What to Know Before Getting Started
Starting a New Business?
Selecting a credit card processor is often more complicated than most people expect. How much should you be paying in fees? Should you lease or buy equipment? Should you be locked into a service agreement for anything length of time? These considerations and several others are imporant to understand before signing up with any merchant account provider. Mistakes are easily made and can be very costly to your business. Along with seeing our top choices for payment services below, be sure to checkout this post to avoid common traps in the merchant services industry.
Considerations For Current Business Owners
Changing merchant accounts can be an expensive, complicated, and time consuming process. Are you really going to save as much as promised? Do you need to buy to new equipment or sign new lease agreements? Will there be other less accountable costs such as those associated with employee retraining? Before selecting one of our choices below, you may want to consider renegotiating your fees with your current payment processing vendors using the help of a contingency-compensated consultant. It can result in a dramatic decrease in costs without the pains of switching. In some cases business owner have also obtained substantial refunds of prior overcharges along with saving thousands in future processing costs. See this post to learn more about this little-known alternative to changing merchant account provider.
There are several common scenarios in which a business can benefit from accepting international payments or multiple currencies. Most frequently, a domestic e-commerce or MOTO merchant might develop an unexpectedly large customer base in a foreign country. In another case, a large retailer or distributor may need to establish a payment channel with a foreign manufacturer. In a less common circumstance, a high risk business with an offshore merchant account may need to be able to accept, convert, and pay out locally in multiple currencies. All of these business types have equally valid needs when it comes to international payment processing, but the challenges they face can be very different. This makes it difficult to not only find a credit card processor that can handle multiple currencies, but to also ensure that the processor chosen is ethically operated and a good fit for the merchant’s business type.
To help you find the right processor for your business, we’ve put together the following list of the best merchant accounts for international payments. The providers on this list can enable your business to accept multiple currencies, target overseas markets, and make payments in foreign currencies when necessary. Some of these companies specialize in international e-commerce processing for domestic businesses, while others are better for multinational or offshore organizations. For each company listed, we have specified the types of international processing that each provider is capable of. However, it is always best to get in touch with a few companies on this list to compare pricing and confirm the services they offer. Merchants can also expect to pay additional markups for currency conversion in most cases.
Our unbiased articles are supported in part by helping you find highly reviewed merchant accounts. You can learn more here.
Why These Merchant Account Providers
Based in Woodland Hills, California, PaymentCloud is a merchant account provider that specializes in serving high risk business types. The company’s products and services include point-of-sale solutions, mobile phone swipers, an online payment gateway and virtual terminal, EMV-compatible terminals, and merchant cash advances. PaymentCloud is a good option for merchants who require offshore merchant accounts.
PaymentCloud provides a dedicated account rep to all new merchants for the life of the account. The company has not received any negative complaints on consumer forums, and it customizes its pricing according to each merchant’s business type and processing history. The BBB does not maintain a profile for PaymentCloud at this time, but CPO gives the company an “A.”
2Checkout (also known as 2CO) is a Columbus, Ohio-based merchant account provider that specializes in providing a global payment solution for e-commerce merchants. 2Checkout provides checkout experiences in 15 different languages, localized price displays, and the option for customers to pay with one of 25 currencies during the checkout process. Merchants can choose to be paid in over 20 different currencies, and the entire checkout process is hosted on the merchant’s website (rather than redirected to a third-party page). 2Checkout does not require that businesses be incorporated in the U.S. to receive payments, making it a great online payment option for businesses with overseas operations or alternate websites for foreign markets.
2Checkout offers standard pricing of 2.9% plus $0.30 per transaction for U.S.-based merchants, but its rate will vary for merchants incorporated in other countries and high risk merchants. There is no monthly fee, setup fee, or early termination fee for 2Checkout merchants. Our review of 2Checkout gives the service an “A-” overall while the BBB gives 2Checkout an “A+.”
For more information, see the 2Checkout website.
Durango Merchant Services
Headquartered in Durango, Colorado, Durango Merchant Services is a merchant account provider specializing in traditional and high risk merchant accounts for domestic and international businesses. Durango can provide processing for U.S. businesses that need to accept multiple foreign currencies like the Canadian Dollar, the Australian Dollar, the UK Pound Sterling, the Japanese Yen, and the Euro. The company can also assist high-risk businesses that need to establish offshore merchant accounts in order to accept payments from foreign and domestic buyers. Durango’s multi-currency merchants can configure their web stores to show static pricing in each customer’s local currency, or they can set a fixed USD price on the backend and show visitors in other countries a fluctuating local amount according to available exchange rates (updated daily).
Durango offers the most flexibility in the types of businesses it can serve, so it’s a good option for businesses that struggle to find processors due to high chargeback ratios or excessive transactions from countries with large amounts of fraud. Durango customizes its pricing for each merchant, but its sales team is consistently praised by merchants and third-party reviewers. Our review of Durango currently gives the company an “A+,” and the BBB also gives Durango an “A+.”
Headquartered in Levi, Utah, ProPay is an e-commerce merchant account provider that is capable of providing international payment acceptance as well as settlement in multiple currencies. ProPay merchants can accept payments in over 150 different currencies and make payments in over 35 countries and 19 international currencies through the company’s tokenized ProtectPay solution. ProPay is also able to process ACH transactions for e-commerce and multinational businesses through its virtual terminal and online payment gateway. ProPay does not offer offshore merchant accounts, so it is best for domestic businesses that conduct a large amount of international transactions.
ProPay’s pricing will vary depending on each merchant’s business type, size, time in business, and preferred method of payment acceptance. The company is a TSYS subsidiary and has a very low complaint total in the past three years for a provider of its size. Our review of ProPay currently gives the company an “A” rating, while the Better Business Bureau gives ProPay an “A+.”
For more information, see the ProPay website.
Other Merchant Account Options
The providers in this section may not have been researched as thoroughly or may lack a quality that prevented them from being listed above. We have listed them here to provide a broader view of potential merchant account options. Are you a decision maker with your company and believe that you should be listed below? Tell us here.
By far the most popular online payment gateway on the market, Authorize.Net is an e-commerce solution that allows merchants to accept payments from any country on the planet. Authorize.Net offers QuickBooks integration, address verification, and payment tokenization as part of its payment gateway, and it also integrates with a vast array of third-party services and shopping carts out of the box. International payment processing through Authorize.Net is only available for businesses domiciled in the U.S., Canada, the UK, most of Europe, and Australia. Businesses headquartered in other countries will need to obtain an advanced solution from CyberSource in order to accept international payments and settle in different currencies.
Authorize.Net charges a flat per-transaction fee of 2.9% plus $0.30 on top of a setup fee of $49 and a monthly gateway fee of $25. The service has become the industry standard in many ways and is a good fit for standard-risk businesses of all sizes that need to accept (but not make payments in) multiple currencies. Our review of Authorize.Net gives the company a “B+” rating, while the BBB gives it an “A+.”
For more information, see the Authorize.Net website.
Braintree Payment Solutions
Braintree is an online payment processor and PayPal subsidiary headquartered in Chicago, Illinois. Braintree enables merchants to accept payments from over 40 countries through its easily integrated payment platform and through PayPal’s payment network. Braintree supports over 130 currencies and can settle in 13 different currencies (although its default is USD). At this time, merchants may only use Braintree if they are domiciled in the U.S., Canada, Australia, Europe, Singapore, Malaysia, Hong Kong, or New Zealand. Braintree is a good option for small businesses that would like an affordable online payment option that is capable of accepting international payments.
Braintree charges a flat per-transaction rate of 2.9% plus $0.30 (free for the first $50,000 processed) and does not enforce any monthly fees or early termination fees. The company consistently receives positive reviews for its sales and support teams. Our review of Braintree gives it an “A+,” and the BBB also gives Braintree an “A+.”
If your business offers international payments or support for multiple currencies, please leave a comment in the comment section below or contact us through our contact page in order to get listed in this article.