Whether you run an online business or manage a brick-and-mortar store, an all-in-one Point of Sale (POS) system can make a big difference in your business’ success. A payment processing system is a way that most businesses process credit, debit card, or digital payment transactions. A payment processing company makes it possible for a merchant to accept credit, debit, or digital payments other than cash.
From swiping a card to manually inputting information or using a contactless payment method, this encrypted payment process is tracked and managed by the payment processing entity. Payment processing services like Authorize.Net, Square, and PayPal help businesses complete credit card transactions faster. They are also a secure way to transmit financial data and funds from a customer’s bank or credit organization to the store’s account within seconds.
If you accept payments other than cash, it’s a good idea to choose a payment processing company and method that works best for you. Some payment processing services are separate from a POS system, some companies bundle services, and others offer processing and systems in one package. Check out these 4 best payment processing solutions for your business.
1. Authorize.Net
Authorize.Net is one of the best payment processing solutions for small businesses that need an online payment processor.
Unlike some other types of payment processors, Authorize.Net is a payment gateway provider. This means that they let you accept and process customers’ payments via your website. You don’t need to send a payment link or issue an invoice. This makes it an easy and secure way to conduct your online business.
When using Authorize.Net, customers can choose from a variety of payment options. These include credit or debit cards, digital payments, or e-checks. Currently, Authorize.Net offers two service options for merchants: a standalone gateway or an all-in-one bundled service.
Even better, Authorize.Net only costs $25 per month if you have a merchant account required to use the solo payment gateway plan. In addition to the monthly fee, Authorize.Net charges $0.10 for each transaction and a $0.10 daily batch fee.
If you don’t have a merchant account, you can still use the combination plan that has both a payment gateway and a merchant account. This comes with a $25 fee per month and 2.9% and $0.30 transaction fees.
2. PayPal
If you’ve ever paid an online merchant or have an e-commerce store, you’ve probably used PayPal. PayPal is one of the biggest and most trusted names in digital payment processing solutions.
As a leader in payment processing, PayPal offers several solutions for small business owners looking to streamline their online payment process.
Accept payments through your website, send invoices, or process payments in person with PayPal’s PayPal Here option. From debit and credit cards to PayPal payments and digital payments, PayPal
gives you the option to add a checkout button to your website or connect directly to PayPal’s offsite platform.
The best thing about PayPal is that the company’s different solutions let you accept and process online payments in the way that best fits your business. For PayPal Checkout or PayPal Payments Standard, you can offer flexible, accessible, and versatile online payment processing with transaction fees of just 2.9% plus $0.30 per transaction.
3. Square
With fully integrated, end-to-end payment processing, Square is PCI compliant for safe and reliable payment services. Whether you’re processing payments in person via Square’s mobile device attachment or accepting credit cards or mobile wallets like Google Pay, Apple Pay, or Samsung Pay on your website, your customer’s financial information does not touch a separate company’s device.
It’s a good processing option for small businesses since it manages transaction authorization and fund transfers. It also has a flat-rate price without any monthly or annual fees if you choose the basic processing model.
4. Stripe
This payment processing company is one of the best and fastest-growing payment processing solutions for online businesses around the world.
One of the best things about Stripe is that it is designed for online business platforms. The service also allows different payment options. With Stripe, you can accept credit cards, digital wallets, and even international currency with a customized payment form that’s available on mobile, tablet, or desktop. You can also embed payment forms on your website, create, and issue invoices to customers for payment.
Stripe is tech-savvy and integrates well with online third-party platforms such as Shopify, 3dcart, BigCommerce, and others. Secure, customizable, integrative, and with basic flat-rate prices, Stripe won’t charge you a monthly fee. This means that you’re only charged 2.9% and $0.30 for each transaction with just a 1% fee for processing international payments.
Like these other payment processing solutions, Stripe is revolutionizing e-commerce by becoming one of the leading payment processing companies in the online space.
