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Stable and secure international transactions with fiat currencies or cryptocurrencies like Bitcoin are essential when a company enters the international market. To do this, you need to connect an electronic payment system and set up the receipt of funds. In this article, you will learn about the most popular international payment systems in 2023. You can also track currency exchange rates to improve the experience of using payment systems using the Rates service.
What Are Electronic Payment Systems?
In 2023, the total value of digital payment transactions is estimated to reach $9.46 trillion. Electronic international payment systems are services that allow you to make money transfers around the world. The use of such platforms saves time, provides communication between companies and customers, and simplifies international payments. Electronic payment systems help businesses enter the international market and receive payments from abroad on the site from anywhere in the world.
How to Choose a Payment System?
When choosing an international payment system, you should pay attention to the following features:
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Reputation. Customer reviews can tell about the advantages and disadvantages of the platform better than the statements of the service owners. The year the company was founded is also important: the longer it has been on the market, the more trust it has.
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Commission. As a rule, international payment systems offer various service packages and terms of cooperation, on which the size of the commission depends. Read the user agreement and other documents, contact technical support to find the best option, and make sure there are no hidden fees.
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Relevance to customers. You should focus on your target audience. It is important to make sure that the service serves the region with which you work (for example, it supports American Express when working with the US market). Conversely, it makes no sense to connect a system that works with the whole world if your goods or services, for example, are intended only for the French market.
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Convenience. An intuitive interface makes the buying process more enjoyable for the customer. Services with an overly complex payment system, where a transaction requires a complex path to complete, can lead to the loss of some buyers.
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Terms of withdrawal of funds. For most international payment systems, this period is standard: money is credited to your account within 5-7 business days. However, it is important to read the terms of use. In some cases, the withdrawal period may take up to a week or more.
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Connection process. A balance is important between security and the long solution of bureaucratic issues. A system with too complicated a connection scheme can bring more losses due to the time spent on its start-up.
Popular Payment Systems
A good international payment system should have a number of key features and qualities in order to meet the needs of users and provide secure and convenient international payments.
Stripes
Stripe is an international payment system focused on business and e-commerce. It offers users a wide range of functionality that makes it easier to connect and set up a payment gateway, create invoices and payment links, and organize regular payments. The anti-fraud system allows you to reduce the risk of fraud, and the dispute management system allows you to resolve conflicts between the client and the business in a convenient format.
The standard tariff assumes a commission of 2.9% + $0.30 for each transaction. For large companies, it is possible to agree on an individual tariff. Withdrawals are made to bank cards and e-wallets, instant payments are available.
PayPal
Paypal is a payment system that is convenient for both private users and businesses. The functionality of the service provides quick sending and receiving of payments, generating invoices, setting up payment by installments, as well as other opportunities for business scaling.
The transaction fee depends on the country, currency, and transaction size and varies from 2.29% to 3.49% + from $0.9 to $0.49 for each transaction. A monthly payment is provided for connecting additional functionality: Payments Advanced – $5, Payments Pro – $30.
The system has 400 million active users worldwide and allows them to accept payments in more than 100 world currencies. High reliability and safety of the service are confirmed by twenty years of experience. This service is popular with people of various statuses and occupations, including clients of companies such as Coinbase, JPMorgan Chase, Allstate, and others.
2Checkout
2Checkout is a service also designed to accept international payments. It allows users to process transfers from cards in more than 180 countries and cooperates with more than 20,000 companies around the world. 2Checkout offers convenient refund management functionality.
The minimum package of services implies a commission of 3.5% + $0.35 from each purchase. Expanding the functionality allows you to connect recurrent payments, set up a shopping cart for customers, gain access to new payment methods, etc.
Square
Square is a payment aggregator that was launched in 2009 at the initiative of Jack Dorsey (co-founder and former CEO of Twitter). The main advantage of the service is a wide range of functions: from standard invoicing and shopping cart settings to hosting an online store. Square also provides businesses with software and hardware for card reading (POS terminal).
Service users can increase their online sales with installment payments from Afterpay, included in Square’s e-commerce products. The standard payment system commission is 2.6% + $0.1 for each transaction.
Shopify Payments
Shopify Payments is owned by Shopify online store builder and powered by Stripe. This system is integrated by default into a store built on the Shopify platform, making it easy to integrate and set up payments.
The checkout process takes place on the store’s website, so customers do not have to go to a third-party payment system website. In addition to Shopify Payments, you can also connect other payment acceptance services. In this case, customers will have more options for payment.
The commission is 2.4-2.9% + $0.3 depending on the chosen plan.
Conclusion
The right choice of an international payment system depends on your specific needs as a user or company. Consider the available features and capabilities of the payment system. Some systems may offer additional services, such as a subscription to services, the ability to split accounts between several users, etc. If your business involves tracking the exchange rate in Ukrainian financial institutions, we recommend that you use the Rates service, which is available to users from any city in the United States including Houston (Texas) and Chicago.
