What Are The Different Types Of Magento 2 Payment Methods

What Are The Different Types Of Magento 2 Payment Methods

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Magento 2 offers support to a wide range of payment gateways, payment services and payment methods. Magento 2 comes with five default payment ways that enable you to accept payments via two 3rd party services. Read this article to find more about the different Magento 2 payment options and methods in detail.

What is a payment method?

Payment method can be explained as a means by which a customer makes payment for any product or service in the “Magento 2” store. These methods of payment can be external or internal. In order to enable and configure a payment method, it is required to visit Admin section.

Then click on stores. Now click on Configuration. In the submenu, choose Sales option and, then Payment Methods. It will show you the available payment options to choose from. You need to make a selection to choose the payment method of your choice.

What are the different Magento 2 payment methods?

Below are mentioned the basic Magento 2 payment methods to its users:

  • Check or money order
  • Cash on delivery
  • Bank Transfer
  • Zero Subtotal Checkout
  • Purchase Order

Magento 2 Payment gateway

Payment Gateway is seen as a 3rd party service providing firm that initiates and automates all payment transactions that happen between the customer and an online store. Magento 2 offer support to Authorize.net and PayPal.

To activate both these options, you simply need to provide your personal data that you receive from your payment provider. Besides the two payment providers, you can also integrate other payment gateways that correspond well to meet all the needs of a business.

How to accept credit card payment via Magento 2?

There are basically two ways to accept credit card payment via a Magento 2 website. These are:

  • Saved Credit Card

This payment allows customers to save their credit card information locally, to a DB. This method doesn’t interact with payment gateways. It is only used to test the checkout procedure while developing a website.

  • PayPal

An owner of Magento store can apply PayPal Payments to accept payment via credit card. PayPal Payments is considered to be the simplest method to accept e- payments. All it needs is to add a “checkout button” to the website. There are no charges to avail this service. With this method you can accept payments through PayPal and credit cards. 



  • Authorize.net

Authorize.net is highly popular payment gateway that is by default included in Magento 2. It allows customers to complete the checkout procedure without leaving the website. All the information pertaining to customers gets transferred via a security gateway. This provides safe and enjoyable customers’ shopping experience.

Features of Magento 2 version 2.3.1 Payment Restrictions

Magento 2 payment restrictions help in effective management of payments in the store. Some of the features of the payment method are:

  • Enhanced productivity of the overall payment procedure
  • Restrict payment methods by using shipping information
  • Create restrictions on the basis of the product information
  • Disable specific methods on the basis of customer data
  • Reduce risks and increase business opportunities

Conclusion

So, this was the complete explanation of the different ways by which a business can make payment using Magento 2 platform.