Which Payment Gateway Suits Your Business Best?

24 Nov 2015

With everything online these days, it leaves you with no choice but to find a source reliable enough to be dealt with through a screen without the benefit of all those old ways we were taught; like looking in someone’s eye to know how much you can trust them. Trust can not only be gained by looking deeply in to someone’s eyes, a fair choice of words coming your way could also prove their worth.

Let’s Talk About the Payment Gateway

In every sector of business comes a part where one must define his mode of payment. When it comes to online services, we call that the payment gateway. And Go-Gulf can help you add that to your website in no time!

Contact GO-Gulf Now For Payment Gateway Integration In Your Website

In simple words, a payment gateway is an e-commerce application service that has the power to authorize and securely process credit card payments for an e-business, online retailers, etc. It is a dedicated portal to perform the function of a link between websites and banks to allow a transaction of the desired amount of money to be completed that very instant.

Payment Gateway Integration

Amongst the other millions of questions that come to your mind while setting up your business comes the thought of how you will manage to charge your customers and receive the payment. The answer is simple. All you need is to integrate a popular and secure payment gateway to accept online payments. However the integration requires expertise to make sure that merchant and customer can securely process the transfer on website.

This is where we can help you! Go-Gulf promises to help you integrate the payment gateway according to your requirements with the help of the finest web development team at your service! In this post we have listed the best payment gateways to save you from further search for what could be the suitable payment option for your online business.

Who could possibly ask for any more than this!?

Types Of Payment Gateways

Hosted Payment Gateway

Any redirect you face that drives you away from your ecommerce website is what is called a Hosted Payment Gateway. When it comes to making the payment, upon clicking the gateway link the customer is redirected to the real gateway page where they can complete the process. Your customers will have to leave the site until the process is completed and you will be redirected back to where you left off. The best part of using this kind of gateway is that it doesn’t require any confidential details on your website but they take customer to their own payment gateway site which handles the security risk.

A few Examples of this kind of Gateway would be; PayPal, WorldPay, and Nochex.

Shared Payment Gateway

When it’s time to make the payment, if the website doesn’t redirect you away to another site and keeps you on the same site’s payment page, it’s a Shared Payment Gateway. Once you click on the payment link/button appears a post form. After the form is filled with all the required details and submitted, the payment is processed on the same page and upon the successful validation the is user is redirected to a “thank you” page

Important Factors While Choosing Payment Gateway

Making any decision can be very confusing, but there are always some ways to stay in the clear from all the confusion. Here, to choose the perfect payment gateway you must consider working on these important factors first: transaction fees, on-form payments, card types, and recurring billing.

  • Transaction Fees

It’s beyond normal to stumble upon a certain gateway that will charge a small amount for you to use their app and to process your payment. Either they will ask for a fixed fee per transaction you make, or a specific amount of percentage from each purchase or even a mix of both. The transaction cost also includes the cost of withdrawing funds to your bank account.

  • On-Form Payments

Another kind of gateway will collect the payment right on your website using a simple form, even though other kinds will redirect the user to the payment gate page in order to process payment. This is an important factor to those users who opt for a pre-built form on website that is integrated with a payment gateway to collect payment. Users do not always like to be redirected to other pages.

  • Card Types

There are payment gateways that can directly receive payments from customers using their credit / debit card for saving customers from the hassle of registering and create account in the payment gateway. For this it is necessary to know what type of card is accepted by the gateway you picked out, be it debit or credit and what locations are supported.

  • Recurring Billing

The ability to set up and manage subscription payment on monthly basis without facing the tension of dealing with this action manually is what a few payment gateways offer; the recurring bill.

Popular Payment Gateways For Dubai, UAE Only

If you have set up a business for sales exclusively in the UAE, we have listed here the most renowned gateways to assist you with meeting your requirements. Although if you are selling outside the UAE as well, we have listed a few internationally popular gateways further below.

1.  Payfort

Payfort withholds a transaction cost at 3.0% + AED 2 each. Their setup cost however for small and medium enterprises is AED 3500 while the cost for a corporate account is AED 6500. Payfort offers additional features such as fraud protection at an additional cost and accept 18 currencies. They do tend to charge an annual fee for small and medium enterprises at AED 3500 and AED 6500 for corporate enterprises.

2.  Innovate Payments

Based in Dubai since 2009, they specialize in providing online payment solutions to merchants in regions where ecommerce is still not very common and is struggling to find a reliable and yet cost effective payment partner.

They are covering up to 120+ transaction currencies, allowing full-coverage on US, Europe and the Middle East. With a setup fee that ranges from AED 1500 – 5000, they charge an additional monthly fee of AED 150 – 500 and their transaction fee that ranges from 3.00% – 5.00% + AED 0.50; all depending upon the account type respectively.

3.  CashU

CashU is designed to suit, serve and support online shoppers to feel free to buy what they wish as they please. They offer transactions in 13 currencies so far. With absolutely zero setup fees, around 7% fee on transactions and only 1.00 USD charges annually for maintenance.

4.  Cyber Source

It’s fast, reliable and secure. Well, it’s CyberSource of course! They charge a monthly fee of $20 as a follow-up to the setup charges which range from $0.00 – $200. Their transaction rate is 2.39% at $0.35 respectively.

Payment Gateways For International Businesses

Below are some of the most popular payment gateways with all of their pros and cons you must be aware of before you choose any one of them for your payments.

1.  PayPal

PayPal has a unique online platform that connects people and businesses, enabling the purchase of goods without any extra hassle or forcing you to undergo any strict registration requirements that take forever to complete. It has always marked itself as the solution that comes first to the mind when it comes down to online transactions.

To receive payment Paypal keeps 2.4% – 3.4% along with a fixed transaction fee of $0.30 per transaction. The withdrawal rates may vary for different banks and currencies. You read detail here.

2.  WePay

WePay has an amazing strategy placed out for its competitors to compete with. They offer all sorts of protection from any kind of fraud to ensure their customers they are providing credential details in a secured environment.

Their main focus is to provide their customers with the best of the best with no hidden or monthly charges whatsoever, with fast processing and reasonable rates they offer hassle-free payment platforms to win your heart over and put all your faith in them!

3.  Stripe

Warning, their services are strictly provided in only 18 countries so far, but not to worry, they plan to expand their services to make it available across the globe. Stripe tends to charge a slight bit of transactional fees at the rate of 2.9% + $0.30, regardless of the location of the transaction being processed or the card type, respectively. A very unique pro of using Stripe is the in-built facility of payment, rather than a redirect away from your site unlike PayPal.

4.  Google Wallet

Google Wallet accepts MasterCard, Visa, Discover, and American Express. There is no set up fee at all and their rates for transactions range from 1.9% + $0.30 to 2.9% +$0.30 each. But a major drawback so far is that the payment done using this particular app that allows to pay via Gmail, is restricted only for use in the US.

5.  Skrill

Formerly known as MoneyBookers, Skrill is one the top payment gateways for international payments. They charge monthly fees of €19.95 from the merchants. The currency conversion rate is from 2.99% to 4.99%. Skrill charges 1% for the payouts your customers, suppliers or manufacturers.

6.  Dwolla

This one depends on your concerns. If you are stressing over personal payments only for one country, like the US, this is your solution to all of those problems. Like most gateways they have an app dedicated for all Android, iOS and Windows devices. It tends to be a relatively faster platform than other as it takes hardly one business day to process your request.

They charge a minute amount of fees per transaction; $0.25, and there are no charges for a transaction less than $10, which is cheaper in comparison to most payment gateways.

7.  2Checkout

Supporting 200+ countries with their rates starting from 3.9% per transaction alongside a fixed transaction fee of $.40; and as a bonus they do transfer to UAE bank accounts. They also offer 20+ currencies acceptance, including AED and USD. An additional charge of a monthly fee around $10.99 is sure to come your way.

The only downside is they can charge more than 5.5% per transaction as a fixed fee.

8.  Amazon Payments

Amazon Payment provides the service of allowing customers to purchase their item(s) by using their Amazon account and storing their card and shipping details without going through the same hassle every time they want to make a purchase.

Amazon has 2 options laid out for the customer to take their pick.

  • Checkout by Amazon- This is targeted for ecommerce merchants that sell products/services respectively. This excludes the disadvantage of a redirect to another site and keeps your customers on your website.
  • Amazon Simple Pay- Highly recommended for the companies that sell digital products, such as E-books, Plugins, and WordPress themes, etc.

They offer their services in 28 countries respectively with zero set up charges and the transaction rate of 1.9% + $0.3 to 5% + $0.5 each.

9.  Worldpay

They are super economical as they tend to have flexible transfer rates that are in favor depending on the size of the business. WorldPay offers a strong fraud screening to avoid unauthorized transactions or access customers’ data or information.

While supporting 36 countries, their biggest disadvantage would be the massive amount of initial setup charges which acts as a major discouraging factor for any new user to even consider proceeding with the process. Their initial setup charges are £75, with a transaction fees that starts from 1.9% + 10 pence, alongside a monthly fee of £15.

Not to mention the long waiting period before the task is completed, around about 4-6 weeks. Hence, you cannot rely on them for urgent payments.

10.  Authorize.net

Managing their way through with transactions since 1996, they have been processing billions of transactions on the behalf of merchant customers.

Wholly owned subsidiary of Visa; they accept Visa, MasterCard, American Express, Discover, Diner’s Club, and JCB. Their setup charges are $99.00 with an additional gateway charge monthly of $20 and a Batch fee of $25. They support over 190+ countries with a transaction fee of $0.10 each.

If you like what you read and feel it’s okay to ask for a little help when you need it, then feel free to contact us, GO-Gulf to make you an offer you simply cannot refuse!