Iyzico

Overview

Founded in 2013 and headquartered in Istanbul, Turkey, Iyzico is Turkey's leading payment platform. With approximately 30% market share in Turkey's online payment market, Iyzico serves over 300,000 merchants and processes more than $5 billion in annual transaction volume, making it the largest independent payment gateway in Turkey. In 2019, Iyzico was acquired by PayU (Naspers/Prosus's global payment platform) and integrated into PayU's global payment network.

Iyzico deeply understands Turkey's unique payment ecosystem. Turkish consumers have distinct payment habits — over 60% of e-commerce transactions use bank transfers (HAVALE/EFT), installment payments (Taksit) are extremely popular, and cash on delivery (Kapıda Ödeme) still accounts for a significant share. Iyzico provides comprehensive payment solutions tailored to these local needs, making it the go-to payment gateway for international merchants entering the Turkish e-commerce market.

Key Strengths

• Deep Turkey Market Coverage: Iyzico has direct API connections to all major Turkish banks, including Ziraat, İş Bankası, Garanti, Akbank, Yapı Kredi, and 20+ others. Bank transfer transaction success rates exceed 95%, far outperforming international payment gateways in Turkey.
• Installment Payment (Taksit) Capability: Turkish consumers heavily rely on credit card installment payments, especially for home appliances, electronics, and travel. Iyzico supports 2-12 installment periods across major Turkish issuing banks — a critical tool for e-commerce platforms to increase average order value.
• PayU Global Network Integration: As a PayU member, Iyzico merchants can progressively access PayU's global payment network covering 20+ emerging markets, providing headroom for future business expansion. PayU's global compliance and risk infrastructure also provides additional security backing.
• AI-Powered Risk Engine IyziRisk: Iyzico's proprietary IyziRisk engine uses machine learning to analyze transaction patterns in real-time, automatically identifying and intercepting suspicious transactions. Merchants can customize risk rules. IyziRisk keeps the average chargeback rate below 0.5%, approximately 40% lower than the industry average.

Product Ecosystem

Iyzico Payment API

Iyzico provides standard RESTful APIs and Web SDKs supporting card payments, bank transfers, installment payments, and cash on delivery. API documentation is available in Turkish and English, with SDKs for PHP, Python, Java, Node.js, .NET, Ruby, and other major languages. Average merchant integration takes 3-5 business days.

Iyzico Checkout Form

Checkout Form is Iyzico's embedded checkout component. Merchants embed the complete payment flow via frontend JavaScript. Features responsive layout and brand customization, automatically selecting the most relevant payment methods based on user browser and device. Built-in 3D Secure authentication flow requires no additional development.

Iyzico Marketplace

The Marketplace split payment system supports automated fund distribution for platform merchants. Merchants configure tiered splitting rules — fixed amount, percentage, or combination — to automatically distribute transaction funds to multiple sub-merchant accounts. Supports real-time balance inquiry and batch settlement, suitable for multi-vendor platform payout management.

Iyzico Wallet

Iyzico Wallet provides a digital wallet for end users. Merchants can integrate Iyzico Wallet into their own applications. Users deposit funds for faster subsequent payments without re-entering card information. Wallet funds can be withdrawn to Turkish bank accounts.

Limitations

• Limited International Coverage: Iyzico's core market is Turkey, with weak international card and cross-border payment method support. For multi-country operations, pair with Stripe or PayPal.
• Language Barrier: The merchant dashboard and some technical documentation are predominantly Turkish, with incomplete English coverage. Non-Turkish speaking teams may encounter communication challenges during integration and maintenance.
• Lower International Card Success Rates: Non-Turkish issued international cards achieve lower success rates (~80%-85%) on Iyzico's network compared to local cards (95%+). Some banks apply additional risk controls to international transactions.
• Higher Fee Structure: Iyzico's standard fees (approximately 2.5%-4% + fixed fee) are higher than Stripe (2.9%+$0.30), especially with installment payment surcharges further increasing overall costs.

Use Cases

• Turkey E-commerce (★★★★★): Iyzico is the best payment gateway for the Turkish e-commerce market, with the highest local payment method coverage and unmatched installment payment capability.
• International Brands Entering Turkey (★★★★☆): Provides a complete Turkish local payment experience. Bank transfers and installment payments are critical requirements for Turkish users that international payment gateways cannot fulfill.
• Turkey SaaS & Subscription Services (★★★★☆): Native subscription management, invoicing, and Marketplace split capabilities cover the core payment needs of digital products and platform economies.
• Middle East & European Expansion (★★☆☆☆): Limited coverage outside Turkey. For regional expansion, pair with Adyen or Checkout.com.
• Global Operations (★☆☆☆☆): Not suitable for non-Turkish market global payment scenarios, only as a Turkey local payment supplement.

Pricing

Note: Above are published standard rates. Merchants with monthly volumes exceeding ₺1 million can contact sales for enterprise pricing. Installment rates vary by bank and term length.

FAQ

• Can Chinese merchants register with Iyzico? Iyzico primarily serves Turkey-registered businesses and merchants with Turkish residence permits. Non-Turkish businesses should contact sales for evaluation. Consider PayTabs or dLocal for emerging market payment solutions.
• What languages does Iyzico support? The merchant dashboard supports Turkish and English, with technical documentation primarily in Turkish. Client-side checkout pages can be customized with multi-language copy through the API. See the multilingual ecommerce website guide.
• What is Iyzico's settlement cycle? Standard settlement is T+1 business day for Turkey local transactions and T+3 business days for card payments. High-volume merchants can negotiate T+0 settlement. See the payment gateway rate comparison.
• Does Iyzico support refunds? Yes, full and partial refunds are supported. Refund processing takes 3-7 business days. No additional fee is charged for refunds, but original transaction fees are non-refundable. See the payment gateway rate comparison.
• What's the difference between Iyzico and PayTR? PayTR is another Turkish payment gateway supporting local payments and installments. Iyzico's advantages include PayU global network backing and more mature Marketplace split functionality, while PayTR offers more flexibility for virtual POS and individual merchants.