Payment Merchants: A Detailed Comparison Guide

Key Factors to Consider When Selecting a Payment Merchant

When selecting a payment merchant, there are several key factors that you should consider. These factors will help you make an informed decision and choose the right merchant for your business. Some of the key factors include:

Terminals vs Apps: Does the payment merchant offer terminals or apps and are they compatible with your business needs? Do you need hardware or download an app to replace the hardware? Your choice will depend on needs, budget and preference. 

Hidden Fees: It's important to understand the fee structure of each payment merchant. Are there any hidden fees that you need to be aware of? Make sure you carefully review the pricing details.

Transaction Rates: Different payment merchants may offer different transaction rates. Consider the rates offered by each merchant and compare them to find the most cost-effective option for your business.

Quality Local Customer Service: Having access to quality customer service can be crucial when dealing with payment-related issues. Look for payment merchants that offer reliable and responsive customer support.

Australian-Owned and Run: If supporting local businesses is important to you, consider choosing an Australian-owned and run payment merchant. This keeps the money they make in the same economy you operate in, contributes to GDP and pays taxes that go to the same economy.

Monthly Fees: Some payment merchants charge monthly fees for their services. Take these fees into account when comparing your options.

Processing Times: How long does it take for fees to be processed and deposited into your account? Faster processing times can be beneficial for cash flow management.

By considering these key factors, you can narrow down your options and find the payment merchant that best suits your business needs.

Comparing Major Payment Merchants: Features and Services 

It can be hard to decipher what the differences are between each provider and make a decision.  Each payment provider has their own pros and cons. Here's a breakdown of the pros and cons of some leading payment providers:

Stripe

Pros: Easy integration, customisable payment forms Advanced fraud protection. 

cons: Limited customer support options

Square

Pros: User-friendly interface, comprehensive point-of-sale solutions, analytics. 

Cons: Transaction fees may be higher (2.2%) compared to other providers, upfront cost of up to $1099, and $40 per on.

Nexxtap

Pros: Seamless payment experience, low transaction fees of 1.25%, local customer service, Australian-owned and operated, no hardware costs and no monthly fees.

Cons: Not yet in the Apple apps store. 

Zeller

Pros: Tailored payment solutions, detailed reporting. 

Cons:  Less well-known compared to other providers, limited integrations with third-party platforms.

PayPal

Pros: Widely recognised, secure payment processing. Offers same-day payments. 

Cons: Higher transaction fees for international payments of up to 7%.

Tyro

Pros: is Australian-owned and run fast and reliable payment processing.

Cons: Terminal focused.  Limited payment options compared to other providers. 

Westpac EFTPOS Air

Pros: Wireless payment solution, contactless payments. 

Cons:  Limited availability compared to other providers may require additional hardware.

Nab easy tap

Pros: Contactless payment solution, fast settlement. 

Cons: Limited availability outside of specific regions.

Financial Implications: Fees, Rates, and Processing Times

The financial implications of choosing a payment merchant can have a significant impact on your business. Here are some key considerations:

Fees: Different payment merchants may have different fee structures. It's important to understand the fees associated with each provider, including transaction fees, monthly fees, and any additional charges.

Rates: Transaction rates can vary between payment merchants. Compare the rates offered by each provider to ensure you're getting the best value for your business.

Processing Times: How long does it take for fees to be processed and deposited into your account? Faster processing times can help improve cash flow and minimise delays in receiving funds.

Nexxtap Offers next-day payments into your nominated account making us an easy choice. 

Making the Decision: Which Payment Merchant is Right for Your Business?

When making the decision on which payment merchant to choose for your business, it's important to consider your specific needs and priorities. Here are some factors to consider:

Business Requirements:

Assess your business requirements and determine what features and services are essential for your operations. Consider factors like the type of payments you'll be accepting, integration with existing systems, and scalability.

Budget:

Evaluate your budget and determine how much you're willing to invest in payment processing. Consider both upfront costs and ongoing fees to ensure the chosen payment merchant is financially viable for your business. Also, consider what can grow with your business or if you plan to start on one and switch later on. 

Customer Experience:

Consider the payment experience from your customer's perspective. Look for payment merchants that offer a seamless and secure payment process to enhance customer satisfaction.

Reputation and Support:

Research the reputation of each payment merchant and review customer feedback. Additionally, consider the level of customer support provided by each provider to ensure prompt assistance when needed.

By carefully weighing these factors and considering your unique business needs, you can make an informed decision on which payment merchant is the best fit for your business.