When it comes to web transactions, PayPal is leading the bunch with 60% according to a recent study by New Relic. Still, the study shows that Google offers the fastest payment gateway. The slowest transaction happened to some Australian payment gateway, called Eway.com.au. One of the payments took 92.44 seconds to complete. Datacash and USAepay.com were not far behind with 89 and 56 seconds.
The payment gateway is the web equivalent of a modern cash register. This system double-checks whether it is really the person that pays the transaction and that you are the trusted authority to pay for the purchase to be finished. The study of the web’s most popular payment gateways monitored 38 billion transactions daily for big companies like Nike, Groupon, and Zynga. The study focused on transactions by 21,000 web applications.
The study finds PayPal the winner as it is the biggest payment processor on the web these days. Well, let’s say according to this study sample. In this test period, PayPal processed over 66,000 payments – over three times as many as their closest competitor which was Authorize.net with usaebay.com and stripe.com following. Google Checkout only came in at position five with over 3400 payments.
Although Google does not win in numbers, they win in speed. Google Checkout’s average payment processing time came in at fantastic .26 seconds. Just imagine that this system finds in less than a third of a second, data to „collect and transfer your payment information – name, address, card number, purchase details, etc. – to the financial institution,“ says John Essex, Marketing Director at New Relic. And we have to bear in mind that there is also some other stuff to be verified like your data via Mastercard or VISA to evaluate your credit risk, and play it back to the website’s e-commerce platform, and so on.
In this speed category PayPal’s performance was kind of „middle brilliant“ as it performed with an average of under one and a half seconds. An Australian payment gateway, Eway.com.au, showed the poorest performance with one payment taking an incredible 92.44 seconds to complete. The average performance at these payment services ranged somewhere between 3-4 seconds.
In the e-commerce business, speed is business-critical for all web transactions. In these web transaction performance topics time is money. The online shopping experience needs to work as quickly, smoothly and trouble-free for the web consumer. We all know how cancel the transaction when we have to wait to long for the transaction to be completed. The lag in transaction time is the killer of the digital shopping experience. Probably, as we do not see a person handling the transaction, having problems with the cash register or cash machine.
Would you agree with the findings in their infographic?