Australian Payment Gateways: smoothing the path between your business and your revenue
You’ve got a product, you’ve got a website, but the nitty gritty of being able to deliver a secure payment process that backs up your brand’s integrity can be a bit of a minefield. That’s where payment gateways – the functionality that links your website with a payment network – comes in.
There are a number of payment gateways – both Australian and international – out there. We’ve got our favourites, but first, it’s wise to consider the specific payment gateway needs of your particular business.
What to consider
Does your e-commerce platform have the extensions or plugins that will be compatible with your chosen payment gateway system? Perhaps you have a Magento e-commerce platform or you’re on a proprietary CMS. Make sure you get the payment gateway that will integrate easily.
Ease vs security
Generally, the easiest way for customers to give you their payment details is through a form on your site, but this is the least secure method. Consider a hosted payment page for an extra layer of security.
Fees, contracts and reputations
Do some good comparative research before you sign on with a gateway, making sure they’re reputable, their prices are competitive and their contracts are flexible enough for your projected needs. It’s a good idea to know your current and expected transaction volumes as this will significantly affect your monthly fees with most providers offering enterprise plans for larger businesses (in excess of $100,000 per month).
Target market preferred methods
How does your target audience prefer to pay? Do your user research and tailor your payment method offering to suit.
The PayPal Plan B
Consider offering PayPal as well, as it is a highly popular method and a useful back-up if your primary gateway is malfunctioning.
Soul+Wolf’s Five Favourite Payment Gateway Providers
The below payment gateway pricing is indicative and correct as of 28th of November, 2016.
1. Fat Zebra
Fat Zebra is closely aligned with NAB (and many of the other major Australian banks) and run one of the only genuine multi-currency platforms in Australia (perfect for merchants looking at expanding internationally). They can also provide Ingenico EFTPOS terminals and link the payment gateways back to the website so you can have a genuine omnichannel gateway.
Pricing (Small Plan): $110 annual fee + 24c per transaction (with 200 free transactions)
Ideal for companies who want to want to expand globally, Braintree (a subsidiary of PayPal) accepts payments in more than 130 currencies, with minimal fees. They also offer a premium mobile experience, accepting cards, PayPal and Apple Pay, and have flexible features including the ability to split payments between you and your sub-merchants. Their ‘Sandbox’ feature is also a great place for businesses to experiment with various options.
Pricing: 1.75% + $.30 per transaction
Launched in 1998, eWay is one of the major payment gateways. They are part of the Global Payments network (NYSE: GPN) and pride themselves on offering real time, real human customer service, which they make their point of difference. Their security is backed by PCI DSS compliance, and their plans are flexible enough to suit any size or kind of business.
Pricing: 1.9% per transaction (Visa & Mastercard) + 20c fee per transaction
4. NAB Transact
NAB Transact lets you process online, phone and mail order payments, with flexible payment plans and options to host your payment page with them for extra security (as well as a security token) or integrate it with your website. Offline orders can be processed through Virtual Terminal and all cards – even those underused and unpopular ones – can be accepted.
Pricing: $40 per month (including $2,000 monthly card turnover) + $0.30 Additional fee per transaction + 1.5% Per transaction exceeding monthly card turnover
This one is a little controversial – some may say it encourages debt – but it certainly has seen significant growth in Australia this year. It basically splits a payment over four equal fortnightly instalments, using the customer’s chosen debit or credit card, and schedules automatic payments. Expect higher conversion rates across your store and on the plus side, Afterpay assumes all non-payment risk for every single transaction cutting our credit fraud.
Pricing: 5-6% per transaction dependent on store turnover
If you want to hash out your payment gateway needs with someone who knows, get in touch with us here at Soul+Wolf and we can talk you through the options that would be best for your business.