November 22, 2022

Image: Pexels/Andrea Piacquadio

The global epidemic has had a significant impact on how people purchase. To overcome this challenge, most brick-and-mortar firms have closed or turned to internet business platforms. According to eCommerce data in the EU, approximately 80% of people are making their purchases online. As a result, newcomers to the market sometimes ask, “What is the best payment option for small businesses at this time?”

Surely, as you read this article, you are looking for a better payment system for yourself. A payment processor is a third-party platform that provides retailers to take credit card payments from consumers online or in-person in a safe manner. The finest payment gateway offers secure and dependable service, excellent customer service, and low transaction fees.

The greatest online payment processors for small businesses in 2022 are listed below. Also, if you’re looking to start a business here, we recommend the best LLC service.

1. PayPal

One of the most extensively used online payment services is PayPal(opens in new tab). It was founded in 1998 as Cofinity and allowed you to send and receive payments from anywhere.

PayPal is a payment processing service that helps e-commerce companies, auction sites, and other business entities to accept credit cards from all over the world, including American Express and Visa. It also has a simple shopping cart, several customization possibilities, online invoicing, and the ability to accept credit card payments over the phone.

2. Worldpay

Worldpay is an excellent example if you’re looking for the best payment processor for small businesses. To integrate this payment gateway with your website, you should utilize the Worldpay payment extension. To be more specific, adopting a Worldpay extension is a smart option because it saves a lot of money and has a lot of pre-programmed functionality for your company’s future needs.

It provides an online payment processor as well as a merchant account for online transactions. For added convenience, the gateway is linked to a variety of websites. It is capable of dealing effectively with fraud and cybercrime. For international transactions, a variety of currencies and languages are available.

3. Helcim

For retailers with high-volume sales or stocks, Helcim is also our best payment platform. It has a payment gateway API that enables real-time card payment authorization, data capture, management of voids and refunds, and recurring payments, among other things. It’s simple to set up, so you can integrate it with any current website, shopping cart, or accounting system and begin receiving payments immediately.

Its volume-based pricing approach provides lower rates and automatic savings as your business grows, making it a superb bargain for companies that process more than $25,000 per month. Furthermore, it is great for stores that require free tools like a POS, a customer portal, and eCommerce.

4. Stripe

Stripe is yet another sophisticated payment platform developed for online businesses, boasting of managing billions of dollars in transactions each year. The primary distinction between this service & many others is that it is not a ready-made solution. Instead, you’ll be given a set of customizable tools to create your payment processes.

It’s geared toward larger businesses and has a slew of APIs that help you build your subscription services, on-demand markets, and crowdfunding platforms. Ruby, Python, PHP, and Java are among the development languages supported.

5. Square

Square is a favorite of Fit Small Business experts. It provides its online payment facilities for free as a payment gateway. It has shareable links and “Buy Now” buttons that are simple to use, and its virtual terminal has all of the functionality you’d expect from a more complex solution like Stripe. With a Square dock, you can connect Square’s mobile card reader to your PC and accept keyed-in, tap, and chip payments.

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It’s also a top-rated merchant service, so it’s no surprise that it gets excellent marks for payment gateways. It is compatible with mobile, desktop, tablet, & point-of-sale systems.

Conclusion

After the Covid epidemic, eCommerce has grown in popularity like never before. People prefer internet shopping because they believe it is a safer approach to making purchases. As a result, the internet market has become more competitive, and there is a new demand for payment services, which has led to the development of payment gateways.

Many criteria go into finding the best payment processor for a small business, and understanding them will help small business owners make better decisions for their own companies. There are numerous payment gateway providers on the market; nevertheless, the list above will undoubtedly supply you with appropriate and highly recommended payment systems from previous online merchants.

The National Crowdfunding & Fintech Association (NCFA Canada) is a financial innovation ecosystem that provides education, market intelligence, industry stewardship, networking and funding opportunities and services to thousands of community members and works closely with industry, government, partners and affiliates to create a vibrant and innovative fintech and funding industry in Canada. Decentralized and distributed, NCFA is engaged with global stakeholders and helps incubate projects and investment in fintech, alternative finance, crowdfunding, peer-to-peer finance, payments, digital assets and tokens, blockchain, cryptocurrency, regtech, and insurtech sectors. Join Canada’s Fintech & Funding Community today FREE! Or become a contributing member and get perks. For more information, please visit: www.ncfacanada.org

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