Everything You Need to Know About the Payment Gateway Options in Australia in 2021 and Beyond!
With the advancement of technology, online business opportunities are also growing at a breakneck pace so do the risks and vulnerabilities of online commercial activities such as data-breach, online business processing complications, and more. Of all the perils, online payment frauds are the most hazardous setbacks to an online business that can leave them or their customers empty-handed.
After getting a product and setting up the website for online business, you are all set to deal with customers. Now, you need a safe and reliable payment gateway that not only processes the secure payments for your business but also addressing other concerns of the businesses.
Several payment gateway integration options are available in Australia. Some of them are local, whereas some are international. Selecting a payment gateway in Australia requires to consider the particular payment gateway needs of a specific business.
Also Read: Alternative Payment Methods—A New-Age of Electronic Funds Transfer
You may need to study the following factors when choosing the payment gateway for your needs of online payment processing:
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Security
It is the paramount requirement when selecting a payment gateway integration option in Australia or anywhere in the world. To process online payments, the businesses need to choose a payment gateway compliant with Level-1 PCI-DSS. It stands for Payment Card Industry Data Security Standard (PCI DSS). It is a set of requirements intended by the credit card companies to ensure that any company that processes, stores, or transmits credit card information must maintain a secure environment.
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eCommerce Compatibility
eCommerce compatibility refers to the compatibility of the platform’s user interface with the payment gateways to make the shopping and checking out experience smoother and faster.
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Recurring Payments Compatibility
If you are a subscription business or deals with a business that requires recurring billing then you are required to opt-out for a payment gateway that supports the recurring payments.
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Business Compatibility
Not all payment gateways support all businesses. Before choosing a payment gateway make sure that the business stream is compatible with the payment gateway.
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Payment Method Support
Payment gateways are required to accept online payments in different currencies through a range of payment methods. The most preferred online payment methods are card payments that include both, credit and debit, ACH, e-checks, online banking, and wires.
Unavailability of the preferred payment methods at checkout can irritate a customer and could cause the customer to not proceed with payment. This is why it is pertinent for an online merchant to choose a payment gateway that supports multiple payment methods
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Currency Support
Similarly, most payment gateways offer support to a few leading currencies. It limits the business scope for SaaS vendors or the merchants that offer their products and services all over the world. Studies suggest that customers like to pay their domestic currency.
It is wise to choose a payment gateway services provider in Australia that supports the Australian dollar in addition to the other leading currencies.
To receive online payments in their accounts and to accommodate several currencies and multiple payment methods, merchants have to select an appropriate payment gateway or payment processing service.
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Transaction Fee and Other Charges
Transaction fees are the charges you pay to the merchant every time you receive payment into your account. Some payment gateways charge the monthly or annual fee as well. Some impose more international transactions and currency conversion charges.
Before selecting a payment gateway, consider all these factors not only the domestic fees as international and multi-currency fees are often higher.
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Merchant Account and Payouts
A merchant account is required to set up to accept online payments made through credit cards. From there, it is then transferred to the business bank accounts. Transfers to the business account are normally done on a daily or weekly basis.
Some payment gateways offer the services of the merchant account whereas it can be set up as a bank account, too. In simpler words, it is an agreement between a retailer, a merchant bank, and a payment processor for the settlement of card transactions.
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Contracts, Concealing Charges, and Reputation
This is also the most considerable factor when selecting a payment gateway. Many leading and widely used payment can suffer you a tormenting experience with their down servers, contract bindings, and hidden charges.
Research well before committing to a particular payment gateway and ensure the following:
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- How reputable are they?
- What are the terms of their contract and are they appropriate for your business?
- Are there any hidden charges that in long term can be perturbing?
- Can you negotiate the terms and conditions with them?
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Top International Payment Gateway Integration Options in Australia
Here is the list of our top picks of the international payment gateways available in Australia:
2Checkout
Of all the international payment gateway options in Australia, 2Checkout is considered the most reliable and appropriate payment gateway. In addition to the Australian Dollar (AUD), it also supports more than 45 payment methods from 20 plus countries.
For most online subscription-based merchants, e-commerce retailers, freelancers, and SaaS, and other cloud businesses, 2Checkout is definitely a great option as a payment gateway with a plethora of features along with support to recurring payments so that merchants can charge customers on a monthly or yearly basis.
2Checkout offers a flat-rate pricing model with transparent pricing and no hidden charges. And supports all the leading credit card payments including MasterCard, Visa, Discover, Diner’s Club, American Express, etc. and PayPal.
Along with PCI-DSS compliance, it also offers advanced fraud protection features, including a 3-tier defense strategy that helps detect fraud in real-time and two-way authentication.
Authorize.Net
Authorize.Net is one of the leading and trusted by hundreds of thousands of merchants, payment gateway services provider in Australia and other regions of the world.
Authorize.Net is offering its payment processing services to all types of eCommerce businesses, subscription-based and recurring payments businesses, SaaS, cloud, data center, telco/ISP, and managed services businesses. It also supports almost all the payment methods including card payments, and alternate payment methods, such as Visa, MasterCard, Discover, American Express, JCB, PayPal, Visa SRC, Apple Pay, Chase Pay, E-check, etc.
Authorize.Net is also a PCI-DSS Compliant payment gateway with its robust fraud detection and prevention suite.
Braintree
Braintree is also a highly recommended payment gateway that offers a dedicated merchant account as well as supports a third-party merchant account. It also supports cryptocurrency in addition to credit cards, mobile payments, and digital wallets. It also accepts recurring payments.
Braintree offers support to more than 130 currencies from 45+ merchant locations and supports payments through Visa, MasterCard, AMEX, PayPal, Venmo, Android Pay, Apple Pay, and Bitcoin.
It is a PCI-DSS Level 1 Compliant payment gateway equipped with 3D-secure Vault and fraud-protection and advanced anti-scam options. It usually takes 2-5 days to payout, however international merchants might experience delays up to 3 to 5 working days.
PayPal
Known as the back-up payment gateway, PayPal is also the leading payment processing services provider across the world. It also offers aggregate accounts so that small businesses and startups can easily start receiving money into their accounts. PayPal supports twenty-four plus currencies from 200 plus merchant locations from all over the world. PayPal accepts major credit/debit cards and PayPal, with enhanced PCI-DSS compliance to the customers along with PayPal buyer protection.
Stripe
Stripe is a budgeted and most secure way to accept digital payments in Australia. It is great to automate recurring payments.
Stripe supports more than 135 currencies from more than 25 locations and can be used to accept card payments, mobile wallets like Android Pay, Apple Pay, 3D Secure, ACH, Google Pay, AliPay, and some others, and for international transactions. It offers instant transfer to the main account against a fee of 1% of the amount transferred.
Stripe has a dedicated vault that instantly encrypts payment information to secure the vault. Adding an extra layer of security, Stripe also offers Radar—a trademark anti-fraud system that secures sensitive data with the features like encryption and tokenization.
Top Domestic Payment Gateway Integration Options in Australia
Here is the list of our top picks of the domestic payment gateways available in Australia:
eWay
Based in Australia, eWay is an international payment gateway known for its secure credit card payment processing. It also accepts payments from e-wallets like Apple Pay, MasterPass, etc.
It is a global omnichannel payment provider with a 25 percent online market and offers its services in other regions. For the merchants using Multi-Currency Internet Merchant Facility (IMF), eWAY processes payments in multiple currencies.
Fat Zebra
Fat Zebra is one of the most recommended Australia based payment gateways provides great payment processing services for merchants from Australia and New Zealand. It offers multi-currency support and works as a sophisticated omnichannel gateway.
It supports more than 19 payment methods including card payments, digital wallets, direct debit, and other alternative payment methods. For the Magento, Drupal, Foxycart, and WooCommerce retailers, it works best.
Pin Payments
Pin Payments is another popular payment gateway in Australia and is great for small-sized businesses as it offers quite budget-friendly processing charges. It also supports multiple currencies including Yen, Peso, Bhat, Ringgit, etc. in addition to AUD, USD, CAD, Euro, Sterling Pound, and other leading currencies.
With Pin Payments, merchants can accept online card payments without the merchant accounts. It also works well with all the leading eCommerce platforms, subscription billing, and other platforms.
ANZ eGate
ANZ eGate is also a digital payment processing service enabling small to mid-scale businesses to accept payments from multiple card payment methods including Visa, MasterCard, Diner’s, and AmericanExpress in different currencies.
ANZ eGate is a great option as it offers same-day funds settlement and can be integrated easily with the eCommerce platforms or in the billing systems. It is compliant with the Payment Card Industry Data Security Standard (PCI DSS).
Think Business!
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