So you run a business that needs a payment gateway? But you are unsure how secure they are, what payments are covered and what currencies are accepted. We can answer all your questions.

This review is the top guide to payment gateway systems including how they work, how much they cost and who can provide them. Ready, let’s go!

How does it work?

When a customer places an order from a payment gateway-enabled merchant, the gateway carries out a number of activities. This leads to something called transaction completion. Once the order has been submitted, the system checks and confirms the payment details. It then encrypts them and sends them to the correct destination. At this point, the customer gets billed.

The best payment gateway programmes are fully integrated with a range of merchant accounts, databases and shopping cart systems. They are also certified by VISA and MasterCard for ecommerce payments.  

Advantages of a Payment Gateway

There are many benefits for a business to using a top payment gateway. We have listed a number of them beneath. 

  • Protects merchants from financial misuse or fraud.
  • Secure, reliable and speedy transaction process.
  • Gateway can be customized to individual requirements.
  • Easy integration with ecommerce platforms.
  • Accept a wide array of currencies from multiple countries and territories.  
  • eInovices and phone payments covered.
  • Excellent customer support is standard.

Costs of a Payment Gateway

There are costs which businesses need to consider carefully when deciding whether to purchase a payment gateway.  

Below have listed the four typical costs and average prices for 2019. Businesses who experience a high volume of payments, should focus on reducing fees per transaction.

  • Set-up fee: £0-£250
  • Monthly fee:  £10-£50 
  • Transaction fee: £0.00-£0.25
  • Transaction rate: 1.00 – 5.00% 

List of Providers

You will find a list of the best gateway providers operating in the market beneath.

  • WorldPay

       Monthly fees: £19.95 upwards.

  • Amazon Pay

       Transaction fees: 1.4% + 20p per transaction.

  • Payline

       Payment Processing: Mobile, POS & eCommerce.

  • Stripe 

       Customer Support: Covers over 135 currencies.

  • SagePay

       Additional Services: Reporting & Analytics.

  • PayPal

       Chargeback fees: only £14.00

  • First Data

       Fraud Protection: PCI DSS Level 1 Compliance.

  • Cardstream

       Set-Up: No fees charged.

  • Braintree

       Additional Services: bespoke solution offered.

  • Authorize.net

       Company reputation: Great reviews from past customers. 

  • GoCardless

      Payment Service: recurring payments covered.

  • Flagship Merchant Services

      Devices available: EMV/NFC enabled terminals.

  • Dharma Merchant Services

       Additional service: mobile processing covered.

  • Adyen

       Industry coverage: a broad range of industries covered.

  • Skrill Payments

       Payment system: Full-stack system offered.

  • Nochex Payment Gateway

       Additional service: support for international merchants.

  • 2Checkout

      Additional service: priority given to mobile payments.

  • BlueSnap

      Additional Service: integrated with 100+ platforms. 

Our Advice

The expected growth should be the reason why every business should buy a top payment gateway service.  Every business owner should time to checkout which provider most suits their particular needs. This will allow them to tap into this hugely profitable sector.