Payment hub software is a technology platform for merchants that are in need of managing payments from multiple sources in different currencies. With the rise of e-commerce and digital payments, global businesses need to accept payments from different geo locations and through various channels. Payment hub software simplifies payments, making it easier for businesses to manage payments and reduce problems connected with chargebacks, errors, or fraud.
5 Best Payment Hub Software Providers in 2023
In this article, we will look at the top 5 payment hub software providers in 2023. We have assessed each provider based on key criteria, such as user interface, security, flexibility, integration, and customer support.
Benefits of Payment Hub Software
Payment hub software offers numerous benefits for businesses by handling payment processing and providing additional services. These benefits include:
- Connecting to multiple PSPs through a single integration, expanding your business to new markets, and increasing customer loyalty.
- Improving acceptance rates by finding the optimal routes for transactions to be accepted and minimizing declines.
- Providing a better customer experience and increasing conversion rates by offering different payment methods and minimizing issues with payment processing and declines.
- Simplifying management by allowing businesses to manage their whole payment stack from one dashboard and providing real-time analysis and KPI analytics for better decision-making.
- Reducing security and compliance responsibilities by taking care of these tasks and ensuring the security of customer payment data through tokenization and risk management services.
- Facilitating faster scaling by connecting to multiple PSPs and payment methods with one integration and supporting region-specific payment methods and cross-border sales.
- Minimizing fees by directing transactions through channels with the lowest transaction fees and reducing setup and additional fees.
Overall, payment hub software is a crucial tool for businesses looking to optimize their payment process and scale efficiently.
Things to Consider When Choosing a Payment Hub Software Provider
When choosing a payment hub software provider, it’s important to consider the following factors to ensure the best fit for your business:
- Vendor Agnosticism: Ensure that the platform is truly vendor agnostic to prevent any bias towards certain payment gateways that may negatively impact acceptance rates and fees.
- Services and Payment Methods: Choose a platform that offers the tools you need for your business goals and preferred payment methods. Ensure that the services are suitable for global businesses and support international customers.
- Ease-of-Use: Consider the ease-of-use for business users and whether IT support is needed. Think about your resources and choose the option that best fits your needs.
- Ultimate Goals: Determine your ultimate goals for using payment hub software, such as globalizing payments, diversifying PSPs and payment methods, and reducing compliance scope. Choose a provider whose strengths align with your goals.
5 Best Payment Hub Software Providers in 2023
Now that you know what to look for in a payment hub provider, we will discuss the top five providers on the market:
1. Akurateco
Akurateco is a white-label payment software provider that enables full automation of the payment flow, better distribution of traffic, and data-driven decision-making. Merchants can access over 250 payment connectors and consolidated data reporting with a single integration. Akurateco’s smart routing and automated retries features can increase approval rates by up to 20% and drive conversion rates up by up to 30% with cascading. They offer various integration options, including CMS Plugin, Mobile SDK, API rest/API soap, or Hosted Payment Page (HPP).
Infrastructure Details:
- SLA 99.995%
- PCI DSS 3.2 certification of equipment, processes, and solutions
- Cloud deployment on hardware or Amazon AWS
- 24/7 support of software and hardware
- Dynamic currency conversion
- SMS and DMS payment schemes support
- 3DS 2.0 support
2. IXOPAY
Connections to PSPs, acquirers, alternative payment options, payment processors, and third-party payment software are provided via IXOPAY’s payment hub software. IXOPAY offers additional services like risk and fraud monitoring, automatic reconciliation and settlement tools, smart payment routing, and fee management engines. It has a network of 100+ PSPs and 200+ payment methods. IXOPAY can raise acceptance rates by 15% by utilizing risk-based routing, cascading, and fallback capabilities. Moreover, as a way of reducing a decline’s cost, they offer automatic card upgrades.
Infrastructure Details:
- PCI DSS Level 1 compliance
- PCI 3DS certification (1.0 and 2.0)
- 24/7 support
- GDPR compliance
3. Ikajo
With only one integration, retailers may connect to more than 100 connectors in more than 150 different currencies utilizing Ikajo’s payments hub software. Its platform accepts a number of payment options, including credit cards, cryptocurrencies, and supplemental options like PayPal and Klarna. Retailers can track payments, change payment priorities, and get real-time statistics. To manage incoming and outgoing payments, Ikajo offers automated reconciliation and a payment calendar. Their cascade tool increases approval ratios by up to 20%, and their smart routing tool can increase conversion rates by up to 30%. Ikajo provides HPP and API as its two integration options.
Infrastructure Details:
- PCI Level 1 certification
- PCI 3DS certification (1.0 and 2.0)
- AML/CTF compliance
- Cloud development on own hardware or Amazon AWS
- 24/7 support of software and hardware
- Dynamic currency conversion
- SMS and DMS payment schemes support
4. Payoneer
With the Payoneer payments hub software, businesses may use their extensive partner network of more than 100 payment options across more than 200 countries and 150 different currencies. With Enterprise Resource Planning connection, quick reconciliation and reporting, customizable approval procedures, risk reduction, more payment options, increased operational efficiency, security, and compliance. By automating reconciliation and settlements, mass payouts, avoiding chargebacks, and lowering transaction fees, merchants may streamline payment collection.
Infrastructure Details:
- PCI Level 1 certification
- US and EU licenses
- AML/CTF compliance
- PSD2 compliance
- SSL connectivity (DigiCert)
- 24/7 support
5. PaySpacelv
PaySpacelv is a payments hub software that specializes in processing payments for high-risk merchants. It provides advanced anti-fraud tools, predicts and reduces chargebacks, and offers dispute management services. PaySpacelv also assists with PCI DSS certification and has a smart recurring billing feature. Its smart payment routing lowers transaction decline rates, and it offers multiple payment methods, including alternative ones, working with all major credit card brands worldwide.
To wrap it up
The use of payment hub software will be advantageous to your business in many ways. It assists in streamlining and optimizing payments, automating procedures, and expanding your market reach internationally. Make it easier for yourself to manage payments, and make it more convenient for your customers to pay. Select a platform that offers the services that are best suited to your needs and take benefit of it!
