QuadraPay offers Multi Currency Payment Gateway in Iceland for Online ecommerce Stores
QuadraPay offers a Multi-Currency Payment gateway in Iceland for online e-commerce stores. We provide high-quality payment gateway services to e-commerce businesses across Iceland. Without payment gateway solutions, Iceland-based e-commerce and mobile app-based businesses can’t easily accept credit and debit card payments. Our solutions are highly adaptable to the changing needs of international merchants from Iceland. With our solutions, you can accept digital payments from local and international customers.
Our payment gateway comes loaded with advanced features, allowing you to take your product to the global market. While keeping your base in Iceland, you can reach a larger audience by utilizing the power of global e-commerce. Our merchant account solutions and payment gateways are provided to you in association with some of the most popular payment processors and acquiring banks in Europe.
To maximize the sales of your e-commerce business and achieve larger profits, it is important for you to truly embrace international e-commerce. With a stable and feature-rich payment gateway, you can provide convenience to your customers.
With over 7 years of experience working as a merchant service reseller and serving as a bridge between merchants and acquiring institutions, we can provide you with excellent solutions.
Benefits of Using a Robust Payment Gateway in Iceland
When you start using digital payments for your online business, you will experience various benefits. Most of these can have a direct impact on the growth and profit margins of your company. Let’s look at some of the key benefits that you will experience when you start using a payment gateway.
Traditional businesses in Iceland have been using cash as one of the mediums for payment acceptance. However, in today’s world, customers prefer convenience, and that is why when you start accepting digital payments, you will directly offer comfort to your customers, which can translate into better sales.
Online transactions are highly secure and give you a competitive advantage. There is absolutely no need for you to stick to cash-only acceptance where you have to run to the bank every day to deposit the collected cash and pay an accountant to keep records of the incoming and outgoing cash. All this can be easily managed by using a merchant account for your business in Iceland.
With a payment gateway, you not only accept credit or debit cards, but you also get the ability to accept payments in 100+ different payment methods, along with the ability to accept payments in multiple currencies. The payment gateway comes with the built-in feature referred to as DCC or dynamic currency conversion. With this feature, your website can automatically change the currency on the e-commerce website based on the location where the customer is ordering from. The currency conversion is dynamic and real-time.
Your customers will find the entire checkout process extremely easy, and because of this convenience, you will experience a reduction in cart abandonment rate. Obviously, if the customers reach the checkout page and do not find their preferred payment method, then they may hit the back button or go to another website. However, when you provide all the payment methods that your customer may use, then there is a very high possibility that your customer will make payments to you and purchase your product.
It is important for you to protect the sensitive customer information, and that is why the payment gateway solution we recommend to you fully complies with the international standard for payment. The transaction information stays secure and gives you and your customer peace of mind. Along with this, various tools that are built inside the payment gateway help you mitigate the risk of fraud in e-commerce transactions.
It is important for any business to have a clear picture of accounts, and that is why the merchant account comes with detailed reporting features. You will have access to extract reports of transactions which display successful transactions, refunds, chargebacks, and many more metrics. For your business in Iceland, if you keep an eye on these metrics, you can make informed decisions.
Depending on the product or service you sell, you may have the requirement of charging the customer on a recurring basis. For this, you will require a payment gateway that supports subscription billing. Fortunately, our solutions support recurring payments. This means that you can schedule the transactions on your customer’s card based on the agreement. This can be monthly, quarterly, bi-annually, or annually. Companies that offer services usually require this feature.
E-commerce companies in Iceland use various content management systems to build and operate their websites. A few of the most popular content management systems in Iceland include Shopify, WordPress, WooCommerce, OpenCart, and Magento. You will be happy to know that our acquiring partners provide full integration support to these popular e-commerce platforms in Iceland.
Fees for Payment Gateway Services in Iceland
In the credit card processing industry, the merchant pays a fee to the acquiring bank for the payment service provider for using the payment gateway services. It is important for you to clearly understand the fundamentals behind the structuring of the merchant fees in Iceland. As an e-commerce merchant from Iceland, you have a massive advantage which merchants from various other nations do not have. You can get a merchant account from a local Iceland-based payment service provider or bank, and you can also approach various other payment service providers in the European Union that support merchants from Iceland.
This advantage can help you to negotiate better when it comes to the pricing of payment gateway services. Let’s quickly understand the various fees you will be paying when you start accepting credit and debit card payments on your e-commerce website or mobile application.
Application Fee: When you approach a payment processing company, many of them may ask for an application fee. This is usually a fixed amount that you have to pay the processor at the time of application. In most cases, this application fee is non-refundable, meaning even if you don’t get the account, you still pay this fee. However, with QuadraPay, we connect you with payment processing partners that do not charge an application fee for most merchants.
Setup Fee: Once your account is approved by the acquiring bank, then many payment service providers can ask for a setup fee. This can range from 100 euros to 5000 euros, depending on the industry you are operating in and your risk profile. The good news is that our lowest merchant account solutions for Iceland-based merchants come with zero setup fees.
MDR (Merchant Discount Rate): The MDR, also known as the merchant discount rate, is a fixed percentage you will be paying on each transaction. It is important to understand that the MDR itself is a combination of multiple fees. As a responsible business owner, you understand that every activity in business costs money, and that is why the merchant discount rate is a combination fee that covers the cost of the acquiring bank, the payment gateway, and the card brand.
Gateway Per Item Fee: The payment gateway handles various tasks, which include accepting the transactions, validating them, sending them to the processing partners, card schemes, card issuers, and then giving the result to the merchant. For all these activities, the payment gateway company may charge a very small fixed amount on each transaction.
High-Risk Registration Fee: Depending on the type of industry and the risk profile of your business, the credit card processing company may require you to pay a high-risk merchant registration fee, also known as HRR. Keep in mind, this fee is not applicable to merchants from low-risk industries or general merchants. Merchants from specific industries that are highly regulated and risk-oriented are generally required to pay this fee.
Now that you have a detailed understanding of all types of fees involved in getting a payment gateway for your business in Iceland, it’s time for you to ask for a zero-obligation free quote. We will send you tentative pricing that will give you a better understanding of whether our solutions can help you save money or not.
KYC Documents for E-commerce Payment Gateway in Iceland
When applying for an e-commerce merchant account in Iceland, you will need to provide the following documents to the payment processing company. In the financial services industry, these documents are referred to as KYC or Know Your Customer documents.
Legal Entity Document: Our solutions are available to registered businesses in Iceland. For this, you can provide the certificate of incorporation or business registration document. With this document, the payment processor can easily confirm the legal existence of your business.
Identification Documents: For a payment processing company, it is important to run some background checks on the ultimate business owners of the applicant company. For this, they will require your passport or national ID, which can be checked using a verify database to identify the validity of these documents.
Directors and Office Address Proof: For the proof of address of the company and the directors’ residence, you can provide utility bills such as electricity bills, telephone bills, or any similar valid documents.
Banking Information: The underwriting team will be interested in checking the financial standing of the company and the people behind it. For this, they may request the business banking statement as well as the personal banking statements of the company and directors respectively. The settlements will be done to the business bank account, and for that, they will need some sort of document which confirms the details of your account. This can be a voided check or a letter from the bank confirming your account details.
Many providers will ask for a processing history which represents your previous transaction behavior. The processing history must display the chargebacks and refunds as it helps the underwriting team to calculate the potential credit risk in your business model. For startups, this can be ignored.
Website/Mobile App Information: As you will be applying for an e-commerce merchant account, you are expected to share the URL of the website or mobile app that you are applying for. These assets must have detailed terms and conditions, privacy policy, refund policy, and shipping policy. In case your business model does not involve selling tangible products, then you may not require a shipping policy.
The payment processor may also request a non-expiring username and password for your website so that they can log in and see the website backend like a customer. Before making an application, it is important for you to make sure that your website is ready. That means all the products are listed properly with descriptions, images, and all the information that should be present there.
It is important for the acquiring institution to review all the required documents before approving the account. That is why when you provide all the documents in one go, the chances of fast approval increase.
Integration of E-commerce Merchant Account in Iceland
After the approval of the account, the next step is integration. In this step, the merchant connects the website or mobile app to the payment gateway. Although this is a technical process, various easy options are available.
Plugin-based Integration: This is the easiest way to connect the payment gateway to your website. If you are using popular content management systems like WooCommerce, WordPress, Magento, and Shopify, then this method is extremely easy. Our payment processing partners offer easy integration to these platforms.
API-based Integration: If you have complex requirements where you want to utilize the various functionalities available in the payment gateway and want to give the checkout page a different look and feel, then you can opt for API-based integration. Our processing partner will share a detailed API document which can be used to write codes for integration into your website.
Mobile SDK-based Integration: For a mobile application, the payment processor will provide you with a mobile SDK that you can use to add the payment gateway to your mobile APK.
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