Best Small Business Merchant Account – Top 10 Payment Processing Companies in the World With hundreds of services available, how do you choose the payment processing company that is best for your business and customer experience? Columnist Steve Olensky reveals his top picks to help you find just the right thing.
Simply put, a payment processor is a company that processes transactions between two parties, such as a merchant and a customer. It makes payments by transferring payment information from the customer to the merchant’s preferred bank account, such as a credit card.
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As a retailer, you know that choosing a payment processor is not a decision for the finance department. This is because user experience is important (some would say critical) and choosing the wrong option can negatively affect your conversions.
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In addition to the overall experience, you’ll want to consider what types of payments the processor accepts, what types of fees are charged, and the platforms where transactions take place, such as online or mobile apps.
However, since there are hundreds of payment processing options, here are 10 of the best options to consider.
For merchants looking for a low-volume payment processor, PayPal has proven to be a solid choice since its inception in 1998. In addition to having budget-friendly pricing, PayPal works and allows users in more than 200 countries and in 26 currencies. To integrate PayPal checkout on their website, process payments through a browser, app or reader, and issue credit to customers.
Reason provides end-to-end services for freelancers, small business owners and companies that include the entire billing and payment process. In addition to offering time tracking, project management, and customized online invoicing options, the company understands that your business can span the globe.
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Its invoicing and payment processing features include over 100 languages, currencies and tax systems, as well as international credit card processing.
There is no such thing as a “one-size-fits-all” payment processor for online retailers. However, we appreciate Stripegets being a customizable payment solution.
Stripe is designed for developers who interact with the company’s APIs to create the product that best suits their needs. Stripe lets you accept credit card, debit card and bitcoin payments in 130 different currencies. There is also flexible billing and a modest 2.9 percent + 30¢ on successful card payments.
If your site receives a high volume of credit card transactions, Flagship Merchant Services may be your best option. As an all-in-one credit processor, the company offers businesses low and flexible monthly rates, as opposed to signing a long contract.
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Processing options include in-person, online and mobile credit card processing. Flagship is known for its excellent customer service and quick application process.
Payline Data is one of the best reviewed payment processors available today. In addition to offering merchants the ability to accept payments in-store, online and through a mobile app, Payline Data offers merchants, customer insights, QuickBooks integration and an exchange-plus pricing structure at no charge to cancellation.
Square gives you the power to accept payments wherever you are, thanks to new products like the Magstripe Reader, Contactless + Chip Reader and that turn your mobile device into a one-of-a-kind payment processor .
Square is also customizable, meaning it has solutions for a variety of businesses, including everything from restaurants to beauticians to transportation companies to professional services.
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Founded in 2006, Adyenis is a global multi-channel payment company based out of Amsterdam. The company allows users to receive money electronically in real time via mobile phone or in person.
This platform connects over 250 payment methods in North America, Latin America, Europe and Asia, making it the leading processor for anyone involved in global commerce.
Founded in 2011, BitPay is one of the largest Bitcoin payment providers in the world. In fact, the company is responsible for over a million dollars in transactions per day.
BitPay allows users to exchange their choice of nine currencies in 38 countries to avoid volatility. The company has partnered with PayPal and merchant acquirers such as Global Payments and Alternet Systems.
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GoCardless is an online direct debit provider headquartered in the United Kingdom. With GoCardless, users can not only receive payments with a simple setup, but also automate payments, track payment status and integrate the service on their site with their REST API .
Formerly known as Merchant Warehouse, Kayan rebranded in 2015 to focus on features such as online payments and point-of-sale purchases, as well as enabling developers to easily access NFC ( near field communication) and EMV (chip technology) payments. API (Application Programming Interface).
The Boston-based payment processing company offers both tiered and exchange and aggregate pricing at a competitive price, with a low monthly fee of $4.95.
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One of the things you need to plan when starting your own business is how to pay your customers. Sure, cash may be the easiest way to pay, but it’s not the most popular. In fact, a 2019 Federal Reserve study found that only a small percentage of payments today are made with cash and 34% with credit cards.
Accepting credit cards for your small business is definitely in your best interest. To help you get started, we’ve broken down the process into three easy steps – and listed the three best payment processors to use.
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Depending on the type of business you run, it may not be clear what compensation you will receive. For example, if you offer online services, you will likely only accept online payments.
For other types of business, you may need a combination of payment methods. For example, you run an Internet e-commerce site where you sell crafts, but you sell them in person at craft shows. Online and mobile payments may be required at this time. Alternatively, a new restaurant may initially accept in-person payments, but allow online payments for to-go orders.
Additionally, you need a merchant account to accept credit card payments for your small business. Your merchant account provides payment processing, a point-of-sale system, and credit card terminals.
While merchant accounts are another option, they usually require higher fees and longer contracts. And thanks to technology, there are many cheaper options available today.
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The payment processor or payment service provider provides the same service as the merchant service without opening your own account. They allow credit card processing and can provide any hardware you need without the expense and complication of a merchant account.
Once you know how to accept payments, it’s time to choose a payment processor. There are many payment service providers to choose from, and it can be difficult to decide which one is the best.
Depending on the type of business you run, you may have on-premise hardware or software. If you run completely
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