Cyprus, known for its favorable business climate, is a growing hub for online commerce and fintech innovation. Its strategic location between Europe, the Middle East, and Africa makes it an ideal location for cross-border transactions, with eCommerce companies thriving here. To support the online payment infrastructure, Cyprus has a wide range of payment gateways, providing services that ensure secure and efficient processing of payments for local and international businesses.
This article will explore the top payment gateways in Cyprus, comparing their features, pricing models, and the advantages they offer to Cypriot businesses.
1. JCC Payment Systems
Overview: JCC Payment Systems is one of Cyprus’s largest and most trusted payment gateways. With a strong presence across multiple sectors, JCC offers a wide range of payment services, including card processing, POS solutions, and online payment gateways.
Key Features:
- Integration with major credit cards (Visa, Mastercard, Amex).
- Supports secure 3D secure authentication.
- Advanced fraud protection mechanisms.
- Seamless integration with popular eCommerce platforms like WooCommerce, Magento, and PrestaShop.
Pricing: JCC follows a transaction-based fee model, typically charging a percentage of the transaction, although exact fees vary depending on the business type and transaction volume.
Why Choose JCC?
JCC’s strong local presence, coupled with its comprehensive fraud protection and secure payment solutions, makes it a go-to option for businesses in Cyprus.
2. PayPal Cyprus
Overview: PayPal, one of the world’s most popular payment gateways, also serves Cypriot businesses. While it’s not a local company, it offers global reach and a trusted reputation, making it ideal for companies targeting international markets.
Key Features:
- Instant transfers between PayPal accounts.
- Currency conversion for cross-border transactions.
- Integration with multiple eCommerce platforms, such as Shopify and WooCommerce.
- Supports payments via credit cards and debit cards without a PayPal account.
Pricing: PayPal charges 2.9% + a fixed fee per transaction for domestic payments, with slightly higher rates for cross-border transactions.
Why Choose PayPal?
PayPal is a globally recognized brand, providing a simple and user-friendly experience. It’s especially valuable for businesses looking to operate in international markets while providing secure and convenient payment options.
3. Viva Wallet
Overview: Viva Wallet is a European-based payment gateway that has been gaining popularity in Cyprus for its extensive range of services. Known for its innovative features, Viva Wallet offers both online and in-person payment solutions.
Key Features:
- Free merchant account with online payments processing.
- Supports all major credit cards, including Visa, Mastercard, Amex, and Diners.
- Digital wallet solutions.
- Compatibility with various eCommerce platforms and mobile applications.
- Multiple settlement currencies.
Pricing: Viva Wallet’s fees are competitive, typically starting at 1.4% per transaction, depending on the business type and payment method.
Why Choose Viva Wallet?
Viva Wallet stands out for its cost-effective solutions, making it suitable for small businesses and startups. It also has strong integrations with multiple platforms, providing a seamless experience.
4. Stripe
Overview: Stripe is a leading global payment gateway that has seen significant adoption in Cyprus. Stripe’s robust API and extensive features make it an ideal solution for tech-savvy businesses that want customizable payment solutions.
Key Features:
- Advanced payment processing for credit and debit cards.
- Supports over 135 currencies.
- Multiple payment methods, including Apple Pay, Google Pay, and SEPA Direct Debit.
- Fraud detection tools via Stripe Radar.
- Built-in invoicing and recurring billing solutions.
Pricing: Stripe charges 2.9% + €0.25 per successful transaction. There’s an additional fee for currency conversion.
Why Choose Stripe?
Stripe’s powerful API and customizable payment options make it perfect for developers and businesses looking for flexible payment solutions. It’s particularly useful for subscription-based businesses and tech startups.
5. Skrill
Overview: Skrill is a popular digital wallet and payment gateway that supports payments in Cyprus. Skrill offers competitive pricing and a wide range of payment options, including cryptocurrency processing.
Key Features:
- Supports payments via credit cards, bank transfers, and cryptocurrencies.
- Integration with eCommerce platforms and mobile applications.
- Secure transactions with robust encryption.
- Offers both online payments and money transfer services.
Pricing: Skrill typically charges 1.9% per transaction. Additional fees may apply for currency conversion and specific payment methods like cryptocurrency.
Why Choose Skrill?
Skrill is a versatile solution for businesses looking to expand internationally, particularly those that want to offer cryptocurrency payments. It’s also a good fit for industries with higher risk profiles, such as gaming and forex.
6. 2Checkout (Verifone)
Overview: 2Checkout, now a part of Verifone, is a versatile payment gateway that offers both online and in-person payment processing services to businesses in Cyprus. It is ideal for companies that sell internationally.
Key Features:
- Accepts global payments in multiple currencies.
- Built-in support for recurring billing.
- Integration with over 120 shopping carts, including Shopify, Magento, and BigCommerce.
- Fraud prevention and chargeback management tools.
Pricing: 2Checkout offers competitive pricing, with fees ranging from 3.5% + €0.35 per transaction for their standard plan.
Why Choose 2Checkout?
2Checkout is perfect for businesses looking for a comprehensive solution to handle both one-time and subscription-based payments. Its multi-currency support and international reach make it an excellent option for companies targeting customers abroad.
7. Checkout.com
Overview: Checkout.com is a fast-growing global payment gateway offering a full-stack solution. It’s known for its flexibility and high-performance infrastructure, making it a popular choice among enterprises and large businesses in Cyprus.
Key Features:
- Global payment acceptance across all major credit and debit cards.
- Multiple payment methods, including eWallets and bank transfers.
- High-level security features like PCI-DSS compliance and fraud detection.
- Real-time analytics and reporting tools.
Pricing: Pricing is custom, based on the volume and needs of the business, but typically starts at 2.9% per transaction.
Why Choose Checkout.com?
Checkout.com is ideal for large businesses that require a tailored payment solution. Its real-time analytics and security features provide businesses with greater control and transparency over their transactions.
8. Ayden
Overview: Ayden is a global payment company that offers integrated payment solutions in Cyprus. Known for its ability to handle multiple payment methods, Ayden is a reliable partner for businesses that want to scale globally.
Key Features:
- Accepts payments from over 150 currencies.
- Unified platform for online, in-app, and point-of-sale payments.
- Built-in risk management tools.
- Real-time data and analytics.
Pricing: Ayden charges a fixed processing fee of €0.10 per transaction, plus a percentage depending on the payment method (typically around 1.5%).
Why Choose Ayden?
Ayden is an excellent choice for companies looking to scale internationally, thanks to its global payment support and unified platform.
9. Mollie
Overview: Mollie is a European payment gateway that offers a simple and reliable solution for businesses in Cyprus. Mollie supports a wide range of payment methods and is known for its transparent pricing and easy integration.
Key Features:
- Supports major European payment methods.
- Quick integration with major eCommerce platforms.
- Transparent pricing and no hidden fees.
- Subscription and recurring billing support.
Pricing: Mollie charges 1.8% + €0.35 per transaction for major cards. Fees for alternative payment methods vary.
Why Choose Mollie?
Mollie’s transparent pricing and ease of use make it ideal for small businesses looking for a cost-effective payment solution.
10. MyPOS
Overview: MyPOS is a versatile payment gateway and POS provider with a strong presence in Cyprus. MyPOS offers a range of products, from online payments to physical point-of-sale terminals, making it a good all-in-one solution.
Key Features:
- Supports multiple payment methods, including cards, eWallets, and bank transfers.
- Instant settlement into the merchant’s account.
- Integration with eCommerce platforms like WooCommerce and Magento.
- Advanced reporting and analytics.
Pricing: MyPOS charges a fixed fee starting at 1.75% per transaction, with additional charges for certain payment methods.
Why Choose MyPOS?
MyPOS is a solid choice for businesses that need both online and in-person payment solutions, particularly those that require instant settlement.
Why Cyprus is Emerging as a Fintech Hub
Cyprus has quickly positioned itself as a leading player in the fintech industry, thanks to its favorable tax regime, regulatory framework, and strategic location. The country’s pro-business environment has attracted numerous fintech startups and established financial institutions, making it a hub for financial innovation.
Additionally, Cyprus has a highly educated workforce, especially in technology and finance, further bolstering its appeal as a fintech destination. As digital payments continue to grow, the presence of innovative payment gateways and financial technologies will only solidify Cyprus’s position as a leading fintech hub.
Conclusion
Cyprus is emerging as a prominent player in the fintech and eCommerce landscapes. The availability of various payment gateways, each with distinct features and pricing models, makes it easier for businesses to cater to both local and international markets. By choosing the right payment gateway, Cypriot businesses can ensure secure, efficient, and scalable transaction processing, paving the way for sustainable growth in an increasingly digital world. Whether you’re a startup or an established business, the payment gateways mentioned above provide the flexibility and reliability necessary to succeed in Cyprus’s dynamic business environment.
FAQs
- What is the best payment gateway in Cyprus?
The best payment gateway in Cyprus depends on your business needs, but JCC Payment Systems and Viva Wallet are popular local options. - Can PayPal be used in Cyprus for online transactions?
Yes, PayPal is widely used in Cyprus for secure online payments and cross-border transactions. - What is the typical fee for payment gateways in Cyprus?
Fees vary by provider. JCC charges based on transaction volume, while Stripe typically charges 2.9% + €0.25 per transaction. - Which payment gateways in Cyprus support international transactions?
Payment gateways like PayPal, Stripe, and 2Checkout support international transactions and multiple currencies. - Do payment gateways in Cyprus support mobile payments?
Yes, most gateways, such as Viva Wallet and JCC, support mobile payments for a seamless transaction experience.