Mulling over which payment processing software to pick for your business?
Here’s the thing.
If you don’t get paid, you have no business to speak of. So you must choose the best payment solutions to rack up payments, pay vendors efficiently and help your business flourish.
In this guide, I will show you the 10 best payment processing software on the market so you choose wisely.
What Is Payment Processing Software?
A payment processing software, aka payment gateway, is an application that facilitates online payments. It acts as a link between a seller’s website and the buyer’s bank that processes credit or debit card transactions.
The payment gateway confirms and approves transactions.
Payment processing software is the key to successful eCommerce. It allows customers to do business with confidence in a secure environment.
3 Types Of Online Payment Processing Software
There are three types of payment processing software.
Hosted Payment Gateways
This is a payment system that redirects customers to a third-party payment service provider (PSP) outside the merchant’s website.
Your customers leave your website to complete a payment on the PSPs website. Once they complete the transaction, they will be redirected back to your website.
Platform-Based Payment Gateways
Unlike hosted payment gateways that require users to go elsewhere to checkout, with platform gateways merchants sell directly from their website servers.
Customers do the whole transaction on your site.
Local Bank System Gateways
Local bank gateways work like hosted gateways. This software system sends buyers to a local bank’s website where they complete a transaction.
When they’ve finished, they return to the seller’s site.
10 Best Payment Gateways For Smart Businesses Serious About Growth
Seeing you now understand payment processing solutions, and how they work, let’s go deeper. Let’s look at the 10 leading payment processing software and how they stack up against each other.
If you’ve done online business for a while, you’ve heard about PayPal, an American online payment software company.Businesses all over the world use the PayPal merchant account to accept payments online. They have a staggering 377 million users. In 2020, they processed a jaw-dropping $936 billion worth of transactions.
Paypal is best for entrepreneurs who are starting and want to collect payments cheaply.
Next up is PayPal’s fierce competitor, Stripe.
Certainly, Stripe is one of the leading payment gateways on the market. Companies, big and small, spanning mom-and-pop shops to fancy Fortune 500s use the Stripe payment gateway system to accept payments, send money, and manage their businesses online.
Stripe is best for eCommerce brands that want a feature-rich but inexpensive platform.
Another payment processing software loved by many online businesses is Square.
As one of the best payment processing software around, Square does three jobs superbly. First, you can collect credit card payments and build your eCommerce empire. It can also handle in-person transactions and also doubles up as an inventory management system.
It’s a powerful all-in-one payment processing solution.
Square is best for fledgling businesses because they don’t charge monthly fees.
Moving right along we will now discuss 2Checkout.
Founded way back in 2000, 2Checkout is another online payment software option you can consider. Its mission is to simplify online payments for business owners. You can use the software to sell online services, SaaS products, and physical products to a global audience.
Let’s sample their major offerings.
2Checkout is best for businesses in underserved regions.
Payline Data is a fast-growing company in the online payment processing industry.
They provide merchant accounts for businesses of all sizes from startups to large, established retailers. If you are a high-risk merchant, choose Payline because they serve everyone including high-risk industries. They accept credit and debit cards, do invoicing, recurring billing, ACH payments, and more.
Payline Data Features
Payline Data is the perfect fit for high-risk merchants.
Adyen is a Dutch merchant services company.
They provide payment processing services that facilitate eCommerce, mobile, and POS system payments. You can sell to a global audience through the platform and drive recurring revenue for your business.
Here are the feature highlights of this growing payment processing solution.
Adyen is ideal for large enterprises that sell huge monthly volumes.
Authorize.net provides online payment processing services for merchants that want to accept payments efficiently, anytime, anywhere.
It allows sellers to take credit card payments, contactless payments, and electronic checks in-person or on the move. Authorize.net is a subsidiary of Visa, one of the most recognized financial institutions in the world.
Here’s what you get inside this payment software.
Authorize.net is a good fit for big businesses that need a merchant account to manage their payment operations.
Marketing 360 is an all-in-one marketing platform for small businesses.
They have industry-specific tools and dedicated marketing teams to help you scale your business. Not only do they help you manage and grow your business, but they also provide payment software solutions.
Let’s unpack what they offer.
Marketing 360 Features
Marketing 360 is for brands that want a payment solution that runs their entire business.
Whenever there’s a discussion about the best business accounting software, Quickbooks usually pops up in the conversation.
The company gears its service to small and medium-sized businesses.
Not only does Quickbooks offer payment processing, but their merchant account also helps brands manage and pay their bills.
Quickbooks Payments Features
Quickbooks Payments is great for small businesses because of their affordable pay-as-you-go plan.
Amazon Pay is yet another online payment processing solution worth considering.
Launched in 2007, the software company is an offshoot of Amazon, the eCommerce giant that dominates the internet business. Driven by the latest AI technology, they offer secure online payment processing.
They grew exponentially because they tapped from the mother company’s millions of customers.
Amazon Pay Features
Amazon Pay is great for eCommerce businesses.
Accept Payments Like A Pro And Propel Your Business Forward
There you have it.
The 10 best payment service providers on the market right now.
Assess your business needs. Weigh your options carefully. Make sure you pick the right software companies to help you grow. Once you’ve found the right match, go for it.
Process payments with aplomb and hear your cash register ring nonstop.
Last Updated on June 12, 2023 by Hanson Cheng