When you’re running a business, especially online, choosing the right payment gateway is essential. It’s the bridge that connects your customer’s money with your business account. Whether you’re based in Cyprus or selling internationally, the payment gateway you choose can impact everything from transaction costs to customer satisfaction.
If you’re a business owner in Cyprus, it’s crucial to pick a payment gateway that not only fits your business model but also meets your customers’ needs. With so many options available, we’ve put together a list of the Top 10 Best Payment Gateways in Cyprus. Each of these has its own set of features, so you can find one that works best for your business.
If you’re also looking to explore payment gateway options for businesses in Belgium, check out our detailed article on the Top 10 Best Payment Gateways in Belgium.
What is a Payment Gateway?
A payment gateway is a technology that enables businesses to accept payments from customers electronically. It acts as a bridge between a merchant’s website or app and the financial institutions involved in the transaction, ensuring secure and swift payment processing.
How Does a Payment Gateway Work?
- Customer Initiates Payment: The process begins when a customer places an order and enters payment details.
- Encryption: The payment gateway encrypts the customer’s data to ensure security.
- Authorization: The encrypted data is sent to the acquiring bank, which forwards it to the card network for approval.
- Processing: Upon approval, the payment is processed, and funds are transferred to the merchant’s account.
- Confirmation: The gateway sends a confirmation to the customer and the merchant about the successful transaction.
All About Cyprus
Cyprus, a Mediterranean island nation, is a significant business hub known for its favorable tax policies, robust banking system, and growing fintech ecosystem. With a well-connected infrastructure and increasing adoption of digital payment systems, Cyprus is positioned as a strategic location for businesses looking to expand in Europe and beyond.
Why Do You Need a Payment Gateway in Cyprus?
- Support for Diverse Payment Methods: Payment gateways allow businesses to accept credit/debit cards, e-wallets, and bank transfers.
- Enhanced Security: They provide encryption and fraud detection features to protect sensitive customer data.
- Global Reach: Many payment gateways support multiple currencies, enabling businesses in Cyprus to cater to international customers.
- Streamlined Transactions: Payment gateways automate transaction processes, reducing manual errors.
Types of Payment Gateways
- Hosted Payment Gateways: Customers are redirected to the gateway’s page for payment.
- Integrated Payment Gateways: Payments are processed directly on the merchant’s website via APIs.
- Self-Hosted Gateways: Merchants host the gateway on their servers, providing more control.
- Mobile Payment Gateways: Specifically designed for transactions via mobile devices.
Top 10 Best Payment Gateways in Cyprus
Here’s a list of the Top 10 Best Payment Gateways in Cyprus, including both global and local solutions to help businesses in Cyprus make informed decisions:
1. PayPal
PayPal is one of the most widely recognized payment gateways globally, making it a trusted choice for both businesses and customers. It allows merchants to accept payments securely and easily from customers across the world. With PayPal, businesses can offer a seamless checkout experience that supports credit cards, debit cards, and PayPal account balances.
Its global presence and reliability make it particularly valuable for businesses engaged in international trade. The platform also provides comprehensive buyer and seller protections, reducing the risk of fraud and disputes.
Key Features:
- Simple integration with websites and e-commerce platforms.
- Multi-currency support for international transactions.
- Strong buyer protection policies.
Pricing:
- Standard transaction fee: 2.9% + €0.30 per transaction.
Why to Choose: PayPal is ideal for businesses of all sizes that want a secure, globally recognized solution with multi-currency capabilities.
Pros:
- Widely Accepted Globally: Trusted and recognized worldwide.
- Easy Setup and Use: Simple to integrate and start using.
- Security Features: Provides strong fraud protection and buyer/seller protection.
Cons:
- High Transaction Fees: Particularly for international payments.
- Account Freezing Risk: Accounts may be frozen due to suspicious activity.
- Limited Customization: Not as customizable for advanced business needs as other platforms like Stripe.
2. Stripe
Stripe is a cutting-edge payment gateway designed for developers and businesses that need highly customizable payment solutions. It offers a wide range of tools and APIs to create tailored payment experiences. With support for a variety of payment methods, including credit cards, debit cards, and wallets, Stripe is suited for businesses of any size.
It also features powerful analytics and reporting tools to help businesses monitor and optimize their operations. Stripe’s emphasis on flexibility and innovation makes it a top choice for tech-savvy enterprises.
Key Features:
- Customizable APIs for bespoke solutions.
- Recurring billing support for subscription-based services.
- Advanced reporting tools.
Pricing:
- 2.9% + €0.25 per transaction.
Why to Choose: Choose Stripe if you’re a developer or a business requiring a flexible, scalable, and feature-rich gateway.
Pros:
- Highly Customizable: Offers tailored solutions for different business models.
- Advanced Features: Includes tools for subscription services, reporting, and analytics.
- Developer-Friendly: Flexible API integrations for tech-savvy businesses.
Cons:
- Not Ideal for Small Businesses: Can be overwhelming for small businesses without technical expertise.
- Higher Setup Complexity: Setup can be complex for non-technical users.
- Limited Local Support: Stripe’s customer service might not be as readily available in some regions.
3. 2Checkout (now Verifone)
2Checkout, now part of Verifone, is a versatile payment gateway designed for global businesses. It supports a range of payment methods and currencies, making it perfect for e-commerce merchants catering to international customers.
The platform includes advanced fraud protection and subscription billing features, ensuring both security and convenience. Businesses can use 2Checkout to expand their reach while offering customers a smooth, localized payment experience.
Key Features:
- Recurring billing for subscription services.
- Robust fraud prevention measures.
- Multi-currency and multi-language support.
Pricing:
- 3.5% + €0.30 per transaction.
Why to Choose: 2Checkout is ideal for businesses focusing on cross-border transactions and subscription-based models.
Pros:
- Global Reach: Supports payments in multiple currencies and languages.
- Security Features: Robust fraud prevention and chargeback management.
- Recurring Billing: Excellent for subscription-based services.
Cons:
- Higher Fees: Transaction fees are higher compared to others.
- Complex Setup: Some users report a lengthy and complex setup process.
- Limited Customization: Less flexibility in customizing the checkout process compared to Stripe.
4. Viva Wallet
Viva Wallet is a European-based payment gateway with a strong presence in Cyprus. The company provides businesses in Cyprus with comprehensive payment solutions that are affordable and easy to implement. Viva Wallet supports local payment methods, as well as providing a free card reader and 0% fees for payments made via Viva Wallet cards.
Key Features:
- Local payment method support.
- Free card reader for physical transactions.
- Seamless integration with online stores and e-commerce platforms.
- Multi-currency and multi-language support for international customers.
Pricing:
- 0% fee for payments via Viva Wallet cards.
Why to Choose: Choose Viva Wallet if you’re an SME looking for a cost-effective and efficient local payment solution.
Pros:
- Low-Cost Option: Zero fees for payments made via Viva Wallet cards.
- Local Focus: Tailored specifically to meet the needs of Cypriot businesses.
- Ease of Use: Simple setup and easy integration with various platforms.
Cons:
- Limited International Reach: While it offers multi-currency support, it may not be as flexible for international businesses as global providers.
- Limited Advanced Features: It doesn’t offer as many advanced features as other global payment gateways, such as advanced reporting or developer APIs.
5. Revolut Business
Revolut Business is a modern payment gateway tailored for startups and small businesses. Known for its transparency, it offers a low-cost, multi-currency platform that integrates with leading e-commerce platforms.
Revolut’s additional features, such as expense tracking and business account management, make it more than just a payment gateway. It’s a comprehensive financial tool for growing businesses.
Key Features:
- Multi-currency support with competitive exchange rates.
- Integration with popular e-commerce platforms.
- Built-in business financial tools.
Pricing:
- Starting at 1.3% per transaction.
Why to Choose: Revolut Business is ideal for businesses seeking an all-in-one solution with low fees and modern features.
Pros:
- Multi-Currency Support: Competitive exchange rates for international transactions.
- Business Tools: Expense tracking, tax reports, and integrations with accounting software.
- Low Fees: Competitive pricing, especially for international transactions.
Cons:
- Limited Global Reach: While growing, Revolut’s availability is still limited in some countries.
- Not Ideal for High-Volume Businesses: Might not be suitable for large enterprises with high transaction volumes.
6. JCC Payment Systems
JCC Payment Systems is a trusted local provider in Cyprus, offering solutions tailored to Cypriot businesses. It supports multi-currency transactions and provides advanced fraud detection tools.
Its familiarity with the local market allows JCC to offer services that align with the specific needs of businesses in Cyprus.
Key Features:
- Multi-currency support for both local and international payments.
- Fraud prevention measures tailored to the local market.
- Support for in-store and online transactions.
- Reliable customer support in Cyprus.
Pricing:
- Negotiable based on business needs.
Why to Choose: JCC is a great option for businesses looking for a locally trusted payment partner.
Pros:
- Local Expertise: Strong understanding of Cypriot businesses and regulations.
- Customizable Solutions: Services can be tailored to the specific needs of businesses.
- Comprehensive Payment Methods: Supports credit cards, debit cards, and other local payment methods.
Cons:
- Pricing Not Transparent: Pricing is negotiable, making it less transparent than international competitors.
- Limited Global Features: May not offer the same international scalability and features as global providers like PayPal or Stripe.
7. CardPay
CardPay specializes in secure card transactions, catering primarily to high-volume merchants. Its focus on PCI DSS compliance ensures the highest standards of payment security.
CardPay supports a wide range of currencies and offers advanced analytics tools, making it a preferred choice for businesses that process large transaction volumes. Its tailored solutions cater to the specific needs of enterprise-level clients.
Key Features:
- PCI DSS compliance for secure payments.
- Supports multiple currencies.
- Comprehensive analytics tools.
Pricing:
- Custom pricing based on transaction volume.
Why to Choose: CardPay is perfect for businesses requiring secure, high-volume payment processing with advanced analytics.
Pros:
- PCI DSS Compliant: Offers the highest level of security for card transactions.
- Advanced Analytics: Provides detailed data insights for businesses.
- Custom Solutions: Tailored for large enterprises with high transaction volumes.
Cons:
- Complex Setup: Advanced tools may require dedicated resources to implement.
- Custom Pricing: Pricing structure can be unclear for small businesses.
8. Skrill
Skrill is a popular digital wallet and payment gateway that allows businesses to accept payments quickly and securely. It’s particularly useful for online services and digital product merchants.
With its support for cryptocurrency transactions and competitive fees, Skrill is a versatile choice for modern businesses.
Key Features:
- Supports cryptocurrency payments.
- Competitive transaction fees.
- Easy integration for online platforms.
Pricing:
- 1.9% per transaction.
Why to Choose: Skrill is ideal for businesses offering digital products or services, with its support for fast and affordable transactions.
Pros:
- Supports Cryptocurrency: Great for businesses accepting cryptocurrency.
- Affordable Fees: Competitive rates make it ideal for small to medium businesses.
- Quick Transactions: Fast and seamless payments, especially for digital goods.
Cons:
- Limited to Digital Products: Best suited for businesses selling digital products or services.
- Account Verification Delays: Some users report delays during account verification, which can be a hassle.
9. Checkout.com
Checkout.com is a payment gateway focused on enterprise clients, offering advanced features such as real-time data and fraud prevention. It supports a wide variety of currencies and payment methods, making it an excellent choice for global businesses. Checkout.com emphasizes scalability, ensuring that it can grow with a business’s needs.
Key Features:
- Real-time analytics for decision-making.
- Advanced fraud prevention tools.
- Scalable for enterprise growth.
Pricing:
- Customized based on enterprise needs.
Why to Choose: Checkout.com is the top choice for large enterprises that need a robust, scalable payment solution.
Pros:
- Enterprise-Focused: Designed for businesses with large-scale operations.
- Real-Time Analytics: Provides valuable insights to help businesses optimize their operations.
- Scalable: Perfect for growing businesses as it can easily scale with your needs.
Cons:
- Expensive for Small Businesses: Higher fees compared to other gateways, making it less ideal for small businesses.
- Complex Integration: Can be difficult to integrate without technical expertise, especially for smaller teams.
10. Worldline
Worldline is a global payment gateway that offers specialized solutions for businesses in Cyprus. With omnichannel support and advanced analytics, Worldline helps businesses streamline their payment processes across online and offline platforms. Its focus on scalability makes it ideal for growing businesses looking to expand their operations.
Key Features:
- Omnichannel support for seamless payments.
- Advanced analytics for business insights.
- Localized solutions for the Cypriot market.
Pricing:
- Tailored packages based on business requirements.
Why to Choose: Worldline is ideal for businesses aiming to scale and streamline their operations with a trusted global partner.
Pros:
- Omnichannel Support: Seamlessly integrates online and offline payments.
- Advanced Analytics: Provides businesses with key data to improve decision-making.
- Scalable: Can grow with your business as it expands globally.
Cons:
- Complex Solutions: More suitable for larger businesses with higher transaction volumes and specific needs.
- Pricing: Can be more expensive, particularly for small businesses.
What Should I Look for When Choosing a Payment Gateway in Cyprus?
When choosing a payment gateway, consider factors like:
- Customer support: Opt for a provider that offers reliable, localized customer support.
- Transaction fees: Some gateways charge higher fees for certain payment methods or international transactions.
- Security features: Look for features like encryption, fraud protection, and secure processing.
- Integration: Choose a gateway that integrates smoothly with your existing website or e-commerce platform.
- Payment methods supported: Make sure it supports the payment methods your customers prefer (credit cards, PayPal, mobile payments, etc.).
How to Choose the Best Payment Gateway in Cyprus?
- Consider Business Needs: Understand your transaction volume and customer base.
- Check Integration Options: Ensure compatibility with your e-commerce platform.
- Evaluate Security Features: Look for PCI DSS compliance and fraud protection.
- Compare Costs: Analyze transaction fees, setup costs, and other charges.
- Customer Support: Opt for providers with reliable and accessible support.
Why Cyprus is Emerging as a Fintech Hub?
- Strategic Location: Gateway to Europe, Asia, and the Middle East.
- Supportive Government Policies: Favorable tax regulations and incentives.
- Skilled Workforce: High literacy rates and tech-savvy professionals.
- Growing Tech Ecosystem: Increasing investment in fintech startups.
Advantages & Disadvantages of Payment Gateways in Cyprus
Advantages:
- Secure transactions
- Support for multiple currencies
- Scalability for business growth
Disadvantages:
- Transaction fees can add up
- Complex integration for some platforms
Do I Need A Business Account To Use A Payment Gateway In Cyprus?
Yes, most payment gateways require you to have a business account in order to accept payments. This is especially important if you’re running a registered business in Cyprus. A business account ensures secure transactions, and it ensures that payments are processed under your business’s name rather than your personal account.
Here are a few popular payment gateways in Cyprus and their requirements:
Stripe: Stripe requires a business account and is popular for online businesses. It’s especially favored by startups and tech-savvy businesses due to its flexibility and developer-friendly integration.
PayPal: PayPal allows businesses in Cyprus to accept payments, but a business PayPal account is needed to process payments. It supports multiple currencies and is widely used internationally.
Viva Wallet: Requires a business account for access to a range of services, including local and international payment processing. It’s especially advantageous for businesses operating in Cyprus.
JCC Payment Solutions: Designed for local businesses in Cyprus, JCC requires a business account to accept payments through credit/debit cards, mobile wallets, and more.
What Happens If My Payment Gateway Account Gets Frozen?
Payment gateways, particularly PayPal, are known to freeze accounts if they detect unusual activity. This can happen if your business has a sudden spike in sales, receives chargebacks, or if there’s suspicion of fraud. If this happens, you should contact the customer support team to resolve the issue and provide any requested documentation. It’s important to follow the platform’s guidelines to avoid this in the future.
Payment gateways, particularly PayPal, are known to freeze accounts if they detect unusual activity or risk. This can happen if:
- Your business experiences a sudden spike in sales.
- You receive multiple chargebacks.
- There’s suspicion of fraud or a dispute with customers.
If this happens, you should:
- Contact customer support immediately to resolve the issue.
- Provide documentation or evidence of your business operations, especially if you’ve experienced a sharp increase in sales.
- Follow the gateway’s guidelines to avoid future issues, like keeping accurate records of transactions and maintaining good customer service practices.
Payment gateways like Viva Wallet and Stripe may also freeze accounts, but they typically have more personalized customer support to help resolve issues quickly. It’s always a good practice to maintain transparent and smooth transaction history to minimize the risk of account freezes.
FAQs
What Are The Typical Transaction Fees For Payment Gateways In Cyprus?
Transaction fees can vary significantly between gateways. On average, global gateways like PayPal charge around 2.9% + fixed fees for international transactions, while local solutions like JCC Payment Solutions or Viva Wallet might offer more competitive rates for domestic transactions. Always read the terms carefully, as some gateways charge additional fees for currency conversion, chargebacks, or subscription billing.
How Do Payment Gateways In Cyprus Handle Multi-Currency Transactions?
Most major payment gateways, including PayPal, Stripe, and Viva Wallet, support multi-currency transactions. This allows businesses to accept payments from customers worldwide, without needing to convert currencies manually. For Cypriot businesses that trade internationally, this is a huge advantage, as it simplifies cross-border transactions and can save on conversion fees.
Can I Accept Payments On My Mobile App Using These Payment Gateways?
Yes, many payment gateways, including Stripe, PayPal, and Apple Pay, offer mobile integration options. This allows you to accept payments not only on your website but also within your mobile apps. For businesses targeting mobile-first customers, integrating these payment methods can improve the overall user experience.
Is It Safe To Use These Payment Gateways For Online Transactions?
Yes, the payment gateways listed in this article (such as PayPal, Stripe, and JCC Payment Solutions) use industry-standard encryption and security features to protect transactions. They follow PCI DSS (Payment Card Industry Data Security Standard) protocols, ensuring that customer data is kept safe. Always check that the gateway you choose offers fraud protection tools and secure payment methods.
What Happens If I Face Issues With A Payment Transaction?
In case of issues like failed transactions or disputes, most payment gateways offer customer support to help resolve the problem. For example, PayPal offers dispute resolution features, while Stripe has 24/7 support for technical issues. You can also work directly with your gateway provider to address chargebacks, refunds, or any unexpected issues.
Are There Any Payment Gateways In Cyprus That Accept Crypto Payments
While not as common, some payment gateways are starting to accept cryptocurrency payments. Viva Wallet, for example, is experimenting with crypto payments, allowing businesses to accept digital currencies like Bitcoin or Ethereum. If your business wants to tap into the cryptocurrency market, look for payment processors that support these options.
How Long Does It Take For Payments To Clear In Cyprus?
Payment processing times can vary depending on the gateway and the payment method used. For example, PayPal transactions are usually instant, while credit card payments may take 1–2 business days to clear. Stripe typically processes payments within 2–7 days, while local options like JCC Payment Solutions may clear payments more quickly for domestic transactions.
Conclusion
Payment gateways are indispensable for businesses in Cyprus aiming to streamline their online transactions. By understanding the various options available and evaluating their features, costs, and suitability, businesses can choose the best gateway to meet their needs. With Cyprus’ growing reputation as a fintech hub, the future of digital payments in the country looks promising.