Iceland heavily relies on tourism and e-commerce to sustain its economy, with 77% of consumers favoring online shopping. Despite its small population of 344,000, Iceland continues to attract tourists and generate revenue. In the post-pandemic era, tourism is making a comeback, leading to increased spending by the people.
Payment Solution Landscape in Iceland
Here are some noteworthy facts about the payment landscape in Iceland:
B2B sales revenues are projected to reach $508 million by 2024.
While Iceland’s local currency is the Icelandic Króna (ISK), locals prefer using debit and credit cards for online purchases.
Cash constitutes only 2.3% of the country’s GDP, as the population embraces cashless transactions.
Online transactions are primarily made using Visa and Mastercard debit and credit cards, but digital wallets and bank transfers are also popular.
Criteria for Selecting Payment Gateways in Iceland
When choosing a payment gateway in Iceland, consider these essential factors:
Reliability: Ensure the payment gateway is reputable and offers reliable customer support.
Supported Currencies: Look for gateways that support multiple currencies, allowing seamless transactions in different currencies.
Payment Options: Different gateways offer various payment options, so choose one that aligns with your market and customer base.
Market Integrations: Gateways that can handle and convert multiple currencies enable expansion into new markets.
Security: Prioritize secure platforms that protect customer data and provide encryption for payments.
Pricing and Fees: Evaluate transaction costs and fee structures to determine the most cost-effective solution.
Best Payment Gateways in Iceland
Here’s a list of the top payment gateways in Iceland that can help facilitate your online payments:
2Checkout
Ideal for global payments with over 200 supported countries.
Features: Intelligent payment routing, multi-currency support, flexible payment models, various payout options.
Pricing: Setup fee: Free, Annual fee: Free, Monthly fee: Information not available, Charges on refunds: $25.00, Commission per transaction varies by region.
Accepted Payment Methods: Credit/Debit cards, Apple Pay, Giropay, Google Pay, and more.
Supported Currencies: 100+ major currencies.
Rapyd
Offers a Global Payments API model for rapid business scalability.
Features: REST API, cloud-based architecture, Toolkit, Hosted Checkout services.
Pricing: Setup fee: Free, Annual fee: None, Monthly fee: Varies, Charges on refunds: $25.00, Commission per transaction varies by region.
Accepted Payment Methods: Credit/Debit cards, Apple Pay, Giropay, Google Pay, and more.
Supported Currencies: 50+ major currencies.
Adyen
Offers exceptional payment support, financial management, and cross-channel reporting.
Pricing: Setup fee: Free, Annual fee: None, Monthly fee: None, Charges on refunds: Information not available, Commission per transaction varies.
Accepted Payment Methods: Credit/Debit cards, Apple Pay, WeChat Pay, Google Pay, and more.
Supported Currencies: Numerous major currencies.
Braintree
Full-stack payments platform for app and website payments.
Features: Seamless integration, accept payments for startups and established businesses.
Pricing: Setup fee: Free, Annual fee: None, Monthly fee: None, Charges on refunds: No extra charges, Commission per transaction varies by payment method.
Accepted Payment Methods: Credit/Debit cards, Apple Pay, Google Pay, and more.
Supported Currencies: 45 currencies.
Skrill
Facilitates commercial and personal payments with 100s of integrations.
Pricing: Setup fee: Free, Annual fee: None, Monthly fee: None, Charges on refunds: No extra charges, Commission per transaction varies.
Accepted Payment Methods: Credit/Debit cards, Rapid transfer, Skrill digital wallet, and more.
Supported Currencies: 45 currencies.
Revolut
Offers personal and professional plans with various payment options.
Pricing: Setup fee: Free, Annual fee: Information available on request, Monthly fee: Starts from €25/month, Charges on refunds: Information available on request, Commission per transaction varies.
Accepted Payment Methods: Credit/Debit cards, and more.
Supported Currencies: 150+ currencies.
Mollie
Known for quick onboarding, affordable pricing, and multi-currency support.
Pricing: Setup fee: Free, Annual fee: None, Monthly fee: Starts from €25/month, Charges on refunds: Information available on request, Commission per transaction varies.
Accepted Payment Methods: Credit/Debit cards, Apple Pay, SOFORT Bank transfer, SEPA direct debit, and more.
Supported Currencies: 7 currencies.
Checkout.com
Accepts various payment methods and currencies.
Features: Payment gateway, processing, and international services.
Pricing: Setup fee: Free, Annual fee: None, Monthly fee: None, Charges on refunds: Information available on request, Commission per transaction: Information available on request.
Accepted Payment Methods: Credit/Debit cards, Apple Pay, Google Pay, and more.
Supported Currencies: All major currencies.
Local Payment Gateways and the Rising Complexities for Businesses
Technology plays a vital role in Iceland’s evolving payment landscape, with the rise of new payment methods and apps. As Icelanders favor credit cards for regular purchases, local banks collaborate with global counterparts to facilitate global remittances. However, the increasing cybercrimes, driven by the PSD2 payment directive, present new challenges.
How Can Web Technology Expert Help You Integrate Multiple Payment Gateways in Iceland?
Web Technology Expert understands your payment needs and offers solutions to manage multiple payment gateways seamlessly. Our services include:
A no-code platform for easy integration without coding.
Integration with 300+ payment methods.
Detailed reports and analytics for improving conversion rates.
Web Technology Expert’s services are designed to simplify your payment processing, making it efficient and effective.