What’s the Best PayID Payment Gateway for Australian SMEs?

The ability to charge customers virtually and without physical interactions is indeed a top priority for most online businesses in Australia. And PayID creates a good opportunity for SMEs and business owners to settle this question once and for all.

There are countless reasons why people and small enterprises decide to sell their products over the Internet instead of in person. The first and the biggest reason is the ability to save on the costs of managing a “real-world” shop and thus minimize the effects of the interest rates that keep rising in Australia – the rate set by the Reserve Bank is 4.1% as of July 2023. 

You can also make greater use of the digital space to develop your venture and slowly expand into an offline location with the help of the leading card machines for your small business.

However, initially, you will need to activate online payments to make any of these come true. And the shortest way to realize this goal is to look for the best PayID payment gateways that work well in the Australian market.

Here, we will throw a look at all the ins and outs of PayID as a reliable payment option, as well as discover the top payment gateways working with this provider.

Why Should You Opt For PayID Payment Gateways – Core Benefits

Before getting down to the main topic, let’s first understand why PayID is so favored today by the Australian community and what it has under its belt to make it so popular.

PayID is a direct bank transfer service that gives you a sense of safety, privacy, and convenience. But there are also special features and characteristics that make it a go-to option for Australian businesses. The key ones include the following. 

  • Know Who You Are Sending Your Funds: PayID always displays the name of the person you are going to make a transfer to. As such, you can always be sure you are paying the right person and avoid inaccuracies.
  • More Simplicity: When choosing PayID gateways for deposits and withdrawals, you don’t need to remember long, complex account numbers or other details. Instead, you can use your phone number or email address for your unique identifier, which is easier to remember.
  • Quick Processions: Long gone are the times when you needed to wait several days before your payments could be credited to your account. This payment service cooperates with the New Payments Platform, which makes it possible to process transactions in minutes at any point of the day. So, whether you are selling your old TV on an online marketplace or making a deposit at one of the leading payid-casinos.com, you can expect to see the funds in your account almost instantly.
  • Easy Setup Process: Getting started with PayID is easy, so you can set up an account and link it to your bank account within several minutes. It just requires you to visit the provider’s website and follow the instructions on the platform.

In addition, you won’t have any reason to worry about your safety and data protection when using PayID for your payments. It’s because the company utilizes the latest encryption technologies and security measures to eliminate the risk of possible threats.

Factors to Consider When Picking a PayID Gateway

So, how can you select a safe and reliable PayID payment gateway? Actually, there is nothing complicated in this process. You only need to consider several key criteria and answer the following questions.

  • Is it a cost-effective model for your business?
  • Can the payment gateway grow along with your company?
  • Does the provider guarantee the security and safety of your customers?
  • Are the transactions made through this gateway fast and error-free?

Once you find answers to these simple questions, you will be able to pick the best options for your company!

Top 4 PayID Payment Gateways to Consider in Australia

Whether you are about to open a new company, bring your business to Australia, or just after trustworthy payment gateways, we have gathered our top picks to help you choose the perfect option.

#1 Finmo

Finmo is a full-stack payment gateway mainly focused on small enterprises and businesses in Australia that has been in the market since 2021. It allows PayID integrations with almost all leading e-commerce platforms and offers some quite affordable pricing models for you to choose from. You just need to get in touch with the sales team to fund the best pricing plan suiting your needs. The only drawbacks to be aware of include the lack of recurring or invoicing software and POS support.

#2 HitPay

The next option worth taking a close look at is HitPay, an all-in-one platform with functional features and competitive pricing built for Australian SMEs. 

This payment gateway offers PayID integrations with POS systems, e-commerce plugins, SaaS apps, recurring billing software, payment links, and invoicing software. Most importantly, Xero users can also enjoy the no-code integration of this platform. In addition, HitPay follows the pay-per-transaction pricing model, which is quite convenient.

#3 Rapyd

Coming to the scene in 2016, Rapyd is another well-recognized PayID payment gateway you can use in Australia, focusing on enterprise businesses. Like Finmo, it mainly focuses on small enterprises and provides PayID integrations with major e-commerce platforms such as WooCommerce and Shopify. Notably, the company currently processes over $10 billion in transaction amounts made in a year.

#4 Global Payments 

If you are looking for flexible and customizable payment solutions, you can try Global Payments. It is a well-established payment gateway that allows you to choose from PayID or other card payment integrations. Here, the offered payment options are flexible and allow you to integrate their services with various business systems and software. 

However, at Global Payments, you won’t be able to find no-code payment integrations for both offline and online sales channels.

Final Thoughts

Whether you are an independent creator or an entrepreneur growing a business in Australia, there is one thing for sure – you need a quality payment gateway service that goes well with PayID transactions.

Earlier, we discussed the top options you can consider when making a choice. They are great for small enterprises and require zero technical and coding experience. 

So look through all solutions carefully, weigh all their pros and cons, and choose the best one based on your needs and preferences.