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.
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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. -
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. -
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. -
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. -
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!
