It can be hard to find the right payment processor for your small business. I’ve researched everywhere and read tons of customer reviews to find the best one. This post is all about what you need to know when choosing a payment processor, who provides the best service for your business, and how much it will cost you.
What is Payment Processor?
Payment processors are businesses that allow you to accept credit cards or other payments online. They facilitate the entire process. They protect your customer’s sensitive personal information, so they can enjoy shopping online without fear of identity theft.
The most popular payment processors include Paypal, Stripe, Square and Authorize.Net. These companies charge different fees for different services and products, so you should choose one that is right for your business and fits your budget.
Payment gateway is an alternative to payment processor which charges a single fee for all services including transaction fees and gateway fees which is a bit cheaper than choosing a separate payment processor. It is very important to determine Best Payment Processor For Small Business for your business.
Best Payment Processor For Small Business
It is important to get the best payment processor for your merchant type and business size. Here I am going to provide you the Best Payment Processor For Small Business .
1) PayPal: Paypal’s primary service is the exchange of payments between individual users. They charge 2.9% + $0.30 per transaction, plus a small fixed fee depending on how PayPal’s services are used (e-commerce, donation, or prepaid/credit card). In addition to online payments, PayPal can also be used offline at physical stores and even kiosks. They have an average of 150 Million accounts. The best way is to use your PayPal with shopping cart and plugin like PayPal certified, they provide a very professional payment gateway and secure payment process.
2) Stripe: Stripe is the best payment processor for boosting sales by allowing businesses to seamlessly accept credit card payments on their websites. It costs 2.9% + $0.30 per transaction, plus a small fixed fee depending on how Stripe’s services are used (e-commerce or donation). They have an average of 100 Million Accounts.
3) Authorize.Net: Authorize has been around since 1993 and is one of the most efficient processors in the world, having processed over $100 billion dollars in online transactions since 1997 (as far back as their records go). They charge 2.5% + $0.30 per transaction, plus a small fixed fee depending on the service (e-commerce or donation). They have an average of 500 Million Accounts.
4) QuickBooks Online: Intuit makes the popular Small Business System (SBS), QuickBooks Online, that allows you to quickly and easily create invoices, accept payments and track sales. These are all very easy processes with QuickBooks Online. You can keep tabs on your business’s finances and track revenue using their easy-to-use accounting software. This system also allows you to integrate with Quickbooks Payroll services which offers complete basic payroll processing for a business owner.
PayPal Premier vs Business vs Personal
The difference between each account is in how you can accept payments.
PayPal Premier : Customers of Premier can send money to anyone with an email address or mobile phone number (including non-PayPal users) within the U.S., and cash out any balance in their account into the account’s bank within one business day, electronic transfer or a check sent via mail. It costs $35 per month and you can add up to $10,000 per month on it. It is not available to U.S. residents but is available to citizens from other countries.
Business : Business enables businesses to send money to anyone with an email address or mobile phone number (including non-PayPal users) within the U.S., and cash out any balance in their account into the account’s bank within one business day, electronic transfer or a check sent via mail. It costs $55 per month and you can add up to $10,000 per month on it. It is not available to U.S. residents but is available to citizens from other countries.
Personal : Personal is just like the business version but gives you only $1000/month and charges $2.9% per transaction instead of $.30. It is not available to U.S. residents but is available to citizens from other countries.
Professional Selling service: This company offers professional selling service for you to help you sell your product or services to millions of people worldwide in 24/7 basis, they charge a flat fee per transaction between 1-5%.
PayPal, Authorize.Net and Stripe are the Best Payment Processor For Small Business. Stripe, Paypal and Authorize.Net are cheap, reliable and have good features like email notifications, fraud protection services and debit cards all available upon signup. There are also some other payment processors that I didn’t mention in this review like Publish Pay which is a next generation payment processor with integrated social payment system based on best mobile wallet technology and allows you to accept digital payments from customers in the form of gift cards or digital currencies like Android Pay and Apple Pay.
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