How to Choose a Payment Service Provider

We understand finding the right payment provider to take credit card payments can be challenging, with their different fee structure, bank and platform integration. And on occasion the needs and goals of a project can change significantly so much so a different payment gateway can provide a better fit.

So we’ve compiled a brief run-down on the some of the most widely known and used payment gateways in NZ.

Windcave

First on our list is Windcave, most online purchasers in New Zealand will have encountered Windcave (formerly Payment Express) as its widely used throughout NZ on larger eCommerce websites like our clients 1-day.co.nz, Torpedo7 and Elite Fitness. It supports a variety of payment brands including Visa, Mastercard, Apple Pay, Q Card, Account2Account and integrates with major e-commerce platforms like Shopify, Woo-Commerce and Magento.

Included with Windcave is a number of Fraud/Management tools including 3D change-back protection and access to a real-time transaction monitoring system. Windcave is a great option for a eCommerce website processing a large number of transactions per day.

Paypal

PayPal is an option if you can’t (or don’t want to) get a merchant account from your bank. Getting set up on PayPal and integrating into your website is relatively simple, hence its popularity with small businesses.

Consumers can sign up to have a PayPal account which lets them pay for things online without having to enter in credit or debit card details. This can streamline payments for customers who have a existing PayPal Account but for users without one it can make for a poor user experience as PayPal will attempt to drive customers into creating one. PayPal charges a standard 3.4% + $0.45 NZD per transaction.

Stripe

Stripe is similar to PayPal as it can be used without a merchant account, but doesn’t push its users into a signup for an account which makes its payment process a lot more streamlined. Stripe is also geared for handling recurring payments and therefore is a great option for SaaS solutions. Its transaction fees compared to PayPal are more competitive at 2.9% + $0.30NZD per transaction and although less widely know as PayPal its used around the world, and by some big names – Kickstarter, for example.

Braintree

Braintree was acquired by PayPal in 2013, but they’re hands-down the more tech-forward Payment Service Provider among the two. It comes with an impressive suite of developer tools and fraud tools. Braintree’s payment solution is highly customizable and can integrate directly into your existing platform. Like Stripe it has options for recurring payments to handle subscriptions. It’s designed to scale along with your business, too, so you never need to worry about outgrowing this platform. Their standard transaction fee is 2.9% + $0.45NZD.

Bambora 

Bambora, formerly IP Payments, Although not so widely used in NZ is owned by Ingenico – the largest payment company in the world, it bills itself as an online payment solution built to grow businesses from the inside out. Like PayPal & Stripe, you don’t have to have a bank merchant account, but also unlike PayPal & Stripe it offers integration with an existing merchant account for payments straight into your bank account.

These are just some of the more widely known payment providers and choosing the right payment service provider depends on the needs and goals of your project.