Comparison of acquiring services in Kazakhstan

With the growing demand for cashless payment, the question of choosing the right payment aggregator is becoming more and more relevant. In the previous article, we have already begun to cover the subject of acquiring and talked about how to choose the right one for your business. Today we shall compare five popular acquiring services in our country and discuss their advantages and disadvantages.

What do I need to pay attention to when choosing an acquiring service?

When choosing an acquiring company, it is important to consider the company's experience in the market (preferably more than 3-4 years), customer reviews (including third-party services), as well as to check the list of e-commerce companies already working with the aggregator and the availability of the necessary licenses and documents.

1. Payment processing fee:

It can range from 1-2% to 10-15%. It is important to compare these rates to avoid future losses. Some aggregators also introduce a monthly subscription fee and a minimum payment.

2. scope of services provided:

It's important to know what types of payments the aggregator can process, the more options the better.

3. Functional features:

Some aggregators offer additional features such as a mobile app, billing capabilities, or support when integrating with their own developed sites.

4. Speed of technical support work:

Preferably, there should be 24/7 support available.

5. Ease of connection:

It is important to keep the process of integrating equating as simple as possible.

It is also important to pay attention to the speed of crediting funds (within one banking day) and try to update the system regularly to meet new requirements for payments. It is also better to choose payment services without hidden fees, which are regularly updated and offer a variety of ways to accept funds.

Comparison of acquiring services

Freedom Pay

Freedom Pay is a global payment technology provider offering a huge range of different solutions for businesses of all sizes. It provides acquiring services, mobile payments, and integration with POS systems.

Pros:

1. Universal Integration: Freedom Pay can be integrated with a variety of sales management systems, making it convenient for different types of businesses.

2. Transaction Security: Compliant with international security standards such as PCI DSS, which ensures a high level of customer data protection.

3. Analytics and Reporting: Offers advanced tools for analyzing and managing payments to help businesses make informed decisions.

Minuses:

Requires some technical knowledge for customization and support, which can be a challenge for small and medium-sized businesses.

2. High cost: This acquiring has higher fees and tariffs compared to other payment services, especially for small businesses.

Epay

Epay is an acquiring service from Halyk Bank, one of the largest banks in Kazakhstan. It offers various payment solutions, including mobile and online payments and traditional acquiring.

Pros:

1. Reliability and trust: As a product of a large national bank, Epay enjoys trust among users.

2. Localization: Optimized for the Kazakhstan market, convenient for transactions in the national currency.

3. Easy integration: Easily integrates with local systems and e-commerce platforms.

Minuses:

1. Limited international functionality: May not be suitable for internationally oriented businesses due to the meager selection of currency options.

2. Insufficient functionality for large companies. Not always suitable for large companies with high transaction volume and complex requirements.

Cloudpayments

Cloudpayments is an international payment service that supports a huge number of currencies and payment methods, including credit cards and e-wallets.

Pros:
1. Multicurrency and international support: Allows you to accept payments in different currencies, making it ideal for international trade.

2. Innovative Technology: Utilizes a state-of-the-art payment processing stack, including secure encryption protocols.

3. Flexibility and customizability: Offers a variety of plans and services adaptable to different types of businesses.

Minuses:
1. Difficulties in integration and customization: May require additional effort and time to integrate with some local systems.

2. Relatively high commissions: Possibly higher commissions compared to other providers, especially for SMEs.

Woopay

Woopay is a local acquiring service offering a variety of payment solutions, including mobile and online payments. It is focused on serving both large and small businesses.

Pros:

1. User Interface: A simple and intuitive interface makes it easy for both customers and businesses to use

2. Good local integration: Works effectively with Kazakhstani payment systems and banking structures.

3. Wide range of services: Offers a variety of payment options, including mobile payments and e-wallets.

Minuses:

1. Limitations for scaling:
May not be the best choice for very large companies due to limitations in handling large transaction volumes.

2. Limited technical support:
There may be delays in customer service and limited rush hour support.

Jusan Tole

Jusan is an acquiring service from Jusan Bank, offering convenient online payment solutions including mobile payments and e-wallet integration.

Pros:

1. Specialization on the local market: Specially suitable for the Kazakhstani market, providing effective integration with local payment systems.

2. Ease of use: Easy to set up and convenient for daily use.

3. Mobile payment support: Well adapted for mobile payments, which is convenient for smartphone users.

Minuses:

1. Limited functionality: It does not always offer advanced features that may be available from large international acquiring services.

2. Lack of scalability: May not be suitable for very large companies with high transaction volume and complex requirements.

Conclusion

Consider the above factors to find the most suitable partner that will match the specifics of your business and the requirements of your customers.

If you need to integrate acquiring into your online store, you can check out our technical support service.
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