Choosing the right payment gateway is crucial for businesses because it directly affects the customer experience and the company’s bottom line. A payment gateway is the technology that allows businesses to process payments from customers through various payment methods, such as credit cards, debit cards, and online wallets.
|Payment Gateway||Domestic Fees||International Fees||Days to get money|
|PayPal||2.6% + $0.30||3.6% + $0.30||Can take 1–2 days to credit into your bank.|
Instant into a PayPal account.
|Stripe||1.75% + $0.30||2.9% + $0.30||3 business days into your business.|
|Braintree||1.75% + $0.30||3.9% + $0.30||2–5 business days after the transaction has settled.|
|eWAY||1.5% + $0.25||1.5% + $0.25||1 – 3 business days.|
|Pin Payments||1.75% + $0.30||2.9% + $0.30||2 business days.|
|Square||Instead of domestic and international, Square charges:|
1.9% for card present payments
2.2% for card-not-present payments
|Within 1–2 business days of a transaction.|
|Paymate||1.9%||4.65%||Unless the payment raises any flags in their anti-fraud system, transactions under $200 made before 3pm will be paid to you the very same day.|
|ANZ Fastpay||1.5%||2.5%||Transactions processed before 10pm, Monday to Friday: You’ll be able to access your takings the next business day.|
Transactions processed on the weekend, on a public holiday or after 10pm on Friday: You’ll be able to access your takings one business day later.
|NAB Transact||Instead of domestic and international, NAB Transact charges:|
1.5% + $0.30 per transaction exceeding $2,000 when settling to a NAB business account
1.9% + $0.30 per transaction exceeding $1,575 when settling to a non-NAB account.
|Payments in a ‘Processing’ status will be processed by NAB within 30 minutes.|
For overnight payments (Direct Credit / Payroll / Pay anyone) please allow until the next day for funds to clear to the beneficiaries account.
|Westpac’s payWave Virtual Terminal||According to the Westpac payWave Virtual Terminal website:|
“Every business is unique, so to ensure we inform you about the appropriate fees for your situation contact us for a detailed quote.”
|Approved Visa, Mastercard® and UnionPay transactions settled into a Westpac Business transaction account on the same day for transactions processed before 6pm (Sydney time).|
|Adyen||Instead of domestic and international payments, Adyen has a flat processing fee of $0.13 as well as different fees based on payment methods. Click here for more information as well as individual fees.||Depending on the currencies and banks involved, it may take up to 2 days for the payout funds to arrive in your account.|
|CommBank BPOINT||Fees for BPOINT are not listed on the Commbank website. Request a callback on the Commbank website to find out fees.||BPOINT has same day settlement to your CommBank Business Transaction Account.|
|Securepay||1.75% + $0.30||2.9% + $0.30||The transaction will be processed straight away.|
If a business chooses a payment gateway that is not reliable or user-friendly, it can negatively impact the customer’s experience. For example, if the payment gateway is slow, difficult to navigate, or unreliable, customers may become frustrated and abandon their purchase altogether. This not only leads to a loss of revenue for the business but also damages the company’s reputation.
Moreover, payment gateways often charge fees and costs for their services, and these costs can add up quickly. If a business chooses a payment gateway that charges high fees or has hidden costs, it can significantly impact the company’s profitability.
Additionally, settlement times, or the time it takes for the payment to reach the merchant’s account, can vary among different payment gateways. If a business needs immediate access to its funds, it is important to choose a payment gateway with fast settlement times.
What are some popular payment gateways in Australia?
- PayPal: A widely used payment gateway, PayPal allows businesses to accept payments from customers worldwide in various currencies, and offers a secure and easy-to-use platform for both buyers and sellers.
- Stripe: A popular choice for online businesses, Stripe offers an easy-to-integrate payment gateway that supports a range of payment methods, including credit and debit cards, Apple Pay, and Google Pay.
- Braintree: A subsidiary of PayPal, Braintree provides a scalable and secure payment gateway that supports various payment methods, including PayPal, credit and debit cards, and digital wallets like Venmo and Google Pay.
- eWAY: A popular payment gateway in Australia, eWAY offers a range of features, including recurring billing, fraud prevention, and multi-currency support, to help businesses manage their payments securely and efficiently.
- Pin Payments: Designed specifically for Australian businesses, Pin Payments provides a secure and easy-to-use payment gateway that supports multiple currencies and payment methods, including credit and debit cards and Apple Pay.
- Square: Square offers a versatile payment gateway that enables businesses to accept payments in-store, online, and on-the-go using various devices, including smartphones and tablets.
- Paymate: A popular payment gateway for businesses in Australia and New Zealand, Paymate provides a secure platform that supports credit and debit cards, PayPal, and bank transfers.
- ANZ Fastpay: ANZ Fastpay is a mobile payment solution that enables businesses to accept credit and debit card payments on-the-go using a smartphone or tablet.
- NAB Transact: NAB Transact is a payment gateway offered by the National Australia Bank that supports various payment methods, including credit and debit cards, PayPal, and direct debit.
- Westpac’s payWave Virtual Terminal: A contactless payment solution, Westpac’s payWave Virtual Terminal allows businesses to accept payments from customers using contactless cards, smartphones, and wearable devices.
- Ayden: A global payment gateway, Ayden supports a wide range of payment methods and currencies, and provides businesses with advanced features, such as fraud prevention and real-time data analytics.
- CommBank BPOINT: CommBank BPOINT is a payment gateway offered by the Commonwealth Bank of Australia that supports multiple payment methods, including credit and debit cards, PayPal, and BPAY.
- Securepay: A payment gateway offered by Australia Post, Securepay provides businesses with a range of features, including fraud prevention, multi-currency support, and recurring billing, to help manage their payments securely and efficiently.
Key Factors to Consider When Choosing a Payment Gateway in Australia
When choosing a payment gateway in Australia, there are several key factors to consider. Here are some of the most important ones:
The payment gateway should provide a high level of security for both the business and the customer. Look for gateways that comply with industry-standard security protocols and offer features such as encryption and fraud detection.
Ease of integration
The payment gateway should be easy to integrate with your existing website or e-commerce platform. Look for gateways that offer plugins or APIs that can be easily integrated into your website.
Fees and costs
Consider the fees and costs associated with using the payment gateway. This includes transaction fees, monthly fees, and any additional fees for features such as chargebacks or refunds.
Consider the payment methods that the gateway supports. Ideally, it should support a wide range of payment methods, including credit cards, PayPal, and other popular options.
Look for payment gateways that offer fast settlement times. This means that funds from transactions will be deposited into your business account quickly, which can help with cash flow.
Consider the level of customer support offered by the payment gateway. Look for gateways that offer 24/7 support and multiple channels of communication, such as phone, email, and live chat.
How to Set Up and Integrate a Payment Gateway with Your Website
Setting up and integrating a payment gateway with your website can be a complex process, but it is essential for any business that wants to accept online payments. Here are some general steps to follow:
Choose a payment gateway provider
Research different payment gateway providers and select one that meets your business needs and budget. Some popular payment gateway providers in Australia include PayPal, Stripe, Square, and eWAY.
Sign up for an account
Once you have selected a payment gateway provider, sign up for an account and complete the necessary paperwork.
Configure your payment gateway
Follow the provider’s instructions to configure your payment gateway. This may involve setting up your bank account, configuring your settings, and integrating the gateway with your website.
Test the payment gateway
Before going live, test the payment gateway to ensure that it is functioning correctly. You may need to run test transactions or work with the provider to test the integration.
Once you are confident that the payment gateway is functioning correctly, go live and begin accepting payments.
What are the Best Practices for Using a Payment Gateway in Australia?
Secure your website
Your website should be secure and use HTTPS to ensure that customer information is encrypted during transmission.
Test before going live
Always test your payment gateway before making it live on your website to avoid any technical issues.
Be transparent with fees
Be clear and upfront about the fees associated with using the payment gateway. Customers should be aware of any additional costs they may incur.
Have a clear refund policy
Make sure you have a clear refund policy in place that is easily accessible to customers. This helps to build trust and confidence with your customers.
Maintain PCI compliance
If you are storing customer credit card data, ensure that you are maintaining PCI compliance standards to prevent data breaches and protect customer data.
Monitor for fraudulent activity
Keep an eye out for any suspicious activity and have systems in place to detect and prevent fraudulent transactions.
Provide customer support
Offer customer support options and respond to inquiries in a timely manner to provide a positive customer experience and build trust with your customers.