Accepting online payments is crucial for businesses in Trinidad, but choosing the right payment processor can be overwhelming. Each gateway has different fees, features, and payout timelines. In this guide, we’ll break down five popular payment processors—WiPay, First Atlantic Commerce (FAC), Scotia Merchant Service, Hexakode Invoicing, and PayPal—so you can decide which one suits your business best.
1. WiPay
WiPay is a great option for businesses looking for a low-cost entry into online payments.
Key Features:
✅ No setup or monthly fees
💰 Transaction fee: 3.5% + $0.25 USD per transaction
💳 Currencies supported: TT & USD
🕒 Payout time: Up to 2 weeks upon withdrawal request
❌ No recurring payment functionality
⚡ Ease of setup: Relatively easy
🔌 WooCommerce plugin available: Provided by Wipay itself
💡 Best for: Small businesses or startups looking for a simple and cost-effective way to accept payments online.
2. First Atlantic Commerce (FAC)
FAC is ideal for businesses that need fast payouts and recurring billing but requires a higher investment upfront.
Key Features:
💵 Setup cost: $200 USD
💸 Monthly fee: $175 USD
💳 Transaction fee: Varies (negotiated with your bank)
🕒 Payout time: 1-2 days (funds go directly to your account)
✅ Supports TT & USD transactions (USD requires a USD bank account)
💳 Works with local debit cards when set to TT currency
🛠️ Setup complexity: Requires some technical knowledge
❌ WooCommerce plugin not included, but available for $150 USD/year
✅ Supports recurring payments
💡 Best for: Established businesses that need quick payouts and recurring billing.
3. Scotia Merchant Service
Scotia’s merchant service is a cheaper alternative to FAC with similar features.
Key Features:
💵 Setup cost: $125 USD
💸 Monthly fee: $25 USD
💳 Transaction fee: Varies (negotiated with your bank)
🕒 Payout time: 1-2 days
✅ Supports TT currency
🌎 USD transactions convert to TTD automatically
💳 Works with local debit cards when set to TT currency
🛠️ Requires technical setup
❌ WooCommerce plugin not included, but available for $150 USD/year
✅ Supports recurring payments
💡 Best for: Businesses looking for an affordable and reliable local payment processor.
4. Hexakode Invoicing
Hexakode Invoicing is a hassle-free option with no monthly costs and built-in recurring payments.
Key Features:
💵 No setup or monthly fees
💰 Transaction fee: 6% per transaction
🕒 Payout time: 1-5 business days upon withdrawal request
✅ Supports TT currency
💳 Works with local debit cards
⚡ Ease of setup: Relatively easy
🔌 WooCommerce plugin included
✅ Supports recurring payments
💡 Best for: Freelancers and small businesses looking for an easy-to-use invoicing and payment solution.
5. PayPal
PayPal is widely recognized and great for international transactions, but it has some drawbacks for local businesses.
Key Features:
💵 No setup or monthly fees
💰 Transaction fee: 5.5% per transaction
🌎 Only supports USD (users must have a credit card)
💳 Withdrawing funds can be difficult (requires a credit card or JMMB debit card)
✅ Supports recurring payments
🔌 WooCommerce plugin included
💡 Best for: Businesses selling to international customers who can pay in USD.
Conclusion: Which Payment Processor Should You Choose?
Choosing the right payment processor depends on your business needs:
- ✅ For a low-cost, easy setup: WiPay or Hexakode Invoicing
- 🔄 For recurring payments & fast payouts: FAC or Scotia Merchant Service
- 🌍 For international sales: PayPal
Each option has its pros and cons, so it’s important to pick the one that aligns with your business model and cash flow needs.
📢 Need more guidance? Get a free consultation to find the best payment gateway for your business! Sign up for our newsletter at Hexakode Agency and check out our YouTube channel for a more detailed breakdown! 🚀
💬 Which payment processor do you use? Let us know in the comments below!
