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Anyone working with e-commerce knows that one of the most critical concerns is in regards to the management of payment gateways methods. There is no point in having the best product, a better platform and the best price if the payment process is not efficient. 

Having a slow or faulty system can cause the customer to give up on the purchase. In addition, it is necessary to offer varied payment methods for a customer who cannot buy because they couldn’t find the most suitable option.  

If you have any doubts about the most popular online payments options, Cavaon has put together this article to explain the best payment gateways for your eCommerce business

7 Best Online Payment Getaways in Australia

 

online payment gateways

With some many different payment gateways available, it is worth considering that the more payment options available on your e-commerce store, the better. With that in mind, here are the best online payments getaways: 

Stripe 

Stripe offers technology-driven payment solutions for online businesses looking to offer a range of payment options to their customers. Stripe’s offerings suit businesses looking to accept payments from a smartphone app, those wanting to customise their own custom checkout flow and those wanting to optimise for a global payment setup. However, the tool is not suitable for websites that offer PayPal. 

Paypal 

PayPal is best known as a global online payments system. While you can integrate PayPal with your website to accept payment from customers, you can also use the platform to get your funds back to Australia when you’re selling overseas.

When you open a PayPal business account, it essentially functions as a multi-currency account. This means you can receive payment in more than 200 countries and 24 currencies, and give customers the peace of mind and security of paying in their local currency. You can then convert foreign currency back into Australian dollars in your PayPal account whenever you want, before withdrawing those funds to your linked business bank account.

The cons of using Paypal is due to its complicated fee structure relatively steep currency conversion fees. PayPal’s currency conversion fee of 2.5% increases the cost of converting foreign currency back into AUD.

 

Integrapay

IntegraPay is a payment solutions provider that enables businesses to accept recurring and one-off payments from bank accounts or credit/debit cards via Direct Debit, online / e-commerce and mobile apps. We offer an all-in-one solution that includes a merchant facility and can be integrated into your software.

 

Secure pay 

SecurePay was established in 1999 as an online payment gateway provider in Australia owned by Australia Post.  SecurePay Online Payments allows your business to securely accept payments online and gives your customers more payment choices. It is a fast, simple and cost-effective way to do business online. One of the cons of using Secure Pay is the difficulty to print reports and the lack of PoS provided.

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ZipPay 

Zip Pay is a simple interest-free payment solution provided by Zip Co and accepted by thousands of stores and online vendors across Australia. Zip Pay lets you make purchases now and pay later, without the need for a credit card. A con to be considered for your business when using ZipPay is the associated fee: you pay a single fee per transaction based on your total monthly zipPay payment volume (up to 4% for small businesses). 

 

AfterPay 

Similar to Zip Pay, Afterpay is one of the payment gateways anyone can choose if it’s offered in the online store. It’s a simple process of applying for approval and then going through the checkout. Afterpay splits the total order amount into four equal payments and will charge the customer’s card on a fortnightly basis. One thing to keep in mind is that your business will be charged between 4-6% per transaction depending on the order value. Late fee payment of $10 will apply for your customers, however they can blame this on your business. 

 

Laybuy 

Laybuy is a payment service that lets you receive your purchase now and spread the total cost into 6 payments, due weekly, giving it an overall tighter payment schedule with more regular payments. One of the things to be aware of Laybuy is that the company does an immediate check credit upon the customer signing up, which means if your customer has a bad credit history, this might prevent them to finalise the purchase on your website. 

 

What is Better for My Online Business? 

There is no right answer to this question, as it will depend on many variables. However, for those who want to start a virtual store quickly, the best way forward is, without a doubt, is to opt for a payment gateway system to boost your sales.

 

For those who already sell without these systems or who are not sure if it is worth using these payment alternatives, it is worth thinking a little. One of the business indicators that most frightens entrepreneurs is fixed costs. This is what makes most retailers give up offering direct payment methods in their online stores.

 

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