Payment Methods in Magento 2
The payment method is a way for customers in the Magento 2 store to pay for the purchase of a product or service. Magento 2 provides various default forms of payment to allow customers to make payment for their order. Therefore, the admin must configure payment methods to pick their chosen one and pay.
- Check/Money Order
- Bank Transfer Payment
- Cash on Delivery Payment
- Zero Subtotal Checkout
- Purchase Order
In this form, the shop owner accepts the customer’s payment for an order via the check or money order. As a default payment method, we can set up the Check / Money Order, which we can apply for in our online store in Magneto 2. We are entitled to determine that the Check / Money Order accepts either from some countries we have selected or from all countries. Also, we can set the order range
Bank Transfer Payment
The shop owner accepts payment from a client’s bank account to the merchant bank account using the bank transfer payment form. The customer buys items online and charges by bank transaction to the store owner. They transfer the money from their account, which is deposited into the account of the merchant.
Cash on Delivery Payment
Cash on delivery commonly called COD. It is the oldest payment method. By setting this policy, the shop owner must accept the customer’s money for their purchase in cash. The customer orders the product and pays the delivery man, who returns the money to the store owner.
Zero Subtotal Checkout
Zero Subtotal Checkout is a form of payment that is only available for commands generated by the admin. It can be used for orders with a subtotal of zero, which is taxed after applying a discount. The Zero Subtotal checkout system is used when the order subtotal is zero, meaning the consumer doesn’t have to pay anything to buy.
A Purchase Order allows commercial customers to pay by referencing the PO number for approved transactions. The purchase order is approved by the company, which makes the purchase and is issued in advance.
During checkout, the customer must pick the Purchase Order as the payment form. The business processes the payment in its payable system after obtaining the receipt of the invoice and pays for the order.
In Magento, Paypal is broken down into three groups. Each of them has sub-methods, which should be individually configured. In general, you have to be a customer of PayPal to equip your store with these methods of payment.
PayPal Payment Protocol is the simplest way to accept online payments; we just add to our website a checkout icon. It is completely cost-free and helps us to accept credit card and PayPal. PayPal Payment Standard’s only downside is – it doesn’t require your clients to complete the checkout process on your site. So, customers will be routed to PayPal to complete their charge.
It is one of the most common on-site gateways for payment, which is included by default in Magento 2. It helps the customer to complete the checkout process without having to leave a website. All the customer information is routed via a security gateway.
This feature saves the customer’s time and simplifies the payment process.
Braintree is a PayPal organization that provides a wide variety of payment methods in one service. Through enabling this, the store owners can collect payments through various credit and debit cards and PayPal.