Payment Solutions For Small Businesses – There are many payment tools available to small businesses when it comes to accepting and processing payments. These can range from traditional POS systems to new and exciting FinTech startups.
But what if these payment processors aren’t quite right? Remember, not all of your customers have a PayPal account. Some reside in countries where the payment platform is not accepted. Others may not be equipped with the features you need to grow your small business.
Payment Solutions For Small Businesses
Does anyone know this sound? Then it’s time to review payment tools for small businesses to use in 2020. This way, you can accept payments more easily and affordably for your business.
Integrated Banking And Payment Solutions From Commerce Bank: Welcome To The Future Of Business.
Offers a low flat rate transaction fee of just 2.8 percent for credit card processing. It can also handle domestic and international credit card processing, ACH payment processing, and PayPal and Stripe integration.
But that’s not all. It is also an end-to-end payment solution. This means time tracking, online estimating, and invoicing tools, as well as online database management capabilities.
Authorize.net is another popular payment gateway service provider. It works with your existing merchant account so you can accept credit cards, electronic checks, and digital payments like Apple Pay or PayPal through your business website. Sicne your customers don’t need to go to third party sites so you can be more reliable.
Additional features include automatic recurring billing, a suite of security and fraud prevention tools, and the ability to sync with Quickbooks. Just be aware that there is a fee involved; $49 setup fee, $25 per month gateway fee and 2.9 percent plus $0.30 per transaction.
Best Payment System Options For Your Small Business
Square has become one of the most versatile payment solutions for small businesses. It allows you to accept payments anywhere thanks to its innovative mobile card reader. It turns your mobile device into a POS system.
Square also offers fraud protection, on-demand deposits and SquareStand for large businesses. With the Square app you can create customized registers, issue invoices and receipts, track inventory, view sales reports and manage timesheets.
Better? The mobile card reader is free, while the square stand is $99. There is also a 2.75 percent per swipe fee for all major credit cards.
Designed for global payment acceptance, 2Checkout provides you with a secure and compliant gateway in 87 currencies and 15 languages. It offers online and mobile payment platforms, as well as features such as recurring billing, hosted checkout, fraud protection and integration with the most popular online shopping carts.
Small Business Credit Card Processing & Pos Systems
You can accept all major credit cards, PayPal and bank or wire transfers. Transaction fees are a flat 2.9 percent plus $0.30 per transaction with no setup or monthly fees.
Amazon Payments has proven to be a small business-friendly option for online payments as it easily integrates with your existing website and allows customers to pay instantly for the goods and services you provide.
For your customers, this is a streamlined and secure solution because they can pay you using the payment information stored in their Amazon.com accounts. The domestic processing fee is 2.9 percent.
If your business needs a tool that allows you to accept payments both online and in-store, then Shopify is your answer. In fact, sync your online or in-store sales with Shopify so you can track your inventory and analyze sales data.
Top Payment Solutions To Help Grow Your Small Business
Shopify allows you to create a customizable online store so you can accept online orders and payments. It also integrates with your shipping carrier and services including Xero, QuickBooks, MailChimp, Amazon and social media platforms. You can use Shopify’s free card reader, similar to Square, to accept payments in person.
WePay is a payment processor that can be fully integrated into the look and feel of your business website. It might not sound like much, but it expands your brand. With WePay you can customize everything from checkout forms, confirmation emails, customer support emails, credit card statements and mobile transactions.
Additionally, WePay provides mobile payment capabilities with a chip card reader, mobile SDK and fulfillment service so you can integrate payments into a single mobile app for a more complete and seamless user experience.
If you want a true POS system, look no further than Clover. For starters, its app market has hundreds of applications you can download to optimize your point-of-sale system for your business. This includes accounting services such as QuickBooks, email marketing, loyalty programs and customer feedback. There’s also an app that texts your employees if they’re late for work, and “Ping Me If” that will email you when special events happen at your business.
Small Business Payment Solutions
For an actual POS system, you can purchase either a Clover Mini, Clover Mobile, Clover Go, or Clover Station depending on the type of business you run so you can accept multiple forms of payment. Since these payments are powered by First Data, you can be sure that there will be no interruptions in the payment process.
Wave is considered the best small business accounting website because it can be used to track your income and expenses, generate business invoices, pay your employees and accept credit card payments 2.9 percent + .30¢. You can use Wave to find a local accountant or get funding for your small business.
Like the idea of accepting payments on your phone, but not with attachments or dongles? So Flint solved this problem by creating an app that securely scans a customer’s credit card number. You don’t need an attachment or a dongle. It allows business owners to accept cash and checks, send receipts, and issue coupons to customers via email.
Flint charges a flat rate of 2.9 percent + .30¢ for scans or key records, online sales and invoice payments.
Modern Fintech Services Trump Traditional Banking Solutions For Small Businesses
It’s time to expand your payment options and sign up for one of these payment tools for small businesses today!
Albert Costa graduated from the University of Rouen with a degree in history. He has been a senior finance writer since 2015. His financial advice has appeared in Money Magazine, Fool, The Street, Forbes, CNBC and MarketWatch. He loves giving personal financial advice to millennials.
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To ensure we are setting the highest content standards, we have enlisted the help of certified financial professionals and certified individuals to validate our advice. We rely on them for up-to-date information and data to ensure the facts from our in-depth research are for today…not yesterday. Our financial expert review board allows our readers to not only trust the information they read, but also act on it. Most of our writers are CFP (Certified Financial Planner) or CRPC (Chartered Retirement Planning Counselor) certified and all have college degrees. Every year, learn more about retirement advice and take the right steps toward financial independence and know where you stand today. Learn all about our top-rated financial expert reviews below… Learn More A POS system is a program for processing and recording transactions in a retail store. Modern POS provide an easy way to accept payments, track sales and inventory, and manage employees in real time. Therefore, more and more small business owners are using POS to understand their store operations and customer trends to stay competitive in the digital age and stay afloat during the COVID-19 pandemic.
How Small Businesses Can Use Tech Solutions To Upgrade Their Payment Systems
A recent Grandview research revealed that the POS system market size was $9.3 billion in 2020 and is projected to reach $18.1 billion in 2027. Choosing the best-fit point-of-sale system for retailers can be a daunting and daunting task as there are so many out there. Options in the market. We researched, compared and shortlisted the 6 best POS systems for small businesses based on their simplicity, features and price.
Square is a payment services company based in California, United States. Entering the POS market is a big step for Square to compete with other financial competitors. Square is the best overall POS system for small businesses because of its price point and ease of use, with options designed for general-purpose, retail, restaurant and meeting-based businesses. Additionally, each option has a free plan that includes unlimited sales and products on the online store. Here are some amazing features of Square POS:
Although Square POS is free, you will pay a payment processing fee for each transaction (2.6% + 10¢ per tap, swipe and dip).
Shopify is an e-commerce platform company of the same name, based in Ontario, Canada. Shopify POS was released in 2013, helping retailers run physical and online retail stores on their Shopify platform. Shopify POS is the best choice for small and medium businesses in any industry. Free POS software for selling on the go or at events. Shopify projects in-store sales, inventory and customer data
How Can Small Businesses Collect Payment Faster
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