Accepting Payments in Barbados

The most eastern island of the Caribbean region hosts the country of Barbados, a land frequently occupied by the West in the colonial era for its geographic location that served as an anchor point in the search for the New World. The exotic goods mostly aimed at being offered to the royalty and bourgeois of Europe became the cornerstone of commerce in Barbados. Surely the ages have passed and you cannot rely on a sole product of export to sustain your economy so Barbados inevitably took steps to avoid a possible collapse by diversifying its markets. 

Looking to become a fully independent republic by removing the queen of England as the head of state by November 2021, Barbados ranks as the 52nd richest country in terms of GDP per capita. Running an adequately developed mixed economy, Barbados provides an above average life standard for its citizens although a significant percentage of the population still struggles in poverty while some fail to meet their basic daily nourishment needs.

Barbados Economy Facts

Barbados economy has been historically dependent on sugarcane cultivation and by-products. As aforementioned, though, by late 70’s they began dipping their toes into tourism and manufacturing which were followed by offshore information and Barbados financial services, becoming somewhat a haven for high rollers looking to evade equally high tax burdens in their original countries. Although it came to a halt later, thanks to the 2007 Cricket World Cup, the country experienced a construction craze which enabled lots of development and redevelopment projects to be accomplished. It should also be noted that the island went through a sovereign default and restructuring of debts thereto from 2018 to 2019. The Barbados finance sector has been aided by the European Union as well, via a program that delivered 10 million Euros for the modernization of the sector.

Payment Methods in Barbados

Earlier we have mentioned that Barbados is economically famous for its offshore finance services which also received funding to up its game by the European Union. This inevitably brings us to the topic of best payment methods in Barbados and how to accept payments in Barbados particularly for businesses based there. Being mostly a cash-based country, the local fintech companies naturally are asking for alternative services as well to reduce the service time and make sure they are granted the funds they charge fees with. 

What is the Most Popular Payment Method in Barbados?

The most widely known Barbados ewallet is PayPal for locals. Despite its popularity and interchangeability all over the world, however, its fees scare away some business, especially those barely on their feet. When that happens businesses take the route of accepting credit cards online with a Barbados-friendly gateway integrated into the procedure. The other payment options in Barbados are Visa, Mastercard, American Express and Western Union. 

Barbados payment gateways are your next step after choosing the right bank to work with. Once you are done selecting the best offer from a bank with lowest collateral requirement possible, you would like to pick a payment gateway to accept payments in Barbados taking the shivering possibility into account that the bank you work with one day decide to cease its operations in the country.

The beautiful island of Barbados is a haven for all businesses once you have learned to tread the land carefully enough.

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