We collaborate with in house or integrated systems via third-party vendors including Worldpay, SagePay, Stripe or PayPal. Out of the myriad of suppliers, they can be segmented into two different groups:
Entire end-to-end:
Stripe and PayPal are examples of this, although there are others. Here, you can use their service, as they deal with the company facilities and monetisation, whilst furnishing you with a dashboard. Your balance sheet accumulates for every sale and such payments are credited to your bank account (often weekly). This remains a convenient choice, as Stripe levies 1.4% +20p (correct as per publishing) for European cards, and 2.9% +20p for non-European cards. What’s more, is that this dedicated service allows for corrections to be made in case of any error. The downside is the extensive KYC documentation and an up to 2 day turnaround time for approval as prerequisites. Generally, there’s no monthly maintenance fee for this framework.
Merchant services:
SagePay and Worldpay are contenders, which link your bank and site or app. This merchant charges a set price per transaction. Subsequently, your bank also charges a percentage above this fee. The merchants usually charge 10-20p for every transaction and often have specific packages as per order volumes. The main advantage here is the economy and quicker processing time (typically within a day for approval).