5 Min. Read

eWay Vs Stripe: Which Is Better Payment Gateway?

December 7, 2021

With the majority of business taking place online, being able to take payments electronically is important. To take payments online, you’ll need a payment processor, and a payment gateway. There are a number of online payment gateways available one the market today. Two of the most popular payment solutions available are eWay and Stripe.

If you’re looking for a new payment gateway provider, look no further. We’re going over which gateway is best for your business, eWay or Stripe. These two have been battling to provide services to Australian businesses over the last decade. To learn about each, keep reading!

Here’s What We’ll Cover:

Things to Be Aware When Selecting a Payment Gateway

Things to Be Aware When Selecting a Payment Gateway

When you’re looking for online payment services, there are a few things that need to be considered. These are the major areas that you should look at when picking a new payment processing company.

Transaction Fees: Each payment provider charges a transaction fee for each payment they process. Higher fees means more out of pocket costs. There are also service fees to consider, in addition to the fee per transaction.
Payment Methods: When you’re a business, you want to be able to take any type of payment method available. The more payment methods that can be accepted, the less sales you’ll inadvertently turn down.
Security: The ability to take secure payments is important. You want secure processing, as well as fraud protection.
Customer Service: The customer experience is a huge part of taking online payments. Additionally, the company should be able to provide good customer service to your business, as well.

Looking at eWay

In the battle of the payment providers, eWay has been providing services to Australian business owners for longer. They’ve been a part of Aussie business since 1998. If you’re looking to get started with eWay, check out what you need to know below.

Transaction Fees

When it comes to transaction fees, eWay is the cheaper way to go. All transactions cost 1.5% per transaction. This includes both domestic and international payments. However, this amount can be lowered. The beauty of eWay is that the transaction fees can be negotiated with larger banks. This can get the transaction as low as 1% in some situations.

Payment Methods Accepted

If you’re looking for diversity in the payments you can accept, eWay can help with that. These are the payment methods accepted through eWay:

Credit cards
Debit cards
Manual payments
Mobile payments

Security

Using eWay means that you’re using a secure method of taking your customer’s payments. The company claims that your information, as well as your customer’s, is supported by bank-level protection. This means that all of the online payment features you need to feel protected are available.

Customer Service

eWay provides the best customer service available to Australian businesses. The company is based in Australia, and they provide customer service in a number of ways. Customers can count on support via phone and email 24/7. They also offer a great online chat feature. It’s easy to get the support your business needs from eWay.

Looking at Stripe

Stripe is the newcomer when it comes to the Australian marketplace. They started providing services to Australian businesses in 2014. Their aim was to provide an easy setup, and clear payment schedules. If you’re considering Stripe, check out the information below.

Transaction Fees

Stripe has more expensive processing fees than eWay does. The platform has tiered pricing, depending on the origin of the payment being taken. Domestic payments are charged 1.75% per transaction, plus 30 cents. International payment fees are higher, at 2.9% per transaction, plus 30 cents. These fees can add up very quickly.

Payment Methods Accepted

When it comes to the amount of payment methods accepted, Stripe is capable of taking more than eWay. In addition to all of the methods listed above for eWay, Stripe is capable of taking more forms. They allow for payments directly from the bank, meaning that an entire new method is open for businesses using Stripe.

Security

All payments taken with Stripe travel through encrypted communication. Stripe 3D Secure Payment is certified PCI-DSS Level 1 Security. This means that all of your business’s payment data is protected, and your customers have nothing to worry about.

Customer Service

Stripe doesn’t offer any phone support for their customers. The only way to obtain customer service is through emails or a live chat service. Emails are the best form of contact, and are answered within 24 hours.

So Which is Best?

When you’re looking for an online payment provider, choosing between eWay and Stripe can be difficult. However, in most situations, choosing eWay is the best option you’ve got. If you’re an Australian business that has a high number of transactions, you should use eWay. The company provides the lowest rate to Australian businesses, and the best customer service. However, if you’re looking for more integrations, Stripe may be better suited for your business.

Key Takeaways

The two largest providers of payment services in Australia are eWay and Stripe. For most businesses, eWay is going to be the best offer. They provide low rates, as well as excellent customer service to Australian customers. They’ve been providing services for Australian companies for over 2 decades. It makes sense that they’re the leading provider in the country.

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