Bulgaria’s dynamic fintech landscape has gained significant momentum in recent years, primarily driven by the growth of eCommerce and the digitalization of financial services. As businesses increasingly shift towards online platforms, selecting the right payment gateway becomes crucial. Payment gateways are intermediaries that help businesses process online transactions securely, efficiently, and in compliance with local regulations.
In this article, we will explore some of the top payment gateways in Bulgaria, focusing on their unique features, pricing structures, and ease of use. We will also discuss how the burgeoning fintech ecosystem in Bulgaria supports the adoption of these gateways.
1. Stripe Bulgaria
Stripe is a global payment gateway that is widely used by businesses across the world, including Bulgaria. Known for its user-friendly API, Stripe simplifies integration for online businesses. It supports a wide range of payment methods, including credit/debit cards, Apple Pay, Google Pay, and even cryptocurrency in some regions.
Key Features:
- Easy API integration
- Supports multiple currencies
- Detailed reporting and analytics
- Recurring billing and subscription management
- 3D Secure for enhanced security
Pricing:
- Stripe charges a fee per transaction, typically around 2.9% + €0.30 for international cards. Fees for EU-based transactions are generally lower.
Why Choose Stripe: Stripe is ideal for businesses that want a flexible, scalable, and secure payment gateway with global reach and robust features.
2. PayPal Bulgaria
PayPal remains one of the most trusted and recognized payment gateways in Bulgaria and across the globe. It is highly favored by small to medium-sized businesses due to its ease of use and reliability.
Key Features:
- Global recognition and user trust
- Supports over 25 currencies, making it a strong option for international eCommerce
- Fraud protection and buyer protection services
- Express checkout for faster payment processing
Pricing:
- PayPal charges a percentage of the transaction (around 3.4%) plus a fixed fee depending on the currency. There may be additional fees for currency conversions.
Why Choose PayPal: If your business caters to international customers and you value customer trust and an easy checkout experience, PayPal could be a solid choice.
3. myPOS Bulgaria
myPOS offers a payment gateway tailored specifically to the needs of small and medium-sized businesses. With support for both online and offline transactions, myPOS provides a well-rounded solution for businesses operating across various platforms.
Key Features:
- Accepts card payments, mobile payments, and bank transfers
- Free business debit card with instant settlement
- Multi-currency accounts to manage international transactions
- Offers POS devices for brick-and-mortar stores
Pricing:
- Transaction fees vary but are usually competitive, starting at 1.30% per transaction for EU cards.
Why Choose myPOS: myPOS is a great option for small businesses looking for a flexible and affordable payment solution with both online and physical store capabilities.
4. Viva Wallet Bulgaria
Viva Wallet is a well-known payment gateway in Europe, offering a seamless experience for businesses across Bulgaria. It’s a full-service digital wallet that supports online payments, mobile payments, and in-store purchases.
Key Features:
- No monthly fees and competitive transaction costs
- Accepts over 24 different payment methods
- Customizable checkout experience for online stores
- Advanced fraud protection
Pricing:
- Viva Wallet charges approximately 1.4% + €0.20 per transaction for most payment types, with discounts for larger volumes.
Why Choose Viva Wallet: Viva Wallet is particularly suited for businesses with high transaction volumes that are looking for cost-effective and secure payment processing.
5. Borica Bulgaria
Borica is a local payment gateway and card transaction processing provider in Bulgaria. It is a leader in the Bulgarian market, known for its security and reliability. Borica is widely used by local businesses due to its deep integration with the Bulgarian banking system.
Key Features:
- Trusted by most Bulgarian banks
- 3D Secure technology for enhanced fraud protection
- Customizable payment solutions for different industries
- Real-time transaction monitoring
Pricing:
- Borica’s pricing is tailored based on the volume of transactions and the specific needs of the business.
Why Choose Borica: For businesses seeking a localized payment gateway with strong ties to the Bulgarian banking sector, Borica is a solid option.
6. Adyen Bulgaria
Adyen is a global payment processor that offers a comprehensive platform for businesses in Bulgaria. With support for multiple payment methods, Adyen is ideal for companies that want to expand internationally.
Key Features:
- Supports over 250 payment methods, including cards, mobile payments, and bank transfers
- Real-time fraud detection and prevention
- Advanced analytics and reporting tools
- Recurring billing support
Pricing:
- Adyen’s fees are based on a pay-per-use model, with rates starting at 1.2% + €0.10 per transaction.
Why Choose Adyen: Adyen is a great fit for large enterprises or businesses that handle high volumes of international transactions and require advanced security features.
7. Paysera Bulgaria
Paysera is another popular payment gateway option in Bulgaria. It offers low-cost international money transfers and supports both online and mobile payments, making it a competitive choice for businesses looking to lower transaction costs.
Key Features:
- Low-cost international transfers
- Supports multiple currencies
- Provides merchant accounts for eCommerce
- Mobile app for tracking payments
Pricing:
- Paysera offers competitive pricing, with fees as low as 0.10% for some transactions.
Why Choose Paysera: If your business handles many cross-border payments and you’re looking for a cost-effective solution, Paysera could be the right fit.
Why Bulgaria Is Emerging as a Fintech Hub
Bulgaria’s fintech industry is growing rapidly, with Sofia emerging as a key player in the global fintech ecosystem. The country’s low operational costs, skilled workforce, and strategic location make it an attractive destination for fintech startups and established players alike.
The government is also taking steps to create a favorable regulatory environment for the fintech sector. In addition, Bulgaria’s tech-savvy population and high internet penetration rates provide fertile ground for the adoption of innovative payment solutions.
This boom in fintech activity is driving the demand for reliable and secure payment gateways that can serve both local businesses and international enterprises operating in the country.
How to Choose the Right Payment Gateway for Your Business
When selecting a payment gateway for your business in Bulgaria, consider the following factors:
- Transaction Fees: Compare the transaction fees charged by each provider, as this can have a significant impact on your bottom line.
- Security Features: Look for gateways that offer 3D Secure and other fraud protection measures.
- Supported Payment Methods: Ensure the gateway supports the payment methods most popular with your customers.
- Ease of Integration: Choose a gateway with a simple API or plug-ins for popular eCommerce platforms.
- Customer Support: Opt for a provider with responsive customer support to ensure issues are resolved quickly.
Conclusion
Choosing the right payment gateway is essential for the success of any online business in Bulgaria. The gateways listed above—Stripe, PayPal, myPOS, Viva Wallet, Borica, Adyen, and Paysera—are some of the best options available, each offering unique features and pricing structures that cater to different business needs.
As the fintech ecosystem in Bulgaria continues to evolve, businesses have access to a growing number of innovative payment solutions that enable them to operate securely and efficiently, both locally and internationally.
FAQs:
- What are the best payment gateways in Bulgaria?
The top payment gateways in Bulgaria include Stripe, PayPal, myPOS, Borica, Viva Wallet, Adyen, and Paysera. - Which payment gateway is best for international transactions in Bulgaria?
Stripe and PayPal are excellent choices for international transactions due to their wide currency support and global reach. - What is Borica, and why is it popular in Bulgaria?
Borica is a local Bulgarian payment processor trusted by many businesses due to its strong integration with local banks and robust security features. - Which payment gateway in Bulgaria offers the lowest fees?
Paysera is known for its low-cost international transfers and competitive transaction fees, making it ideal for cost-conscious businesses. - Can I use Viva Wallet for both online and offline payments in Bulgaria?
Yes, Viva Wallet supports both online payments and in-store POS systems, offering a comprehensive solution for Bulgarian businesses.