Top Payment Solutions To Help Grow Your Small Business

Transaction is one of the most important components of any small business. Every small business needs to develop or choose a better payment option to make payment at the right time. There are a lot of payment options worldwide for small businesses that make them profitable at the initial stage.  Statistics show that over 50% of small businesses depend on digital platforms for their financial transactions. A noteworthy trend in the industry is the increasing adoption of contactless payment methods, accounting for more than 40% of all digital payments worldwide.

In this article, we will see some top payment solutions for small businesses that could help in every possible way to develop the businesses. We will see features of that payment option and other details too that made them worthy. These are among the best software solutions available to support your business growth and efficiency.

Top Payment Solutions for Small Businesses

There are a lot of payment options but here are a few top payment solutions for small businesses mentioned below.

1. Authorize.net

Authorize.net is a visa solution that is a united-based payment gateway. This allows merchants and small businesses to accept credit card and electronic check payments. It offers services with advanced fraud protection features, support for recurring billing subscriptions, as well as a simplified set of checkout options. It can process payments for both physical as well as online merchants using a single processing engine.   This has very efficient payment options for growing small businesses. It charges 2.9% + $0.30 per transaction.

Features

• Recurring billing or payment is one of the normal and impressive features as it enables installment payments and automatic monthly billing for subscription-based services.
• Digital invoicing is another feature of Authorize.net as it generates digital invoicing very fast via the customer-provided email.
• The characteristics of advanced fraud detection tools that automatically identify suspicious transactions and sketchy IP addresses.

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2. Square payment

Square payment is a best top payment option that accepts credit cards by using smartphones. As of 2023, Square reports 4 million merchant clients and an annual payment value of US$210 billion. Square.

Square payment can accept any type of payment including magstripe (standard swipe credit card), chip card, or NFC (phone payments). Square payment does not ask their customers for any type of long-term commitment or monthly fees, which means subscribers only pay once they make a sale. Square charges 2.6% plus 10 cents for most in-person transactions.

Features of Square payment

• It has the incredible characteristics of processing remote payments and can even accept payments without a connection in Offline Mode. This made it a very good payment option in the bad internet area.
• Square payment offers quick payment as the payment will appear in the account within one or two business days.
• Square payment solution offers online payments on your website and shareable checkout links.

3. Vizpay

Vizplay is mainly developed for small businesses to make payments better and transparent. Overall, Vizpay is dedicated to supporting the small business community with flexible payment solutions needed to grow your business, backed by real customer support and simple, transparent pricing.

Features of Vizpay

• Vizpay’s customer support services are very impressive as customers can get answers or solutions within minutes.
• Another incredible feature of Vizpay is that the company doesn’t believe in contracts so do not enforce long-term commitments.
• Its transparent fee structure and convenient payment for users make it among the top choices for payment for small businesses.

4. Paysimple

Paysimple is another payment solution in that customers can easily accept payments, automate billing, and reconcile deposits. Paysimple provides many services and payment options like ACH acceptance (bank-to-bank transfers), credit card acceptance, cash flow reporting, secure customer contact management, and even mobile payments through a credit card reader. It is worth it for small and new businesses to grow. Paysimple charges $0.35. Per transaction.

Features of Paysimple

• The recurring payment feature of Paysimple is too good as it does not let customers worry about any payment procedures for monthly installments as it enables an automatic cut of the required balance from the account.
• Paysimple accepts payment through debit and credit cards which makes it a universal choice for small businesses to make transactions.
• It has two-factor authentication that enhances the security to not allow anyone to sneak peek into your finances.

5. Clover

Clover is also a payment app that is specially developed for processing credit cards for small businesses and POS payments. It offers many services related to transactions as it accepts credit cards, debit cards, gift cards, and contactless payments, at any time, from anywhere.  The transaction limit of Clover payment has been increased for different devices as the maximum contactless transaction limit is from $100.00 to $99,999.99 for FD40, Clover Mini, and Clover Mobile devices. Clover’s transaction fees range from 2.6% + 10c for the starter Clover Go plan to 2.3% + 10c for the full Clover Station system.

Features

• Clover makes end-to-end encryption transactions and two-factor authentication. This makes it safe for businesses to manage their financial transactions easily.
• Contactless payment and even scanned checks, safely and securely make it convenient for small businesses.
• Clover offers complete refunds, returns, and exchanges efficiently.

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6. Veem

Veem is a secure payment network that uses multi-rail technology to streamline the wiring process not only to speed it up but also to cost you less transaction fees. It is a San Francisco-based global online payment platform. Since it has a low transaction fee and secure payment network that makes it a prior choice for many small businesses. The Veem basic account is free whereas the  Veem premium account costs USD 19.99.

Features

• No payment limit for how much money can be sent through Veem as small businesses involve a lot of transactions so it is very useful in that manner.
• It has a payment tracking facility that allows you to track your money in real-time.
• The B2B transaction method makes it more useful as money is not stored in a wallet unnecessarily.

7. Paypal

Generally, PayPal is a widely-used global online payment platform that enables easy money transfers between individuals, businesses, and retailers. Once you link your credit card to PayPal, you do not need to enter credit card details every time and you can pay whenever you want. Paypal offers services in around 200 countries and regions around the world. Paypal charges a 2.8%-3.49% transaction fee for different types of transactions.

Features

• It has the ability of versatile transactions as PayPal allows users to send and receive money effortlessly, whether it’s to friends, family, or businesses.
• It has a strong security layer for fraud prevention that makes users feel safe while using it.
• For businesses, PayPal supports both personal and business transactions, providing fraud protection, enhanced security, and encryption for all types of accounts.

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8. Sage Pay

Sage Pay is known as one of the top payment gateways that offer quick and safe services for internet purchases. Sage Pay, which is trusted for millions of safe transactions every month, guarantees a smooth payment process for companies of all kinds. Payments are sent from Sage Pay accounts and go directly to Sage Pay accounts. It costs 30 cents per transaction fee.

Features

• It boosts 3D security for an added layer of transaction security that increases the trust of customers.
• It has seamless integration capability with other payment apps that makes it more convenient and universal for small businesses.
• Businesses can customize orders as they can set maximum or minimum order totals according to your business requirements

9. Stripe

Stripe is a leading online payment processor that prioritizes credit and debit card transactions. It is an Irish-American multinational financial services and software service company dual-headquartered in South San Francisco, California, United States, and Dublin, Ireland. Customers can make payments by entering their card details and taking them to a safe payment gateway. Stripe charges 2.9% + 30¢ for each successful card charge.

Features

• Stripe accepts various payment types or options such as Visa, American Express, Mastercard, Discover, JCB, Diners Club, etc making it a universal choice for small businesses.
• It has a powerful encryption system that encrypts customers’ credit card numbers and stores decryption information separately, ensuring added security.
• With capabilities created especially for the online industry, Stripe Payments is geared for companies with a sizable online presence.

10. Bambora

Bambora is known as a  versatile online payment processing software facilitating billing, transfers, and online payments, especially beneficial for sectors like food, non-profit, and education. Bambora offers all payment solutions for small businesses that keep it always on the priority list. Bambora charges 2.9% + 30% per transaction.

Features

• Bambora has features for multiple currency processing as it conducts transactions in various currencies to cater to a global audience.
• It enables secure payment through users’ websites which makes it more beneficial for small online businesses.
• It consists of strong encryption that employs state-of-the-art encryption protocols for secure data transmission.

Final Words

We have seen the top payment solutions for small businesses that can make businesses grow. As mentioned every payment option has its unique ability and some common features too. Transaction fees can be a factor that could be different from others. Small businesses should choose wisely that costs them the least and more convenient to make transactions.