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The COVID-19 pandemic has increased awareness of the digital payment industry’s expansion. Even if customers all around the world are moving toward cashless transactions, paper checks and invoices are still used to execute B2B payments.
Since the start of the pandemic, the majority of B2B enterprises have implemented electronic payment methods, but the remaining ones are still debating because they are concerned about the security and operational resilience of digital payments. Previously, there was no trustworthy method for making online payments.
However, the development of payment processors has made online financial transactions quick and secure.
Additionally, the migration of consumers, merchant accounts, and payment businesses to digital is increasing the influence of gateways. E-commerce sales in the US reached $146.2 billion in Q2 2019, accounting for almost 11% of all retail sales.
However, the emergence of more businesses in the digital market will make it more challenging for business owners to make decisions. How can they be sure they’ve made the appropriate choice when there are so many strong and well-known payment gateways available today? Making the choice of who to trust with your confidential payment information is never easy.
To assist you in making a decision, we’ve compiled a list of the best online payment software providers on the market below.
So keep reading on!
Best Online Payment Software Providers in 2022
1. Stripe
Stripe, a well-known and reputable payment processor with a significant emphasis on technology and development was introduced in 2011. It is a payment gateway service that operates in 47 countries and is one of PayPal’s main competitors. It provides rich APIs, 99.9% uptime, and much more to organizations of all sizes. Stripe’s products can grow and scale with businesses of all sizes.
It can be customized to meet their needs because of the company’s strong focus on developer-driven custom payment solutions. Your company may easily begin accepting credit cards online right away with the help of Stripe. You don’t need a gateway or a merchant account.
Although Stripe excels as an online payment processor, it also provides a virtual point of sale that enables users to seamlessly combine their online and offline sales channels. In addition to pre-certified card readers that allow chip cards and contactless payments, Stripe Terminal also functions on PCs and mobile devices.
Best Features
- Cutting-edge fraud detection tools
- Billing models
- Revenue optimization capabilities
- Buy now pay later
- Robust transaction tracking and reporting
- Supports more than 135 different currencies
- Tax feature
- Numerous local payment options
- Data encryption and security
- Financial reporting tool
- 450+ supported system
- 24*7 customer service
Costs: $0.30 and 2.9 percent for each credit/debit transaction plus 0.4 percent for each ongoing bill.
2. Checkout
Founded in 2006, 2Checkout is a global monetization platform that operates in more than 180 nations. Making the checkout process simple for your customers aids in helping you generate sales.
It is provides two business models. It can serve as a payment processor. It’s also serves as a merchant of record, taking care of billing, taxes, compliance, and more.
The company was able to restrict the use of its foreign payment options to smaller and mid-sized businesses. Verifone, a global payment processor, purchased the company in 2020. However, 2Checkout will carry on offering its services in the same manner as previously.
Best Features
- Instantly send or receive funds internationally
- Multi-currency
- Recurring payments
- Provides access to more than 45 payment options
- Global adherence to regulations and taxes
- Excellent customer support
Cost:
- 2SELL: 3.5% plus $0.35 for each successful sale.
- 2SUBSCRIBE: 4.5 percent + $0.45 for each successful sale.
- 2MONETIZE: 6.0 percent + $0.60 for each successful sale.
- Business: custom Pricing.
3. Wepay
WePay is an online payment service provider that was launched as a Y Combinator business. The business is currently a part of JPMorgan Chase. Any major credit card, mobile and digital wallets, ACH transfers, and other payment methods are all accepted by merchants using WePay.
WePay offers three payment gateway solution plans, Link Clear, Link Core, and Clear, each with a different set of features and prices.
Best Features
- Same-day deposits at no extra charge
- Variety of payment methods
- Card tokenization tool
- Earnings and performance reporting features
Cost: WePay doesn’t disclose pricing on its website, but third-party research reveals that it offers competitive rates of 2.9 percent plus $0.30 each transaction and processes ACH payments for 1 percent plus $0.30 per transaction.
4. Square
Square, a company founded in 2009 by Jack Dorsey, co-founder of Twitter. It gave retailers a foot in the door by offering a digital payment solution that could be utilized on smart devices rather than cumbersome and expensive POS equipment.
It features a free mobile card reader and allows users to collect payments online and in-person without incurring setup or startup charges.
Square accepts all major credit cards as well as other payment methods such as Apple Pay and Google Pay. However, it does not support PayPal, its biggest competitor.
It also supports ACH or electronic check processing and enables users to accept payments via phone, invoicing, or online.
Best Features
Website design functionality
eGift cards
Restaurant-specific functionality
Robust solution
Excellent customer service
Cost:
- 2.65% per card transaction
- 2.95% + 30 cents per paid Square Invoice or online transaction
- 3.45% + 15 cents per manually entered transaction
- $0.10 per Interac debit tap sales
5. PayPal
In 1999, PayPal was developed as a digital wallet. It was infamously acquired by eBay in 2002 and has since grown to be one of the most popular and best online payment solutions in the world.
With dozens of currencies supported, PayPal is available in more than 200 countries. Paypal is an excellent alternative payment gateway solution in eCommerce app development and mobile app development if you intend to go globally.
World-class security is offered by PayPal while doing an online transaction. Almost all credit and debit cards issued abroad are accepted. It enables the settlement of global financial transactions.
Best Features
- Pay with cryptocurrencies
- Animation tools enable clients to send money to loved ones, making it more expressive
- Pay by scanning the merchant’s QR code.
- Pay in 4″ function, enabling your clients to purchase anything they want and then pay for it in 4 payments
- Easy selling process
Cost: 2.9% + $0.30 for each Credit/Debit transaction
6. Amazon Pay
Amazon provides its customers with a simple and secure payment option. Both retailers and customers can use the service to make online purchases easier.
Basically, it completes check-ins and checkouts by accessing a user’s Amazon account information. The customer can finish a transaction right away with just one login, and this option is also available on mobile devices.
Best Features
- Customers can make purchases from you without registering for an account or disclosing their card information.
- Quicker checkout time.
- Use Alexa to check out.
- Simple eCommerce platform integration.
Cost: 2.9 percent plus $0.30 for domestic U.S. transactions.
Closing Remarks
Making a choice can be challenging. However, you will be closer to locating the best online payment software provider if you conduct in-depth research and use our recommendations. We hope that this article has been helpful to you, and you are now prepared to choose an online payment software provider.
