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Best Online Payment Systems

You may have heard about PayPal, but are they the best option for your business? There are many factors to consider when it comes to choosing an online payment system. In this post we will explore some of the most popular systems and help you decide which one is right for you!


Best Online Payment Systems

PayPal

PayPal is one of the world’s largest payment processors. In fact, they processed over $936 billion in payments during 2020! With 28 million merchants and 325 million active account holders on their platform, it’s no wonder PayPal has become a household name.

You want to make the buying process as simple as possible. With PayPal, it takes less than five minutes to register an account and make a payment, which makes it a great option for your online store.

PayPal is a simple and secure way to easily pay for transactions. At the time of writing, they charge you 30¢ and 2.9% commission for each transaction. This may seem a bit much, but we have to also consider that there is no setup or monthly fee!

PayPals homepage

Authorize.net

Authorize.net is a payment gateway solution that has been around since 1996. It handles more than one billion transactions per year with its user base of 430,000 merchants.

The integration with Authorize.net is seamless and intuitive, making it an ideal choice for any e-commerce business owner looking to save time and resources on their backend services.

For a simple and all-inclusive solution to accepting payments, they offer merchant accounts with a payment gateway that’s 25 dollars per month. Plus, you’ll be charged 2.9% plus 30¢ for each transaction. If you only want the payment gateway access, then its $25 per month and 10¢ fee for every transaction.

Authorize.net homepage

Google Pay

Google Pay is the latest and greatest way to pay for goods or services in stores, online, or on TV apps – all from your Google profile! In addition to being a more convenient payment option, Google Pay is one of the most popular services in use today. Millions of people already rely on it for other purposes, which mean they will easily be able to use it to buy your services.

One of the main selling points about Google Pay is how it doesn’t cost you anything to accept them as a form of payment. With no charges or monthly expenses involved, there’s nothing stopping businesses from adopting this easy-to-use process into their everyday lives – which can only be good news for customers too!

However, if a buyer links their Google Pay to a credit card, then there may be a small transaction fee from their bank.

Google Pay Homepage

Stripe

Stripe is the second most popular Payment Service Provider (PSP) because it’s fast and easy to use. It integrates seamlessly with your website so that you can accept payments on any platform – even through email!

Businesses around the world can use Stripe – no matter where you’re located or what language you speak. You get access to 135 different currencies at once through this one application, which means there’ll never be any nasty surprises come check-out time. Furthermore, there isn’t any unexpected conversion charge on top of whatever price was originally displayed on the site.

Similar to PayPal, they charge 2.9% + $0.30 per transaction for the all-in-one solution. However, they also do a payment gateway option, which only charges $0.10 for each transaction.

Stripe Homepage

Dwolla

Dwolla is a service that lets you join the ACH network and work with other businesses. Basically, it allows you to send and receive payments without having to worry about dealing with merchant accounts.

Much like the fees for your cell phone plan, Dwolla offers pay-as-you-go and flat rate plans. The first option includes a 0.5% fee per transfer, while the latter provides you with unlimited transactions at one of three monthly rates: $250, $1000 or $2000 – all designed to meet your business needs.

Dwolla Homepage

Braintree

Braintree is an innovative new payment processing service that puts both your merchant account and payment gateway all in one place. With their roots in the tech world, Braintree has been a trusted partner of online payment software for many start-ups, such as Airbnb and StubHub.

After the PayPal acquisition in 2013, Braintree is now part of their ecosystem. In contrast to other payment providers like Stripe and Square, Braintree caters only towards companies with high sales volumes that need customization capabilities as well.

You can use your card for free! In fact, there is no set-up or monthly fees. All you have to do is pay a small fee per transaction (2.9% and $0.30).

Brain Tree Homepage

Amazon Pay

Amazon Pay makes paying for things much easier. With this new service, shoppers will not have to take out their wallets and go through the lengthy process of entering all of their payment information every time they buy something online or by voice with Amazon Alexa.

Merchants can add a quick button on checkout processes that allows customers to make purchases using any saved credit card in their account without interruption from security questions each time!

Don’t forget to try different marketing strategies so more people can use your favorite online payment system!

Amazon Pay Homepage

WePay

WePay is a company that provides payment solutions for software vendors and platforms. By providing tailored services, WePay can help these businesses thrive in the digital world without having to worry about complicated payments systems.

The acquisition of WePay in 2017 led to a new convenience for JPMorgan Chase customers, who now have the ability to deposit their money into any Chase account with same-day service.

WePay works to set an agreeable rate for each vendor or platform. Vendors who fail to negotiate a suitable rate will have the standard fee applied, which may be higher than other rates available through WePay.

WePay Homepage

Conclusion

In conclusion, the best payment system for your online business will depend on a number of factors – from what type of buyer you’re looking to attract, the fees and costs involved, and integration with other services or software in use by your company.

If you have an eCommerce store, then Authorize.Net and PayPal are my to go-to choices. Not only do they integrate seamlessly with all platforms, but they are well-trusted by customers around the world.

Google Pay is a good choice if you’re targeting the younger generation who use Google Pay for almost all of their purchases, whether that’s on the train or buying their weekly shopping. Plus there’s no cost associated with accepting this form of payment!

Now that you have the perfect online payment system, it’s time for you to start automating your marketing strategy!

Disclaimer: WebCitz, LLC does not warrant or make any representations concerning the accuracy, likely results, or reliability of the information found on this page or on any web sites linked to from this page. This blog article was written by Timothy A in his or her personal capacity. The opinion(s) expressed in this article are the author's own and may not reflect the opinion(s) of WebCitz, LLC.