Going Beyond Comparing Fees

We understand lowering the rate you pay for credit card processing is important. Saving 0.5% in processing fees on 100 transactions at $50 each equals $25 in savings. What if you picked a gateway though that cost you one additional sale out of one hundred due to incorrectly declining a transaction and costing you a sale? At Spreedly and Shopify we wanted the other side of the equation to be better understood. Many gateways work hard to optimize the entire payment experience. The goal of this data is to continue to expand your field of vision when selecting your payment partners.

What is a Payment Gateway?

At its most basic, a payment gateway is the service you connect to your internet (web or mobile) based offering over which credit card data and credit card transaction requests. However, because you also need a merchant account (where funds settle) many times the term “Payment Gateway” includes the idea of the actual gateway and the merchant account bundled together. For purposes of this site, we are talking about companies that at the very least provide a payment gateway and often bundle or cross sell a merchant account too.

What are some important factors in choosing a payment gateway?

  1. Processing Speed

    The faster a transaction processes the less likely it is your customer will perform unwanted behavior on your payments page or shopping cart while they're wondering if the payment is going to go through. Faster is better.

  2. Success rate

    This is a completely aggregated view. It includes a decline for any reason. We send purchases, authorizations, and captures to the gateway for completion. What percentage of those are successful? That's how we derive the percentage we show to you.

  3. Average Ticket Size

    The larger your average ticket size the more critical each individual transaction becomes. We share with you what we see as an average ticket size per gateway. Of course, this does not reflect what the payment gateway may average across all their customers.

  4. Countries Supported

    The relative performance of a gateway isn't very helpful if they don't work with merchants in your country. So we highlight which countries these payment gateways sell into. Note this has nothing to do with which currencies they can support. It's just about which countries they sign up customers in.

Why did you select these payment gateways and not others?

The data is aggregated from Shopify and Spreedly. Therefore, we only include payment gateways that are integrated with these two platforms. If new payment gateways are added to these platforms they will show up here soon after.

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