With so many payment processors out there, it can be difficult to decide which one to use for your small business. Not sure what the best choice is for your company’s individual needs? Read our guide below to help you decide.
What is a Payment Processing?
Payment processing is essentially a payment service provided by a company to merchants. The payment processing service helps businesses handle transactions and receive payments both online and/or in-store.
Comparison of Payment Processing Solutions
Some of the most well-known companies that offer payment processing services are:
- Amazon Pay.
Below is a comparison of their features and benefits.
Commonly known for its POS (point of sale), Square also offers a powerful payment processing solution. It’s one of the easier to use solutions available, and can easily grow with your business. With Square, you can take payments over the phone, online, in-person, or remotely. One drawback, however, is that Square is only available in the United States, Canada, Japan, Australia, Republic of Ireland, and the United Kingdom. If your company does a significant amount of international transactions with a country not listed above, you may want to consider an alternative to Square.
- Create your online store quickly and easily with Square’s site builder tool.
- Advanced features like inventory management, appointment booking, payroll services and real-time reports.
- No monthly fees.
- Fast setup and simple to use.
- Connects to third-party apps seamlessly.
- Businesses of all sizes who sell their products online and in-person and want a single platform where they can manage both their physical and online stores.
With over 20 years in the business and more than 390 million active customers, PayPal is a household name. It is one of the most secure and trusted businesses in the payments industry and customers appreciate PayPal’s solid payment protection program. If you’re looking for a simple way to get started with accepting payments for your business, PayPal may be the way to go.
- Consistent flat-rate fees.
- Simple to use.
- Quick transactions.
- Supports over 100 currencies.
- Flexibility for customers with the ability to buy now and pay later.
- Smaller businesses with a low sales volume who want a simple set up. While PayPal’s fees are consistent, they’re also somewhat expensive and built on transactions, so it may not be the best choice for bigger companies with higher sales volumes.
According to their website, “Millions of companies of all sizes—from startups to Fortune 500s—use Stripe’s software and APIs to accept payments, send payouts, and manage their businesses online.” It’s a great choice for developers and tech-savvy companies who can really leverage Stripe’s APIs to their advantage. One thing to note is that Stripe does not accept PayPal payments, so be sure to consider what payment methods you’d like to be able to accept before making your final decision.
- Supports over 135 currencies.
- Highly customizable.
- Integrated per-transaction pricing with no hidden fees.
- Stripe Billing allows you to send custom invoices.
- Powerful APIs.
- Ecommerce businesses, global businesses who need the capability of receiving international payments, or companies who have a strong tech team capable of customizing Stripe’s API to help them get the most out of everything Stripe has to offer.
Shopify boasts the ability for businesses to “use one platform to sell products to anyone, anywhere—in person with a Point of Sale and online through your website, social media, and online marketplaces.” You can build your online store and manage it on Shopify with tons of great features like inventory management, SEO optimized product pages, abandoned shopping cart recovery emails, and product reports.
- Access to 24/7 support.
- The Shopify app store has 6,000+ apps that integrate directly with Shopify.
- Built-in tools for reporting and analytics.
- Customizable templates.
- Easy to set up.
- Businesses looking for an easy way to manage their online store and accept payments online.
Amazon Pay allows you to connect with millions of customers across the globe. As a business, you get the benefit of using Amazon’s reputation and brand recognition to boost trust, and customers enjoy the fact that purchases made with Amazon Pay are protected by Amazon’s A-to-z Guarantee.
- Easily integrates into your website.
- Convenient and fast checkout. Customers can complete a sale using Amazon Pay without having to leave your website.
- Simple to set up.
- There are no setup fees, ongoing monthly fees, or cancellation fees.
- Merchant payment protection policy helps safeguard you from chargeback fees and fraud.
- Businesses who are already selling on Amazon, those whose target customers likely already have an Amazon account, or online businesses.
Need Quick Funding for Payment Processing Services or Other Business Needs?
Contact us today at 844-466-6394 or here and one of our dedicated relationship managers will discuss your needs in order to determine the best product for your business. We are here to help, every step of the way.