released as an open-source platform in 2007, providing a highly flexible framework that can be integrated into third-party eCommerce solutions, along with major shipping services, open-source databases and all major payment gateways.
Magento’s platform was so revolutionary that it had over 1 million downloads in just 18 months. Now owned by eBay, it is still considered one of the fastest growing eCommerce platforms in the market.
Magento is feature-rich, laden with specialised tools that make managing online business a much smoother process. Your customers can create wishlists, and rate and review your products. You get online marketing tools (including search engine optimisation features) and updates on currency rates. Plus, you have tools to create a truly personalised website rather than standard templates. This gives you a chance to come across as a unique business online.
Magento also offers you the option to set up multiple stores on a single platform, allowing you to use the same back-end interface that shows you information on every store to help you manage all of them efficiently.
One of the most impressive things about Magento is that its developers are continuously working to make it even better. So you not only get new features with every new software version release, but glitches are also fixed on a timely basis.
Don’t forget that you’ll also get constant support from the vibrant Magento community online that answers questions and offers tips on improving your eCommerce experience.
The Best Merchant Account and Payment Gateways for Magento
Here is our selection of the best merchant services that are compatible with Magento.
We cannot talk about Magento without mentioning how PayPal is deeply integrated into the platform. Using PayPal with the Magento Enterprise Edition will immediately set your business up for accepting card payments online.
Your customers won’t need a PayPal account to pay for their purchases. As for its payment gateway, PayPal gives you the option to either let it host your payment page (through PayPal Payflow Link) or take full control of the checkout process with a completely customisable payment solution (PayPal Payflow Pro). PayPal offers 24-hour anti-fraud monitoring and advanced encryption, keeping you and customers secure. Read more about PayPal’s payment services.
Magento Connect offers a free WorldPay extension, which provides you with a payment gateway. It lets you accept all major payment methods, including credit and debit cards and provides you with an online reporting tool.
You can also get more comprehensive integrations for a fee, allowing you to have both a merchant account and a payment gateway through this global merchant service provider which processes around 12 million transactions every day. For more information, read our review of WorldPay’s Payment Services.
SagePay is one of the most popular payment service providers in Europe and is the largest independent one in the UK, processing millions of transactions every month for thousands of businesses, small and large alike.
SagePay offers merchant accounts to Magento users. Its payment gateway can be integrated into Magento through SagePay Suite Pro, which can be purchased for a fee (£169 for Magento Connect). This integration allows you to accept multiple payment methods, including PayPal, in more than 25 currencies.
It lets you do refunds, rebates, voids and repeat payments from your shop while giving you a high level of security and fraud prevention. Read our review of Sage Pay for more information.
Elavon’s merchant account and payment gateway service, Converge (formerly Virtual Merchant), is a flexible solution that allows you to accept card payments for face-to-face, over-the-phone or by-mail and online transactions.
It’s scalable, allowing up to 5,000 users under a single account. It also allows you to either let Elavon host your payment page or have it on your own website through API integration. It comes with an online reporting tool and a mobile app.
Next Steps: Choosing a merchant account!
The BMA team works with the UK’s leading merchant account suppliers to offer you the best deals for your eCommerce store.
Save up to 30% when comparing providers for free with BMA. To get started, complete the form at the top of this page.