Running a small business often requires you to wear numerous hats and one such hat is managing your company’s finances. More importantly, it is about choosing the right payment processor to accept payments from your customers, both online and offline. After thorough research and evaluation, we have compiled the top 10 payment processors for your small business.
1. Square: This payment processor is one of the most popular choices for small businesses due to its simplicity and ease of use. Square is ideal for small businesses that need to accept in-person payments. The payment processing fee is a flat rate and there are no monthly fees, making it budget-friendly for small businesses.
2. Stripe: If your business operates primarily online, Stripe is an excellent choice for you. It offers customizable payment solutions that integrate seamlessly with your website or app. It also offers international payments and supports multiple currencies.
3. PayPal: PayPal is widely recognized and trusted by consumers worldwide. For small businesses, it’s an attractive option due to its competitive processing fees, especially for online and international transactions. PayPal is also known for quick and direct deposits into your bank account.
4. Shopify Payments: For those running e-commerce businesses on Shopify, Shopify Payments is a no-brainer option. It integrates seamlessly with the platform, allowing you to manage all your transactions in one place. Plus, using Shopify Payments waives the additional transaction fees that apply when using external payment processors.
5. Authorize.net: This payment processor has been around for over 20 years and offers a range of features and services aimed at small businesses. With Authorize.net, you can accept payments in person, online, and through mobile devices.
6. QuickBooks Payments: If you already use QuickBooks for your accounting needs, it makes sense to use QuickBooks Payments as your payment processor. It integrates seamlessly with your accounting software and allows you to automate your payment processing.
7. Clover: This is a comprehensive point-of-sale system that also offers robust payment processing capabilities. Clover is ideal for small businesses with a physical storefront. It also offers online payment options, and it integrates with various e-commerce platforms for businesses that sell online.
8. Braintree: Owned by PayPal, Braintree is a popular choice for businesses that need to handle online, mobile, and in-app transactions. It supports over 130 currencies and provides integration with popular business software, thus making it an attractive option for businesses aiming to scale across different countries.
9. Adyen: This is a global payment company that supports all key payment methods, in-app payments, and international transactions. It serves millions of customers worldwide and is trusted by some of the world’s biggest brands. It offers a unified commerce payment platform, making it suitable for small businesses with big aspirations.
10. Payment Depot: Known for its subscription-based pricing model, Payment Depot is great for small businesses with a high volume of transactions. You pay a flat monthly fee, which can save you money if you have a large number of credit card transactions each month.
Choosing the right payment processor for your small business will depend on various factors, such as the nature of your business, the volume of transactions, your budget, and your specific needs. While the processors above can offer a range of solutions, you must take the time to thoroughly research and discover the one that’s the right fit for your company.
Keep in mind that the best payment processors are the ones that provide seamless integration with your existing systems, offer competitive processing rates, and ensure quick and secure transactions for your customers. Ultimately, the right decision will be instrumental in managing, scaling, and advancing your business in the long run.