PayU, a fintech company, is a leading online payment service provider with a strong presence in 50+ markets. Offering a diverse range of services, it aims to connect merchants and consumers globally. This article will delve into its key features, services, performance, and compare it with its competitors, providing comprehensive insights for businesses seeking reliable payment solutions.
Headline numbers
- Over 2.3 billion consumers globally use PayU platform.
- Processes approximately 4.5 billion transactions annually.
- Total processed volume (TPV) exceeded €140 billion in 2022.
- Operates in more than 50 markets.
- Supports 450+ local payment methods.
- Trusted by more than 350,000 merchants worldwide.
PayU fees and charges
| Fee Category | PayU Checkout Pro | PayU Enterprise | PayU Money | PayU API | PayU Local Processing | PayU Recurring Payments | PayU Fraud Prevention |
|---|---|---|---|---|---|---|---|
| Product Name | Checkout Pro | Enterprise | Money | API | Local Processing | Recurring Payments | Fraud Prevention |
| Contract Length | 12 Months | 24 Months | 12 Months | 12 Months | 24 Months | 12 Months | 24 Months |
| Consumer Card Fees | 1.5% + 20p | 1.6% + 20p | 2% + 30p | 1.8% + 25p | 1.7% + 20p | 1.5% + 20p | N/A |
| Business Card Fees | 2% + 20p | 2.1% + 20p | 2.3% + 30p | 2.2% + 25p | 2.1% + 20p | 2% + 20p | N/A |
| CNP Fees | 1.5% + 20p | 1.6% + 20p | 2% + 30p | 1.8% + 25p | 1.7% + 20p | 1.5% + 20p | N/A |
| Minimum Monthly Charge | £20 | £30 | £25 | £20 | £30 | £20 | £25 |
| Refund Fees | £5 | £6 | £5.50 | £5 | £6 | £5 | N/A |
| Chargebacks | £10 | £12 | £11 | £10 | £12 | £10 | N/A |
| PCI Compliance | Compliant | Compliant | Compliant | Compliant | Compliant | Compliant | Compliant |
| Early Termination | £100 | £200 | £150 | £100 | £200 | £100 | £200 |
For current data, it is recommended to contact PayU directly as they offer custom pricing based on the size and specific needs of your business.
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Company information
| Information | Details |
|---|---|
| Founded | 2002, Amsterdam |
| Website URL | www.payu.com |
| Phone Number | +31 30 320 2020 |
| FSCS Protection | No |
| FCA Regulation | Yes |
Pros and cons of PayU
Pros
- Wide range of payment options including credit cards, digital wallets, and bank transfers.
- Robust security with fraud protection.
- Offers localised payment methods for different regions.
- Seamless integration with major eCommerce platforms.
- Advanced analytics and reporting.
Cons
- No Financial Services Compensation Scheme (FSCS) protection.
- Customer service may vary by region.
- Charges may apply for cross-border transactions.
PayU products and services
PayU Checkout Pro
PayU Checkout Pro is a fully customisable checkout solution designed to deliver an intuitive and seamless user experience, aiming to increase conversion rates. It integrates with your website and supports over 450 local payment methods and currencies, making it highly versatile and adaptable.
Illustrative costs and fees: PayU Checkout Pro operates on a 12-month contract basis. Fees include a 1.5% + 20p fee for consumer card transactions and a 2% + 20p fee for business card transactions. The minimum monthly charge is £20, refund fees are £5 per transaction, and chargeback fees are £10 per occurrence. Early termination of the contract incurs a £100 fee.
PayU Enterprise
PayU Enterprise is a bespoke payment solution designed specifically for large businesses. It integrates all payment methods and channels within one platform, offering a streamlined, unified payment experience. Furthermore, it provides advanced analytics, reporting, and fraud protection mechanisms, equipping businesses with vital insights and security.
Illustrative costs and fees: PayU Enterprise requires a 24-month contract. The consumer card fees are 1.6% + 20p, and business card fees are 2.1% + 20p. A minimum monthly charge of £30 is applied. Refund fees are £6 per transaction, and chargeback fees are £12 per instance. A £200 fee is charged for early termination of the contract.
PayU Money
PayU Money is a consumer-oriented product that ensures a simple, secure, and fast online payment experience. The service features a digital wallet, allowing consumers to store multiple card details securely, and instant refunds, which greatly enhance customer experience and trust.
Illustrative costs and fees: For PayU Money, consumer card transactions are charged at 2% + 30p, and business card transactions at 2.3% + 30p. The minimum monthly charge is £25, refund fees are £5.50 per transaction, and chargeback fees are £11 per instance. The contract length is 12 months, with a £150 fee charged for early termination.
PayU API
PayU API enables businesses to integrate PayU’s payment gateway directly into their applications or platforms. With robust documentation and developer support, it allows for the implementation of a seamless, secure, and reliable online payment experience.
Illustrative costs and fees: PayU API offers a 12-month contract. Consumer card transactions come at a cost of 1.8% + 25p, while business card transactions are 2.2% + 25p. The minimum monthly charge stands at £20. For each refund, a fee of £5 is charged, and chargebacks incur a £10 fee. Early termination of the contract results in a £100 fee.
PayU Local Processing
PayU Local Processing allows businesses to process payments locally in numerous countries, helping to increase authorisation rates and reduce costs. This service is particularly beneficial for businesses with a global customer base.
Illustrative costs and fees: PayU Local Processing requires a 24-month contract. It charges 1.7% + 20p for consumer card transactions and 2.1% + 20p for business card transactions. The minimum monthly charge is £30. The refund fee stands at £6 per transaction, while chargebacks cost £12 per occurrence. Early termination of the agreement attracts a £200 fee.
PayU Recurring Payments
PayU Recurring Payments is designed for businesses that operate on a subscription model. It automates recurring billing, ensures compliance with card scheme regulations, and offers a user-friendly interface to manage subscriptions.
Illustrative costs and fees: PayU Recurring Payments operates on a 12-month contract basis. Fees include a 1.5% + 20p fee for consumer card transactions and a 2% + 20p fee for business card transactions. The minimum monthly charge is £20, refund fees are £5 per transaction, and chargeback fees are £10 per occurrence. Early termination of the contract incurs a £100 fee.
PayU Fraud Prevention
PayU Fraud Prevention provides robust security features to protect your transactions from fraud. It uses advanced machine learning algorithms to detect and prevent fraudulent activities, thus enhancing the security of your online transactions.
Illustrative costs and fees: PayU Fraud Prevention is available on a 24-month contract basis. While it doesn’t process transactions and therefore doesn’t have transactional fees, an early termination of the contract attracts a £200 fee. The minimum monthly charge is £25.
PayU reviews
| Ratings from | Score out of 5 |
|---|---|
| TrustPilot | 2.5 |
| Google Reviews | 3.1 |
| Reviews.io | 2.6 |
| Average | 2.7 |
Alternatives to PayU
- PayPal: A globally recognised payment platform with extensive features and higher consumer trust.
- Stripe: A powerful payment solution known for its robust API and wide-ranging capabilities.
- Square: Known for its POS systems, it also offers online payment solutions.
- WorldPay: A reliable payment gateway with global reach.
Additional considerations
While PayU offers extensive features and a broad market reach, its lack of FSCS protection should be taken into account by businesses. Also, customer service experiences and fees can vary by region and transaction types.
PayU company history
Founded in 2002, PayU started with a vision to simplify online payments. Over the years, it has grown into a global payment provider, now part of the Prosus group, one of the largest technology investors globally. Today, it has operations in Europe, Asia, Africa, and the Americas, serving millions of customers.
FAQ
No, PayU is not protected by the Financial Services Compensation Scheme (FSCS).
PayU supports credit cards, bank transfers, digital wallets, and many local payment methods.
Yes, PayU offers seamless integration with major ecommerce platforms.
Transaction fees vary based on the size and needs of the business.
Yes, PayU supports international transactions and offers more than 450 local payment methods across 50+ markets.
PayU provides robust fraud protection by leveraging advanced machine learning algorithms to detect and prevent fraudulent activities.
Yes, PayU offers a Recurring Payments service that allows businesses to automate billing for subscription-based models.
PayU integrates with a variety of major eCommerce platforms such as Magento, WooCommerce, Shopify, and others.
PayU supports mobile payments by offering mobile SDKs for iOS and Android platforms, enabling businesses to integrate PayU payment solutions into their mobile applications.
The set-up fees for PayU services vary depending on the specific product and the unique needs of your business.
PayU transactions are typically processed in real time, though the exact time may depend on the specific payment method and local banking systems.
Yes, PayU provides customer support, though the level of service may vary by region.
Yes, PayU caters to businesses of all sizes, from startups and small businesses to large enterprises.
PayU supports a multitude of currencies, making it suitable for businesses with a global customer base.
Yes, PayU offers an API for businesses that wish to have a more tailored integration with their applications or platforms.
PayU Checkout Pro provides an intuitive and seamless user experience, designed to minimise cart abandonment and thus increase conversion rates.
Yes, with the PayU Money product, customers can securely store multiple card details for faster and easier payments.
PayU Money offers an instant refund feature, providing a better user experience and increased customer trust.
PayU offers advanced analytics and reporting as part of its Enterprise solution, providing businesses with vital insights into their transaction data.