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Whether taking payments on your website or sending payment links for customers to pay online, you will need an Ecommerce account. Selling online can be complex and many providers charge additional fees because in the past it was considered higher risk due to the cardholder not being present when paying. This meant a lot more fraud occurred, but this has significantly reduced in recent years with innovation such as 2-Factor Authentication where customers have to open their bank app and verify the transaction before it was accepted. Sound familiar?
Well it’s important to have good technology to ensure the payments go through effectively. In the past, famous providers like Paypal and Stripe led the way with breakthrough technology while traditional acquiring banks lagged behind. Because of this, they could charge much higher fees than common in-person card payment processing rates due to a lack of competition. In recent years however, there has been an abundance of innovation in the fintech world, and numerous payment gateways as well as acquiring banks have brought out state-of-the-art technology for processing payments online.
Which gateways are compatible with your website or app? This will greatly depend on the platform on which your website is built, and also any third party solutions which may need to be integrated. Around 80% of the internet is built with WordPress, which is one of the easiest to integrate payment gateways for. Not only that, there are no extra fees for processing payments on WordPress, unlike, in contrast, Shopify which charges additional fees per transaction on top of your normal fees.
What fees are involved? While some providers offer a ‘No monthly fixed-fee’ solution, they often work out more expensive than services where you pay a monthly fee and access lower rates.
While some providers may charge 1.5% – 3% for standard cards, they may charge even more for commercial cards or for international cards so it is important to carefully consider what kind of cards your customers are paying with. You can then work out which is best with options starting at only 0.3% for Debit and 0.7% Credit.
A fee per transaction may apply and this can include multiple elements such as an authorisation fee, gateway fee, 3D Secure, and a Card Storage (encryption) fee. To put this into context, some famous providers charge around €0.25 – €0.30 per transaction, but it may be possible to reduce this to under €0.15 which can make a HUGE difference, especially for businesses with a high volume of transactions.
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