What payment gateway does Israel use?

05 Mar 2024

Israel, known for its vibrant tech ecosystem, has a diverse array of payment gateway options facilitating online transactions for businesses and consumers. The country has several established and internationally recognized payment gateway providers, as well as local solutions tailored to meet the specific needs of the Israeli market.

Key Payment Gateway Solutions in Israel:

• International Payment Gateways: Global payment service providers like PayPal, Stripe, and 2Checkout (now Verifone) operate in numerous countries worldwide, including Israel. These platforms enable businesses to accept payments in multiple currencies and support major credit and debit cards. They offer seamless integration with e-commerce websites, allowing Israeli merchants to accept payments from customers around the globe.
• Local Payment Service Providers: Israel has its own locally developed payment gateway solutions catering to the domestic market. These providers might offer services tailored to support local payment methods and preferences. They may collaborate with Israeli banks and financial institutions, offering specific features and services aligned with local regulations and customer needs.
• Banking Institutions: Israeli banks provide merchant services that include payment gateway solutions for businesses. These banking institutions offer secure online payment processing capabilities, allowing Israeli businesses to accept payments securely through their websites or digital platforms. They often provide solutions customized to the local market and compliance with Israeli financial regulations.
• Fintech Innovations: Israel's dynamic fintech sector may have led to the emergence of local fintech companies developing innovative payment solutions. These companies might offer modern, cutting-edge payment gateways designed to meet the evolving needs of businesses in Israel. These solutions could include advanced features, enhanced security measures, and support for emerging payment methods and technologies.

Factors Influencing Payment Gateway Choices in Israel:

• Supported Payment Methods: The chosen payment gateway should support the payment methods widely used and preferred by Israeli consumers, including credit/debit cards, local payment options, and potentially emerging digital wallets or other alternative payment methods.
• Security and Compliance: Ensuring the payment gateway implements robust security measures and complies with industry standards (like PCI DSS - Payment Card Industry Data Security Standard) is crucial to protecting sensitive payment information and maintaining secure transactions.
• Integration and User Experience: User-friendly integration with e-commerce platforms and a smooth checkout experience for customers are significant factors in choosing a payment gateway.
• Fees and Charges: Consideration of transaction fees, setup costs, and ongoing charges associated with using the payment gateway is essential to align with the business's financial plans.
• Customer Support: Access to responsive and reliable customer support is crucial for addressing any technical issues or inquiries promptly.

PayCEC has become a notable online payment gateway that is used in Israel.

PayCEC introduces a structured fee system, including a setup fee, account management fee, and USD transaction fee, ensuring transparency and flexibility.

The standard package caters to businesses with EU-based companies and local EU/Non-EU resident owners. Enjoy a fee structure that offers a free setup, followed by a $50 per month account management fee (initial three months free of charge). Transactions incur a 5.9% fee along with an additional $0.35.

In essence, PayCEC's features are engineered for your optimal advantage, providing a dynamic pricing strategy to enhance your competitive position. The transparent fee structure ensures fairness and flexibility, making PayCEC a strategic choice for businesses with EU-based operations.

The fintech landscape is continuously evolving, and new developments might have occurred in the payment gateway sector in Israel. For the most up-to-date information on available payment gateways and their specific features within Israel, businesses should conduct thorough market research, consult with local financial institutions, or directly communicate with potential payment service providers operating in the country. This will enable businesses to choose a payment gateway that best suits their operational needs and aligns with the preferences of Israeli consumers in the dynamic and innovative Israeli market.