According to the World Bank’s Doing Business 2020 report, the United Kingdom is one of the world’s leading business destinations, ranking eighth for “ease of doing business.” The United Kingdom has long been known for its highly mobile and competent workforce.
Both start-ups and established enterprises benefit from the vibrant financial sector and the diverse nature of credit acquisition. Knowing which form of credit is best for your business is a challenging task that frequently needs assistance.
A payment gateway is a third-party payment system that sends money from your customer’s bank account to your company’s account. Payment processors can also authorize transactions and work with merchants to ensure that they are paid within a specified time frame.
EskayPay is a renowned Payment Gateway Provider UK that provides unique and innovative payment solutions all across the UK. Our commitment to service is significantly different from those of our UK competitors. Our extensive network of Acquirers will ensure that your hard-earned business is never compromised.
Let’s evaluate some of the top payment processors on the market, focusing on price, benefits, drawbacks, and what kind of payments the system is best suited for.
WorldPay
WorldPay offers small business packages that you can customize to meet your needs. They offer a low-cost online payment gateway that lets you accept all major credit and debit cards, including Diners, MasterCard, Visa, American Express, Maestro, and JCB.
Pros
- Multiple-channel payments
- Simpler Payment Processing
- Mobile and tablet point of sale
Cons
- Inability to achieve PCI compliance
- Small business
- Reviewers suggested that they have invoicing problems with them.
- Late payment settlement for small scale businesses
Pricing Plans
- 2.75% of the transaction+ £0.20
- Monthly Fixed charges £19.95
Stripe
Stripe is a payment gateway that allows you to accept credit card payments (in person or online) by transferring money between your merchant account and a payment processor. It was created in 2011.
Pros
- ecommerce plugin integrations
- Developer-friendly documentation
- PCI compliance is 100%.
- No monthly contracts.
- Customers never have to leave your site to complete their purchases.
Cons
- Not for high-risk businesses
- Customer support issues
- Slow response time
Pricing Plans
- 2.9% of the transaction + $0.30.
- No signup fees
- For each chargeback, Stripe will charge you a $15 fee
EskayPay
EskayPay is known as the best payment gateway service provider in the United Kingdom. This is for entrepreneurs that desire to grow their businesses too quickly. Eskaypay also offers assistance to merchants who are unable to obtain a global merchant account for their online business.
Pros
- Multiple payment option such as credit and debit cards, e-wallets, crypto-currency, UPI, mobile payments.
- Merchant can enjoy uninterrupted subscription based services
- 24*7 customer support service
Cons
- They have limited regional services.
Pricing Plans
They offer reasonable and cost-effective pricing stricture to merchants based on their requirements.
Square
Square is a little older, it was created in 2009. Square’s main product is its point-of-sale system. It allows merchants to collect payments from customers by utilizing a smart device to read credit cards or manually entering credit card information (in-person or over the phone).
Pros
- Suitable for low-risk merchants
- User-friendly
- Omni-channel Payment Solutions
- Chargeback Protection at reasonable prices
Cons
- Not suitable for high-risk businesses
- No subscription based services
- Merchants have numerous complaints regarding accounts being deleted without warning.
Pricing Plans
- 2.9% + $0.30 transaction fee
- No sign-up fees
- Customers chargeback protection up to $250 a month on qualifying transactions
Shopify
Shopify is a specialized ecommerce platform. It has been the best ecommerce platform for over 600,000 businesses, with over $82 billion in sales.
Pros
- Shopify offers a number of ecommerce tools to assist you in creating and marketing your online business.
- Easy to set up Shoify Payments
Cons
- You are solely responsible for marketing and brand awareness for your company.
- There is a monthly fee for Shopify. Adding third-party apps to your account can raise your monthly expenses.
Pricing Plans
- 1.9 per cent + 20p transaction fee
- Monthly cost: $29 (£21)
Amazon Pay
Amazon caters to small and medium-sized enterprises as well as individual sellers. All you have to do with Amazon is register an account, complete each set-up stage, and you’re ready to start selling!
Pros
- Every month, millions of people browse the Amazon marketplace. Your products will get a lot of exposure as a result of this.
- Additional services such as inventory storage, packaging, and shipping make it easier for you to manage your business.
Cons
- Need to work on its interface, it lags in the user experience
- Documentation for initial setup needs improvement
Pricing Plan
Amazon offers two subscription plans, one for $0.99 per item and the other for $39.99 per month. Both have additional variable fees.
CardStream
All major card types are accepted and processed through Cardstream’s payment gateway. To strengthen the transaction, Cardstream offers Card Security Code (also known as CV2, CVV, CSC) and Address Verification System (AVS) checks.
Pros
- The merchant management system is excellent.
- Reliable Payment gateway.
- Signing up is simple and quick.
- Cost-effective
Cons
- Slow customer service
Pricing Plan
- £18 per month – 350 transactions included
- 9p each transaction – more than 350 transactions every month
- Contract is for 12 months with a 30-day termination notice.
Merchants who see a lot of future opportunities in their business should use an Online Payment Gateway. This can completely shift the way you do business and result in massive revenues.
EskayPay understands your vision that’s why we provide a customized payment gateway to cater to the different needs of the business. We are specialized in providing a seamless checkout experience for your customers. We also offer reliable technical support to assist you in your needs. You can always reach out to us to know more about our services.
High Risk Merchant Accounts 