The ecommerce industry has recently experienced a massive surge due to digitalization. With the rise of eCommerce sales, the payment gateway market is flourishing. By 2030, its value is projected to hit $106.4 billion USD. International businesses use international payment gateways to carry out their business transactions and deposits. Card payments have their certain benefits but collecting funds through international bank payments is increasingly becoming popular.
If you’re also running a business in which you need to collect international payments, then international payment gateways are your options. Several international ecommerce platforms provide cross-border payment facilities, but selecting one that is convenient for your business is important. With so many international payment gateways, it can get tricky to choose one that works best for you. In such a case, look for an option that fulfills the basic criteria mentioned below.
Criteria for Choosing an International Payment Gateway
| Criteria | Description |
| Security | Ensures the gateway has robust security features like encryption, fraud detection, and compliance with international standards (e.g., PCI-DSS). |
| Global Reach | Ability to process payments from various countries, supporting multiple currencies and languages |
| Integration | Easy integration with your existing eCommerce platform, shopping carts, and other business systems. |
| Transaction Fees | Competitive and transparent fee structure, including setup fees, transaction fees, and any hidden charges. |
| Payment Methods | Supports a wide range of payment methods, including credit/debit cards, digital wallets, bank transfers, and local payment options. |
| Customer Support | Effective global customer service strategies with reliable and accessible customer service available in multiple languages, with 24/7 support preferred. |
| Speed of Transactions | Quick processing times for transactions and payouts, reducing delays in receiving funds. |
| User Experience | Intuitive and user-friendly interface for both merchants and customers, ensuring smooth and hassle-free transactions. |
| Regulatory Compliance | Adherence to local and international regulations and legal requirements, ensuring legitimacy and reducing the risk of fines or legal issues. |
| Reputation | Established track record and positive reviews from other businesses, indicating reliability and trustworthiness. |
| Analytics and Reporting | Comprehensive reporting tools and analytics to monitor and analyze transaction data, helping in strategic decision-making. |
| Scalability | Capability to scale with your business as it grows, accommodating increasing transaction volumes and expanding market reach. |
PayPal
Paypal is a widely popular international payment option. It is regarded as one of the most trusted platforms for online sales. It is an ideal choice for start-ups and small businesses since it is very easy to set up. Not many international payment gateways have the capacity to function in over 200 countries but PayPal has this distinction. Moreover, it supports about 25 currencies, meaning that it’s a global option for companies seeking an international payment gateway provider.
PayPal imposes different fees for transfers between two PayPal accounts compared to a card-to-PayPal transaction. In addition, the fees vary depending on the currencies involved in the exchange. Consequently, PayPal provides links to 16 different pieces of information regarding its fees. Generally, you can expect to pay around a 3% currency conversion fee plus a transaction fee of up to 5% for international transactions.
Payoneer
Payoneer is best for cross-border businesses. It is a one-stop payment platform through which you can gain access to a variety of services. With your Payoneer account, you can avail services such as online money transfers, finding opportunities and international payments, etc. Service providers and businesses use Payoneer’s robust payment system to manage their capital. It is best for receiving payments from your clients or customers from all over the globe.
Payoneer has:
- Faster payment processing
- No setup fee
- Excellent customer support that listens to customers
- Unique U.S. and UK bank accounts for non-residents
- Simplified cross-border payments
The Payoneer system is user-friendly. It allows you to track your account balance and transaction fees and even offers free P2P money transfers. Payoneer expands your business globally, enabling you to send and receive money in over 200 countries. You can also get a free prepaid MasterCard credit card, which can be used to withdraw money from ATMs in most countries.
Stripe
When it comes to international payment gateways, Stripe needs no introduction. Being the leading choice for international payment gateway providers, it supports 229,894 businesses. Having a whooping market share of 19.44% in the payment processing industry, Stripe is most frequently used by companies in their International ecommerce strategies. This payment platform accepts 135+ currencies in 46 different countries and supports 50-plus payment methods.
It customizes the checkout process based on your customer’s location, incorporating locally popular payment methods to boost customer conversion rates and reduce cart abandonment. Stripe is notable for its extensive variety of APIs, allowing seamless integration with nearly any online store.
Stripe maintains high compliance standards, holding licenses and certifications in the UK, US, and EU. It ensures security with encryption, isolated infrastructure, and fraud protection. Stripe uses a pay-as-you-go pricing model, starting at 2.9% + 30¢ per transaction, with an additional 1% fee for currency conversion. Custom packages are also available, offering volume discounts and country-specific rates.
Braintree
Braintree offers the international ecommerce tools required by entrepreneurs to establish their businesses. You can accept payments minimize security risks and expand globally through Braintree. The company has become a leader in mobile payments due to its strong belief that payment technology is necessary for boosting revenue and driving innovation.
Through Braintree, merchants in about 50 countries globally can receive, split, and enable payments in more than 130 currencies. PayPal being its parent company, enables merchants to accept PayPal, Venmo, and debit cards in a single integration.
Worldpay
Worldpay is a comprehensive payment processor that enables you to process credit card payments directly from your app or website. As one of the most widely used international payment gateways in the UK, it supports over 40 countries and 120 currencies, facilitating payments from customers worldwide.
However, Worldpay requires relatively lengthy contracts of three years with automatic renewal and may impose early termination fees if you close your account early. Additionally, its pricing is not transparent, with both monthly fees and pay-as-you-go options available but not clearly disclosed.
Opayo
Opayo formerly known as SagePay, provides three tiers of service—Flex, Plus, and Corporate—tailored to your business needs. As one of the leading international payment gateways, Opayo can process payments in multiple currencies and accept credit/debit card payments from all major card companies.
Similar to WorldPay, Opayo offers a monthly fee option but lacks pricing transparency on its website, making it challenging to compare with other international payment gateways.
Amazon Pay
Amazon Pay has made its entry into the international payment gateways just recently. It is a great choice for those looking for international payment with its simplistic interface and affordable pricing structure. Moreover, it offers extensive multi-currency capabilities, making it an ideal platform for expanding your business internationally.
Pricing is relatively high, starting at 2.7% + 30p per transaction, with an additional cross-border surcharge ranging from 0.4% to 1.5%. This means fees could reach up to 4.2% + 30p per transaction. Therefore, unless your customers strongly prefer AmazonPay, more cost-effective gateways might be a better option.
GoCardless
Looking for direct account-to-account bank payments and cross-border payments? GoCardless is an ideal option. It is available in over 30 countries including Eurozone countries, the UK, and the USA etc. GoCardless can convert foreign currencies to GBP and deposit them directly into your UK bank account. Therefore, you don’t need to open a foreign currency account to get payments internationally.
International bank payments offer several benefits compared to card payments, such as:
- Lower transaction costs
- Higher payment success rates
- Payer preference
- Reduced administrative time
Authorize.net
Authorize.net, established in 1996, is a highly customizable solution for businesses seeking international payment gateways. However, it’s important to note that Authorize.net only supports businesses based in the UK, US, Canada, Australia, and Europe for accepting international payments. Due to this, it may make it less viable compared to other international payment gateways on the list.
Checkout.com
Checkout.com, offering an all-in-one solution that combines merchant accounts and international payment gateways, is an innovative payment option. It supports payments in 159 countries, and while it can be relatively expensive, Checkout.com may be a suitable choice for low-volume merchants.
Skrill
Headquartered in London with offices across Europe and the US, Skrill offers international payment gateways and digital payment solutions to consumers and businesses globally. Customers can make payments flexibly, while Skrill’s business solutions enable companies of all sizes to operate in the global marketplace.
Tens of millions of account holders trust Skrill to consolidate all their payment options in one place, allowing for convenient and secure transactions using 40 currencies across nearly 200 countries. Skrill is part of the Paysafe Group, a global payments solutions provider formed in 2015 when Optimal Payments acquired Skrill Group.
Square
Founded in 2009, Square aimed to address the issue that not all businesses could accept card payments by creating the first mobile card reader of its kind. This innovation enabled merchants to accept payments anywhere, helping them to thrive even in the challenging economic climate following the financial crisis.
As of 2024, Square’s comprehensive technology platform supports business owners in working more efficiently, handling payroll, managing inventory, communicating with customers, booking appointments, ordering online, and much more, including integration with international payment gateways.
Conclusion
In conclusion, picking the right international payment gateway is key to managing your global transactions smoothly and keeping customers happy. Each of the top 12 gateways offers different features and benefits, so consider factors like fees, security, and currency support to find the best fit for your business. Choosing the right gateway will help you process payments efficiently and grow your business internationally.
Ready to streamline your global transactions and elevate your online business? Contact Cretesol Tech today to see how our digital marketing solutions can help you choose the best international payment gateway and drive your international growth!
FAQs
What factors should I consider when choosing an international payment gateway?
When selecting an international payment gateway, consider transaction fees, security features, global reach, integration capabilities, and customer support. These factors ensure you choose a gateway that fits your business needs and provides a seamless payment experience for your customers.
Are there any international payment gateways suitable for small businesses?
Yes, several international payment gateways are well-suited for small businesses. Options like PayPal and Square offer flexible pricing and features that cater to lower transaction volumes, making them ideal for smaller operations looking to expand globally.
How do international payment gateways help with global expansion?
International payment gateways support multiple currencies and payment methods, allowing businesses to accept payments from customers around the world. This capability helps facilitate smooth transactions and increases your ability to reach and engage with a global audience.
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