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4 Min. Read

Top 5 Payment Processing Companies You Should Know

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These days, successful businesses need to offer credit card payments for their customers. Most people pay with credit cards instead of cash. Also, an online business can’t demand checks from their customers if they want to turn a profit.

A payment processing company facilitates a transaction between a merchant and a customer. In the modern business environment, such companies are usually credit card processing companies.

The credit card processing company supplies the payment gateway/equipment. They additionally secure the digital transaction between the customer and retailer.

Imagine that a customer purchases something at your store with a credit card. The processing company delivers the transaction safely. It also communicates vital information to banking organizations and credit card companies. These include Bank of America, American Express, and so on.

If you want to offer credit card payments to your customers, you have to pick a payment processing company. But there are lots of different credit card processing companies to choose from. They can vary based on their interchange fees, level of security measures, accepted cards, and more.

We’ve broken down the top five payment processors to pick. Check these out in detail and consider using them for your small business!

Here’s What We’ll Cover:

FreshBooks

PayPal

Flagship Merchant Services

Stripe

Due

Key Takeaways

FreshBooks

FreshBooks now offers online payment processing for small business owners. It works for PayPal and other major platforms. This is in addition to its extensive tools for accounting, time management, and business management. As a result, small business owners can rely on FreshBooks for most of their business software needs.

With FreshBooks Payments, your clients or customers can quickly pay you online. Also, FreshBooks lets you integrate your invoices. This facilitates even faster payments. Even better, it automatically records every payment in your account.

Of course, FreshBooks Payments is secure and integrated with the rest of the software and its functions. There aren’t any hidden fees, either. All in all, FreshBooks is the best payment processor for small business owners and freelancers. Check out this new way to pay here.

PayPal

PayPal is an online payment giant. But it’s ideal for merchants that want a low-volume payment processor for their business. It operates in over 200 countries and allows transactions in 26 currencies. Thus, it may be a good choice if you do a lot of international business.

PayPal can be used for website checkouts and payments through apps. You can even use it for payments through traditional card readers. If you’re a freelancer, PayPal can also work for receiving payments by credit cards. You can link PayPal directly to your bank account for faster paydays.

Flagship Merchant Services

FMS or Flagship Merchant Services is one of the most well-known credit card processors in the industry. It’s ideal for business owners that process a high volume of credit card transactions. This includes most online retailers.

It's an all-in-one service that offers low inflexible rates for your business. You can even pay monthly instead of signing a loan contract. FMS offers in-person and mobile credit card processing options.

Stripe

Stripe is one of the best payment processing companies for online store owners. It was designed for business owners that have a little web development experience. If this is you, you can customize Stripe’s API for different functionalities. Thus, it can be tailored specifically for your needs.

Either way, Stripe lets you accept credit card and debit card payments, as well as crypto payments. Yes, this means you can easily accept payments in Bitcoin. It has a relatively modest card charge of 2.9% plus $.30 per transaction.

Due

Due is an end-to-end payment processing company. It handles the entire transaction process for small business owners and freelancers. Alongside this, it offers invoicing and time tracking functions. You can customize online invoices using this software, so it's ideal for businesses that may provide a variety of services.

Even better, Due offers international credit card processing. So you can rely on this payment processor for any international transactions from foreign customers or clients.

Key Takeaways

Any of these choices could be a great pick for your business. Investigate them carefully and consider your budget for payment processing services before choosing. Then apply and give your customers the flexibility to make payments using credit cards.

It might cost a little money to offer this payment method in the short term. But in the long run, you'll make many more profits by offering credit card payments than you would by forcing cash or check payments.

Find more detailed breakdowns like this on our resource guide.


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