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Small Business Insights

15 Payment Options Every Small Business Should Consider

Posted on June 27, 2018 at 12:05 AM



Thanks to a the increasing advancements in tech, your global customers have multiple ways to complete transactions with your business.


While there are hundreds of options out there, here are 15 recommendations to get you started.


1. Due


Due is a newer player to consider if you want to easily and quickly accept or receive payments. For starters, it's one of the best digital wallets on the market that gives your business the power to to move electronic cash to another business in the U.S. Due also offers credit card processing so that you can receive payments either online or offline in just a couple of days.


Other features include instant deposits, fraud prevention, reports and analytics, and chargeback protection. Due also provides an integrated invoicing and time tracking service so that you can manage all of your accounting and bookkeeping in one location.


Due is free to join and charges a 2.70% transaction fee for both domestic and international credit card processing.


2. Chase Paymentech


Owned and operated by Chase, Paymentech lets business owners accept payments in-store, online, or through mobile devices. Payment methods accepted include all major credit and debit cards, PayPal, electronic checks, and international payments in more than 130 currencies. Chase also offers recurring billing, fraud protection, and online reporting that can help your small business grow by increasing cash flow.


Chase also offers other solutions, such as QuickPay, so that you can send or money from virtually anyone in the world, as long as you have a valid email address and bank account. It's a free and convenient option for business owners to consider.


3. Checkout


Here is a global online Fin Tech company that allows business owners to accept all major credit cards and local payment solutions in Europe, Asia Pacific, and the Americas thanks to collaborating with iDeal and Alipay. Checkout is constantly looking for new global payment solutions so more options should be added in the near future. You integrate with Checkout.com by adding a built-in payment onto your website.


Checkout also comes with features like recurring billing, real-time analytics, and fraud protection tools with developer friendly apis.


2.95% + 0.15, or $0.22, is charged for most transactions.


4. Stripe


Stripe was built with developers in mind. This means that you can customize Stripe to fit the specific needs of your business that includes everything from storing cards to processing subscriptions to accepting payments in more than 100 different currencies. Besides local currencies Stripe allows you to accept Bitcoin or local payment instruments such as Alipay.


Other features include the ability to set-up recurring billing, integration with your current accounting system, fraud protections, and embedding payment forms directly onto your website.


Stripe charges a 2.9% plus 30 cent charge on each transaction.


5. Elavon


Designed with small businesses in mind, Elavon provides services like in-store and online payment terminals that support credit and debit cards, electronic checks, and electronic gift cards. Elavon's mobile wallet also works with Apple Pay, Android Pay, and Samsung Pay. The company additionally provides services like detailed reports and chargeback management.


Elavon charges a $10 monthly fee and 2.65% & $0.19 for swiped transactions.


6. WorldPay


WorldPay is known as one of the leading payment service providers in the word thanks to being easy-to-use and giving customers the chance to pay using their own currencies or digital options like Apple Pay. WorldPay also comes with around the clock support, tailored fraud protection, shopping habits of customers, and integration with platforms like Magento.


You can either pay as you go, or opt for the flat monthly $30 plan plus 2.75% (credit cards) & 0.75% (debit cards).


7. 2CheckOut


2CheckOut has been a popular online processing for years, but more recently the company stepped up its game to become a leading option for merchants involved in the global economy. Not only can you accept payments in 87 different languages, 2CheckOut also gives you the option to sell products to your customers in their own language. In fact, you can use this tool to tap into 211 different global markets.


Other features include fraud protections, recurring billing, and integrations with shopping carts and invoicing systems like FreshBooks and Shopify.


2Checkout charges the standard 2.9% plus 30 cents on every transaction.


8. CSI GlobalVCard


The GlobalVCard simplifies cross-border payments for business is an easy way. They enable businesses to settle transactions in the most cost effective and transparent way possible, in over 140 currencies. With one payment file upload, payments can be issued and settled via virtual credit card, ACH, check or wire.


9. BlueSnap


Merchants can use BlueSnap to process everything from credit and debit card to PayPal. But, BlueSnap is also a powerful global payment processor that allows merchants to accept payments in more than 110 different currencies and 29 languages. BlueSnap can also be used to create localized Checkout pages. Other features include multi-bank connections, payment analytics, fraud prevention and security, recurring billing, post-sales emails, and the ability to issue coupons.


BlueSnap charges 2.9% + 30 cents per transaction.


10. Payfirma


Whether you need to accept payments online, in store, at the office, or in mobility, Payfirma has all of the hardware and software you'll need. With Payfirma you can accept credit or debit card payments, as well as bitcoins, Apple Pay, or local options like UnionPay. Payfirma also provides recurring billing, invoicing, payment data reports, and a dashboard that provides insights on how to improve your business.


Payfirma charges a $19 per month along with 1.99% + 25 /transaction.


11. Pay With Amazon


Although currently limited to sellers in the United States, the United Kingdom, Germany, and Luxembourg, this [by] Amazon product is an excellent choice if you're launching a new business. By creating a copy-and-paste code that you place on your website, which is then redirected to Amazon, you can make customers feel safe and secure when they purchase items from your business. Amazon also provides features like fraud protection that prevent unauthorized charges and recurring payments. Pay With Amazon also works flawlessly on smartphones and tablets.


There are no monthly fee or hidden costs, either. Just a 2.9% charge plus an additional 30 cents per transaction.


12. PayStand


Describing itself as "business payments for the digital age," Paystand is a promising modern payment system that comes equipped with a variety of features. This includes the power to accept all forms of electronic payments from credit cards, eCash, electronic checks, Bitcoins, and any foreign currency. You also have access to customer data, an inline checkout for instant checkout, drop-in payment buttons, and a mobile app. PayStand also adheres to the latest security and fraud prevention standards.


Monthly plans start at $99, but there are no other transaction fees.


13. CyberSource


Founded in 1994, CyberSource claims that it's more than just a payment gateway. It's a payment management company that provides solutions ranging from mobile and cross-channel payment experiences that support Alipay, Android Pay, Apple Pay, PayEase, PayPal, and Visa Checkout, direct bank transfers, reconciliation reports, and fraud alerts.


Cybersource acquired Authorize.net in 2007 and is a subsidary of Visa so that you can feel certain that the company is secure and has the ability to handle global payment transactions.


14. Braintree

 

This PayPal product allows you to accept credit and debit cards, PayPal, Apple Pay, Android Pay, Venmo, bitcoin from customers in most countries across the world. You can also customize Braintree by adding a Drop-in UI so that can begin accepting payments in just a matter of minutes onto your website or mobile app. Other features include recurring billing, billing reports, and fraud detection.


Braintree charges 2.9% plus 30 cents on every transaction that is completed.


15. Paymill


Based out of Germany, Paymill gives business owners the chance to accept all major payment methods including credit cards, debit cards, PayPal and SEPA. However, not all services are offered to merchants, just in most European countries. These services include subscription and mobile integration, built-in fraud protection, and payment analytics like revenue growth.


Paymill charges 2.95% + 0.28 per transaction for credit and debit cards.


Source: https://www.inc.com


Categories: Money Management, Small Business Management , Software/Mobile App Solutions

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