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5 Small Business Payment Processing Solutions

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According to predictions, 95% of all retail sales will be made online by 2040. The current situation won’t change what has already started. If anything, the global coronavirus pandemic will only accelerate this transition. Many people, who used to be reluctant to buy some things on the web, have already been convinced that it’s much more comfortable and, very often, also cheaper. That’s why so many businesses of all sizes are now developing or improving their online stores. In the case of small businesses, everything is of greater importance, and even the smallest decisions can have a significant impact on the success (or the lack of it).

Payment Processing Solutions

To make things easier, smoother and quicker for all parties involved, business owners need to think about diversifying their payments options, and it’s where payment processing solutions and companies that provide them may be of great help. But how to choose the right method and a business partner to avoid debts, collecting agents, high taxes, unfair fees and hidden commissions?

A payment processing company takes on the role of a middleman between the sellers, the buyers, their banks and card networks. They make sure that everything goes without any interruptions and the payment can be processed as soon as possible whenever a customer uses their bank account and/or a card (debit or credit) to purchase something. Among some of the most popular payment processing companies is PayPal.

Our Top 5 Payment Processing Solutions for Small Businesses

We have compiled this list of payment processing options that we find trustworthy, secure and beneficial for all parties involved, both you and your customers. Of course, it’s not a conclusive list; you can also find other methods that are worth trying but aren’t included here. The most important thing is to know what you’re looking for and what should be avoided.

1.   PayPal

PayPal is an undisputed leader in payment services. It is the best-known brand in the world, with over 300 million active users all over the world. PayPal first started over 20 years ago, so they have had plenty of time to adjust their offer to the ever-changing user base and their various needs or expectations. PayPal will allow any business to accept debit cards, credit cards, digital payments and, obviously, PayPal payments, as well as to decide if you prefer onsite or offsite paying options. If you choose their traditional solutions (such as PayPal Checkout), you will only pay transactional fees of 2.9% + $0.30 within the United States.

2.  Stripe

Stripe is a newcomer if you compare it to PayPal, but their straightforward model has been gaining them fans from the very beginning. With Stripe, you only pay for what has been successfully done – 2.9% + $0.30 for a transaction. You get a detailed, transparent report of every purchase, and there aren’t any additional fees. They support various currencies, as well as bitcoin or ACH processing, but here, the commissions may vary.

3.  Braintree Payments

Braintree was founded in 2007 and later acquired by PayPal, but they have been flexible from the very start. Depending on the size and type of your business, you can tailor Braintree offers to your individual needs. Their pricing starts at the standard 2.9% plus 30 cents per transaction. There are no monthly fees or hidden costs. They support credit and debit card transactions, as well as payments made through PayPal, Apple Pay, Android Pay, and other digital wallets, Bitcoin, or Venmo.

4.  Veem

Veem is a payment processing company that offers online money wiring for free for business transactions. If you decide to work with them, you will get payment tracking, your very own account manager, no annual transfer volume limit, and more. You can receive any payment through blockchain technology for free, and generate pay links to request payments without an invoice. You only have to pay if you receive an international payment, but you want to keep it in $. As for sending, you will pay $1 per transaction within the United States, and if you send money outside the US, it will be the receiver who will need to pay $20.

5.  Authorize.net

It may be an excellent option for all small businesses, as they allow you and your customers to receive and make payments directly through your website – no invoices, or payments links. It supports debit and credit cards, digital payments, and e-checks, and all of them onsite. There are two options of developing a partnership with Authorize.net: payment gateway only or all-in-one. For the first one, you will need your merchant account, and it costs $25 per year, plus 10 cents for every transaction and a daily batch fee of 10 cents. All-in-one plan means that you get both a merchant account and a payment gateway, which costs $25 monthly and 2.9% + $0.30 per transaction.

Choose the Best Payment Processing Solution

There isn’t one universal choice for all businesses; there isn’t even one provider that will suit the needs of all small companies. That’s why it’s vital to know your needs, preferences and expectations concerning your payment processing services provider. Make sure to do your research and consider all aspects of your business. It will be worth it.

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