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Online payment solutions enable customers to securely and quickly pay for products or services over the Internet.
Their core functionality is a secure payment gateway and faster payment processing.
Online payment providers are crucial for eCommerce businesses and physical stores that offer online payment options.
Choosing the right online payment provider depends on various factors outlined below.
you’re able to trust Geekflare
At Geekflare, trust and transparency are paramount.
Founded in 2011, Wise serves more than 16 million customers for personal and business use.
Wise recently released an invoicing feature that helps small businesses send multi-currency invoices and receive payments faster.
Wise Benefits
Offers a transparent pricing structure, which breaks down taxes and exchange rates.
All the transactions are GDPR-compliant, which means it keeps your data safe and secured.
Integrates seamlessly with various accounting tools like Xero, Quickbooks, FreeAgent, QuickFile etc.
Wise Pros and Cons
Low & transparent currency exchange rates.
Multi-user access to team members.
Business API to automate workflows, reconcile bank accounts, track transactions, and make payouts.
Payout time is as low as 20 seconds.
No interest in balances.
Operating since 2009, Stripe currently serves over 3 million businesses as a payment processor.
For the in-store payments, they have a payment terminal that integrates with a POS hardware and card reader.
Stripe Benefits
Stripestransparent payment and customizable features make it a top pick for the online payment provider.
Businesses can create customizable payment UIs with colors that match your brand.
Non-developers can also use APIs to link Stripe to their apps or websites.
All the payments are AES-256 encrypted and offer PCI DSS compliance as an additional encryption.
you’re able to use the Stripe Radar for additional ML-based fraud prevention.
The company offers bank-level technology, ensuring secured online and in-person payments.
Offers easy-to-read reports that help businesses track their sales and profits over a specific time period.
User-friendly mobile interface that allows customers to make purchases through smartphones and tablets.
Businesses can set up recurring payments and send invoices over email.
It takes 3-5 business days to transfer funds from your wallet to your bank account.
PayPal Pros and Cons
PayPal offers additional security and fraud prevention where customers can file for money-back.
Integrates with eCommerce platforms like Shopify and WooCommerce.
International transactions and currency conversions are costly.
This online payment provider is owned by PayPal and adopts the same technology as PayPal for quick money transfers.
Users can send money from their credit/debit cards, bank accounts, or Venmo balances.
However, the money received is credited to the Venmo balance.
As a subsidiary of PayPal, Venmo boasts a vast user base of 78 million.
It facilitates in-store payments via QR codes.
Offers top-notch security features like fraud protection, dispute settlement, and credit/debit or bank account encryption.
It usually takes 13 days to transfer the funds from the Venmo balance to the bank account.
Security features like 2FA, PIN codes, and payment encryption are included.
Payments and crypto purchases are public.
Only available for businesses in the US.
you could also use it to set up your online store to start accepting card payments.
It also accepts payments through digital wallets and contactless cards (tap-n-pay).
Founded in 2009, Square currently serves over 4 million small and mid-sized businesses across 8 countries.
Supports all versions of Android and Apple devices for mobile payments and macOS for the desktop interface.
you could either pay the full price for the hardware or pay a monthly fee.
All transactions are PCI-DSS compliant, so the transactions are secured and encrypted.
Built-in software and tools for managing business operations and finance.
Doesnt run on Windows devices.
Clover supports online, in-person payments and recurring billing.
Unified dashboard that provides a central point for managing orders and invoices and tracking inventory and payments.
All the digital payments are PCI-compliant and offer additional fraud protection management.
Offers tools for managing and promoting your online businesses through various customer retention and engagement features.
Integrates with 100+ third-party tools like Gusto, QuickBooks, WooCommerce, Mailchimp, etc.
Braintree solely focuses on online payment methods and puts its best set of features into use.
Braintree Benefits
Powerful security and compliance powered by intelligent assessment algorithms.
Supports over 130 currencies, which helps optimize bank rates, offering better conversions.
There is flat-rate pricing and a small interchange fee.
Compatible with every operating system and supports a multitude of devices.
High chargeback fees for international transactions.
Offers native mobile app integration through SDKs and APIs.
Businesses can also store customer information and improve their experience for recurring ones.
Offers a Level-1 PCI DSS-compliant payment to secure customer information.
24/7 customer support through online chat and ticket system.
Advanced fraud detection technologies with 13 configurable systems.
Easy payment tracking across multiple payment methods.
Enables the recurring payment options for sellers.
High chargeback fee up to $25.
Elavon serves more than 2 million users in around 36 countries and supports over 131 currencies.
Robust reporting tool that offers actionable data insight and ways to act on them.
you’re free to sort the KPIs and use location-specific filters to create detailed reporting.
The checkout feature lets you add a buy button to your website and initiate one-click checkout.
Businesses can customize and optimize their payment solutions with add-ons like ACH, gift cards, and online portals.
All transactions are encrypted and tokenized through Safe-T technology.
However, this comes at an additional cost.
Security features include 3D Secure and PCI compliance via SaferPayments, which are valued.
Worldpay Pros and Cons
Accepts a wide range of payment methods and supports over 126 currencies.
it’s possible for you to embed the payment gateways into their marketplace and web app.
Offers four different payment integration capabilities: drop-in, components, API, and plugins.
Adyen Pros and Cons
AI and Ml-based risk assessment and fraud prevention technologies.
Real-time insights with access to cash flow, chargebacks, profitability, etc.
Operating since 1994, Cybersource operates in more than 190 countries, serving 480,000 businesses worldwide.
API integration for various payment gateways and lets you link your wallets to apps.
Most payouts are available in just 30 minutes.
Instant checkout capabilities without storing customer information.
No transparent pricing and fees.
Large-volume transactions incur high fees.
Checkout.com Benefits
Impressive customizable payment interface that lets you build payment pages.
Users can customize and embed payment collection through links or send customers to its hosted pages.
Offers regulated payments in different locations and automates the conciliation.
The quicker processing of both card transactions and bank transfers is also appreciated.
Supports various local and international currencies that enable local businesses to accept payments efficiently.
Third-party integration with eCommerce platforms such as BigCommerce, Chargebee, Magento, and WooCommerce.
Ability to add or remove elements from your customizable payment interface.
Limited reporting tools
Not suitable for physical stores with POS requirements.
It offers multi-channel payment processing and a payment gateway feature for small and medium-sized businesses.
Businesses can accept payments through credit/debit cards, ACH transfers, and eChecks.
Checkout page customization that customizes checkout pages with colors and optimizes them for desktops, smartphones, and tablets.
Digital receipt option that reduces the chargeback and improves reputation.
For in-person transactions, it offers a virtual terminal or a contactless card reader that enables physical store payments.
Native analytics tools that cover sales trends and comparisons over time and card pop in.
Set up and accept recurring payments weekly, monthly, or a scheduled time period.
Monthly fee for lower volume orders.
Lacks live chat support.
It offers payment gateway and web solutions for the eCommerce business to provide a streamlined customer experience.
Businesses can accept payments instantly and receive funds within 24 hours.
Integrates with third-party eCommerce platforms like Shopify, WooCommerce, Magento, and API integrations.
Virtual terminal functionality provides seamless options for online and offline payments.
Fraud and chargeback prevention.
Monthly fees cost extra.
Virtual terminals have an additional charge.
Payline Payment Processing Fees
What is the Importance of Online Payment?
Online payments offer numerous advantages and hold significant importance for both eCommerce platforms and physical stores.
Here are the major importance of online payment solutions.
How do Businesses use Online Payment?
Businesses use online payment systems to accept payments from customers locally or internationally.
There are 4 core ways that business makes use of online payment systems.
How does Online Payment Services work?
Heres the sequence of steps that the online payment processing follows.
What are the Types of Payment Gateways?
There are 4types of payment gatewaysthat differ in payment infrastructure, security, and functionalities.
What are the Best Credit Card Processing Companies?
Stripe, Stax, PayPal, and Square are thebest credit card processing companies.
Stripe is best for transparent pricing, developer-friendly.
Stax is best for businesses with high processing volume and integration with QuickBooks, Zapier, etc.
PayPal is best for easy to use and accepts alternate payment methods.
Square is best for point-of-sale (POS) payments.
What are the other Best Enterprise Software?
Salesforceis ane-commerce solutionthat allows you to create a personalized and seamless omnichannel experience.
It provides AI personalization and integration capability with technologies like ERP, OMS, CRM, and marketing automation.
Monday.comis a popular project management software to manage workflows, tasks, and resources to increase productivity and collaboration.
