Best Buy Best payment gateway 2020 - Options?
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DublinHead54
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It depends on your product, Stripe works well in e-commerce which would typically have higher margins, but for companies with tighter margins there are cheaper ways. I am currently researching companies like plaid.com (not in europe yet), due to open banking you can now offer direct instant bank payments skipping the need to use a debit card, but I have not found the cost yet.
I never heard of Paylike, But they do seem to be cheaper. We went with stripe as we knew them, the name was familiar so we trusted them a little more.
It depends on your volumes as well, there are payment gateways like Authipay from AIB, which would charge 25e flat monthly charge plus about 0.3% for domestic debit cards.
We went with Worldpay, via IOCsave, for a similar pricing model.
Revolut have started merchant services, but thye are only slightly cheaper than Stripe, and quite glitchy at the moment.
Stripe payment fees include VAT, keep that in mind as well!
We went with Worldpay, via IOCsave, for a similar pricing model.
Revolut have started merchant services, but thye are only slightly cheaper than Stripe, and quite glitchy at the moment.
Stripe payment fees include VAT, keep that in mind as well!
Like ant dee, I just can't see beyond the merchant service offer of AIB and suchlike.
0.3% or 0.8% for debit or credit card payments with a maximum of 7c transaction fee.
And you don't need a huge turnover per annum to get it either, I'd say ~ €50,000 a year.
I just don't get Stripe's charges - either the value charge or the transaction tab.
And Stripe charge even more in developing countries like Philippines.
Even less can I understand why online businesses with big turnovers are using Stripe and leaving so much dough on the table after them.
0.3% or 0.8% for debit or credit card payments with a maximum of 7c transaction fee.
And you don't need a huge turnover per annum to get it either, I'd say ~ €50,000 a year.
I just don't get Stripe's charges - either the value charge or the transaction tab.
And Stripe charge even more in developing countries like Philippines.
Even less can I understand why online businesses with big turnovers are using Stripe and leaving so much dough on the table after them.
What sort of turnover have you in mind when researching, Dave29 ?
Is that higher Stripe pricing for "master merchant" where you don't need a merchant account with your bank (who may charge you a fee on top of the gateway fee) ?
For startups, Stripe is easier to integrate with. They may be able to achieve higher approval rates too. Larger enterprises won't pay list price with any of the gateways.
For startups, Stripe is easier to integrate with. They may be able to achieve higher approval rates too. Larger enterprises won't pay list price with any of the gateways.
Where are you getting that pricing from?
I got the 0.3% or 0.8% for debit or credit card payments with a maximum of 7c transaction fee from AuthiPay's salesman.
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That's all he wrote then.
But a subsequent call showed a willingness to move down a bit further still.
I think that the 0.3% applied to credit card transactions is a misprint. It usually is about 0.8% due to the higher risk.
So, a minimum monthly charge of 51.74 euro?
It's €56.80 due to VAT on the €21.99 at least.
Wouldn't be surprised if the MID and PCI DSS charges are VAT liable too.
Dividing this by 300 transactions it comes to 19c a transaction minimum.
Using the €50 + VAT for 500 transactions it comes down to 18c a transaction.
The added Interchange, Scheme, etc, etc fees are a bigger worry since we don't have figures on them.
In a sense this equates to being charged for
1) Having online payments
2) Having cards associated with online payments
Clearly cards are integral to online payment systems so we are being doubly charged for using cards online.
I think I'm starting to see
what Stripe may have on the merchant services here.
But it's hard to quantify the margin without actual hypothetical transaction lists and fees.
Wouldn't be surprised if the MID and PCI DSS charges are VAT liable too.
Dividing this by 300 transactions it comes to 19c a transaction minimum.
Using the €50 + VAT for 500 transactions it comes down to 18c a transaction.
The added Interchange, Scheme, etc, etc fees are a bigger worry since we don't have figures on them.
In a sense this equates to being charged for
1) Having online payments
2) Having cards associated with online payments
Clearly cards are integral to online payment systems so we are being doubly charged for using cards online.
I think I'm starting to see
what Stripe may have on the merchant services here.But it's hard to quantify the margin without actual hypothetical transaction lists and fees.
Exactly.I think I'm starting to see
But it's hard to quantify the margin without actual hypothetical transaction lists and fees.
For someone with card transactions of 3k per month, the fixed fees alone are 1.9% of transactions.
So, for small volumes, a provider without fixed fees is very attractive. The added attraction of Stripe is how easy it is to integrate.
Once you get over 100k per year, almost all providers fees are more negotiable.
Do you mean Revolut? They were mentioned earlier in thread, although presumably their offering has matured since then.
I've had a good experience rolling out SumUp for a small voluntary organisation for online and in person payments. They were one of the first in Irish market to allow you use your phone to accept contactless card payments, without any special hardware.
I've had a good experience rolling out SumUp for a small voluntary organisation for online and in person payments. They were one of the first in Irish market to allow you use your phone to accept contactless card payments, without any special hardware.