Compare the top 6 payment gateway providers & services in Australia 2024

Getting a customer to your checkout takes a lot of hard work. You’ve gone to massive efforts to create and market your product or service, and now your potential buyer is ready to purchase. But there’s one more important step! Don’t sleep on the importance of having a great payment gateway so that your soon-to-be customer can seamlessly become the real thing.

With so many options available, it can be hard to know which payment gateway software is best for your business. In this article, we’re going to explore 7 of the top payment gateway providers to help you decide.

What is a payment gateway provider or service?

A payment gateway provider helps businesses accept money from customers who pay using a credit card or another method of electronic payment.

Although the term is mostly used to describe eCommerce payments like accepting payments through online checkouts), payment gateways can also facilitate in-person purchases or Point of Sale (PoS).

The payment gateway market has exploded in recent years as society becomes increasingly cashless – it’s expected to grow by a whopping $5.54 billion in 2024 alone. As a business owner, having an efficient, reliable payment gateway provider helps you create a seamless and secure checkout experience by offering multiple payment methods and currencies, reduced fraud risk and valuable customer behaviour data. 

How do payment gateway providers work?

Payment gateways work by securely transmitting your payment information from the merchant. It then verifies the transaction with your bank or credit card company, ensuring funds are transferred to the merchant. Gateways also handle fraud detection and chargeback processing, protecting both the customer and the merchant.

The top 7 payment gateway providers in 2024

Here are the current go-to gateway providers for Australian businesses, in alphabetical order.

• Adyen: Offers global reach and accepts various payment methods 

• Airwallex: End-to-end payment systems with competitive FX rates 

• GoCardless: Recurring billing system

• PayPal: Seamless integration with eCommerce software

• Revolut Business: Competitive for early stage small business

• Shopify: Compatible with Shopify stores with built-in POS​​

• Worldpay: Integrates with various software; for small to medium businesses

Top features to look for in a payment gateway service provider

It can feel overwhelming when you start comparing digital payment providers. To help, we’ve compiled a list of the most important features to look out for:

• Processing location: Some gateways process transactions on your website, while others redirect customers to a new page to pay. For the smoothest checkout experience, look for a gateway with onsite transactions.

• Security: Your gateway should be PCI DSS compliant and use the latest end-to-end encryption technology and fraud prevention tools to protect your data.

• Integrations: Your provider should integrate easily (no code required) with your other business systems like your accounting software or eCommerce platform.

• Cost: Pricing varies between payment gateway companies. Make sure you understand all fees upfront, from free trials to chargebacks and international transactions.

• Reporting: Look for software that offers insights into transaction data and customer behaviour – these can help you optimise your sales strategy and forecasts.

Compare the top payment gateway providers in 2024

What questions to ask when onboarding a payment gateway company

Onboarding a payment gateway company is like choosing a financial partner to handle transactions for you. It’s important to find the right payment gateway solution for you – getting it wrong could impact everything from your cash flow to your customers’ trust.

Here’s a straightforward guide of the key questions you should get the answers to before signing on the dotted line.

Remember, you’re looking for a payment gateway software that will make your transactions smooth and secure, keep your customers happy and encourage them to come back.

• What are your security measures and compliance certifications?

Check they meet industry standards like PCI DSS and ask about what protection protocols and fraud prevention measures they use to protect customer data.

• Can you support all the payment methods my customers use?

Find out if they handle the popular payment methods among your customer base, like credit cards or Apple Pay.

• What currencies and countries do you support?

Ask if they can handle multiple currencies, international payment methods and what the currency conversion fees are. This is particularly important if you operate globally or plan to expand.

• What are the fees involved?

Ask your potential new provider about all possible fees, including transaction fees, monthly fees, setup fees and foreign transaction fees. Avoiding hidden and additional costs can help you budget more effectively.

• How does your integration process work with my current setup?

You want to pick a payment gateway provider that easily integrates with your website and shopping cart software, ensuring a smooth customer experience. Account software integration can also save you wasted admin hours.

• What is the transaction success rate?

Look out for providers with a high success rate – this should mean fewer lost sales due to failed transactions.

• How do you handle failed transactions or chargebacks?

Ask what the process is for disputes and what support is available; this is crucial for you to provide good customer service.

• What kind of customer support do you offer?

If having reliable, efficient customer support is important to you, look for 24/7 customer support with real people at the end of the phone or email, not just automated responses.

• Can your system scale with my business growth?

If you’re scaling, you’ll want a provider that can support your growth. It’s time-consuming and frustrating to have to switch services or renegotiate contracts every year.

• What additional features or services do you provide?

Some gateways offer extra services like fraud protection, analytics, or management tools that could be valuable for your business. Ask what’s available and decide whether it suits your needs.

Choose Airwallex for your payment gateway solution

Airwallex is more than a payment gateway; it helps thousands of businesses simplify their financial operations and grow without limits.

Our platform provides an end-to-end payment solution allowing you to collect, hold, manage and spend on the same platform.

As a payment gateway provider, payment processor and acquirer we stand out for global reach, competitive pricing, advanced security, seamless integration with tools like Shopify and WooCommerce and detailed reporting analytics.

If you’re looking for a trusted, lightning-fast way to accept payments online, with Airwallex you can: 

• Securely accept local and global payments from customers (no coding required)

• Choose from 160+ payment methods

• Protect yourself against fraud

• Integrate with eCommerce platforms in minutes

• Save on costly domestic and foreign processing fees

• Eliminate unnecessary FX conversion fees

• Boost checkout conversion rates

• Streamline your end-to-end cash management

• Manage your finances with one easy-to-use dashboard

 Plus, Airwallex offers a range of additional features that help boost your bottom line. You can get more control over your team’s expenses, move money across borders cost-efficiently, automate bill paying, issue multi-currency employee cards and get real-time visibility over your cash flow with our market-leading technology.

Our payment solutions include an all-in-one Business Account with seamless integrations, powerful and flexible APIs to programmatically manage your money, and technology to build your own global financial products.

FAQs about payment gateway providers 

What is a payment gateway provider?

A payment gateway provider facilitates safe and secure online transactions. It encrypts and transmits payment data from a customer to a merchant and their associated bank. 

What important factors to choose when selecting a payment gateway solution?

It’s worth considering security credentials, supported payment methods, fees, currency support, integration with your business systems, transaction success rates, scalability and the quality of customer support available. 

How much does it cost to onboard a payment gateway solution?

Pricing varies widely between providers. Factors like setup fees, monthly subscription charges, transaction and currency conversion fees will impact cost. 

How safe are payment gateway services?

Most payment gateway services are safe. The best use advanced end-to-end encryption tools and are compliant with security standards like PCI DSS to prevent unauthorised access or fraud. 

Sources & references

¹ https://www.adyen.com/en_AU/pricing

² https://gocardless.com/en-au/pricing/

³ https://www.paypal.com/au/enterprise/payment-methods

⁴ https://www.revolut.com/business/business-account-plans/

⁵ https://www.shopify.com/au/pricing

⁶https://www.worldpay.com/en-au/pricing

Disclaimer:  We wrote this article in Q3 2024. The information was based on our own online research and we were not able to manually test each tool or provider. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. If you would like to request an update, feel free to contact us at [email protected].

This information doesn’t take into account your objectives, financial situation, or needs. If you are a customer of Airwallex Pty Ltd (AFSL No. 487221) it is important for you to read the Product Disclosure Statement (PDS) for the Direct Services, which is available here.