Best Payment Processing Software in 2024
Best payment processing software are MinDBODY, Sage Payment Solutions, Zoho Checkout, Braintree, and Wild Apricot. These online payment processing software solutions provide businesses with the means to process multiple business-to-business (B2B) payments.
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List of 20 Best Payment Processing Software
Cloud Accounting Software Making Billing Painless
FreshBooks is one of the best payment processing software that automates billing processes for small businesses and freelancers. FreshBooks handles billing by generating automated invoices, accepting online payments (ACH and credit card), and sending late payment reminders to accelerate cash flow. FreshBooks also allows users to automate recurring payments with auto-bills and quickly deposit payments into their bank accounts. Read FreshBooks Reviews
Explore various FreshBooks features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all FreshBooks Features- Budgeting
- Recurring Billing
- Work order management
- ACH Check Transactions
- ACH Payment Processing
- Electronic Receipts
- Receipt Printing
- Recurring invoice
Pricing
FreshBooks Caters to
- StartUps
- SMEs
- Agencies
- Enterprises
Software by Veem
Veem is one of the best payment processing tools that enable domestic and international digital payments. Unlike wire transfers, Veem provides free local and cross-border payments. Veem simplifies business financials for invoicing companies of any size. Veem avoids bank fees, streamlining payments and benefiting businesses and global customers. Veem provides an alternative to free payment solutions, modernizing international funds transfers and remittances. Read Veem Reviews
Explore various Veem features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all Veem Features- MIS Reports
- Pay Services
- Invoices
- Online Payment
- Invoice Management
- Invoice Payments
- Purchase Order
- Payment Processing
Veem Caters to
- StartUps
- SMEs
- Agencies
- Enterprises
Software by Amazon Payments Inc
Amazon Pay is an online payment processing software. It simplifies purchases for hundreds of millions of Amazon account holders, benefiting businesses of any size, type, or audience. With a seamless checkout experience that requires fewer clicks, businesses of all sizes can benefit from the trust and recognition of the Amazon brand and tap into its vast customer base. Read Amazon Pay Reviews
Explore various Amazon Pay features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all Amazon Pay Features- Invoice Payments
- Customer Communication
- Debit Card Support
- Payment Processing
- Receipt Printing
- Recurring Billing
- Online Payment
- Multiple Payment Options
Amazon Pay Caters to
- StartUps
- SMEs
- Agencies
- Enterprises
Software by GoCardless
GoCardless is an online payment processing software that enables businesses to manage recurring, instant, and international payments easily. Its key features include real-time confirmations, financial fraud protection, and a customizable checkout experience. With the ability to accept payments on their website or integrate an existing checkout using an API, businesses can easily control customers' payment plans and track their transactions. The platform also sends email notifications about failed or canceled payments through its activity dashboard. Learn more about GoCardless
Explore various GoCardless features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all GoCardless Features- Recurring/Subscription Billing
- Project billing
- Recurring Billing
- Online payments
- Multi-Currency
- Payment Processing
Pricing
Standard
$ 0
Per Month
Plus
$ 64
Per Month
Pro
$ 254
Per Month
GoCardless Caters to
- StartUps
- SMEs
- Agencies
- Enterprises
Everything you Need to Run Your Business
Thryv is a comprehensive business management solution that assists small businesses with vital operations. This payment solutions software provides a range of features, including appointment scheduling, billing and invoicing, contact management, and marketing automation. With Thryv's integrated CRM system, social media management, automated reminders, and reputation management, business owners can improve their online presence and customer relationships. Read Thryv Reviews
Explore various Thryv features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all Thryv Features- Centralized Inbox
- Shortcodes
- Phone & Video Calls
- Email Marketing / SMS Marketing
- Coupons
- Approval Process Control
- AI Recommendations
- Mass Texting
Pricing
Basic
$ 0
Per Month
Plus
$ 20
Seat/Month
Professional
$ 30
Seat/Month
Thryv Caters to
- StartUps
- SMEs
- Agencies
- Enterprises
Software by PayPal, Inc
Venmo is one of the leading payment processing software companies & mobile-based digital payment that enables users to transfer money and make payments easily. Businesses can leverage the platform's social sharing features to generate brand exposure and appeal to a mobile-first audience. Venmo facilitates payments by directly linking debit cards or bank accounts and stored account balances. Learn more about Venmo
Explore various Venmo features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all Venmo Features- Simplified Integration
- Transaction Alerts
- Zero Setup Cost
- Invoices
- Transaction Data Management
- Invoice Payments
- Multiple Payment Types
- Secured server
Venmo Caters to
- StartUps
- SMEs
- Agencies
- Enterprises
Free Accounts Payable software for US businesses
Melio is an excellent payment processing tool designed to aid small businesses in managing online payments using bank transfers, credit, or debit cards. It offers payment scheduling, automated data synchronization, invoicing, payment reminders, and more. Melio allows employees to manually enter vendor or billing details and upload relevant documents on a unified platform. Read Melio Reviews
Explore various Melio features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all Melio Features- Accounting Management
- Vendor Management
- Billing Portal
- Fraud detection
- Online payments
- Approval Workflow
- CPA Firms
- Payment Tracking
Pricing
Free
$ 0
Forever
Melio Caters to
- StartUps
- SMEs
- Agencies
- Enterprises
Software by PayPal, Inc
PayPal is a top-rated payment solutions software and POS system for 2023, with a broad range of features and excellent name recognition. PayPal is ideal for e-commerce businesses as it is widely recognized and can increase customer confidence. PayPal offers a range of services that can confuse new business owners but allows them to accept payments on their website or e-commerce store. Read Paypal Reviews
Explore various Paypal features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all Paypal Features- Payment Processing
- Debit Card Support
- Payment Analytics
- Invoice Payments
- Receipt Printing
Pricing
PayPal Payments Pro
$ 30
month
Paypal Caters to
- StartUps
- SMEs
- Agencies
- Enterprises
Scalable subscription billing software
Zoho Subscriptions is a cloud-based payment solutions software designed for SMBs in various industries. Key features include customizable and automated invoicing, subscription management, and payment tracking. Users can also generate custom reports for subscription analysis and tax summaries and automate billing and notifications related to invoices, payments, and subscriptions. Predefined templates can be used for sending these notifications via email. Read Zoho Billing Reviews
Explore various Zoho Billing features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all Zoho Billing Features- Invoice Designer
- Payment Processing
- Mobile App
- Recurring invoice
- Recurring Donations
- Collections
- Delayed Billing
- Lifecycle Management
Pricing
Free Edition
$ 0
Forever
Basic Edition
$ 14
Organization/Month billed annually
Standard Edition
$ 28
Organization/Month billed annually
Zoho Billing Caters to
- StartUps
- SMEs
- Agencies
- Enterprises
Software by Square, Inc
Square Point of Sale is the best payment software for iOS and Android devices. It provides various features such as online payment processing, inventory tracking, sales reporting, and more. Square also offers card readers, including magstripe, chip, and contactless. Its virtual terminal feature enables merchants to accept payments through their computers. Read Square POS System Reviews
Explore various Square POS System features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all Square POS System Features- Barcode Scanning
- Inventory Management
- Reporting
- Pricing Management
- Stock Management
- Tax Management
- Billing Management
- Dashboard
Pricing
Basic
$ 60
Per Location
Square POS System Caters to
- StartUps
- SMEs
- Agencies
- Enterprises
Payment Gateway Powering 6M Businesses in India
Instamojo is a payment solutions software designed to help small businesses manage payment options with bank-level security through 128-bit encryption. Users can easily create payment links and embed payment buttons on their websites. The software provides features to help users build and grow their businesses, including creating an online store to sell products. Read Instamojo Reviews
Explore various Instamojo features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all Instamojo Features- No Paperwork
- Secured server
- Start in Minute
- Transaction Alerts
- Transaction Data Management
- Integrated Merchant Account
- Fraud Screening
- Invoices
Pricing
NEFT/ RTGS/ Bank Transfer
$ 0
For All Transactions
Cards, Net Banking, Wallets, UPI
$ 0
Per Transaction
Digital Products & Files
$ 0
Per Transaction
Instamojo Caters to
- StartUps
- SMEs
- Agencies
- Enterprises
Software by MoonClerk
MoonClerk consists of a suite of online payment processing tools designed for small to midsize businesses. It provides users with invoicing, mobile payments, online payments, and recurring billing features. The software supports various payment methods, such as single payments, subscriptions, and donations. Users can customize and embed payment forms on their websites or share payment links via email, SMS, and live chat. Learn more about MoonClerk
Explore various MoonClerk features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all MoonClerk Features- POS Transactions
- Recurring Billing
- Payment Processing
- Self Service Portal
- Fundraising Management
- Donation Management
- Recurring Invoicing
- Recurring/Subscription Billing
Pricing
Standard
$ 15
Per Month
MoonClerk Caters to
- StartUps
- SMEs
- Agencies
- Enterprises
A System Designed to Handle End to End Payments
Razorpay is one of the best payment software for midsize and large businesses to handle their finances, automate workflows and generate custom reports. It offers features like debit/credit card processing, mobile payments, recurring billing, online onboarding, analytics, and more. The solution enables professionals to accept international and domestic payments and generate online receipts. Read Razorpay Reviews
Explore various Razorpay features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all Razorpay Features- Simplified Integration
- Multicurrency payment processing
- Multiple Merchant Numbers
- Internet Merchant Account
- Zero Setup Cost
- Flat Transaction Fee
- Multiple Payment Types
- Invoice Payments
Pricing
Payment Gateway
$ 0
User/Month
Razorpay Caters to
- StartUps
- SMEs
- Agencies
- Enterprises
All-in-one CRM for independent business owners
HoneyBook is a cloud-based online payment processing software that helps small business operations from inquiry to invoicing. It includes task management, project tracking, online contract signing, automated payment reminders, and personalized templates and notifications for appointment requests and follow-ups. Users can store invoices, contracts, and other documents in one place for easy access. Read HoneyBook Reviews
Explore various HoneyBook features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all HoneyBook Features- Deployment Management
- Receipt Management
- Bill Importing
- Progress Tracking
- 1-click installationWorks with GoogleApps
- Ticketing
- Multiuser Login & Role-based access control
- Interview Scheduling
Pricing
Starter
$ 19
Per Month
Essentials
$ 39
Per Month
Premium
$ 79
Per Month
HoneyBook Caters to
- StartUps
- SMEs
- Agencies
- Enterprises
Software by Adyen
Adyen offers an all-in-one payment processing software that connects businesses to various payment methods, including global credit/debit cards and local options. Adyen's secure checkout feature can be customized to provide a seamless payment experience, supporting over 250 payment methods, dynamic payment options based on customer preferences, and more. The platform also includes a point of sale (POS) feature for in-store payments. Read Adyen Reviews
Explore various Adyen features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all Adyen Features- Signature Capture
- Debit Card Support
- Recurring Billing
- Mobile Payments
- Gift Card Management
- POS Transactions
- ACH Check Transactions
- Receipt Printing
Adyen Caters to
- StartUps
- SMEs
- Agencies
- Enterprises
Software by Chargebee
Chargebee is one of the best payment processing software & cloud-based accounting solutions with subscription, invoice, and payment management features that cater to businesses of all sizes in various industries. The software can automate revenue recognition, track charges and refunds, and write-offs. Users can integrate with Stripe to accept credit transfers and manually record offline invoices. Learn more about Chargebee
Explore various Chargebee features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all Chargebee Features- Discount Management
- Multi-Currency
- Invoice history
- Dunning Management
- Customer Portal
- Recurring Donations
- Multi-Period Recurring Billing
- Delayed Billing
Pricing
Go
$ 99
Per Month
Rise
$ 299
Per Month
Scale
$ 599
Per Month
Chargebee Caters to
- StartUps
- SMEs
- Agencies
- Enterprises
Emergents | 2024
Software by Stripe
Stripe is an acclaimed merchant service and one of the leading payment processing software companies with a high rating. Its transparent pricing structure and support for over 135 currencies make it popular among high-volume merchants. With instant account approval, Stripe is an attractive option for startups looking to start accepting payments immediately. Read Stripe Reviews
Explore various Stripe features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all Stripe Features- Invoice Payments
- ACH Check Transactions
- Receipt Printing
- Invoice history
- Payment Processing
- Delayed Billing
- Online payments
- Payment Handling
Stripe Caters to
- StartUps
- SMEs
- Agencies
- Enterprises
Software by Payoneer
Payoneer is a payment management software which helps you get paid by multiple ways online from any corner of the world. It is boon to industries involved in consumers situated at distance. Read Payoneer Reviews
Explore various Payoneer features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all Payoneer Features- Receipt Printing
- Online Payment
- ACH Check Transactions
- Generate Comprehensive Reports
- Debit Card Support
- MIS Reports
- Payment Processing
- Payment Analytics
Payoneer Caters to
- StartUps
- SMEs
- Agencies
- Enterprises
Software by Fivestars
Upgrade your business rewards points system and connect automatically with your customers by using the multi-dimensional customer loyalty software, Fivestars. Customer acquisition, loyalty building, and local business marketing is like a cake walk with it. Learn more about Fivestars
Explore various Fivestars features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Features
View all Fivestars Features- Membership Management
- Rewards Management
- CRM
- Department management
- Member Portal
- Corporate Memberships
- Transaction management
- Loyalty Management
Fivestars Caters to
- StartUps
- SMEs
- Agencies
- Enterprises
Software by Elavon Inc
Elavon is a fully featured Payment Processing Software designed to serve Agencies, Enterprises. Elavon provides end-to-end solutions. This online Payment Processing System offers In-Person Payments, Online Payment Processing, Debit/Credit Card Processing, Mobile Payments at one place. Learn more about Elavon
Explore various Elavon features, compare the pricing plans, and unlock the potential of seamless operations by selecting the right software for your business.
Elavon Caters to
- StartUps
- SMEs
- Agencies
- Enterprises
What Is Payment Processing Software?
Payment processing software facilitates the transfer of funds from one party to another. It allows you to accept payments via a credit card, debit card, e-check, and other digital payment methods.
The software also offers automated reconciliation and real-time analytics features to help you track your customer and financial data. Plus, you can enjoy the benefits of subscription management tools for recurring billing services or integrated marketing tools for content campaigns. Moreover, the integration of payment processing tools with financial management software lets automating the whole financial system of your business.
Benefits of Using Payment Processing Software
Payment solutions software has been around for decades and is used by businesses of all sizes. Here are some of the benefits of using the software.
-
Security
Payment processing tools use encryption technology to encrypt sensitive customer data during the online transaction process. They also employ several layers of authentication, such as biometric authentication or PIN codes, to confirm a customer’s identity before allowing them to complete their purchase.
-
Flexibility
The software allows you to set up different payment methods tailored to your needs. You can also enable customers to pay with various currencies or even cryptocurrencies like Bitcoin. With these features, you can expand your customer base beyond your local market and accept payments from all over the world.
-
Increased Efficiency
Online payment processing software makes it easy to manage banking information, streamline customer payment options, and design customized invoices that can be processed online. With the software, you can create automated payment options for customers and track customer spending habits in real-time, thus increasing efficiency.
-
Scalability
The system allows you to increase the number of online transactions you can handle without investing in additional hardware or personnel. If demand falls off, you can also reduce your setup without spending money on unneeded resources. .
-
Cost Savings
By automating payments, you can reduce manual labor costs. You also don’t have to worry about purchasing additional software since most payment processing software companies offer a cloud-based system.
What’s more, these solutions often offer discounts on transaction fees, which helps you cut down on overhead costs and maximize profits.
-
Record Keeping
When you use the best payment processing software, you can maintain updated records of your expenses and revenue. The software also generates reports to give you insights into your expenditure trends. With these functions, you’ll be able to create more accurate budgets on where you need to invest or cut costs.
Users of Payment Processing Software
Payment processing software is used by a wide range of user profiles, from small business organizations to large international corporations.
-
eCommerce Businesses
Payment processing is perfect for the eCommerce business. Not only does it speed up the purchase process but also helps ensure customer security. The software encrypts customer data and simplifies the checkout process by allowing customers to make direct payments without entering any extra information or forms.
-
B2B Businesses
Business-to-business (B2B) companies are turning to payment processing solutions because they simplify billing and invoicing processes. With the software, you can automatically notify customers when payment is due, issue receipts, and generate invoices through a drag-and-drop function.
-
Healthcare Providers
Healthcare providers benefit from the use of payment processing software in many ways. It automates patient billing and collections by allowing users to accept credit cards, e-checks, and other forms of payment.
The software also allows patients to make payments online or through an automated phone system without waiting in line or filling out paperwork.
-
Educational Institutions
The best payment software program allows educational institutions to securely accept payments for tuition, fees, or other related expenses. These tools typically feature an automated interface that simplifies the process of collecting payments from students and ensures accuracy when it comes to deposits into the institution's bank account. .
-
Nonprofits
With payment processing software, nonprofit organizations can generate detailed reports on donors and expenses. They can use these reports as evidence when filing taxes or other documents. Additionally, the software comes with fraud detection features, which help protect donors’ information from becoming compromised by malicious actors.
What Are The Features of Payment Processing Software?
Payment processing systems provide various features that help you streamline your entire payment process.
-
POS Integration
Allows you to accept payments through physical and virtual point of sale (POS) systems, such as a mobile device and traditional credit card terminal. It also eliminates the need for multiple merchant accounts since all online transactions are processed through one account.
-
Card Readers
Enables customers to pay for goods or services with their debit card, credit card, or mobile wallet. The card reader feature can also detect when a customer’s device is placed within proximity.
Once detected, the device can securely transmit data between two points without physically swiping the card—making it easier for customers to pay in-store.
-
E-signatures
Allows you and your customers to sign documents without posting or emailing them. This process also ensures all documents are legally binding by verifying the identity of both parties involved in the transaction. This can be done by using digital certificates or other authentication technologies, such as biometrics, passwords, or PINs.
-
Encryption
Works by transforming plain text data into an unreadable code before sending it over the internet. The encrypted information can only be decoded using a special key or password known only to the sender and receiver of the transaction.
With this feature, you can ensure that third parties are unable to access any sensitive information involved in the payment process.
-
Multiple Payment Methods
Allows you to provide several payment options, such as credit cards, debit cards, Paypal, and Apple Pay. This makes it easy for customers to make purchases without using cash or checks, thus increasing customer satisfaction.
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Reports and Analytics
With this feature, you can determine how much money you’re making from sales, track the progress of transactions, identify potential problems before they become costly blunders, and get a better understanding of your customers’ spending habits. You can also access transaction histories and monthly spending reports.
-
Billing and Invoicing Automation
Allows you to customize billing cycles. For example, you can set up recurring billing payments so customers can make one-time payments online. You may also schedule automatic reminders for customers who have overdue balances.
-
Multi-Currency Support
This feature provides a simple way to offer international customers more convenient payment methods and reduce frustration when dealing with complex payment processes across different countries. You can also ensure you’re receiving the full amount owed without worrying about changes in exchange rates affecting your profits.
-
eCommerce Integration
Simplifies the entire checkout process by synchronizing customer and payment information from your website into your payment processor’s system. With this feature, customers can complete their purchases using saved payment methods.
The integration also helps reduce fraud by enabling third-party authentication services like Verified by Visa or MasterCard SecureCode to double-check customer identities before approving payments.
-
Alerts and Reminders
Allows you to easily receive notifications about any payments due or overdue and any upcoming bills or services that require payment. You can also automate your alerts each time a new invoice is generated or received.
Considerations In Selecting A Payment Processing Software
When considering what payment processing software to choose, there are a few key things you should take into account.
-
User Interface (UI)
The user interface should be intuitive and straightforward so customers feel confident when entering their details on the checkout page. It should also have a good design with clearly-labeled menus and buttons and an organized layout that makes navigation simple.
-
Ease of Use
A good payment processor will have a streamlined system that allows customers to make contactless payments without any complications. As a merchant, you should also be able to reconcile payments with minimal effort.
-
Cost
When calculating costs for payment processing software, you should compare features and the monthly subscription fee from different providers. You should also read through any contracts carefully before signing anything. Plus, be sure to look at the transaction fees or any hidden charges.
-
Customer Support
Excellent customer support will ensure that customers can access help in case there are any issues with their payments or transactions. It also helps build trust between the customers and your business, enhancing the overall consumer experience.
-
Integrations
An online payment processing system should be able to integrate with other solutions like accounting software, shopping carts, and customer management tools. With this ability, you won’t have to switch to another merchant account provider if you need additional features down the line.
-
Value for Money
When evaluating value for money, look at what types of payments can be processed. You also need to make sure that any chosen system will be compatible with your existing technology. Most importantly, calculate how much it will cost in terms of setup fees, monthly fees, and transaction fees.
-
Compliance with Regulations
Your software must be compliant with PCI, DSS or GDPR. You should be able to protect customer information and adhere to best-practice security protocols when you process payments. Additionally, you must ensure you’re familiar with any local, regional, or global rules that may apply to your business operations.
Top 5 Payment Processing Software with Pricing, Pros & Cons
Name
|
Free Trial
|
Demo
|
Pricing
|
Visit
|
---|---|---|---|---|
Amazon Pay |
Yes |
No |
Transaction Based | |
PayPal |
Yes |
No | Transaction Based | |
GoCardless |
Yes |
No |
1% on Transaction | |
Stripe |
Yes |
No |
1% on Transaction | |
Square |
Yes |
No |
Custom Pricing Packages |
There are many payment processing software options available in today's market. However, not all of them offer the same level of features and services that meet the needs of every business.
Here are some of the best payment software solutions that you need to know about.
- Amazon Pay: Best for High-Growth eCommerce Companies
- PayPal: Best for Startups and Freelancers
- GoCardless: Best for Accounting and Marketing Professionals
- Stripe: Best for Online Retail Stores
- Square: Best for Small Business Organizations
1. Amazon Pay
Amazon Pay is the best payment processing software for high-growth eCommerce businesses. It offers advanced fraud protection technology. And it provides exclusive discounts and promotions for users.
Key Features
- Debit card payments and credit card processing
- Global payments
- Payment fraud prevention
- Online and mobile payment gateways
Pros
- Fast transaction speed
- Doesn’t have any extra processing fee
- Cash back reward on every payment
Cons
- Limited Amazon Pay wallet features
- It can’t be used as a standalone app—you need to access it via the Amazon app
Pricing
- Amazon Pay’s pricing is transaction-based.
2. PayPal
PayPal is the most popular online payment platform for startups and freelancers. You can use it to pay bills, shop online, or transfer funds on the go. The software also allows the linking of multiple bank accounts and credit cards. Plus, it has fraud detection tools to keep users’ personal information safe at all times.
Key Features
- Access control/permissions
- Anomaly detection and machine learning models
- Customizable invoices
- Marketing reports and promotions management
Pros
- Gives a gift reward to every user
- Ease in depositing and withdrawing money either on the web or app
- Easy integration with other websites
Cons
- IPN and API are sometimes unstable
- Transaction fees can be so high
Pricing
- PayPal’s pricing is charged per transaction. A free plan is available.
3. GoCardless
GoCardless is the most reliable and best payment processing software for financial institutions and marketing professionals. It automates your recurring payment processes. It has direct debit capabilities in multiple countries and currencies. And the platform comes with a user-friendly dashboard.
Key Features
- Electronic and online payments
- Recurring/subscription billing and status tracking
- Multi-currency
- Accounting integration
Pros
- Simple interface with good integrations
- Allows for manually keyed transactions
- Competitive rates compared to other providers
Cons
- Doesn’t integrate with Xero well
- Customer service operates on a European business day
Pricing
- GoCardless offers free and two paid monthly subscription fees—Standard ($60/month) and Pro ($238/month).
- A free trial is available.
4. Stripe
Stripe is the most popular payment gateway for online retail businesses. It’s easy to use. It allows you to accept payments from multiple sources. And the software is also easy to integrate with your existing systems.
Key Features
- Cryptocurrency processing
- Partial payments
- Point of Sale (POS) software
- Self Service Portal
Pros
- Safely stores customer information
- An impressive wallet that allows users to store and exchange money or cryptography
- Works with any other payment collector for online businesses
Cons
- Fees for same-country payments are too high
- Could be very costly if you’re in a business with a high dispute rate
Pricing
- Starts at $0.30 per successful card charge
5. Square
Square is the best payment processing system for small business owners. It has a user-friendly interface. Its pricing model has no hidden fees or long-term contracts. And the system enables you to track sales data and create invoices with ease.
Key Features
- Electronic signature
- Gift card management
- ACH payment processing and in person payments
- Mobile card reader
Pros
- Simple yet meaningful reporting capabilities
- Saves your preferences, easy backup
- Easy to integrate into your website or appointment bookings
Cons
-
The card reader functionality doesn’t work well sometimes
Pricing
- Square's pricing varies. Contact their team for custom pricing packages.
- A free plan is available.
Trends Related to Payment Processing Software
As technology advances, so do the trends related to payment processing software.
-
Cryptocurrency
The user interface should be intuitive and straightforward so customers feel confident when entering their details on the checkout page. It should also have a good design with clearly-labeled menus and buttons and an organized layout that makes navigation simple.
-
Mobile Payments
A good payment processor will have a streamlined system that allows customers to make contactless payments without any complications. As a merchant, you should also be able to reconcile payments with minimal effort.
-
Digital Wallets
When calculating costs for payment processing software, you should compare features and the monthly subscription fee from different providers. You should also read through any contracts carefully before signing anything. Plus, be sure to look at the transaction fees or any hidden charges.
-
Shift toward Subscription-Based Models
Excellent customer support will ensure that customers can access help in case there are any issues with their payments or transactions. It also helps build trust between the customers and your business, enhancing the overall consumer experience.
-
Enhanced Security
An online payment processing system should be able to integrate with other solutions like accounting software, shopping carts, and customer management tools. With this ability, you won’t have to switch to another merchant account provider if you need additional features down the line.
Integration of Payment Processing Software
By integrating payment processing systems with other business-related solutions, you can ensure your customers’ payments are securely processed while improving your overall efficiency.
-
eCommerce Platform
With an eCommerce platform integration, you can quickly receive and process payments from customers within a few minutes. You can also offer multiple payment options, such as PayPal, Apple Pay, and Google Pay.
-
Payment Gateways
This provides a secure connection between merchants and customers, allowing for easy acceptance of online payments. With integrated payment gateways, you can also automate the entire process, from customer checkout to invoicing and reconciliation.
-
Payment Analytics
Integrating payment analytics helps you evaluate customer purchase patterns and understand which payment methods are the most effective at driving revenue. With this information, you can adjust your pricing strategies and marketing campaigns.
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POS Systems
The integration of POS systems enables you to manage sales transactions, track customer purchases, and store information about promotions or loyalty programs. It also allows you to create customized receipts that contain important information, such as product descriptions, prices, and discounts applied at checkout.
Pricing for Payment Processing Software
Payment solutions can be priced in several different ways. Some solutions offer pay-as-you-go models with no long-term contracts or minimum fees required. Meanwhile, others may include a one-time setup fee plus a flat rate pricing structure or per transaction fee.
Depending on the merchant account provider and product, additional fees, such as PCI compliance fees and merchant account setup costs, might also apply.
Conclusion
Selecting the best payment processing software for your business can be a tricky decision. There’s a range of options to choose from, so you should do your research and find the one that works best for you.
Our buyer’s guide has laid out the key features and considerations when making this choice. Now that you know what to look for, it’s time to start comparing different software packages and make an informed decision.
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