
Price comparison Chart (Click to enlarge)
As an example of how the different service providers stand up, I’ve put together a break down of each provider for a sample sum of transactions.
If you were to receive 10 transactions through your website in a month from another country, with each transaction worth €100, here is how much you would have electronically transferred to your account at the end of that month.
The following assumes the Setup fee has already been paid and all values are in Euro.
Paypal http://www.paypal.com
You receive : €1000 (10 purchases * €100)
You pay : €42.50 (€4.25 per transaction * 10 + free transfer)
Bottom lime, you receive : €957.50 (€1000 - €42.50)
Realex http://www.realexpayments.com/
You receive: €1000 (10 purchases * €100)
You pay : €29 (€29 Monthly fee + free transfer)
Bottom line, you receive : €971 (€1000 - €29)
2Checkout http://www.2checkout.com/community/
You receive : €1000 (10 purchases * €100)
You pay : €58.20 (€5.82 per transaction * 10 + free transfer)
Bottom line, you receive : €941.80 (€1000 – €58.20)
MoneyBookers (No website payment options) http://www.moneybookers.com/
You receive : €1000 (10 purchases * €100)
You pay : €1.80 (€1.80 to transfer electronically)
Bottom line, you receive : €998.20
NoChex http://www.nochex.com/
You receive : €1000 (10 purchases * €100)
You pay : €31.30 ( €3.13 * 10 + “Negotiable” transfer fee)
Bottom line, you receive : €968.70 - “Negotiable” transfer fee
RBS Worldpay http://www.rbsworldpay.com/
You receive : €1000 (10 purchases * €100)
You pay : €39.50 (€3.95 per transaction * 10) + €20 (Monthly fee) + €4.50 (Withdrawal fee) = €64
Bottom line, you receive : €936 (€1000 - €64)
An interesting note about Paypal is that Guest buyers (those without a Paypal account and buying with their Credit Card without logging in) is limited to €1740 (£1500 GBP) per year, regardless of who’s website they are buying products or services from. So if a buyer spent €1000 combined on a couple of other websites using Paypal, the most they’d be able to spend on your site is €500 for the remainder of the year.
Also, if a buyer collectively spends €580 (£500 GBP) on your Paypal enabled website, they will be forced to register and get verified.
If you have some customers that use Paypal on their website and their customers suddenly start complaining of issues when purchasing, one of these last two points is probably the cause.
I had it in my head for a long time that Realex were too expensive. After taking the time to look into the options I’ll be using Realex for anything purchase related in future. Not only because of their better and more transparent costs but that they are also contactable via email and even Twitter!
- Update 21 July -
Take a look at a very detailed list of Payment Service Providers for Irish Merchants from Webpayments.ie.