7 Best Payment Processing Companies and Systems for Businesses in 2024
Payment processing is not just about transferring money. It's about providing a secure service that lives up to the expectations of your tech-savvy consumers. The best payment processors will give customers a smooth transaction experience that assures them that their payment details are safe.
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| The Best Payment Processing Systems for Businesses and Online Entertainment in 2024 |
These systems can handle different payment methods, whether the customer is paying with their credit and debit cards or their digital wallets. Businesses must choose a payment processing company that can provide a reliable payment gateway that can adapt to their business needs.
Selecting the right payment processing provider will help you give your customers a hassle-free payment experience. Besides, how you handle your payment system can determine your customers’ behavior. An easy transaction experience will encourage them to pay for their purchases, but a clunky payment process can discourage them from buying. This article will explore the best payment processing companies businesses can consider in 2024.
What are the Best Payment Processing Systems for Online Businesses?
Every online business should have a great payment processing system. These systems make transactions smooth and easy for customers. Here are some of the best payment options:
Shopify
Shopify is popular with small businesses because it simplifies the payment process. The platform supports different payment methods, including credit card payments and digital wallets like Apple Pay and Google Pay. It's versatile and businesses can use it to cater to a global customer base, considering it accepts all forms of payment methods.
Shopify has a built-in system, called Shopify Payments, that integrates with the e-commerce platform and removes the need for a third-party payment processor. This means customers can reduce additional fees, and businesses can avoid the set-up process. Shopify also has;
- A built-in fraud system to help online stores detect and manage fraudulent transactions.
- Easy integration. You can set up Shopify Payments for your business within minutes.
- Simple technical process. The system handles everything, from card payments to other online payment methods, so you don't need to do much.
Tobi Lütke, the CEO of Shopify, says, “We believe commerce can always be better, and we strive to make the experience of buying and selling online as seamless as possible.” Shopify is a payment solution that benefits both the buyer and the seller.
PayPal
PayPal is one of the most trusted payment services today. Businesses can easily add PayPal to their websites to accept credit and debit card payments, or online credit card payments. The platform complies with the Payment Card Industry Data Security Standards (PCI DSS), to make sure all their online transactions are secure. This level of security assures customers that they are in safe hands.
PayPal also offers buyers protection. If an item doesn't arrive or doesn't match the seller's description, PayPal may reimburse the buyer for the full purchase amount, including shipping costs. But to be eligible under the buyer's protection, you must:
- Have a working PayPal account.
- Pay for the item in question through PayPal
- Must have tried settling the dispute with the seller directly before filing a claim.
PayPal works in a wide range of industries. In the online betting market, PayPal is widely used to facilitate gambling payments. Users get the unique ability to line up deposits and withdrawals. And as our guest author tipster Evelyn Balyton says,
"Presented PayPal betting sites on MightyTips are a favorite among players. Users don't have to go to the bank or enter their credit card numbers to deposit funds. All that is needed for transfers is your email number linked to the wallet. Which is safe and secure for any consumer."
Apple Pay
Apple Pay is convenient. Customers can pay for items without carrying cash or physical credit cards. All they need to do is tap their phone or watch near a payment terminal or select Apple Pay to make payments online.
Security is a major concern for people when it comes to modern payment methods, and Apple Pay has that in check. It uses advanced security to protect user's information. How? It doesn't share customers’ credit card details with the service provider. Apple Pay uses a unique code for each transaction, alongside biometric authentication like Face ID or Touch ID that only the authorized user can provide.
ApplePay also has competitive payment processing fees. Businesses that use Apple Pay would pay the same fee that they would for a regular credit card transaction— the only difference is Apple Pay is more convenient and faster. Integrating Apple Pay into your payment processing solutions will help your business provide a smoother checkout experience. It'll also reduce how often they abandon the cart.
Square
Square is simple and accessible. It’s a good choice for small businesses and startups who have no adequate IT infrastructure. It's easy to set up, and the system process is straightforward. One of the major advantages of this reliable payment processor is that it has a transparent pricing model.
Square has a flat rate for credit card transactions at 2.6% + 10¢ for in-person transactions and 2.9% + 30¢ for online payments. It's low compared to other popular payment processing services like Shopify’s 2.4% + 30¢ to 2.9% + 30¢ for both in-person and online transactions. Businesses pay the same price, regardless of the type of transaction it is— whether it's a Reward card or a Mastercard.
Square’s pricing is openly published on its website, so you don't need to contact the sales team to know how much you should pay. Besides, there's no monthly or annual fee, you only pay per transaction. Square’s transparent pricing and simple navigation make it a top payment provider for financial transactions. Jack Dorsey, Co-founder and CEO of Square once said in an interview “Our goal is to empower businesses with the right tools to thrive in a competitive market.”
Finix
Finix lets businesses customize their payment processing system however they like. It has a developer-friendly API that businesses can configure in hundreds of ways to support their needs. Finix has recently released some no-code, low-code features that let anyone build custom payment solutions, regardless of their payment process software developing capabilities.
Finix also facilitates chase payments for businesses that offer subscription-based services or that rely on ongoing payment collection. Chase payments are transactions made through the Chase Bank, like ACH (Automated Clearing House) transfers and debit card transactions. Finix works with Chase to find a way to make it easy for consumers to make transactions without stress.
Stax
Unlike many payment processors, including Square, Stax charges a flat monthly fee instead of taking a percentage on every transaction. Their pricing method benefits companies that handle a lot of transactions every month. If this is you (a service provider that offers additional services and handles hundreds of payments every month), Stax supports many payment methods. It accepts credit card payments, bank or credit card company transactions, and a lot more.
Stripe
Stripe is one of the best payment processing platforms. It can handle international transactions efficiently. As of now, Stripe supports over 135 currencies, which makes it the best choice for businesses with customers worldwide. Unlike some payment systems, Stripe supports cryptocurrency, alongside ACH and digital wallet transfers.
What to Consider When Choosing a Payment System
Now that you know some of the best payment processing providers to choose, here are some factors to consider before you pick a payment provider:
Security
Make sure the provider you're choosing complies with the Payment Card Industry Data Security Standard (PCI DSS). The PCI DSS mandates them to protect your data by using strong access controls and secure coding practices. If they are not in compliance, there's a high chance your data isn't secure and you may have payment issues in the future.
Processing Cost
Consider how much you’ll be paying every month.
- Would you like to pay per transaction or would you rather pay once a month?
- Is there a system within your budget that offers all the services you need?
- What are the set-up costs, is it worth the service they're offering?
Go for payment processing providers that check these questions.
Integration
The system you choose must integrate with your existing platforms seamlessly. Cross-check to see if it syncs well with your e-commerce site, accounting software, and CRM. This is important for real-time data synchronization across these systems.
For instance, when a customer makes a purchase, the transaction details should automatically update in your business accounting software and CRM. Smooth integration will keep all your records accurate and updated.
Scalability
Choose a payment processing provider that can grow with your business. The number of transactions you process monthly will most likely increase as your business gains more customers.
A scalable payment processor should be able to manage this growth and process the transactions quickly, even during peak times like a sales period or during the holidays.
Conclusion
Choosing the best payment processing system can make or break your business success. Prioritize factors like, how secure the system is, if it integrates with your software, and if their customer support is accessible. Finding a provider that has all these qualities can help your business streamline the payment process, and make life easier for your customers. As Bill Gates once said, "The internet is becoming the town square for the global village of tomorrow,” and having the right payment processor system is important to thrive in this town square.
