If you’re building an online store in Trinidad and Tobago, start with two questions. What currency do you want customers to pay in, and what currency do you want deposited into your bank account? A customer paying in USD and your business receiving USD are two different things. Confirm both before you choose a payment provider.
At Kreation Web Technologies, we’ve set up WiPay, PowerTranz and Stripe for e-commerce checkouts. We’ve also built custom integrations with Stripe Payment Links and worked with merchants who came through Stripe Connect or used their own Stripe Dashboard. Here’s what to check before choosing one for your store.
WiPay
WiPay is a practical starting point if your business is registered in Trinidad and Tobago and you want to accept card payments on your website. Its Trinidad and Tobago pricing page lists processing fees that vary by location, from 2.5% to 4.5%, and quotes five to seven business days for settlement processing. It lists TTD and USD among the settlement currencies and requires a verified local bank account in the matching currency. Ask WiPay for the exact fee and confirm that your account qualifies for the currency you want.
Before going live, check the refund terms for your plan. Ask whether there’s a separate refund fee, whether you recover the original processing fee, and how long the refund normally takes to reach the customer.
PowerTranz
PowerTranz is worth comparing if you want to accept payments through a merchant account with a bank. The gateway handles the checkout transaction, and its merchant portal provides settlement reports you can use to reconcile payments. Ask the acquiring bank for a written quote covering transaction fees, settlement timing, eligible TTD or USD accounts, and how refunds are processed. Use that quote when comparing costs.
Stripe
Stripe works well for custom checkouts and payment links when the merchant is eligible. Trinidad and Tobago isn’t listed as a supported country for opening a standard Stripe Payments account. If your business already has an eligible entity in a supported country, verify the requirements for that entity and its bank account. If you’re onboarding through a platform that uses Stripe Connect, ask the platform to confirm whether it can onboard your business and where it can pay you out.
For context, Stripe’s published US standard rate is 2.9% plus US$0.30 for domestic cards. Stripe typically schedules the first payout within seven to 14 days after the first successful live payment. Later payouts follow the account’s schedule. Card refunds generally appear on the customer’s statement in about five to ten business days, depending on their bank. The US pricing example applies to a US account and domestic cards. Check the rates and settlement currencies for your setup.
On one Stripe setup, we used Stripe’s documentation to correct the Dashboard configuration. That’s a check we’d build into any launch. Run a test order and test refund before going live. Then reconcile a small live payment against the first bank deposit so you can see the fees, settlement currency and timing for yourself.
What to confirm before you choose
- Can my business open the merchant account under its current registration?
- Can I charge customers in TTD, USD or both? Which currency will actually reach my bank?
- What will I pay per transaction, including any international-card or conversion fees?
- How long will my first payout take, and what’s the usual schedule after that?
- Can I issue full and partial refunds? What happens to the original transaction fee?
If you’re setting up an online store and want help choosing and testing a checkout, see our e-commerce website design service or contact Kreation.
