Web Technology Expert: Top 12 Payment Gateways in Hungary That You Need To Know
Payment gateways serve as the backbone of the online industry, and there is ample opportunity for payment providers to collaborate with some of the best brands in the market to enhance their business.
Online service providers must integrate payment gateways into their online platforms to ensure that customers can make seamless payments using their preferred payment methods.
Payment Solution Landscape in Hungary
In 2021, Hungary achieved substantial cost savings of $39 million for businesses and consumers, unlocking an additional $153 million in economic output. The European nation is projected to increase its real-time transactions to 471 million by 2026.
Hungary reaps significant benefits from real-time payments, but the fintech sector’s potential remains somewhat limited, despite the introduction of specific regulatory frameworks for these service providers.
The pandemic has had a notable impact on the wholesale and retail sectors. Despite the crisis, contactless payment models have emerged as the way of the future, accentuating the need for POS terminals to accept digital payments.
Post-pandemic, the number of online shoppers has surged, reaching 74.3% currently.
Criteria to Consider When Choosing Payment Gateways in Hungary
Selecting a payment gateway is not a one-time decision; it involves evaluating various criteria. As a business owner, you should consider several essential factors before shortlisting a payment solution provider. Here are some considerations:
Reliability: It’s crucial to choose a reliable payment service provider for financial matters, ensuring trust in your payment channel and the security of transactions.
Supported Currencies: Confirm that your payment gateway supports the currencies relevant to your transactions.
Payment Options: Assess whether the gateway allows you to split payments between vendors and offers flexible payment terms.
Market Integrations: In the rapidly evolving tech landscape, ensure that your payment provider supports seamless integrations with new markets.
Security: Given the financial nature of transactions, prioritize gateways with robust security features to build trust among users.
Pricing and Other Fees: Be aware of the various fees, such as conversion fees, transaction fees, and others, when shortlisting a provider.
Best Payment Gateways in Hungary
2Checkout
2Checkout, a globally recognized brand present in 211 countries, offers various services to end customers, including PCI compliance, multi-lingual support, and multi-currency access.
Pricing and Other Fees:
- Setup fee: Free
- Annual Fee: None
- Monthly fee: None
- Charges on refunds: Available on request
- Commission per transaction: Choose from three payment plans based on your needs.
- Accepted Payment Methods: A wide range of credit/debit cards and other options.
- Supported Currencies: Covers 87 major currencies.
- Approvals and Onboarding Time: Available on request
- eCommerce Platform Integration: Compatible with all major e-commerce platforms.
Braintree
Braintree revolutionizes online business payment acceptance, facilitating connections between customers and merchants.
Pricing and Other Fees:
- Setup fee: Free
- Annual Fee: None
- Monthly fee: None
- Charges on refunds: None
- Commission per transaction: Varies depending on payment method.
- Accepted Payment Methods: Extensive credit/debit cards and digital wallets.
- Supported Currencies: Available in 45 currencies.
- Approvals and Onboarding Time: Immediate usage after approval.
- eCommerce Platform Integration: Compatible with all major platforms.
Checkout.com
Checkout.com, a payment service provider, offers digital payment solutions for global businesses, with modular technology to manage risk and fraud efficiently.
Pricing and Other Fees:
- Setup fee: Free
- Annual Fee: None
- Monthly fee: None
- Charges on refunds: Available on request
- Commission per transaction: Varies based on card type and location.
- Accepted Payment Methods: Credit/debit cards and other digital payment options.
- Supported Currencies: Supports all major currencies.
- Approvals and Onboarding Time: Available on request
- eCommerce Platform Integration: Compatible with various platforms.
Authorize.net
Authorize.net enables businesses to accept credit card and electronic payments, facilitating secure transactions via their websites.
Pricing and Other Fees:
- Setup fee: Free
- Annual Fee: None
- Monthly fee: $25
- Charges on refunds: Available on request
- Commission per transaction: Percentage-based.
- Accepted Payment Methods: Credit/debit cards and various payment options.
- Supported Currencies: Multiple currencies supported.
- Approvals and Onboarding Time: 2 business days
- eCommerce Platform Integration: Compatible with several platforms.