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4 Min. Read

3 Best Online Payment Processing Software

3 Best Online Payment Processing Software

All business owners can agree on one thing; online payment processing is critical for their business. A good online payment processing software has a number of benefits. It allows for a better customer experience. They can also help with overall customer management. Most importantly, online payment processing software can increase cash flow.

If you’re running a business and you need an online payment processor, look no further. We’ve got the best 3 online payment processing software options here!

Here’s What We’ll Cover:

What is Online Payment Processing Software?

The 3 Best Payment Processing Software

Why Should You Use Online Payment Processing?

Key Takeaways

What is Online Payment Processing Software?

Online payment processing software are programs that allow you to accept payments online. There are three pieces to payment processing software:

  • The Payment Processor - This manages payment transactions. It transmits payment information between the customer’s bank and your bank. These handle all of the related processes, as well.
  • The Payment Gateway - The payment gateway is how payments are made. It connects your website to the payment processor.
  • The Merchant Account - This is a specific bank account for your business. It allows your business to accept online payments. Without a merchant account, you can’t be paid.

Depending on the payment processing company that you choose, these can all be included in the same software package.

The 3 Best Payment Processing Software

Check out our list of the 3 best payment processing software options available today!

1. Stripe

Stripe is one of the most popular payment processing software options available. They’ve earned the number one spot on our list without question, and are a favorite among many online businesses. When it comes to online payment software, they have it all. They allow for numerous payment methods, and have the best payment gateway available.

Stripe is designed for specific businesses. For the most part, eCommerce businesses and retail stores can get the most out of Stripe. Stripe Payments is their online package, while Stripe Terminal is their brick-and-mortar package. Their exceptional customer service also helps with seamless merchant onboarding.

Stripe accepts the following payment methods:

  • Credit cards
  • Debit cards
  • Digital wallets
  • International payments

If you need an online payment software, Stripe is the best option available. They charge their users transaction fees. They charge 2.9% of every transaction, and an additional 30 cents per transaction.

2. Square

Square has been around for quite some time. It is one of the most well-known online payment processing platforms. They are available for both online businesses and brick-and-mortar businesses. Square lets you do the following:

  • Set up merchant services
  • Accept payments
  • Complete online transactions
  • Send invoices

Square Point of Sale is free with no setup fees. They make their money from transaction fees, like Stripe. Their fees are 2.6% of each transaction, and an additional 10 cents per transaction. Plenty of small business owners love Square and their card readers. They’re easy to use, and run through an application. Square is an incredibly versatile payment processing service.

3. PayPal

The oldest option on our list, PayPal is one of the original payment processing software options. PayPal has been around since the 90’s. Originally, they were only used by eBay. In more recent years, however, they’ve begun to integrate with other online platforms. Many websites allow users to host their PayPal payment options.

Unfortunately, PayPal is not one of the most usable platforms. They take the customer away from the web page that they are shopping on. This can be frustrating, and interrupts the natural flow that Stripe and Square allow for.

The processing fee that Paypal charges is the same as Stripe. It is 2.9% per transaction, plus 30 cents per transaction. If your website won’t allow for Stripe integration, Paypal is another great option to consider.

Why Should You Use Online Payment Processing?

Online payment processing allows for instant payments. This is the best reason for you to use them. However, it’s good for customers, too. It makes paying for goods and services much easier. It’s also a safer way to pay than by alternative means.

Key Takeaways

Online payment processing is great for both businesses and customers. It makes paying for goods and services much easier, as well as safer. It’s a necessary software for any business that has an online presence. If you have a website, you need online payment processing services.

If you found this article helpful, be sure to check out our resource hub. There are plenty of useful articles and guides for small business owners.