Last editedMay 20232 min read
The days of manually processing online and offline digital payments are behind us. While consumers were once hesitant to input their first-party data online, in 2022, more than 5 million Australian households were partaking in online shopping every month, a 39% increase from the pre-pandemic days of 2019.
With the increased popularity of online commerce (or e-commerce), more businesses are seeking ways to make payment easier and more streamlined for themselves and their customers. As a result, today there are dozens of payment processing solutions suitable for businesses of all sizes.
For those just starting out and looking to dip their toes in the water, so to speak, today we’ll be highlighting a handful of the more cheap online payments systems on the market.
One of the oldest payment gateway options, having first started in 1997, WorldPay is popular due to its regular payout method (direct to the merchant’s bank account twice a week) and flexibility. It boasts pay-as-you-go and monthly payment options, with the latter charging just a 0.75% transaction fee on debit cards. It’s also incredibly comprehensive when it comes to options and integrates organically with PayPal, so is a natural progression from that platform.
The major downside from an affordability perspective is the lack of any free trial. However, it charges no additional fees to process refunds and doesn’t charge extra for subscription and billing either. It’s a very powerful option that can also offer discounts on volume pricing if you’re processing over 1,000 transactions a month.
One of the most popular payment gateway options for Australians, eWay is a decent beginner solution that accepts debit and credit cards, electronic funds and online bank transfers. It also boasts strong safety features and can be integrated easily with many third-party apps like Shopify.
It’s a favourite of Australian retailers and start-ups because there are no set-up fees, though it’s only available to merchants with bank accounts in the region, so might not be the best option for businesses with international ambitions.
The payment system formerly known as 2Checkout supports international transactions as standard and not only processes payment but allows merchants to create bespoke voucher codes and coupons. Security is a strong feature of Verifone, and it remains one of the easiest payment gateways to set up with minimal technical effort.
Verifone is an option that also boasts tight integration with WordPress, supports recurring billing and has a flexible interface that works across channels and devices. As you might expect with its appearance on this list, it’s also one of the more affordable payment gateway options. However, digital wallets such as Apple Pay and Google Pay are currently not accepted, which might turn off many merchants.
The best thing about Square is the app that forms the basis of the service. It’s completely free and very easy to use. The transaction fees are also a lot lower than many competitors, with just 1.9% per transaction for most credit cards. It also boasts the Square reader, which proves invaluable for businesses that wish to consolidate their digital payments from the online and offline worlds.
Honestly, if you are looking to primarily accept one-off and automated payments by credit card, then there are few drawbacks to mention when it comes to Square. There are zero fees charged for refunds, it offers next-day business deposits and has a chargeback protection plan offering $250 per month. The only real con we can mention is that any disputes tend to go against the merchant and favour the customer.
When it comes to accepting direct payments, GoCardless is one of the easiest-to-use platforms, particularly for small businesses looking for fast and reliable payments. It’s a platform that pulls payments directly from customer bank accounts using direct debit, but unlike traditional direct debit solutions, GoCardless is simple to set up and incredibly cost-effective.
GoCardless has none of the set-up and management fees often associated with direct debit, and takes only a flat fee per transaction. It’s also incredibly user-friendly, with a simple dashboard interface and existing integrations with hundreds of other platforms.
We can help
GoCardless is an affordable and flexible global payments solution that helps you automate payment collection, cutting down on the amount of financial admin your team needs to deal with. Find out today how GoCardless can help you with one-off or recurring payments and integrate seamlessly with your existing software.