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Wirecard alternatives and chronicles: What happened to the tech giant

Wirecard alternatives and chronicles: What happened to the tech giant
Business Development Specialist
Yuliia Mamonova

As the German payment giant files for insolvency, its merchants find themselves in a tough spot: not to lose thousands of dollars in missed sales, they have to find secure Wirecard alternatives that will take them on and integrate a payment gateway into their site right away.

But before we list and compare alternatives to the Wirecard payment gateway, let’s track down what happened to the company in the first place and what forecasts experts make for the foreseeable future.

Due to missing €1.9bn, Wirecard files for insolvency

Known as one of the prominent payment tech companies in Germany and found among Top 100 Most Innovative Growth Companies in the World according to Forbes Magazine, Wirecard has recently announced a whopping €1.9bn missing from the company’s balance sheets. 

The trouble started in 2018 when Wirecard didn’t publish its annual report due to “missing cash”. Back then the leader of the company, Marcus Braun, stated that money was held by two financial institutions in Asia. However, after the latter denied any business connections with Wirecard, Braun resigned and was arrested for further investigation of potential fraud. Later he was released on bail.

Experts believe that Wirecard’s issues could have been identified earlier. That way they wouldn’t be such a threat to the national economy.

However, the biggest question now is whether Visa and MasterCard decide to revoke their licenses, in which case, Wirecard credit card processing will lose its business.

 

Five reliable Wirecard alternatives

It’s high time merchants with Wirecard merchant accounts found a new payment service provider to take care of their business transactions. Changing a payment services provider might be a daunting task especially if you’ve had a single PSP like Wirecard payments for a long time.

So, we’re going to showcase the best processors on the market at the moment to make the search process easier for you.

  1. PayPal.

    No secret that this payment giant can be your go-to solution right now. They’re well established, with an impeccable reputation and user-friendly design and integration.

    Fees:
    No setup cost and no annual maintenance fee
    Rates between 1.49% – 2.49% + €0.35

    Payment methods:
    Credit and debit cards

    Recurring billing:
    Not supported


    Security:
    Fraud protection system implemented
    Two-factor authentication
    PCI DSS Compliance

    Other:
    No 24/7 customer support
    No Live chat
    Available customizable reports

    PayPal can be a great solution. However, it doesn’t support high-risk businesses and a great deal of medium-risk ones, too.

  2. Ikajo International.

    After more than 15 years on the market, Ikajo International is the best-fitting payment processor for medium and high-risk businesses.

    Fees:
    Starting at 1.2% being higher for more volatile markets

    Payment methods:
    Worldwide payments
    100+ alternative payment methods including JCB, Qiwi, Sofort, and UnionPay
    80+ currencies available across 100+ countries

    Recurring billing:
    Available and free of charge

    Security:
    Own fraud and chargeback prevention system
    PCI DSS Compliant
    2D and 3D Secure Authentication

    Other:
    Live Chat in Telegram
    Dedicated legal and customer support
    HPP, API integrations and plugins
    Smart routing and cascading
    User-friendly real-time transaction monitoring

    Integration with Ikajo International takes up to two business days in case all the documents are in place. An excellent choice for high-risk business owners.

  3. 2Checkout.

    Another international payment processor that prides itself on payment innovation and own security measures for transaction flow protection.

    Fees:
    No setup or annual maintenance fees
    Rates: 2.4% + 30¢

    Payment methods:
    8 payment methods including Diners, Discover, and JCB

    Recurring billing:
    Supported

    Security:
    PCI DSS Compliance
    Two Factor Authentication
    Integrated fraud prevention system

    Other:
    Weekly money transfer
    No Live Chat or 24/7 support

    While 2Checkout might be an excellent processor for low-risk businesses, it doesn’t actively support those associated with a greater deal of risk. Besides, it might not be suitable for merchants expecting the payouts to take place more often than weekly. 

  4. PayMill.

    Having almost a decade of experience under their belt, PayMill is another option on the table.

    Fees:
    No setup or annual maintenance fee
    Visa, Mastercard, Discover and debit cards transactions: 2.95% + €0.28 per transaction
    PayPal transactions: €0.28 per transaction + PayPal fees apply
    American Express transactions: 3.95% + €0.28 per transaction

    Payment methods:
    Those popular in EU including Diners, Maestro and PayPal

    Recurring billing:
    Supported

    Security:
    2FA
    SSL
    Own fraud prevention

    Other:
    No Live chat or 24//7 customer support
    One-click checkout
    Support in dispute management

    This alternative to Wirecard website payments works best for European merchants reaching out to local target audiences. Those aiming to expand into the international market need to find another solution.

  5. Ingenico.

    Last but not least, Ingenico is a high-end solution for European merchants.

    Fees:
    N/A
    Depend on the business industry and size of the business

    Payment methods:
    Credit and debit cards
    Net banking

    Recurring billing:
    Not supported

    Security:
    No 2FA or SSL
    PCI DSS Compliant
    Secure fraud detection system

    Other:
    170 countries supported
    24/7 customer support bu no Live chat

     

Summary

These are not the easiest times for the Wirecard company. And the situation is even worse for its customers. However, with other payment processors coming into the spotlight, merchants having a Wirecard merchant account shouldn’t worry. There’s a way to move to new processors fast and smoothly to prevent unbearable financial losses. 

Here at Ikajo, we sympathize with those who ended up hostages of the situation through no fault of their own. Should you have any questions about alternatives to Wirecard online payments, we’re here to help!

Wirecard alternative payment processing

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