Review of payment systems for e-commerce businesses

With the growth of the e-commerce sector in the market and the growing popularity of online shopping, the right choice of payment system is becoming a core aspect of the success of any online business. Payment systems play a critical role in transaction security, user experience, and financial management.

There are many factors to consider when choosing a payment system, from differences in fees and transaction processing to integration with marketplaces and support for different currencies.

Therefore, in this article, we will review the most popular payment systems for e-commerce businesses and explore their main advantages and features to help you choose a financial partner that meets your needs and business goals.

Criteria for choosing a payment system

Before choosing a payment processor for your merchant business, it is important to carefully consider several additional aspects that may influence your choice:

1. Geographical restrictions

Before choosing a payment system, you should consider whether it restricts the location of your business or your target audience. Some payment systems may not work in certain countries or may not support certain currencies, so you should choose a system that will cover the largest number of countries.

2. Integration with e-commerce platform

If you already have an online store or e-commerce account, the choice of payment system should be based on its ability to integrate easily and efficiently with your platform. Make sure that the payment system supports the platform or has ready-made integration solutions.

3. Specific business needs

Different payment systems may have different functions and work with different lists of currencies and types of cards. Consider your needs and requirements, such as support for various types of payments (credit cards, PayPal, Apple Pay, Google Pay, etc.), the possibility of expanding functionality, and what currencies the payment system supports.

4. Price

Of course, a very important aspect is the price of service and it can vary greatly depending on the payment system. Therefore, you should compare the costs of using different payment systems, including transaction fees, monthly subscription fees, setup costs, and other possible expenses, and then choose the payment system that fits your budget and provides the best relative functionality for its price.

5. Customer support

In any online service, glitches and misunderstandings with payments can occur, so it is important to have reliable support from your payment system in case of any questions or problems. Before choosing a payment processor, make sure they provide effective customer support via phone, email, or live chat.

6. Reputation and reliability

Research the reputation and reliability of each payment system by viewing user reviews, ratings, and awards. There are currently many fraudulent schemes operating on the Internet, so it is worth checking whether the payment service has a good reputation and positive reviews from users.

Payment systems for E-commerce

Bcorp cooperates only with proven payment systems that have the best customer reviews. We carefully select our partners to provide you with reliable and effective financial solutions for your e-commerce business. It is for this purpose that we suggest considering opening an account for e-commerce in the following payment systems:

Emerald24 (England):

• Acceptance of VISA and Mastercard payments in euro, dollar, pound, and other currencies.
• Commission – 1.99% + 0.10 EUR.
• Personal managers and simple payment integration schemes via API.

MultiPass (England):

• Transactions available in over 180 countries.
• Single multi-currency account for all 30+ currencies.
• Available integrations: Stripe, eBay, Shopify, Alibaba and others.

Connectum (England):

• Processing of Mastercard, UnionPay, and Visa payment cards.
• Multi-currency processing.
• Integration is possible with Amazon, eBay, Etsy, Shopify, WooCommerce and others.

Wise (England):

• Payments are available in 80 countries.
• Receive money in 10 currencies without any conversion fees.
• Marketplace partners: Stripe, eBay, Amazon, Etsy, Fruugo, Klarna, Afterpay and others.

Paydo (England):

• Various payment methods are available, including credit cards, digital wallets, and bank transfers.
• Single API for more than 350 payment methods in 170 countries.
• Integration with marketplaces Woocommerce WordPress, PrestaShop, Opencart and others.

PaySet (England):

• You can receive money from 180 countries.
• Payments are available in 34 currencies, which can be stored in your account.
• Marketplaces available such as Amazon, Alibaba, Wish or eBay and others.

Payoneer (the USA):

• Over 120 currencies and different payment methods, from cards (Visa, Mastercard, Amex) to local payment methods.
• Exclusive partner solutions for trading platforms.
• Wide choice of partners because Pioneer integrates with many marketplaces and e-commerce platforms around the world.

PaysWix (Lithuania):

• Convert all payments into euros.
• Commission – 1% + 0.25 EUR per transaction.
• WooCommerce, Magento WordPress, OpenCart, PrestaShop, and other integration solutions.

Paysera (Lithuania):

• Accepts payments in different countries and in different currencies – by card, electronic banking and other popular payment methods.
• 24/7 customer support in 14 languages, and the payment window is translated into more than 10 languages.
• Collaborates with various marketplaces such as WooCommerce, Prestashop, Opencart, Magento, Shopify, Ecwid, and others.

ConnectPay (Lithuania):

• Payments using Mastercard and Visa debit and credit cards.
• Integration via plugins or IP.
• Integrates with marketplaces WooCommerce, PrestaShop, OpenCart, Magento, and Shopware.

ECOMMBX (Cyprus):

• 100+ payment methods, including e-wallets, mobile, Open Banking, etc.
• Multi-currency processing and simple integration methods.
• Possible integration with platforms such as WordPress, Magento nonCommerce, and others.

Please note that the lists of integrations are not exhaustive, and available integrations may vary depending on your plan and account features.

When choosing a payment system for an e-commerce business, it is important to carefully assess your business’s needs and consider all of the above factors. It is also important to remember that choosing a payment system is not a final decision, and you can always change it in the future if necessary for the further development of your business.

Our team is ready to provide you with comprehensive support and advice on opening an account in the payment system and integrating it with your trading business.