It is important that small business owners find the right payment system for their businesses. Due to the large number of payment systems available, deciding which is best can be challenging. In order to help small companies manage their payments, we’ve listed the top seven best payment systems. Best payment options for small business should you know that at following page:
Each option will be discussed in detail, including its features, pricing details, and the type of business it is best suited for.
What is a payment gateway?
Business transactions can be authorized through payment gateways or payment processing systems. In-person or digital payments can be processed through payment gateways.
You can accept credit cards or other types of payments from customers, and a gateway connects your merchant account with the payment processor. Banks that issue credit cards and business banks exchange credit card information through the system.
In order to accept payments directly from customers, businesses use payment gateways.
How Do Payment Systems Work?
Customers are redirected to the payment gateway when they want to make a payment. Once the payment gateway has collected the credit card number and security code, it will send it to the bank.
It is the payment processor who receives the payment information after it is collected. Once the payment information is verified, the payment processor will authorize the transaction.
Incoming funds are then notified to your business bank account by the payment gateway. After the bank transfer is completed, you can start processing orders immediately from the customer’s bank account.
Best Payment Options for Small Businesses:
- QuickBooks Payment Online
- Stax by Fattmerchant
- Clover Flex
- Shopify Payments
- Apple Pay
- Google Pay
- Google Wallet
- Checkout with Amazon
In order to simplify the decision, we have narrowed down the top seven best payment systems for small businesses. We have compiled a list of the best payment processing services for your business, in no particular order.
Since its founding in 2009, Square has become one of the most popular payment platforms. In just two decades, it has grown from a small white card reader to one of the largest payment systems for small and large businesses. In addition to accepting in-person payments, Square supports online payments, remote payments, and manual entries as well.
Price: There is no monthly fee, but a 2.6% + 10.0% per-transaction charge applies
Ideal Business: Small businesses seeking reliable service and low processing fees
QuickBooks Payment Online
Did you know QuickBooks also offers a payment platform? You might already be using QuickBooks for accounting functions, but did you know they also provide a payment platform? In addition to keyed-in transactions, QuickBooks Payments allows you to accept in-person payments as well. If you use their program, you will also be able to make fast deposits and keep track of your finances automatically.
Price: There is no monthly fee, but for ACH bank transfers there is a 1% (max $10) fee plus a 2.4%-3.4% + 25¢ per-transaction fee.
Ideal Business: Businesses that manage their finances with QuickBooks already
Veem offers a reasonable fee structure for small businesses looking for an online payment system. With Veem, you can create 1099 forms, sync them with Quickbooks, schedule payments, track payments, and get live support.
Price: There are no monthly plans, but credit card transactions are subject to a 2.9% fee, and instant deposits are subject to a 1% fee.
Ideal Business: Businesses looking for a simple, cost-effective online payment processing solution
Stax by Fattmerchant
A subscription-style platform for payment processing, Stax by Fattmerchant includes all the features you need. Over $9 billion in transactions have been processed by Stax, and its reliability rating is 99.9%. Many features are available, including same-day funding, advanced reporting, and customer management capabilities.
Price: $99 per month includes eight swipes per swipe and fifteen keyed entry fees per keyed entry
Ideal Business: Businesses with high volumes and low processing rates
The Clover Flex is a handheld credit card terminal that simplifies the processing of credit cards. Payments can be accepted, sales can be tracked, and business can be conducted on the device. The Clover Flex app accepts all forms of payment (chips, swipes, taps, NFC, etc.) and makes the process simple. As well as end-to-end encryption, data tokenization, and fingerprint authentication, the device is equipped with end-to-end encryption and data tokenization.
Price: $499 for the physical POS system, starting at $30 per month with a 2.7% + 10% transaction fee
Ideal Business: Small businesses seeking a physical POS device and payment system combination
Online stores can be built and designed using Shopify’s eCommerce platform. You can take advantage of cheaper transaction fees with Shopify Payments, one of their offerings. The Shopify Payments payment gateway eliminates the need to work with third parties. Furthermore, it offers easy accounting integration, fraud protection, and is available in several countries.
Price: Starting at 2.6% + 30¢ per transaction for online credit cards, and discounted rates for in-person transactions.
Ideal Business: Shopify-powered online stores for small businesses
A popular payment platform, PayPal has been around for a long time. Low processing fees and availability in multiple countries make it a good choice for small businesses. Aside from fraud protection, customer support, and accounting integrations, it also offers fraud prevention and customer support. Businesses that want to process payments on their websites can take advantage of PayPal Payments Pro.
Price: For U.S. transactions, the price is 2.9% + $0.30 per transaction. Transactions outside of the United States are charged 4.4% plus a fixed fee.
Ideal Business: Companies with a global reach who need a payment platform
You will need an iPhone or Apple Watch to use this mobile payment app. When Apple Pay is not accepted by a merchant, a credit card linked to the Apple Pay account becomes the default payment method.
Mobile apps such as this can be used on devices with NFC (near field communication) chips such as Apple and Android. The seller does not have to pay any transaction fees or monthly fees for accepting Google Pay, making it one of the most cost-effective mobile payment options for a small business.
Merchants must create Venmo profiles and manage them, and customers can leave reviews and comments. Venmo allows businesses to initiate bank transfers instantly.
However, Venmo’s transaction fees can make this mobile payment method expensive. There will be a 1.9% fee, plus $0.10, per transaction starting in spring 2022. Venmo would take $2 of a merchant’s $100 payment, resulting in $98 of gross revenue for the merchant.
You can accept payments from customers in many ways with ProPay.
You can embed Buy Now and Donate Now buttons on your website, as well as a credit card reader for your smartphone.
The rates charged by ProPay are competitive. Transactions with swiped credit cards cost 2.6% and transactions with keyed credit cards cost 3.4%.
When your customers purchase items through your mobile app, you can use Google Wallet to simplify checkout.
With just two taps, wallet users can complete a normally lengthy checkout process with just one sign in via Google+.
Sending and receiving money via email is also possible with Google Wallet.
Providing businesses with financing, business spend management, and more, this payment solution serves Fortune 500 companies and startups. Payments made with credit cards are subject to a 2.9% fee plus $0.30 per transaction at the time of this writing.
Specifically designed for digital product sellers, such as music and e-books, this product is designed to help them make money.
Your website or social media account will be able to display Buy Now buttons created by Sellfy. Customers can pay for your digital products using a credit card, PayPal, Stripe, or Paymill account.
Sellfy not only offers you a payment option, but it also offers you unlimited products, storage, and bandwidth.
With Sellfy, there is a 5% transaction fee per transaction
Checkout with Amazon
In addition to this product, Amazon also has a product that allows you to accept electronic payments from your customers. You can copy-and-paste Amazon code onto your website after signing up for a free account with Amazon. Your site’s visitors will be directed to Amazon Checkout by Amazon when they wish to purchase an item.
Checkout by Amazon charges 2.9% plus 30 cents per transaction for sales below $3,000 per month. With increasing sales, your rates will drop.
Introducing PayStand, the next generation of small business payment systems. No transaction fees are charged to users.
Rather than charging a per-use fee, PayStand charges a flat monthly fee. In addition to credit cards, e-cash, e-checks, foreign monies, and Bitcoin, PayStand allows you to accept all types of payments.
Emails and websites can be embedded with product codes. There is no need to visit a third-party website to complete transactions. An e-commerce pop-up window completes the process.
With Flint, small business owners can accept payments in a unique way. Instead of using a card reader that plugs into your smartphone or tablet, this app lets you scan a customer’s credit card number. Your input is required for a few more steps before the transaction is complete.
In addition to accepting cash and checks, Flint also accepts credit cards. Email can also be used to send invoices and coupons to your customers.
You can accept credit cards, debit cards, and e-checks with PaySimple. An online payment form can be set up to be incorporated into your website with the help of this service. Additionally, you can use a credit card reader on your smartphone or tablet.
You can also send and receive payments for invoices sent to your customers‘ email addresses. PaySimple also offers recurring billing.
The monthly fee for PaySimple is $34.95 per month.
The Braintree mobile app and website allow you to accept credit card payments from customers. Also available are options for setting up recurring payments and other client transactions.
Braintree claims you can integrate it into your website or app in about half an hour with the help of an experienced web designer.
Every transaction completed through this service is charged 2.9% plus 30 cents. If you conduct $50k in business using Braintree, the company will waive all transaction fees.
In order to offer this payment option to your customers, you must integrate your website with 2Checkout.
Once you’ve been approved by 2Checkout, you can choose from their shopping carts and Plug-and-Play integrations.
The “Buy” button leads the customer to 2Checkout’s secure payment page. Your website will be redirected to the customer after the transaction is complete.
Whenever you make a purchase through 2Checkout, you will be charged 2.9% plus 30 cents.
Expand your customer reach with social media marketing
To reach potential customers, you must first develop a solid social media marketing strategy. Develop a social media presence for your business on Facebook, Yelp, LinkedIn, Twitter, and Instagram.
Keeping in touch with your customer base and listening to their feedback is possible through social media engagement. As well as promoting sales and special deals, you can post advertisements for your products. Sharing your posts with friends and family makes it easy for your existing audience to reach out to potential new customers.
Take advantage of Broadly’s mobile payment options for small businesses
Simplifies the setup and acceptance of mobile payments. With our innovative payment solution, you can send invoices directly to your customers by email or text.
Improves customer service and reviews on websites such as Facebook and Google by enabling business owners to receive payments faster.