Friday, October 8th, 2021
With e-Commerce gaining prominence worldwide, it is not surprising that consumers expect to use their debit and credit cards no matter where they are in the world.
Merchants who are running their online businesses must be prepared to accept payments from customers worldwide. These transactions must not only be safe, but efficient.
This means that merchants, when they are looking for a payment processing solution in Europe, should look to invest in those solutions that can integrate seamlessly with current and future business operations. They should also address the needs of both online and offline transactions as well as meet the regulations domestically and internationally.
What Features Are Needed For Credit Processing In Europe?
Here are a few more key features to consider before doing business in Europe.
- Balance approvals and risk
Since many credit card companies deny international transactions more often than domestic transactions, merchants need to make sure they are adequately securing their payment processing systems. If the merchant accrues rejections and high rates of fraud, this can prompt providers to revoke the account and the end of the business.
- Seamless integration
All businesses would greatly benefit if they chose an API-enabled solution. Payment providers also offer pre-built plugins for e-Commerce platforms and hosted solutions. It offers speed, simplicity, and needs little coding to launch.
- Integrated fraud protection
In order to balance high approval rates with risk of fraud, an integrated fraud protection is essential. It can be done by offering customizable rules and safeguarding transactions via different payment methods such as wallets, bank transfers, and cards.
Top Credit Card Processors In Europe
1. Stripe
With dual headquarters in San Francisco and Dublin, Ireland, Stripe is known for its payment processing software that handles card payments and ACH payments. Its features include:
- Recurring billing
- Accepts bitcoin
- Facilitates payments on “marketplace style platforms”
- Pricing structure is “pay-as-you-go”. A fee is taken from each transaction
2. Rapyd
Headquartered in London, Rapyd is a payments platform that enables customers to pay with their preferred method of payment, including: cash, e-wallets, local cards, and even bank transfers. Here are their additional features:
- Multi-currency support
- Low cost
- Built-in fraud protection
- Integration options
- Available in most European countries and territories
3. Worldpay From FIS
As an established payment processing company that was later acquired by FIS, Worldpay accepts various payment methods. Some of these include e-wallets and credit/debit cards. They also provide merchants with card machines for mobile, virtual, and POS payments.
- Has the FIS integrated payments platform supporting online and in-person transactions
- Scalable
- Interchange-plus pricing available
- Customer support available 24/7
4. Paypal
As ubiquitous as it is popular, Paypal continues to spread throughout the world as it now serves well over 200 countries and regions. It also supports 25 currencies. As an international gateway provider, Paypal pretty much dominates.
- No monthly fees
- Simple to use
- Make in-store payments
- Allows recurring/subscription payments
5. Adyen
The Amsterdam-based payment company provides a payment gateway and is a payment service provider that enables merchants to accept bank-based payments, credit cards, and other digital transactions. If a business is looking to expand globally, Adyen is fully equipped to tackle the complexities of international processing.
- No setup, application, or monthly fees
- No early termination fees
- Full-stack payment service provider (PSP)
- Transparent fees
Choose Only The Best
Businesses who want to scale by growing and reaching international markets must be well-equipped to manage all the complexities involved with “cross-border credit card transactions.” In order to keep approval rates elevated, they must be prepared to mitigate risk in every European country they plan to enter and engage in business.