Top 10 International Payment Systems: Which One to Choose for Your Business?

In an online business, the efficiency and reliability of payment processes have a direct impact on operational efficiency and Customer satisfaction. Which system should you choose to ensure your Company's productivity?

We have reviewed the top ten payment systems and evaluated their pros, cons, and integration complexity. This analysis will help you make an informed choice based on your business needs and your team's technical capabilities.

PayPal

It is one of the most recognized and widely used online payment systems, enabling you to accept payments on websites and applications. Available in over 200 countries and regions worldwide.

Advantages:

• widespread use;

• ease of use;

• ability to accept international payments;

• security;

• flexibility.

Disadvantages:

• high fees;

• account restrictions, such as temporary freezing of funds or restricting access to features due to violation of the terms of service or for identity verification purposes;

• customer service issues.

PayPal offers extensive and detailed documentation to help Developers easily integrate the payment system into their websites and applications. Popular CMS and e-commerce platforms such as WooCommerce, Shopify, and others have ready-made plugins for PayPal integration.

PayPal fees include 5% for international personal transactions, a 3% conversion fee above the base exchange rate, and a 3% fee for transferring cash to a U.S. account from anywhere in the world.

Stripe

It is a popular choice among Developers for its flexibility and ease of integration. Stripe is available in more than 40 countries, including the U.S., many European countries, and much of Asia Pacific.

Advantages: 

• flexible customization; 

• multiple payment method support; 

• excellent security.

Disadvantages: 

• the system is not available in some countries; 

• requires some technical skills for integration.

Stripe offers extensive APIs and SDKs to deeply integrate payment features into applications and websites and provides detailed documentation to guide Developers through the integration process.

Stripe's commission is based on the payment method. For all cards and digital wallets, the commission is 2.9% + $0.30 per transaction.

Ranking of Payment Systems by the Number of Countries in which They Operate

Square

Square offers solutions for both online and in-store payments. The system is primarily available in the United States, Canada, Japan, Australia, and the United Kingdom.

Advantages: 

• universality for online and offline payments; 

• same fees for all cards;

• additional business tools (inventory management, reporting, analytics);

• easy integration.

Disadvantages:

• limited geographic availability; 

• limitations on high-volume sales;

• fixed transaction fees.

Square offers a variety of out-of-the-box solutions and plugins for popular eCommerce platforms to simplify the integration process.

Customers are charged 2.9% + $0.30 per payment by Square.

Adyen

Adyen is a global payment platform that provides end-to-end payment processing solutions for both online and offline environments. Adyen is available worldwide and supports more than 250 payment methods and over 150 currencies, making it ideal for international businesses. 

Advantages: 

• support for multiple currencies and payment methods; 

• one solution for all payment types;

• advanced analytics and reporting;

• high level of security;

• scalability.

Disadvantages: 

• the complexity of integration; 

• high initial transaction volume requirements.

Adyen integration requires time and some technical knowledge, especially when working with the API and SDK.

The base rate for using Adyen is 3.95% + $0.12 per AMEX card transaction. This rate applies to the first $500,000 or 1,000 transactions per month. Many other cards have lower or higher rates depending on the country of origin, card tier, merchant segment, transaction type, and other factors.

Authorize.Net

Authorize.Net is one of the oldest and most respected payment platforms offering online payment processing services. It is one of the leading online payment processing platforms in the United States, especially among small and medium-sized businesses.

Advantages: 

• reliability; 

• simple interface;

• integrated solutions for reporting and analysis;

• support for multiple payment methods.

Disadvantages: 

• monthly fee; 

• limited availability outside the U.S.

The platform provides Developers with powerful APIs and SDKs for integration into various types of applications and websites.

The payment service fee is 2.9% + $0.30 per transaction.

Ranking Payment Systems by Amount of Transaction Fees

Braintree

Braintree (owned by PayPal) offers advanced payment processing tools, including mobile payments. Braintree is widely used by businesses in 45+ countries, including most major markets in North America, Europe, and Asia-Pacific.

Advantages: 

• a part of PayPal; 

• support for multiple payment methods, including PayPal;

• advanced integration capabilities;

• enhanced security and fraud protection.

Disadvantages

The main disadvantage is the complexity of integration. Braintree provides detailed guides and tools for integration, including APIs and SDKs, but it still requires some technical skills. 

There are no surprises in Braintree's pricing: there are no setup fees or monthly maintenance. It's just 2.9% + $0.30 per transaction.

WePay

WePay specializes in providing online payment solutions, especially for marketplaces, crowdfunding platforms, and other online businesses. The system is less active in international markets and focuses on US Customers.

Advantages: 

• ease of integration; 

• fraud protection;

• direct payment processing;

• well suited for marketplaces and crowdfunding platforms.

Disadvantages: 

• limited geographic accessibility; 

• inadequate functionality.

WePay provides simple tools and clear guidelines to ease the integration process for Developers of all levels.

The transaction fee in the WePay system is $ 15 + $ 0.30.

2Checkout (Verifone)

2Checkout (Verifone) is available worldwide and is particularly suitable for businesses looking to expand into global markets. However, businesses should consider the potentially high fees and understand the terms and conditions for processing returns.

Advantages:

• multi-currency and multi-language support;

• global availability;

• flexible solutions for different types of businesses;

• advanced fraud protection;

• analytics and reporting.

Disadvantages: 

• high transaction fees;

• difficulties with refunds.

Although 2Checkout provides detailed guides, integration may require some technical knowledge, especially for setting up more complex features.

2Checkout's fees are quite low: from 3.5%+$0.35 to 6%+$0.60 per payment, depending on the plan.

Skrill

It is available in over 200 countries. What makes Skrill particularly attractive is its ability to process transactions in a variety of currencies with relatively low fees. However, it's essential to consider its limited reach compared to the major players in the field. 

Advantages: 

• international transaction support; 

• low commissions;

• currency transaction flexibility;

• security.

Disadvantages: 

• is not as widely used as some other systems;

• limited functionality.

Skrill integration requires some technical knowledge, and the platform provides Developers with the necessary APIs and documentation.

Skrill fees are 2.4% + 0.29 EUR for bank cards, minimum 2 EUR. For Skrill Wallet and Bank Transfer: 1.4% + 0.29 EUR, minimum fee 2 EUR.

Worldpay

Worldpay is a powerful end-to-end payment processing solution. With its global reach, Worldpay is well-suited to Companies that trade internationally and operate in multiple currency zones.

Advantages: 

• one of the largest payment systems; 

• global reach;

• a variety of solutions for different types of businesses;

• support for a wide range of payment methods.

Disadvantages: 

• High costs for small and medium businesses; 

• Customer service difficulties.

Worldpay offers many integration options, but you may need some technical expertise to implement more complex features.

The system generally charges 2.75% + $0.20 for credit card and debit card transactions.

What's the bottom line? Which payment system is best for you? Each payment system has its unique benefits and limitations. Some offer lower fees, which can be critical for small businesses. Others offer easy integration, which speeds up start-up and simplifies technical support. Our chart will help you navigate the world of payment systems and make your choice.

We hope that our review will help you find the ideal solution to ensure maximum speed and security for your Customers and Partners. Ultimately, choosing the right payment system not only simplifies the transaction process but also contributes to the growth and development of your business.

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