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Top 8 Payment Gateways in Iceland That You Need to Know

Top 8 Payment Gateways in Iceland That You Need to Know

zAs a country, Iceland heavily relies on tourism and e-commerce to sustain its economy. 77% of consumers prefer to shop online, which leads to added shipping costs and VAT charges. 

Despite its limited population of 344,000 people, Iceland continues to pull in crowds to recharge its tourism and generate revenues. 

Even though the pandemic lowered the tourism rates within the country, the tourism industry is bouncing back, leading to a substantial increase in the spending prowess of the people.

Payment Solution Landscape in Iceland

Some exciting facts about the payment landscape within Iceland include:

  1. The revenues from the B2B sales will reach 508 million US dollars by 2024. 

  2. Even though the country’s local currency is Icelandic Króna (ISK), the local populace prefers using different debit and credit cards to buy goods and services online. 

  3. Cash forms only 2.3% of the country’s GDP, as the people choose to live cash-free. 

  4. On the cash-free side, people transact online with their Visa and Mastercard debit and credit cards. Cards aren’t the only way to pay; people also use digital wallets and bank transfers for online purchases. 

Criteria to Look Out for Payment Gateways in Iceland

When choosing a suitable payment gateway in Iceland, you must look for certain factors before shortlisting a brand that meets your requirements. 

  1. Reliability

    Reliability is essential to the payment industry, and a payment gateway must provide adequate customer support. When you work with payment gateways, you must ensure you are working with a reputed brand that ranks high on providing reliable sources of information to its customers. 

  2. Supported Currencies

    Payment gateways work with multiple currencies simultaneously. You must adopt a payment gateway that provides uninterrupted support, accepts payments in a different currency, and converts them into a local currency for extensive support. 

  3. Payment Options

    Payment gateways are known for their various options, such as installment plans, settlement options, local currencies, etc. Different providers offer different options, each catering to a specific market and customer base. 

  4. Market Integrations

    Payment gateways help you expand your horizons, especially when you want to launch your product into unknown markets. 

    Since such gateways can handle and convert multiple currency payments, you can exploit new markets and reach customers in their preferred method. 

  5. Security

    Since you are dealing with confidential customer information, you must employ a secure platform to handle such information easily. 

    In case of breaches, a payment platform needs a foolproof method to secure such information and encrypt payments at a customer level. 

  6. Pricing and other fees

    Each transaction comes at a cost, which a customer needs to bear. Payment gateways provide a value-added plan to the customers to gain the best out of their payment structure. 

    While not all payment gateways offer these options, you can employ multiple payment gateways to gain the best out of the available options.  

Best Payment Gateways in Iceland

There are plenty of payment gateways in Iceland. Here’s a list of the top payment gateways you can employ within your business platform to receive and make payments online. 

Best Payment Gateways in Iceland (2)

1. 2Checkout

Are you looking to accept payments globally? Look no further, for 2Checkout is the best option in the market. You can accept payments in over 200 countries using the platform’s capabilities, automation, and many integrations and services. 

Some notable features include:

  • Intelligent payment routing
  • Multi-currency management
  • Flexible Payment Models
  • Different pay-out options such as wire transfer, ACH, Payoneer, PayPal, and many more

Pricing and Other Fees:

Setup fee: Free

Annual Fee: N/A

Monthly fee: Information not available

Charges on refunds: $25.00

Commission per transaction

America

      All Payment Methods: 2.90% + $0.3

Asia-Pacific

      All Payment Methods: 3.25% + 0.3 SGD

EU and UK

      European Cards: 1.2% + €.30

      All Other Payment Methods: 2.9% + €.30

Iceland

      European Cards: 1.4% + 15 ISK

All Other Payment Methods: 2.90% + 15 ISK

Accepted Payment Methods:

Credit/Debit cards: Visa and MasterCard

Other accepted payments: Apple Pay, Giropay, Google Pay, iDEAL, Trustly, Pagaqui, Paysafecard, SEPA direct debit, and Banked

Supported Currencies: 100 major currencies

Approvals and Onboarding Time: N/A

eCommerce Platform Integration: All major e-commerce platforms

2. Rapyd

Rapyd is a renowned payment gateway offering customers a Global Payments API model. You can scale your business rapidly using their inherent REST API, cloud-based architecture, and microservices effectively. 

Additionally, you can avail some more benefits from Rapyd, such as Toolkit and Hosted Checkout services. After all, with their extensive payment network in more than 190 countries, there is a significant benefit in associating your business with this payment platform. 

Pricing and Other Fees:

Setup fee: Free

Annual Fee: N/A

Monthly fee:

Charges on refunds: $25.00

Commission per transaction:

America

      All Payment Methods: 2.90% + $0.3

Asia-Pacific

      All Payment Methods: 3.25% + 0.3 SGD

EU and UK

      European Cards: 1.2% + €.30

      All Other Payment Methods: 2.9% + €.30

Iceland

      European Cards: 1.4% + 15 ISK

      All Other Payment Methods: 2.90% + 15 ISK

Accepted Payment Methods:

Credit/Debit cards: Visa and MasterCard

Other accepted payments: Apple Pay, Giropay, Google Pay, iDEAL, Trustly, Pagaqui, Paysafecard, SEPA direct debit, and Banked

Supported Currencies: 50+ major currencies

Approvals and Onboarding Time: N/A

eCommerce Platform Integration: Magento, Ecwid, PrestaShop, Shopify, Wix, and WooCommerce

3. Adyen

What are the top features of a payment gateway? Unending payment support, top-notch financial management, different payment models, and cross-channel reporting. 

Adyen ranks high on all these parameters and offers exceptional payment-related services to commercial and individual users. 

Pricing and Other Fees:

Setup fee: Free

Annual Fee: N/A

Monthly fee: N/A

Charges on refunds: Information not available

Commission per transaction: 3-3.95% (depending on payment type)

Accepted Payment Methods:

Credit/Debit cards: Visa, MasterCard, American Express, Maestro, Diners, Discover, JCB, UnionPay

Other accepted payments: Apple Pay, WeChat Pay, Google Pay, iDEAL, PayPal, and Pix

Supported Currencies: AED, AUD, BGN, BHD, BRL, CAD, CHF, CNY, CZK, DKK, EUR, GBP, HKD, HUF, ISK, ILS, INR, JOD, JPY, KRW, KWD, MYR, NOK, NZD, OMR, PLN, QAR, RON, RUB, SAR, SEK, SGD, THB, TWD, USD, ZAR

Approvals and Onboarding Time: N/A

eCommerce Platform Integration: All significant platforms

4. Braintree

Since Braintree is a full-stack payments platform, you can accept payments through your apps and websites by replacing the traditional models and creating a bridge between customers and merchants.

Whether you are a startup owner or an established online business, you can use Braintree’s seamless integration features to accept payments.

Pricing and Other Fees:

Setup fee: Free

Annual Fee: N/A

Monthly fee: N/A

Charges on refunds: No extra charges

Commission per transaction

1,9% + €0,30 per card transaction

American Express: 2,9% + €0,30          

Accepted Payment Methods:

Credit/Debit cards: Visa, MasterCard, American Express, Maestro, Diners, Discover, JCB, UnionPay

Other accepted payments: Apple Pay, Google Pay, Venmo, Bancontact, BLIK, iDeal, eps, GiroPay, MyBank, Trustly, Sofort, P24, and PayPal

Supported Currencies: 45 currencies

Approvals and Onboarding Time: Immediate use after approval; there might be some exceptional cases where the usage time is higher. 

eCommerce Platform Integration: All significant platforms

5. Skrill

Skrill has emerged as a renowned online platform that seamlessly facilitates commercial and personal payments. It supports 100s of integrations, allowing you to receive and make payments globally. 

You can earn loyalty points and gain an extra edge by redeeming these points for added incentives. 

Pricing and Other Fees:

Setup fee: Free and premium service packages are available.

Annual Fee: N/A

Monthly fee: N/A

Charges on refunds: No extra charges

Commission per transaction: Skrill to Skrill transactions - 2.99% for Skrillers, 1.45% for True Skrillers (premium users)

Accepted Payment Methods:

Credit/Debit cards: Visa, MasterCard, American Express, Maestro, Diners, Discover, JCB, UnionPay

Other accepted payments: Rapid transfer, Skrill digital wallet, NETELLER, Klarna, Paysafecard, and Paysafecash

Supported Currencies: 45 currencies

Approvals and Onboarding Time: Immediate use after approval; there might be some exceptional cases where the usage time is higher. 

eCommerce Platform Integration: All significant platforms

6. Revolut

Revolut differentiates between personal and professional plans to help you balance both aspects of your life. Notably, you get plenty of options for payments, currency exchange, international transfers, card management, recurring subscription management, and much more. 

You get a similar business structure, so rest assured, a multi-faceted service account is always available for you and your business.

Pricing and Other Fees:

Setup fee: Free and premium service packages are available depending on your business size. 

Annual Fee: Information not available

Monthly fee: Starts from €25/month, depending on your package

Charges on refunds: Information not available

Commission per transaction:  

For European consumer cards: 

Free/Grow/Scale Plans: 1% + €0.20

For International consumer cards: 

Free/Grow/Scale Plans: 2.8% + €0.20

Accepted Payment Methods:

Credit/Debit cards: Visa and MasterCard

Other accepted payments:

Supported Currencies: 150+ currencies

Approvals and Onboarding Time: Information not available

eCommerce Platform Integration: All major platforms

Good Read: Top 12 Payment Gateways in France that your Business Need to Know

7. Mollie

Mollie markets itself as one of the best payment gateways because of its quick onboarding, affordable pricing, and multi-currency support. More than 130000 businesses use the platform, and its seamless integration with various e-commerce hosts makes accounts a quick win. 

Pricing and Other Fees:

Setup fee: Free and premium service packages are available depending on your business size. 

Annual Fee: Information not available

Monthly fee: Starts from €25/month, depending on your package

Charges on refunds: Information not available

Commission per transaction

For European Union consumer cards: 

Mastercard/Visa: 1.8% + €0.25

Commercial & non-EU cards: 

Mastercard/Visa/Amex: 2.9% + €0.25

Accepted Payment Methods:

Credit/Debit cards:

Visa, MasterCard, Amex, Maestro

Other accepted payments: Apple Pay, SOFORT Bank transfer, SEPA direct debit, SEPA bank transfer, Paysafecard, PayPal

Supported Currencies: 7 currencies, including: 

Euro (EUR)

British Pound (GBP)

Danish krone (DKK)

Norwegian krone (NOK)

Polish zloty (PLN), including 

Swedish krona (SEK)

Swiss franc (CHF)

US dollars (USD)

Approvals and Onboarding Time: Information not available

eCommerce Platform Integration: Chargebee, ePages, JotForm, PrestaShop, Wix, WooCommerce, Magento2, Ecwid, and Shopware

8. Checkout.com

Take your business up a notch by accepting different payment methods and currencies. With this platform, you can access a gateway, payment processing, and international services, all under one roof.

The platform supports 150+ currencies and different credit/debit cards. 

Pricing and Other Fees:

Setup fee: Free 

Annual Fee: Information not available

Monthly fee: Information not available

Charges on refunds: Information not available

Commission per transaction: Information not available

Accepted Payment Methods:

  1. Credit/Debit cards: Visa, MasterCard, Diners Club, American Express, Discover, and JCB. 

  2. Other accepted payments: Apple Pay, OPay, Google Pay, and AliPay

Supported Currencies: All major currencies are backed by Checkout

Approvals and Onboarding Time: Information not available

eCommerce Platform Integration: Astound Commerce, Cabiri, WooCommerce, SkyMode, Shopify, and many others. 


Local Payment Gateways and the Rising Complexities for the Businesses

Technology continues to play an essential role in shaping the payment landscape in Iceland. With the introduction of newer payment methods, customers are shifting towards better, enhanced payment methods as different payment apps mushroom nationwide. 

Icelanders love to travel, and most of their regular purchases are through credit cards. Since the native Icelandic banks are relatively smaller than their global counterparts, large international banks rely heavily on them to facilitate global remittances to and from their customers. 

The country is scurrying towards enriching its economy with tech-driven payment solutions, each of which aims at providing a new wave of digital payments to the local population. 

Despite the tech-induced payment solutions, one can’t overlook the increase in cybercrimes, which is becoming more assertive with the launch of the new payment directive PSD2.

How Can inai Help You Integrate Multiple Payment Gateway Integrations in Iceland?

inai, as a payment aggregator platform, understands your payment needs and helps you manage multiple payment gateways via one platform. 

Suppose you are looking for a reliable, experienced subscription managing tool to help you resolve payment conflicts, manage various payment gateways, and assist with regular reporting and analytics. In such a case, inai’s solution is tailor-made for you. 

As a company, we offer the following services to our customers:

  1. Our no-code platform caters to all technical and non-technical customers, such that you can drag and drop items from one place to another without writing a single line of code. 

  2. Integration with 300+ payment methods to ease integration woes

  3. Gain and generate detailed reports, insights, and analytics into your failed transactions, to improve conversion rates. 

There’s a lot to look forward to with inai’s services; each segment caters to different customer needs, intending to simplify their lives and make their payment processing efficient and effective.

Expand your business globally with inai

 

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