Payment gateway providers for Cyprus, how to choose the best one
Today the smooth processing of online payments is crucial for businesses seeking to enhance customer convenience and optimise cash flow. Payment gateways serve as the core of this process, enabling secure transactions while offering businesses various options and functionalities. However, in Cyprus, choosing the right payment gateway aligning with regulatory standards is essential. We have prepared a comprehensive guide to selecting the best payment gateway for your business in Cyprus
Understanding Payment Gateways
A payment gateway is a technology-based service that acts as a bridge between an online business or merchant’s website and the financial institutions that handle transactions, such as banks or card networks. Payment gateways secure online transactions by validating credit card details, ensuring fund availability, and approving transactions while safeguarding sensitive customer data. This encrypted system eliminates the risk of holding customer information, adhering to stringent security and compliance standards mandated by Cypriot regulations which we will discover now
Cypriot Regulations
Cyprus’s regulatory framework spans various bodies, each overseeing distinct financial domains:
- Cyprus Securities and Exchange Commission (CySEC): Primarily regulating the investment services market and transactions in transferable securities, CySEC extends its purview to collective investments, asset management sectors, administrative services companies, and even crypto asset service providers
- Central Bank of Cyprus (CBC): As the central monetary authority, the CBC licences and supervises payment institutions and electronic money institutions, playing a pivotal role in ensuring their operations adhere to regulatory standards
- Commissioner for Personal Data Protection (CPDP): Overseeing compliance with the General Data Protection Regulation (GDPR) and Cyprus’s personal data laws, CPDP actively scrutinises adherence to data protection regulations, drives compliance, and handles complaints
Triggers for Licensing
Licensing requirements are contingent upon the services offered, aligning with MiFID II and other EU directives. Investment services, credit institutions, payment institutions, electronic money institutions, and crypto asset services providers fall under the regulatory umbrella, depending on their activities within Cyprus
Cyprus meticulously regulates consumer lending through laws like the Consumer Credit Contracts Law and Consumer Protection Law. These laws safeguard consumers by curbing unfair practices, ensuring transparent information disclosure
While general contract law principles apply to loan trading, specific regulations via The Sale of Credit Facilities and Related Matters Laws restrict the trading of credit facilities to authorised entities, mandating prior CBC approval for any entrants
CySEC supervises collective investment schemes, crucial for fintech companies managing assets. Alternative investment fund managers, regulated under the AIFMD, fall under Cyprus's purview, ensuring compliance with the regulatory regime
The Payment Services Laws, transposing PSD2 into national law, oversee payment institutions and account information service providers. Open banking fosters customer access to financial data, ensuring regulated access to payment accounts
Understanding these regulations is integral for companies looking for a reliable payment gateway in Cyprus. Compliance not only ensures operational viability but also nurtures consumer trust and confidence, vital for sustainable growth in this burgeoning sector
Vital criteria for best payment gateway
Now let’s analyse deeper which criteria payment gateway should address to completely satisfy needs of the businesses, operating in the Cyprus digital market:
Evaluate setup fees, monthly charges, and transaction fees. For high-value transactions, look for monthly fee and lower transaction charges
Ensure that the gateway supports commonly used credit cards like Visa and MasterCard, as well as other card types, if relevant to your customer base
Understand the duration for which funds are held before settlement to your account, impacting cash flow management
International business operations demand gateways capable of handling diverse currencies and foreign transactions and associated fees
For subscription-based models, prioritise gateways equipped for storing customer details and automating recurring transactions
Evaluate whether hosted gateways or integrated gateways suit your business model better, balancing security with a payment process
Ensure the gateway complies with PCI DSS Level-1 standards and offers fraud detection mechanisms for enhanced security
Look for the payment gateways accommodating mobile payments to cater to customers using various devices
Be mindful of any transaction limits imposed by the gateway, especially if your business handles high-value transactions
Check if the gateway seamlessly integrates with accounting or invoicing systems to automate payment updates
Choosing the Right Gateway
The choice of a payment gateway significantly impacts your business’s efficiency and customer experience. To assist in decision-making, a comparison chart highlighting various gateway features and functionalities can aid in making an informed choice
Transferty stands as a top-tier solution for the Cypriot market, offering an impeccable Payment Gateway designed to bolster revenue streams effectively. We address critical pain points, providing guidance on chargeback prevention, streamlining processes, and optimising profit generation. Our global reach allows seamless integration with acquiring banks and PSPs worldwide, enabling effortless transaction processing for expanding global ventures
With a comprehensive approach, we minimise chargebacks by strategically managing refunds, providing dispute notifications, and offering robust document support. The system’s intelligence automatically selects the optimal acquirer for each transaction, ensuring enhanced success rates and maximum payment conversions. Additionally, our commitment to diversifying payment methods, encompassing bank cards, e-money, cryptocurrencies, among others, fuels your business growth by catering to various sales models and amplifying profitability
Conclusion
Selecting the best payment gateway involves aligning the features and capabilities of the gateway with your business model, region-specific requirements, and global payment acceptance needs. Moreover, ensuring compatibility with accounting systems streamlines financial management, enhancing overall efficiency. At Transerty, we understand the criticality of choosing the right payment gateway. That is why we are tailoring our payment solution to ensure compliance and customer satisfaction, as well as streamline business processes
FAQ
Are there Variances in Country-Specific Merchant Accounts?
In essence, all merchant accounts operate similarly, allowing acceptance, holding, and withdrawal of received funds. However, where differences arise is in the interface layer, adapting to specific country languages. Moreover, payment preferences vary from state to state, with each country having its favoured payment modes. We prioritise the most preferred payment method and arrange others accordingly. Additionally, we enable customers to make purchases in their local currency
Are there Distinctions in Country-Specific Payment Gateways?
Absolutely, there exist notable differences in country-specific payment gateways. Primary among these is the payment method. Each country tends to have its preferred payment approach. For instance, according to Statista, credit or debit cards are extensively used in America, while digital wallets dominate across the Asia-Pacific region. Our approach entails arranging payment methods based on their popularity, prioritising the most commonly used methods
Do you accept international currencies?
Our experts constantly analyse market behaviours in various countries to compile a list based on the most frequently used currency in imports and exports. We provide customers with the option to pay in their local currency. Additionally, we focus on adapting the language of the checkout page in our country-specific payment gateways to the local language. This feature significantly contributes to building customer loyalty and enhancing retention rates. These are just a few of the benefits we offer through our country-specific merchant account
