Last editedMar 20231 min read
Web payment processing is the way online businesses accept payment for the sale of their goods and services. Online payment platforms have three components: a merchant account, a payment processor, and a payment gateway. A merchant account is basically a bank account, while a payment processor is a company or financial institution that manages the transaction between the customer and the business. As banks are unable to transfer funds directly from one to the other, the payment gateway mediates the transactions between a business website and the payment processor.
As such, the payment gateway, also known as a POS (point of sale system), is an integral part of an internet payment processing system.
Choosing a payment gateway for your business
There are many options when it comes to choosing a payment gateway for your business. Each industry has specialized needs that should be taken into consideration. Taking the time to assess the unique needs of your business will help you make an informed decision on the best gateway for your payment processing system. When making your choice, consider your audience, compatibility, ease and security, fees, contracts, and reputation.
What to look for: selection criteria
In choosing the best online payment gateway for your business, consider the following questions:
What online payment platforms does the gateway support?
What pricing plans are offered?
What is the payment method and how frequently are payments made?
What modes of payment are accepted?
How is the gateway integrated into a website?
What is the chargeback policy?
Is a payment processor available?
What is the gateway’s consumer rating?
How to collect payments with GoCardless
1.
Create your free GoCardless account, access your user-friendly payments dashboard & connect your accounting software (if you use one).
2.
Easily set up & schedule one-off or recurring payments via payment pages on your website checkout or secure payment links.
3.
From now on you'll get paid on time, every time, as GoCardless automatically collects payment on the scheduled date. Simple.
The best gateways for online payment in Australia
Ten of the best payment gateway providers for Australian businesses are listed in the chart below:
|
Gateway |
Main benefit |
Pricing |
|
AfterPay |
allows for payment in instalments |
$0.30 plus 4 - 6% per transaction |
|
Braintree |
highly customizable |
1.75% + $0.30 per transaction |
|
eWay |
no set up fees |
1.5% + $0.25 per transaction; 3 pricing plans for merchants |
|
Fat Zebra |
one of the only multi-currency platforms in Australia |
$0.10 processing fee per transaction, plus a variable additional fee per payment method |
|
GoCardless |
save on time, stress, and fees by using bank-to-bank payments |
|
|
Pin Payments |
discounts for nonprofits |
1.75% + $0.30 (domestic cards) and 2.9% + $0.30 (international cards) |
|
SecurePay |
offers a free trial |
Domestic transactions: 1.75% + $0.30 per transaction International transactions: 2.90% + $0.30 per transaction |
|
Square |
offers next-business-day deposits |
1.6% - 1.9% per transaction, plus purchase of hardware from $59 |
|
Stripe |
a well-known payments solution |
1.75% + $0.30 (for domestic cards) and 2.9% + $0.30 (for international) |
|
2checkOut |
offers advanced fraud protection |
3.5% + A $0.51 per successful sale (for physical products sold online) 4.5% + A $0.66 per successful sale (for recurring billing) 6.0% + A $0.88 per successful sale (for digital products such as eBooks, music, etc.) |
Other considerations
Payment gateway providers abound and, as the fintech industry continues to grow, more will be added to the marketplace. Don’t forget to do your research and find the best payment gateway provider for your online payment needs. Identify the requirements of your business and find a payment gateway that is focused on those requirements.
We can help
GoCardless helps businesses save time and reduce costs when collecting both regular and one-off payments, by utilising our global bank-to-bank payments network. Find out how GoCardless can help you with ad hoc or recurring payments.