As a startup company, you need to take care of several things in order to keep functioning fine and thrive in this changing economy. Having a proper payment processing system is one of these things. A smooth payment processing system helps companies manage their financial transactions smoothly and make sure there are no errors that lead to a major loss.
Fortunately, several payment processing tools are available to assist with this. These business tools and services provide all the necessary features a company needs to streamline its payment procedures.
In this article, I am going to discuss some of the best of these tools for you. Let’s start.
Best Payment Processing Tools & Services
Startups require both online and in-person payment processing systems to handle transactions for ultimate business growth. So, the tools that I’m about to share with you include both.
12 Best Market Research Tools For Businesses
1️⃣ Stripe – Reliable payment solutions
2️⃣Adyen – For end-to-end payments
3️⃣ Square – Multi payment solutions
4️⃣Helcim – For online and in-person payments
5️⃣Clover – POS and payments solutions
6️⃣Stax Payments – Payments and bills solutions
7️⃣GoCardless – For fast payment processing
8️⃣ Wise – Corporate payments solutions
9️⃣Authroize.net – Secure business payments
🔟WePay – Multi payment processing solutions
1. Stripe
The first solution that I’m going to discuss in this list is Stripe. It is a proper suite of tools that are designed to help companies manage their transaction procedures easily. This service is being used by millions of companies and offers some very useful features.
It allows companies to accept both online and in-person payments without any issues. Not only that; it also increases the likelihood of successful transactions so that companies do not face errors. Besides that, you’re getting a user-friendly, easy-to-use checkout process.
Main Features:
- Increase authorization rate
- It helps optimize checkout conversion
- Minimize churn and automate operations easily
Pricing
- Standard: 2.9% + 30 cents per successful charge for domestic cards
- Custom
2. Adyen
If you’re serious about investing in a proper payment processing service for your company, Adyen might be the right pick for you. It is a big company that helps companies deal with their financial procedures in a secure and streamlined way. The reason why it is the right pick is because it can be expanded easily.
In other words, when your startup grows, you will be able to add more transaction methods to the system easily. What I like the most about Adyen, however, is that it provides customizability when it comes to UI. You can change different things such as languages, receipts, layout, etc. easily according to your needs and requirements.
Main Features:
- It accepts multiple payment methods.
- Connect both online and offline payments easily.
- Its POS are PCI compliant
Pricing
This site has different pricing and you should visit it to have a full idea. However, I’ve mentioned some main ones below:
- AHC Direct Debit: $0.13 Ayden processing fee, $0.27 Payment method fee
- Alipay: $0.13 Ayden processing fee, 3% Payment method fee
- Cash App Pay: $0.13 Ayden processing fee, 2.90% + 30 cents Payment method fee
3. Square
Companies that are looking for a sophisticated payment processing service should definitely try out Square. It is one of the biggest and most popular transaction processing tools that a lot of companies are utilizing.
Square has been in the industry for several years now and is offering some great features. It has a versatile system that allows people to accept payments very quickly. There are different methods that are compatible with it including credit/debit cards, AHC bank transfers, etc.
Main Features:
- Easy billing and invoicing
- Multiple payment options are available
- Real-time transaction monitoring for fraud detection
Pricing:
- Card-present payments: 1.6% per transaction
- Card-not-present payments: 2.2% per transaction
- In-person: 1.6% per transaction
- Online and remote: 2.2%
- Afterpay: 6% + 30 cents per Afterpay transaction
4. Helcim
Another one of the best payment processing tools that you can try out is Helcim. The best thing that I like about this service is its straightforward and transparent pricing plans. It’s a very useful feature for startups and new business owners, as they won’t have to worry about any hidden fees.
The Helcim solution is designed to streamline both in-person and online transactions for businesses and offices. Also, it allows companies to easily create and share invoices with their clients for streamlined financial procedures. Another interesting thing about Helcim is its proper fraud protection protocols that help you stay safe from becoming a target of scams.
Key Features:
- Easy invoice creating and sharing
- Online and in-person payments
- Advanced fraud protection protocols
Pricing:
In-Person Payments:
- 1.83% + 8 cents (on MasterCard, VISA, and Discover)
- 2.61% + 8 cents (on American Express)
- 1.00% + 8 cents (for PIN-Debit)
Keyed & Online:
- 2.27% + 25 cents (for MasterCard, VISA, and Discover)
- 3.01% + 25 cents (for American Express)
ACH
- ACH Acceptance: 0.5% + $0.25 (Maximum charge of $6 for amounts under $25,000, with an added 0.05% fee for transactions above $25,000).
- Pass on Fee: Free
5. Clover
Clover is one of the most efficient payment processing tools for small businesses and startups that are related to the restaurant industry. There are several reasons why this tool suite is perfect for startups. One of these reasons is its affordable pricing model. Instead of charging a fixed amount, Clover takes a fixed percentage of sales from you.
It means you won’t have to worry about paying a lot of money in case the sales are down. Besides that, it is pretty useful for customer engagement. With this service, your customers can leave feedback directly from their receipts while checking out. It is a great way to understand the mindset of your customers and build positive relationships with them.
Main Features:
- Affordable pricing model
- Fast approval (within a matter of days)
- Customer engagement features and loyalty programs
Pricing:
Full-Service Restaurant Systems:
- Starter: $1,699 + $89.95/month
- Standard: $2,348 + $109.90/month
- Advanced: $4,147 + $129.85/month
Quick-Service Restaurant Systems:
- Starter: $799 + $59.95/month
- Standard: $1,799 + $59.95/month
- Advanced: $2,448 + $79.90/month
Retail systems:
- Starter: $279/month
- Standard: $1,799 + $84.95/month
- Advanced: $2,448 + $104.90/month
Professional Services System:
- Starter: $0 + $14.95/month
- Standard: $649 + $84.95/month
- Advanced: $1,699 + $84.95/month
Personal Services System:
- Starter: $279/month
- Standard: $799 + $84.95/month
- Advanced: $1,799+ $84.95/month
Hoe & Field Services System:
- Starter: $0 + $14.95/month
- Standard: $199 + $14.95/month
- Advanced: $649 + $84.95/month
Note: The transaction fee percentage of this platform also varies according to the selected service. You can check it out on the official site.
6. Stax Payments
Stax Payments is a very efficient service that is working to benefit both small and big businesses. It simplifies the transaction procedures so that companies can thrive financially. It works as an all-in-one payment system and has pretty transparent pricing details.
Stax provides you with a very functional and intuitive dashboard where you can access different types of analytics. Besides that, it integrates with a bunch of different useful tools and solutions including QuickBooks which is a pretty convenient thing. Stax is also designed to accept different types of transaction methods which could be convenient for your customers.
Main Features:
- Multiple payment methods
- Easy to use
- Detailed analytical reports
Pricing:
Business:
- Processing up to $150,000 per year: $99/month
- Processing up to $150,000 – $250,000: $139/month
- Processing more than $250,000: $199+/month
SaaS Platforms:
Custom
7. GoCardless
GoCardless is one of those payment processing tools solutions that are very functional and come with useful features. It is a great option if your startup wants to deal with client/customer transactions without hassling a lot. To help with that, GoCardless provides different features.
For example, it allows your customer to make both one-off or recurring payments easily. Besides that, you get to view the detailed status of transactions from any of your customers. It is also a great pick for startups that have international clients. That is because GoCardless is capable of accepting payments from 30+ countries.
Main Features:
- Smooth on-off and recurring payments
- Accept transactions from different countries
- Easy integration with different software
Pricing:
- Standard: 1% + £/€ 0.20 per transaction (Maximum price cap £/€4 per transaction+0.3% added to transactions over £2,000), 2% +£0.20 for international
- Advanced: 1.25% + £/€0.20 per transaction (Maximum price cap £/€5 per transaction + 0.3% added to transactions over £2,000), 2.25% +£0.20 for international
- Pro: 1.4% + £/€0.20 per transaction (Max. price cap £/€5.60 per transaction + 0.3% added to transactions over £2,000), 2.4% +£0.20 for international
- Custom
8. Wise
Wise is a very useful software solution designed to make payment procedures convenient and efficient. It is a great option for companies that have to receive money from different countries from around the world. It allows you to make transactions from 160 countries and hold 40 currencies.
Another very useful feature of Wise is expense tracking. Companies can keep an eye on the cash flow by tracking the expenses in one centralized place. Also, there are no hidden fees applied by this platform and you don’t have to purchase monthly subscriptions as well.
Main Features:
- Accept transactions from multiple countries
- Accept payments using local account details from around the world
- Safe and secure
Price:
The registration for Wise costs £45. After that, you’ll have to pay different percentages according to the withdrawn amount. You can view more details here.
9. Authroize.net
If your startup company is looking for a solution that can help accept payments via multiple methods, Authorize.net is the right pick for it. It provides a wide range of methods through which you can accept payments including online, smartphone tap, eCheck, etc.
There are several features of this payment processing tool that impressed me a lot. It provides an efficient invoicing feature that helps you process transactions directly and straightforwardly with clients. Also, it is a very secure platform. Authorize.net provides different safety features as velocity and IP filters to help you avoid fraud.
Main Features:
- Advanced fraud detection
- Simple checkout
- Easy and direct invoicing
Pricing:
Payment Gateway:
- Monthly Gateway: $25
- Setup fee: $0
- Processing rate/transaction: 10 cents + daily batch fee of 10 cents
Payment gateway and eCheck:
- Monthly Gateway: $25
- Setup fee: $0
- Processing rate for eCheck: 0.75%
- Processing rate for a credit card: 10 cents + daily batch fee of 10 cents
All-in-one:
- Monthly Gateway: $25
- Setup fee: $0
- Processing rate/transaction: 2.9% + 30 cents
10. WePay
Last but not least, WePay is another powerful solution that you can use for handling your company’s payment procedures. It provides tailored solutions that are designed according to the needs and requirements of your company.
It offers a range of useful features. For example, it accepts multiple methods of payment including credit/debit cards and ACH payments. Besides this, you get proper administrative control over the solution and enjoy features like reporting and access management.
Main features:
- Instant payment
- Accepts multiple transaction methods
- Useful administrative options
Pricing:
- Card transactions: 2.9% + 30 cents per transaction
- ACH transactions: 1% + 30 cents per transaction
Conclusion
To sum it up, managing finances and payments is very important for the growth of a startup company. Many businesses prefer to use online payment processing tools and services in order to do that. These tools are built to streamline and make the transaction procedures convenient for both the company and the clients/customers. As a startup, understand what type of solution you want and then pick any of the discussed options. Utilize it properly and you’ll soon start handling transactions easily.
Frequently Asked Questions (FAQs)
What is a payment processing tool?
A payment processing tool is a solution designed to help companies and individual brands deal with their transaction procedures. These tools are built for handling both in-person and online transactions.
Which software is used for payments?
It mainly depends on the company’s preference when it comes to what type of software they use for payments. However, there are several major names such as Stripe and Square that are being used by many companies to handle transactions easily.
Is Stripe free to use?
No. Stripe isn’t entirely free to use. You have to pay a certain amount of fees in order to use its services. This fee is applied to every transaction you make
Is Square a good payment processing system?
Yes. Square is one of the most efficient systems when it comes to handling transactions. It provides many useful features such as multiple payment options and real-time transaction monitoring to make transaction procedures streamlined for companies.
