cheapest payment processor?

by a7186710

Posted: 11 years ago 27 replies

ECOMMERCE

Hi,
I am pretty new to the site, so please move this post if it is in the wrong forum. I currently have 1 soon to be 2 e commerce sites, and am currently using worldpay to process payments, I am being charged a flat rate of £40 per month (£20 for worldpay and £20 for streamline, which for some reason you also need to use world pay) on top of which I had to pay a one off fee of around £150 for a merchant ID.

These costs are super high because at the moment business is not great, apart from paypal, are there any alternatives which do not charge a monthly fee? I found wepay.com but they only operate in the US, is there an English equivalent?

Thanks

#cheapest #payment #processor

Broyde 11 years ago

take a look at 2checkout...
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successmonster234 11 years ago

whats wrong with paypal to begin with?
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pavv 11 years ago

Honestly I've only ever used PayPal and never had any issues. If you don't/can't use PayPal then you could try 2CheckOut but my understanding is that you will need a merchant account with your bank. This typically attracts a setup fee and monthly fee which you would need to check against your current setup to see if it would work out cheaper.
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sbucciarel Banned 11 years ago

I use Paypal and also have a Paypal advanced account and that fee is not very high for the advanced account. I also use a merchant account on a different site with fees of around $29/mnth plus the transaction fees. I'd stick with Paypal if I were you.
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DejaS 11 years ago

You could try nochex.com, similar to paypal but UK based and have the option for taking offline card payments.

Hope this helps
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mannie85 11 years ago

Most people trust Paypal, but I heard 2checkout is pretty good also...
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charto911 11 years ago

authorize.net will be the cheapest long term but you have to get approved and have your EIN and information all set up.
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derekwong28 11 years ago

I have used PayPal, 2CO and Worldpay before. Worldpay has by far the best credit fraud detection system available. This is something to bear in mind if you sell items such as electronics that are highly susceptible to fraud. Otherwise it is a very simple matter using 2CO and you do not need a merchant account. However, they were known for very bad service but that may have improved in recent years. Nowadays, using PayPal alone is completely acceptable.
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codingideas 11 years ago

Sometimes, banks have lower fees. depends. Dont forget Bank of America.
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atfless 11 years ago

Paypal is a great option for a smaller store. If you want to be more secure, I would suggest authorize.net. They are the most trusted, and if you find a reseller to purchase from, you will pay very little in fees.
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domaingood123 11 years ago

My vote always with paypal +1.But Liberty Reserve is cheapest i guess.

Thank you
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co13 11 years ago

2checkout.com is the best for USA and international customers. i would stick with 2co.com
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- sergit 11 years ago
  
  Originally Posted by co13
  
  2checkout.com is the best for USA and international customers. i would stick with 2co.com
  
  5.5% flat rate :confused: is it really the cheapest processor?
  
  Thanks
  
  1 reply
  
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  consultsoft 11 years ago
  
  2checkout.com and paypal are the best
  
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Danceparty 11 years ago

authorize.net for 1.9%
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Royal Computer 11 years ago

The charges for global payment processors are vary. cardsave gave us a good rate for our internet payment. maybe its better to have a look at them.
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gabkwong 11 years ago

2CO is one of the most expensive payment processor out there...so I will just stay with paypal
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Auctiondebteliminator 11 years ago

I have had no issues with INTUIT, and their prices are fairly reasonable.
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Magnet4Marketing 11 years ago

I've used PayPal for years as it's the most trusted online payment and reasonably affordable for small business setups. Nochex is pretty affordable too.
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SeoHitmen 11 years ago

ejunkies or buynsell are real cheap buynsell is actually free
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DJXA 11 years ago

Try checking into Dwolla. $0.25 transaction fees regardless of the number or size of the transactions.
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2Checkout 11 years ago

Hello! Thank you to those who recommended us, that is great to see

Just to clear up any confusion - you do not need a merchant account to use our services. We offer a merchant account and payment gateway bundled solution.

Also our fees for US sellers have changed to 2.9%+30¢ per transaction. Other countries remain at 5.5%+45¢. However we bundle our rates to keep it simple. There are NO: monthly fees, recurring fees, gateway fees, merchant fees, cancellation fees, etc. So hopefully you will find our rates competitive with that information.
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CPAMasterX 11 years ago

I used 2Checkout's system for several payments, so I can suggest them! PayPal directly is also a great choice. Most of the people own an account.
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- OnlineStoreHelp 11 years ago
  
  OK,
  
  As for everyone telling him Authorize.net, Authorize.net is not a merchant account, it is a payment gateway. You might be able to find a merchant account that includes Authorize.net in your monthly fee it but it is going to cost you about the same as your current Worldpay set up, meaning the monthly cost as well as transitioning over, will most likely, not be worth it to you.
  
  2Checkout is an option but they will be more expensive than PayPal so unless you are selling high risk items, you are still better off going for PayPal at this time. The UK is their third largest market and they have a huge presence in Ireland and the UK and a bank in Luxembourg.
  
  That 1.9% rate everyone quotes is a qualified rate. Who do you know that doesn't have a reward card these days? That means you will almost never get that qualified rate. Most likely you will get between 2.3 and 2.6% rates on cards. Is it worth the monthly expense, batch fees, pci compliance fees? Unless you are doing volume no.
  
  My advice, as long as your ecommerce stores don't sell high risk items.
  
  "You're selling in a high risk category or industry such as tickets, travel, gift certificates, computers, consumer electronics, or mobile phones."
  
  Use PayPal. Once you get enough volume, then you can negotiate a merchant account since you have volume figures. Just to warn you though check as you might have a cancellation fee associated with your merchant account which could be as high as 300 pounds.
  
  Thanks
  
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@i 11 years ago

Bitcoin is cool, its not really used by everyone though sadly but there is no fees and its anonymous no charge backs etc..
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@i 11 years ago

I've used 2Checkout before and they where quite good actually, they send you a check or bank transfer really simple and easy just like getting a google adsense payment, I was really impressed, they deal with chargebacks and everything for you unlike other services. I used both paypal and 2checkout at one point together giving the customer the option to either pay with paypal funds or use the credit card function on paypals site or to just directly put there details into my site i.e using 2checkout

very impressed after using them for 3 full years on a website sometimes hitting $1k in a day in small payments of $1-5 sometimes upto $10 so there quite a few transactions say 700-800 a day on occasional and obviously there system is built to handle a tonne of payments so they where flawless honestly people can say bad things about them all they want but I can honestly say they where perfect for what I needed it for.
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KabirC 11 years ago

Stripe has been the best payment processor for me, absolutely love it, only tiny complaint is that it takes 5-7 days to send your money, but that really isn't a problem.
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