10 Fastest Payment Processors in the World
Litle & Co.
is the world’s fastest payment processor — again.
The Vantiv-owned company has topped the rankings every month of 2014, according to the GatewayIndex from Spreedly and Shopify. Litle processed transactions in 0.7 seconds on average in May. The slowest company tracked by the index for May was Melbourne-based Pin, which took an average of 10 seconds to process a transaction.
Processing speed may not mean much when you’re waiting to pay a few bucks for that china figurine you found on eBay, but if you’re a merchant cycling through hundreds or thousands of payments in a day, every tenth of a second makes a difference. Slow transactions can lead to lost sales, or failed transactions due to users losing patience and clicking “Submit” again and again.
Speed can also signify that a processor has its ducks (and code) in a row. If a processor is slow and is unable speed things up, that may signal some kind of inefficiency or lack of capacity in the system.
Here are the Top 10 fastest payments processor for the month of May, according to Spreedly and Shopify’s data.
| Gateway | Processing Speed – May | April | March |
|---|---|---|---|
| Litle | 0.7s | 0.8s | 0.8s |
| Net Pay | 0.9s | 1.2s | 1.2s |
| TransFirst | 0.9s | 0.9s | 0.9s |
| Merchant e-Solutions | 1.0s | no data | 1.1s |
| Orbital | 1.0s | 0.9s | 1.0s |
| SecureNet | 1.0s | 1.0s | 1.0s |
| Moneris | 1.1s | 1.0s | 1.1s |
| Iridium | 1.2s | 1.2s | 1.3s |
| CyberSource | 1.3s | 1.2s | 1.1s |
| MerchantWARE | 1.3s | 1.4s | 1.5s |
For more information on how data is collected and what is being measured, visit the GatewayIndex.
