Payment processing is the final conversion step. 17% of shoppers abandon carts because the checkout process is too complicated. Simplifying payments directly increases revenue.
Stripe: the developer-friendly payment platform. 2.9% + 30 cents per transaction. Excellent API, fraud prevention (Radar), and support for subscriptions, marketplaces, and international payments.
PayPal: trusted by 400 million users. Adding PayPal as a payment option increases checkout conversion by 28%. PayPal Commerce Platform supports all business sizes with competitive rates.
Apple Pay and Google Pay: one-tap mobile checkout reduces friction dramatically. Mobile conversion rates increase 50-70% when digital wallets are available. Implementation is straightforward through Stripe or Shopify.
Buy Now Pay Later (BNPL): Afterpay, Klarna, and Affirm let customers split payments into installments. BNPL increases AOV by 20-30% and reduces cart abandonment, particularly for purchases above $100.
Multi-currency processing: display prices and process payments in local currencies. Currency conversion at checkout creates confusion and trust issues. Stripe and PayPal support 135+ currencies.
PCI compliance: all businesses accepting credit cards must comply with PCI DSS. Hosted payment forms (Stripe Elements, Braintree Drop-in) handle card data on the provider's servers, simplifying compliance.
Payment failure recovery: declined transactions account for 10-15% of attempted purchases. Implement smart retry logic, dunning emails for subscription failures, and alternative payment method suggestions.
Fraud and chargeback management: enable AVS, CVV verification, and 3D Secure for high-risk transactions. Stripe Radar and Signifyd use machine learning to block fraudulent transactions while approving legitimate ones.
Payment analytics: track payment method distribution, decline rates by card type, geographic payment preferences, and BNPL adoption rates. Optimize payment options based on data rather than assumptions.
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