Best Buy Best payment gateway 2020 - Options?

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Nemama

Registered User
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Hi all,

I'm looking to integrate a payment gateway option on my site. I've been doing some homework already but providers don't really clarify the fees for setting up and monthly fees. Anyone would recommend any option? It is a small busine
 
It depends on your product, Stripe works well in e-commerce which would typically have higher margins, but for companies with tighter margins there are cheaper ways. I am currently researching companies like plaid.com (not in europe yet), due to open banking you can now offer direct instant bank payments skipping the need to use a debit card, but I have not found the cost yet.
 
+1 for Stripe.

They have loads of clear examples and documentation and there is a lot of support for it i.e. Wordpress plugins, etc.
 


I never heard of Paylike, But they do seem to be cheaper. We went with stripe as we knew them, the name was familiar so we trusted them a little more.
 
One question...

How you guys are doing accounting/bookkeeping for business purposes? I mean... Stripe provides invoices for the total of monthly transaction fees?
 
It depends on your volumes as well, there are payment gateways like Authipay from AIB, which would charge 25e flat monthly charge plus about 0.3% for domestic debit cards.
We went with Worldpay, via IOCsave, for a similar pricing model.

Revolut have started merchant services, but thye are only slightly cheaper than Stripe, and quite glitchy at the moment.

Stripe payment fees include VAT, keep that in mind as well!
 
Like ant dee, I just can't see beyond the merchant service offer of AIB and suchlike.
0.3% or 0.8% for debit or credit card payments with a maximum of 7c transaction fee.
And you don't need a huge turnover per annum to get it either, I'd say ~ €50,000 a year.

I just don't get Stripe's charges - either the value charge or the transaction tab.
And Stripe charge even more in developing countries like Philippines.
Even less can I understand why online businesses with big turnovers are using Stripe and leaving so much dough on the table after them.
 
Is that higher Stripe pricing for "master merchant" where you don't need a merchant account with your bank (who may charge you a fee on top of the gateway fee) ?

For startups, Stripe is easier to integrate with. They may be able to achieve higher approval rates too. Larger enterprises won't pay list price with any of the gateways.
 
RedOnion said:
Where are you getting that pricing from?
Click to expand...
I got the 0.3% or 0.8% for debit or credit card payments with a maximum of 7c transaction fee from AuthiPay's salesman.

Hi

Thanks for your time earlier and as promised below is your personalised quote for AIB Merchant Services AuthiPay gateway and Merchant ID (MID).

AuthiPay Gateway

€21.99 per month + VAT​

Covers 300 transactions per month. €0.20 per transaction thereafter. Alternatively €50.00 per month for 1000 transactions

More information can be found in the below links
http://www.aibms.com/products-and-services/authipay/
http://www.aibms.com/products-and-services/global-choice/

Merchant ID

€20.00 per month. Minimum monthly fee
MID Transaction Fees:
  • Debit Cards - 0.3% + 0.00c
  • Credit Cards – 0.3% + 0.00c
  • Interchange & Scheme Fee – At Cost
· Authorisation Fee – 0.02c
· Refunds – 0.20c
AIBMS Processing Fee + Interchange Fee (fee from card issuing bank) + Scheme Fee (card schemes fee, Visa MasterCard etc) + Authorisation Fee.
Interchange and scheme fees are charged At Cost. The attached Indicative Pricing template provides more details.
The minimum fee is charged if the transaction fees added up over a month are less than €20.00

PCI DSS

€9.75 per month.
(€25.00 if not validated with PCI DSS)

Other Fees:
  • Set Up Fee – €125.00 (once off)
  • eStatements – €0.00 (Paper Statement €2.50)
  • Chargebacks- €20.00 (Only charged if a chargeback is processed)
Monthly fee is calculated as AuthiPay Fee + MID Fee + PCI DSS Fee.

To benefit from these highly competitive rates please provide the below details by replying to this email or calling 01 218 2154.

§ Legal name of business (as it appears on your business bank account):
§ Trading Name of business:
§ Business Trading Address (Include Eircode):
§ URL:
§ Business Start Date:
§ Business Telephone Number:
§ VAT No or PPS if sole trader:
§ Business Bank account Details:
§ Type of Business Specifically:
§ % of payments over the phone (if any):
§ How long after payment are goods delivered:
§ Directors Names, Home address (Include Eircode) & Dates of Birth:
§ Beneficial owners Names (an individual who own 25% or more shares or control the company), percentage of shares held, Home address (Include Eircode): & Date of Birth:
§ Proposed Business Yearly Turnover:
§ Proposed Turnover for Card Transactions:
§ Average Transaction Value:

We will also require the following to get an application approved:
· Proof of banking. Recent bank doc that quotes IBAN and account name. Statement, letter from branch, blank cheque etc
· Proof of trading address. Recent doc that’s addressed to trading name at the trading address. Utility bill (not supplier invoice), lease agreement, revenue doc, rates bill etc

For Ecommerce the following information is also required by our Underwriting Department:
• The website must also be live before we can process your application. If this is not possible then a test link is required in order to check the website. Screenshot of transaction process can also be accepted
• You must have your Terms and Conditions, Privacy Policy and Refund Policy on your website. If this is not currently available, then please supply me with copies of all of these
• Most recent audited accounts or a business plan

That's all he wrote then.
But a subsequent call showed a willingness to move down a bit further still.
I think that the 0.3% applied to credit card transactions is a misprint. It usually is about 0.8% due to the higher risk.
 
It's €56.80 due to VAT on the €21.99 at least.
Wouldn't be surprised if the MID and PCI DSS charges are VAT liable too.

Dividing this by 300 transactions it comes to 19c a transaction minimum.
Using the €50 + VAT for 500 transactions it comes down to 18c a transaction.

The added Interchange, Scheme, etc, etc fees are a bigger worry since we don't have figures on them.
In a sense this equates to being charged for
1) Having online payments
2) Having cards associated with online payments

Clearly cards are integral to online payment systems so we are being doubly charged for using cards online.

I think I'm starting to see what Stripe may have on the merchant services here.
But it's hard to quantify the margin without actual hypothetical transaction lists and fees.
 
trajan said:
I think I'm starting to see what Stripe may have on the merchant services here.
But it's hard to quantify the margin without actual hypothetical transaction lists and fees.
Click to expand...
Exactly.

For someone with card transactions of 3k per month, the fixed fees alone are 1.9% of transactions.
So, for small volumes, a provider without fixed fees is very attractive. The added attraction of Stripe is how easy it is to integrate.

Once you get over 100k per year, almost all providers fees are more negotiable.
 
What about Revolution? They appear to have rolled out Merchant Card Services recently ?
 
Do you mean Revolut? They were mentioned earlier in thread, although presumably their offering has matured since then.

I've had a good experience rolling out SumUp for a small voluntary organisation for online and in person payments. They were one of the first in Irish market to allow you use your phone to accept contactless card payments, without any special hardware.
 
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