When you run a small business, you cannot overlook the importance of payment processing. You need to find a great solution that lets you easily accept payments with minimal fees, hassles, and excellent customer service.
You also want one that is convenient for your customers. With these strict criteria, how do you know what’s the best solution for your small business?
We’ve shortlisted the best payment processing solutions you should consider for your business.
The Best Payment Processing Solutions For Your Business
We suggest registering for at least two of these solutions to give your customers a variety of payment options for online payment processing. You also want to consider ISO payment processing as a backup method for any of these. Here are the best payment processing solutions you should consider:
Stripe payment processing has become increasingly popular with online merchants. You can customize the payment solutions to your liking – making it flexible with different types of online businesses.
You are able to accept credit card and debit card payments. What makes Stripe stand out is that you can also accept Bitcoin payments.
The fees are also modest: with 2.9% plus 30 cents for every charge. It’s free to use and has excellent customer service.
PayPal remains a great option for many merchants. Payments can be processed through a web browser, PayPal’s app, or a payment reader. It works in over 200 countries and over 20 different currencies.
It is free to use and also has low fees. The fees vary based on where the payment is processed from and the currency, but they remain low and reasonable across the board.
Square payment processing is great for entrepreneurs-on-the-go! If you sell services or physical goods, you can install the Square app on your smartphone and plug in the reader and start accepting payments.
It has a variety of solutions tailored to different types of businesses from professional services, to transportation, to beauty consultants, to street merchants.
Square is free to use and has very low commission rates. Your customers will not need a Square account to provide payments as Square can accept credit and debit cards.
If you have a huge online marketplace, you want to use Authorize.net This has low commission fees and can accept a variety of payments including e-checks.
Authorize.net has been renowned for its high level of security features. This is especially great if you expect to receive several orders on any given day and have high amounts of revenue.
Even if your business doesn’t currently make high sales, you should always keep Authorize.net in the back of your mind as your online marketplace grows.
Finally, Venmo is the simplest way to receive and send payments. If you want to offer a physical product or service to someone without having to deal with a middleman use Venmo.
You can send a request to another user for the payment of what you are offering. Each Venmo user has an original username to which payments are sent. Once you receive a payment, you can immediately request for it to be transferred to your bank.
If you need to offer refunds to your customers, you can quickly send them the payment via Venmo.
Open Up Shop!
Now that you know the best payment processing solutions for your small business, you are ready to open up shop. Be sure to use at least two of these options so you can give your customers a variety of payment options and flexibility.