If you’re looking to expand your business into Greece and facilitate online payments, a dependable payment gateway is essential. With numerous options available, selecting the right one can be a time-consuming process. But don’t worry; we’ve got you covered.
In this article, we’ve compiled a list of the top 10 payment gateways in Greece for processing and managing online payments. Additionally, we’ll discuss key considerations to help you make an informed choice for your business. Let’s dive in.
Payment Solution Landscape in Greece
The Greek eCommerce market is on the rise, thanks to increasing internet penetration and government initiatives aimed at digital transformation. The revenue generated by this market is projected to exceed USD 4,000 million by 2023 and USD 6,000 million by 2027, with a compound annual growth rate (CAGR) of 9.81%.
In a shift from a traditionally cash-based economy, Greece now witnesses the growing popularity of alternative payment methods, driven by the surge in internet usage and the eCommerce sector. In 2021, 26% of online payments in Greece were made using digital wallets, while 13% were through card payments. These trends are expected to continue.
To capitalize on these emerging trends, businesses operating in Greece or expanding into the market must provide innovative and alternative payment solutions to their customers. To achieve success in this endeavor, a reliable payment gateway is indispensable. Let’s explore the critical factors to consider when choosing a suitable payment gateway.
Criteria to Consider When Selecting Payment Gateways in Greece
Here are the factors you should keep in mind when evaluating payment gateways in Greece:
Supported Currencies: To expand your business globally, ensure that the payment gateway supports major currencies, including the Greek currency. Keep in mind that gateways supporting more currencies may come with higher costs and currency conversion fees.
Payment Options/Methods: Look for a payment gateway that offers various payment options to cater to diverse customer preferences. This should include traditional and alternative methods like bank transfers, direct debits, credit and debit cards, digital wallets (e.g., Alipay, Apple Pay), cryptocurrencies, and more.
Market Integrations: Integration capabilities are essential, especially if your business relies on eCommerce platforms, marketplaces, or CRM tools. Ensure that your chosen payment gateway can seamlessly integrate with these tools to streamline operations.
Security: Security is paramount when it comes to payment gateways. Look for gateways that meet the highest security standards, such as PCI compliance, robust fraud detection, and data encryption. A track record of safeguarding sensitive information builds trust and confidence.
Pricing and Other Fees: The cost structure of the payment gateway can significantly impact your business. Consider various fees, including chargeback fees, transaction fees, refunds, and monthly charges. Be aware of any extra charges for recurring or international payments.
Reliability: A reliable payment gateway should handle large transaction volumes, maintain high uptime, offer an impressive authorization rate, provide dedicated technical support, and offer scalability for your business.
Now, let’s explore the top 10 payment gateways in Greece:
Rapyd supports popular payment methods in Greece, making it efficient for accepting and managing payments. It offers integration with major eCommerce and CRM platforms, including Shopify, Magento, Wix, and WooCommerce.
Adyen is a global payment solution that allows you to accept payments from customers worldwide. It supports various payment methods, including credit and debit cards. Adyen integrates with eCommerce and CRM platforms like Vue Storefront and Big Commerce.
2Checkout offers a localized checkout experience and accepts payments globally, including Greece. It integrates with eCommerce platforms such as Shopify, BigCommerce, and WooCommerce.
Braintree is a reliable payment service for accepting payments in Greece and around the world. It supports numerous payment methods, including credit and debit cards, as well as alternative methods like giropay and Apple Pay.
Checkout provides comprehensive payment gateway services and supports popular payment methods. It accommodates various credit and debit cards and alternative payment methods, making it suitable for a broad audience.
Authorize.net is a reliable payment gateway suitable for startups and small businesses. It accepts payments through various methods, including credit and debit cards and alternative options like Apple Pay.
Stripe is a versatile payment gateway that supports numerous payment options and can be used by both small and established enterprises. It integrates with eCommerce and CRM platforms like NetSuite and Shopify.
Skrill is a trustworthy payment platform used by businesses in various industries. It supports different payment methods and currencies and offers a streamlined checkout experience.
MONEI provides a seamless and secure checkout experience, supporting a range of payment methods and currencies. It integrates with eCommerce and CRM platforms like Shopify and Magento.
Revolut offers a customizable checkout experience and is suitable for integrating into your website or app. It supports various payment methods and integrates with eCommerce and CRM platforms like Shopify and PrestaShop.
The Growing Complexity of Local Payment Gateways for Businesses
While local payment gateways may offer convenience, they can limit your business’s growth potential. Over time, businesses may encounter challenges due to regional limitations. Unexpected increases in transaction charges or service disruptions can negatively impact the customer experience.
Web Technology Expert offers a solution for businesses looking to maintain both convenience and flexibility. By integrating over 30 leading payment gateways, Web Technology Expert provides access to 300+ local and international payment solutions. With payment routing, you can ensure business continuity and cost control, even in the face of challenges.
To learn more about Web Technology Expert, you can request a free trial today!