Eway

Eway Payment Review: A Comprehensive Guide

Introduction and Overview

Eway is a leading all-in-one payments solution provider, established in 1998 with a vision to make online payments effortless. The company has grown significantly over the years, employing more than 310 payment experts and serving over 97,000 merchants across five countries: Australia, New Zealand, Hong Kong, Singapore, and Macau.

Key Services and Market Position

Eway offers a comprehensive suite of payment solutions, including online payment processing, merchant services, and digital wallet integrations. The company is backed by Global Payments Inc. (NYSE: GPN), a global powerhouse in payments technology. This backing provides Eway with a strong financial foundation and access to advanced resources, enabling them to continuously innovate and enhance their payment solutions.

Security Measures

Overview

Eway prioritizes security with PCI DSS level 1 compliance, ensuring all customer and business payment data is protected with bank-level encryption. Advanced cybersecurity practices are in place, including three Fraud Protection Plans and 3D Secure 2.0 for real-time cardholder validation. These measures protect sensitive information from unauthorized access and fraudulent activities, building trust and confidence among merchants and customers.

Regulatory Compliance and Licenses

Regulatory Authorities

Eway operates under the regulatory oversight of various national and international payment authorities, ensuring compliance with local and global standards. This oversight demonstrates Eway's commitment to upholding industry best practices and operating within a regulated environment.

Licenses and Certifications

Eway is certified with PCI DSS level 1 compliance, which is the highest level of encryption available. This certification ensures that all transactions are secure and compliant with industry standards, giving businesses and customers peace of mind about the safety of their financial information.

Company History and Growth

Establishment and Founders' Background

Year of Establishment

Eway was established in 1998 by its founder with a vision to simplify online payments. This vision has remained at the core of Eway's operations, driving their commitment to providing user-friendly and efficient payment solutions.

Key Milestones and Growth

• 1998: Eway was founded with a vision to make payments simple, secure, and seamless.
• 2004: Eway connected to all Australian banks, expanding its reach and offering greater convenience to merchants.
• 2008: Eway celebrated 10 years in payments, marking a decade of commitment to innovation and customer satisfaction.
• 2009: Eway connected to New Zealand banks and grew the team to 20 people, demonstrating its expansion into new markets and investment in talent.
• 2010: Eway processed $1B in transactions, achieving a significant milestone and reflecting its growing customer base.
• 2011: The Eway team doubled in size to 40 people, showcasing its commitment to building a strong and dedicated team of payment experts.
• 2012: Eway helped 10,000 customers and opened an office in Canberra, signifying its commitment to supporting businesses across Australia.
• 2013: Eway processed $3B in transactions, further demonstrating its growth and market leadership.
• 2014: Eway achieved 24% market share, solidifying its position as a leading payment provider in Australia.
• 2015: The Eway team grew to 80 people, helping 20,000 customers and processing $5B in transactions, showcasing its continued expansion and success.
• 2016: Eway became part of Global Payments Inc. (NYSE: GPN), gaining access to global resources and expanding its reach.
• 2017: Eway launched an all-in-one payment solution, simplifying payment processing for businesses and providing a comprehensive platform.
• 2018: Eway celebrated 20 years in payments and launched in the Asian market (Singapore, Hong Kong, Macau), demonstrating its commitment to global expansion.
• 2021: Eway had over 310 payment experts, serving over 28,000 merchants, showcasing its growing team and customer base.
• 2023: Eway celebrated 25 years with over 97,000 businesses served and introduced PayTo real-time payments, demonstrating its commitment to innovation and providing the latest payment solutions.

Services and Products

Payment Processing Solutions

Overview

Eway offers a range of payment processing services, including credit and debit card payments, digital wallet integrations, and more. The platform supports major card schemes like Visa, Mastercard, American Express, JCB, Diners, and Discover, ensuring wide acceptance and convenience for merchants.

Supported Payment Methods and Currencies

• Credit & Debit Cards: Accepts online credit card payments from major credit and debit card providers, offering flexibility and convenience to customers.
• Digital Wallets: Supports Apple Pay and Click to Pay, with Google Pay coming soon, providing a seamless and secure checkout experience for customers.
• Multi-Currency Transactions: Supports multi-currency transactions with an Eway account linked to your chosen currency and a Merchant account with NAB (for AU) or BNZ (for NZ), facilitating global commerce and simplifying international transactions.

Merchant Services

Solutions for Merchants

Eway provides merchant services, including online payment gateways and POS systems, providing a complete solution for businesses of all sizes. The platform offers customized pricing rates for various cards and supports recurring or subscription payments, catering to diverse business models.

Key Benefits for Businesses

• Streamlined Settlements: Easy tracking of transaction fees with a flat-rate fee structure, simplifying financial management and providing transparency.
• Enhanced Customer Experience: Offers multiple payment options to keep customers happy and satisfied, promoting loyalty and repeat business.
• Secure Transactions: PCI DSS level 1 compliance ensures secure storage and transmission of card data, protecting both businesses and customers.

Digital Wallet and Mobile App

Features

Eway’s digital wallet integrations enhance the customer purchasing experience, offering a convenient and secure way to pay. The platform supports Apple Pay and Click to Pay, with Google Pay coming soon, providing a seamless and familiar checkout experience for customers.

Key Features

Security and Fraud Protection

Overview

Eway prioritizes security with PCI DSS level 1 compliance, ensuring all customer and business payment data is protected with bank-level encryption. Advanced cybersecurity practices are in place, including three Fraud Protection Plans and 3D Secure 2.0 for real-time cardholder validation. These robust measures protect against fraud and data breaches, ensuring the safety of transactions.

Anti-fraud Measures and PCI-DSS Compliance

Eway's anti-fraud measures include three Fraud Protection Plans and 3D Secure 2.0, ensuring compliance with PCI-DSS standards. These measures proactively identify and prevent fraudulent transactions, safeguarding businesses and customers from financial loss.

Integration and Compatibility

Compatibility with E-commerce Platforms

Eway seamlessly integrates with hundreds of leading web platforms, e-commerce platforms, and shopping cart plugins, providing a competitive advantage for businesses. This extensive compatibility allows businesses to easily integrate Eway's payment solutions into their existing systems, saving time and effort.

Speed and Reliability

Infrastructure

Eway’s infrastructure supports seamless operations, ensuring fast settlement times and reliable transaction processing. The platform offers flexible options to suit business needs, including fast setup and dedicated support, ensuring a smooth and efficient payment experience.

Pricing Structure and Fees

Transaction Fees

Breakdown

Eway offers a flat-rate fee structure for most major domestic and international credit cards, making it easy to track transaction fees and manage settlements. This transparent pricing model eliminates hidden fees and provides businesses with predictable costs.

Other Charges

Additional Fees

There are no additional fees mentioned beyond the transaction fees and the setup process, which typically involves a submission of a Director government-issued ID, a bank statement for the bank account for funds to be settled into, and website requirements from Visa/Mastercard. This straightforward pricing structure makes Eway a cost-effective option for businesses.

Customer Support

Contact Methods

Available Support Channels

Eway provides 24/7 emergency technical support and local support from dedicated payment experts. The platform also offers multilingual assistance to cater to diverse customer needs. This comprehensive support system ensures businesses have access to help whenever they need it.

Availability

Eway offers 24/7 customer support and multilingual assistance, ensuring that businesses receive practical support throughout the payment process, regardless of their location or language preference.

Pros and Cons

Pros

Key Benefits

• Reliable and Simple Payment Solution: Eway is a reliable and simple payment solution that has never failed in the five years of use for some customers, providing a dependable and user-friendly experience.
• Knowledgeable Staff: Eway has knowledgeable staff who always answer calls promptly, providing timely and helpful assistance to merchants.
• Fast Settlement: Funds are settled faster compared to some other platforms, which was critical during COVID-19, offering efficient cash flow management for businesses.
• Customised Solutions: Eway provides customised solutions tailored to business needs, including flexible pricing and scalable solutions, ensuring that businesses can find a solution that fits their specific requirements.

Cons

Limitations

• Multi-Currency Transactions Require Separate Accounts: Multi-currency transactions require a different Eway account to be set up for each currency, potentially adding complexity for businesses dealing with multiple currencies.
• Limited Integration Options for Multiple Websites: Each website is tied to one Payment Gateway, one Internet Merchant Facility, and one bank account, potentially limiting flexibility for businesses with multiple online presences.

Conclusion

Recap

Eway is a trusted payment provider with over 20 years of experience, offering a comprehensive suite of payment solutions. The company prioritizes security with PCI DSS level 1 compliance and provides flexible, scalable solutions tailored to business needs. Eway’s customer support is available 24/7, ensuring seamless operations and reliable transaction processing.

Recommendations

Eway is recommended for businesses looking for a reliable and simple payment solution. The platform is particularly suitable for start-ups, well-established companies, and enterprises seeking flexible, high-volume pricing tailored to their needs. Eway's commitment to security, its comprehensive range of services, and its dedicated customer support make it a strong choice for businesses seeking a trusted payment partner.

Frequently Asked Questions

Answers

1. Do you support multi-currency transactions?
   Yes, Eway supports multi-currency transactions with an Eway account linked to your chosen currency and a Merchant account with NAB (for AU) or BNZ (for NZ).
2. Do multi-currency payments require more than one Eway account?
   Yes, multi-currency transactions require a different Eway account to be set up for each currency.
3. Will I get an account manager?
   Eway tries to ensure that Enterprise customers get the service they want, including an account manager based on their needs.
4. Can I get volume discounts?
   Yes, depending on the size of your business, you may qualify for a volume discount.
5. What is the difference between the Online Payments product and your Payment Gateway product?
   The Online Payments product includes an Internet Merchant Facility, while the Payment Gateway product requires a BYO Merchant Account.
6. How do I apply for an Eway account?
   The best way to begin the application process is to complete the registration found on the pricing page. A member of the sales team will be in touch to finalise your application.

Key Takeaways:

• Eway offers a secure and reliable payment solution with various features.
• The platform is particularly suitable for businesses of all sizes, with tailored pricing and flexible solutions.
• Eway prioritizes customer satisfaction with 24/7 support and multilingual assistance.
• While Eway offers a comprehensive suite of services, it is important to consider the limitations regarding multi-currency transactions and website integration options.