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.
Monthly fees: £19.95 upwards.
- Amazon Pay
Transaction fees: 1.4% + 20p per transaction.
Payment Processing: Mobile, POS & eCommerce.
Customer Support: Covers over 135 currencies.
Additional Services: Reporting & Analytics.
Chargeback fees: only £14.00
- First Data
Fraud Protection: PCI DSS Level 1 Compliance.
Set-Up: No fees charged.
Additional Services: bespoke solution offered.
Company reputation: Great reviews from past customers.
Payment Service: recurring payments covered.
- Flagship Merchant Services
Devices available: EMV/NFC enabled terminals.
- Dharma Merchant Services
Additional service: mobile processing covered.
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.
Additional service: priority given to mobile payments.
Additional Service: integrated with 100+ platforms.
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.