Need help deciding which payment option is best for you and your business? For every small business, selecting the best payment option is very important. Enterprises require a flexible payment option to make it simpler for consumers to complete transactions.
Today’s top payment options go well beyond merely accepting credit cards. Technology is advancing at an ever-increasing rate, and this has given businesses more options for payment methods, tools, and platforms.
How to know which is ideal for your business? The most important factors to take into account while choosing a mobile payment system will be covered in this article. We’ll also examine the top five mobile payment applications and highlight their supported currencies, geographic coverage, and service charges.
There are different companies that provide you with the best payment options for your startup enterprise like Doola, stripe, square, etc.
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Top Online Payment Methods For Small Businesses
Let’s discuss five of the most popular mobile payment options with these issues in mind:
1. Stripe
With several transaction options and extra features, Stripe is a complete small-company payment solution that enables business owners to increase their ability to accept mobile payments.
Stripe accepts bank transfers, credit/debit card payments, in-app purchases, subscription billing, and mobile wallets.
The Stripe Atlas program enables international business owners to form a U.S. firm to collect and process payments. Stripe is accessible to businesses in 43 different nations. There are no monthly payments or setup costs.
Transaction Fee for Credit Card Transactions: 2.9% + $0.30
2. Square
Square is a market leader in mobile payment solutions for small businesses with a simple interface that is convenient for both businesses and customers. Small companies may make use of Square’s software, actual card readers, and the Point of Sale system. All major credit cards, including American Express, are accepted by Square as forms of payment.
Square is currently available in the US, Canada, Japan, Australia, and the U.K.; its point of sale is also accessible in most nations listed in the Apple App Store and Google Play Store. The fundamental Square swipe card reader is free, and there are no setup costs or ongoing monthly charges.
- Transactions made with a Square Register swiped are 2.5% + $0.10
- Transactions made using a virtual terminal, a card on file, and keyed information are 3.5% plus $0.15
- Transactions made online; invoices are 2.9% + $0.30
3. Paypal
Small businesses may take payments through several different channels using PayPal, a top payment option. PayPal Here is a mobile payment software that increases PayPal’s available online payment options for businesses with physical locations.
PayPal Here enables small companies to track cash/check transactions and generate invoices while also accepting a variety of credit cards. Online payments and bank transfers are also supported by the broader range of services offered by PayPal. (PayPal also owns the mobile money request, transfer, and receipt app Venmo.)
PayPal’s geographic reach For companies is in the United States, Canada, Australia, and Hong Kong.
- No equipment, monthly setup, or PCI fees.
- Scrubbed transactions are 2.7%
- 3.5% plus $0.15 for transactions that are typed in or scanned
4. Chase Paymentech
Small business owners may accept real-time payments on mobile devices thanks to JPMorgan Chase’s Chase Paymentech, a merchant service and payment processing company.
All credit and debit cards, electronic checks, and digital, alternative, and mobile payments are accepted by Chase Paymentech.
More than 130 different currencies may be used to make payments internationally with Chase Merchant Services. Depending on the nation and currency, they may vary.
5. Veem
Veem’s affordable rates make it an excellent choice as an online payment method for small enterprises. The features of Veem include 1099 forms, simple QuickBooks syncing, scheduled payments, payment tracking, and live assistance.
There are no monthly plans. However, there are fees of 2.9% for credit card transactions and 1% for quick deposits to cards.
A small business is looking for a straightforward online payment processing solution with affordable payment processing fees.
It might be challenging to select the best payment platform for your small business due to the abundance of alternatives available, as well as variances in essential features and processing costs. Here are some suggestions to assist you in determining which payment method is appropriate for small company owners like you.
Things to keep in mind
1. Reputation
Find a payment gateway that is trustworthy and has a proven track record. This will guarantee the security of your client’s payment information and the continuity of your payment processing, irrespective of the payment method. You should always feel secure knowing that all payment transactions will be successful, whether local, national, or international.
2. Consumer Assistance
When you require assistance, you should have a payment gateway service with top-notch customer care and a track record of happy users. This can take the shape of online tutorials, telephone assistance, or live chat. To find out what other people say about the product, read internet customer service evaluations.
3. Fees
Before registering, it’s suggested to comprehend the costs related to each payment gateway service. While some systems have transaction costs or processing fees based on a percentage, others have monthly charges. Watch out for those as well as other hidden expenses. Since some payment systems also impose termination fees. Be sure to weigh the prices of online and offline transactions against your budget.
4. Usability
You should pick a user-friendly payment solution for your small business. It should be simple to add as a checkout option to your website or shopping cart, and setting it up and utilizing it shouldn’t need any technical know-how. Accepting money from clients should be easy to use.
5. Security
Security is the most important when deciding the payment method for your small businesses. Because it is your job to keep client data secure, security methods for preventing fraud should be considered essential when comparing crucial characteristics.
Conclusion
There are several payment options available. The finest solution for your small business should be reasonably priced and make purchasing simple for your clients. It would be best to consider the costs and pricing, security, location coverage, hardware and software needs, customer support, and other factors to make the best decision for your company.