Setting up an online business is a good idea. Another decision you need to make is choosing a credit card payment gateway for your eCommerce site. It is very crucial that you carefully choose a perfect payment processing company that provides quality services. You also need to consider the rate they charge per transaction. Some companies charge a standard fee and also add the transaction to your customer’s total charge. While others charge both fees from your balance. Also, you need to choose a trusted card company that customers will feel free to submit their credit card details to. I have taken time to review these top recommended payment processors and payment gateways for any size of business; big, medium or small scale.
Before revealing these payment processors, there are some payment terms that are used interchangeably. But in reality, they don’t mean the same. Some of these terms are: Payment Gateway and Payment Processor.
Payment Gateway vs. Payment Processor
A payment processor is a company that manages the online transaction of a merchant. While a payment gateway is a tool used by payment processing companies to receive your customer’s payment details. Once the payment gateway gets the customer’s info like credit card details, it sends these details to the payment processor. The payment processor now ensures the safe transfer of the money from the customer’s bank account to their own bank account, from which they now pay the merchant or entrepreneur.
Most companies have an integrated payment processor and payment gateway. While others have separate. It is more advisable to choose companies with integrated payment processor and payment gateway. You will need to create a merchant account with any payment processing company you choose.
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There are some important tips you should which will help you choose the best payment processing company for your business, whether big or small.
Best Payment Processors for Entrepreneurs
PayPal was founded by Elon Musk and his team in 2008. This is a popular payment processing company that helps you process e-commerce payments and also receive payments if you are into affiliate marketing or sell through third-party stores. You can create account with them from any country. But some countries are restricted from using some of their features.
For instance, Nigerian PayPal accounts cannot receive payments, but can be used to pay for goods online or pay a friend or business partner. Are you from Nigeria looking for a PayPal account you can use to receive and make payments? See how to open Lesotho PayPal account in Nigeria for receiving funds to Nigerian bank account.
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Stripe was founded by Patrick Collison and John Collison in 2009. If you are looking for a payment processor that will help you send payment invoice, manage subscription and also reduce payment errors, then Stripe is a good option. They also allow you to customize payment API for your online business. With this, the payment process occurs in the same page, without any redirection. This helps to reduce fraud.
BitPay was founded by Tony Gallippi and Stephen Pair in 2011. It is a popular crypto-currency or bitcoin payment processor. You can also transfer Bitcoin to any other flat currency with BitPay. They also offer Visa and prepaid debit cards for Bitcoin users. You can turn cryptocurrency into dollar with BitPay Visa card. With BitPay, you can accept crypto payments on your website, by email or in person.
It was founded by Guillaume Pousaz in 2012. Checkout helps you to offer more payment methods in your online business. It supports more than 150 currencies. Checkout is integrated with more than 100 shopping carts, merchant accounts and payment gateways.
This is one of the oldest payment processors and payment management service providers since 1996. They help your business accept credit cards, contactless and e-check payments online. They have an advanced fraud detection system and customer information manager. Also, they offer API integration.
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Best Online Credit Card Payment Gateway for any Business
Square accepts credit card anywhere anytime provided there is money in the card and what makes it unique is the fastness and how easy it is while processing payment from any part of the world. Their registration is very simple and it’s affordable when talking about the price for a beginner. While opening Square, there is no cost to sign up, no monthly fee and you can accept your credit card anyhow you want it.
Apart from payments and credit card processing, Square still offers you POS options which you can use to track sales, save your costumers information, manage inventory, run reports est. Just in case you are having issues with your account, their customer center is always available from 6 am to 6 pm if you are making use of your mobile phone. You can still make use of FAQ to email them directly and get feedback from them within 24 hrs you used in sending the message.
This is another flexible credit card companies you can use for your business. Flagship merchant service offers month to month terms to its entire merchant and there is nothing like gateway set up or termination fees. The credit card processing company has competitive and rate but it offers both tiered and interchange plus pricing. It is left for you to choose the pricing model that’s best your business.
Flagship Merchant Service includes a merchant account and a wide range of payment processing options like in person. online and mobile credit card processing. You can still make use of popular clover POS system with flagship for those of you that want more advance solution. You don’t have a problem in applying for flagship merchant service as it’s very easy to apply and it’s costumer care service is 24/7 support.
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This credit card processing company is one of the best but it’s not meant for people with low payment. This company only need people that process more than $10000 in sales every month. But seasonal sellers using this have to be thankful as you have an option to pause your account and pay a token of $25 per month whenever you are not making sales instead of paying $99.9 every month while you are not making any sales.
Fattmerchant provides it’s costumers with dashboard where they can see their year to date profit, refunds and more data that relate to their various sales. The credit card company allows you to manage your business and accept payment the way you want it whether to accept credit cards through POS hardware, a web app on your website, through a virtual terminal or making use of can reader with your Smartphone. It is all left for you to choose how you want them to render you their service.
Fattmerchant is very good when talking on how fast this company render their service to its users. But the negative part of this credit card company is the monthly price of $99.9 which is not good for people that are running small scale business. Apart from that, it’s the best of its kind.
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This is one of the best credit card companies in the world if not the best. This company provides interchange plus pricing to all their costumers and they provide every rate and fees on their website so that the costumers won’t feel cheated.
Just like other credit card companies, Helcim offers in person, online and mobile processing with more advanced solutions like invoicing, recurring payments and multi-currency processing. They charges at no termination fee and the company provide 24/7 customer service to its customers.
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Other Recommended Merchant Payment Gateways
Carefully check out these online payment processing gateways and choose the one that most suits your business size and plan. Don’t forget to consider trust because customers will only agree to leave their credit card details with a trusted payment gateway.
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