Tweak Your Biz » Technology » 9 Payment Processing Resources For Your Small Business

9 Payment Processing Resources For Your Small Business



There are several elements involved when it comes to building a successful online business; from crafting your offer to having the right platform to marketing. One subject that is critical to the success of any small business, especially online, but that people rarely talk about is the subject of payment processing. When it comes to collecting payments on your business website, getting paid for information products or even paying your team of freelancers and consultants, what is the best route?

While Paypal is a popular service that most people use, the reality is that over 1 billion people shop online and Paypal only has around 120 million users; in other words, by using just Paypal you’ll be restricting yourself to around 10% of the internet population that only use Paypal.

payment processing

If you want to take your business to the next level, being able to process payments and get paid at the right time is important. Here are 9 payment processing services your small business should consider:

# 1. ACH Payments

ACH Payments is listed first because it is a more comprehensive payment system compared to the other options that will be listed in this article.

ACH Payments allows you to make various kinds of payments to people from all over the world; it can serve as a payment gateway, merchant account, credit card processor, mobile payment processor and an ACH payments services provider; it can also be used as a payroll system in case you have a number of freelancers you want to automate payments to.

# 2. 2checkout

2checkout allows you to accept credit cards and Paypal payments from your customers without having a Paypal account or a Merchant account; you only need to register and verify your account and you can start accepting payments. One reason why 2checkout gets a preference on this list is because it is available to people in almost every country; including countries not supported by other popular payment services like Paypal and Google Checkout.

# 3. WePay

WePay is a surprisingly simple payment processing service; unlike almost every other payment processors, you can start accepting credit cards on your website in under a minute. Yes, under a minute. There are no applications or long forms; you only have to enter your details and you’ll be automatically setup to accept payments. The only disadvantage to WePay is that it’s only available to US citizens.

# 4. Stripe

Stripe works in a very similar way to Paypal, but it is for developers. Not only does Stripe help you set up your payment forms with little input from you and no need for a merchant account, it also allows you to build your own payment forms without having to be restricted by PCI requirements.

# 5. PayAnywhere

PayAnywhere is an advanced mobile payment processor; PayAnywhere allows you to easily accept mobile payments while at the same time giving you the flexibility required to integrate mobile payment into your mobile apps. An advantage to using PayAnywhere is that you don’t need to pay a monthly fee or meet a minimum requirement.

# 6. Square

Just like PayAnywhere, Square allows you to accept credit card payments on your iPhone, your Android and your iPad. What makes Square really impressive compared to other mobile payment providers is that it allows you to receive your payments the next day; Square also allows you to automatically integrate a mobile payment system into your mobile apps.

# 7. Intuit GoPayment

If you’re looking for an alternative to Square or PayAnywhere, then Intuit Gopayment is worth a trial; you’ll be given an app and a free card reader that can be plugged to your mobile phone to accept payments. Gopayment also has rates cheaper and more flexible than that of Square and PayAnywhere, so it’s worth giving it a try.

# 8. GetShopped

Unlike most of the above resources, GetShopped is a complete ecommerce system instead of a payment processor; getShopped allows you to create product listings, streamline your checkout process and integrate various payment processors; getShopped is specifically for WordPress users who want to run an eCommerce site. You can combine getShopped with one or more of the above payment processors to create a complete payment processing experience for your users.

# 9. WooCommerce

WooCommerce is for WordPress users and works similarly to getShopped, but it’s more developed; it has various extensions that allow you to ship physical products and get shipping rates and information from services like FedEx, UPS and USPS. WooCommerce also supports more payment processors compared to getShopped.

Have you any payment processing resources you’d recommend?

Did you like this article?  

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The Author:

Joseph Oni has two years of experience with marketing and guest blogging. You can learn more about guest blogging or have him help you develop a marketing strategy at GuestBloggingTactics.com. http://www.guestbloggingtactics.com

Add Your Comment

  • http://www.ahaingroup.com/ Sian Phillips

    Great post Joseph – and it’s good to hear that there are alternatives to Paypal as no-one likes a monopoly

  • http://tweakyourbiz.com/ Niall Devitt

    Hi Joseph, I’ve learned a lot from this post! As like Sian, I wasn’t already aware of many of your suggestions, but I am now. Oh and welcome to Tweak Your Biz, we’re delighted to have you join the team.

  • Easy Anderson

    You missed the biggest one which is Dwolla.com. You really might want to
    check that one out. Here is an interview I did with them a while
    back. There is no fees on transactions under $10 and only 25 cents on
    transactions over $10. No one can beat that.

    http://www.easyanderson.com/dwolla-an-interview-with-the-credit-card-killer/

    Cheers,
    Andrew

  • http://about.me/Lindeskog lyceum1776

    Joseph Oni: Have you heard about iZettle? It recently got funded by American Express.

  • PGross

    Flexibility is a big factor when choosing a platform that can combine all your needs while supporting your business model.The option of being able to make a charge such as a: periodic
    subscription, free trial, on-demand or per usage affects billing and sales. I’d like to mention BlueSnap as another alternative for small to mid-size businesses.

  • http://about.me/Lindeskog lyceum1776

    For the record: Paypal is NOT a monopoly. It is only be a monopoly if the State is trying to run a business, or is regulating the economy. According to my view, PayPal started out as an alternative to the regular banks, for money transactions. A monopoly is not the same as a strong market position.

  • http://about.me/Lindeskog lyceum1776

    You are welcome Joseph! :)

  • Sian Phillips

    Thanks for the clarification of a monopoly Lyceum – the word was just a description of Paypal being the most powerful and well known in the market

  • http://www.biz2credit.com/ william james

    Time is the most priceless thing. Specially in business you have maintain lots of things together. With the help of online payment business owners can save their time.

  • John G

    You helped me find the ideal payment processing solution for my small business. All of these that you list have their pluses and minuses, but WePay really stood out for me. Great experience with them, and thanks for your summary reviews.

  • Dcon

    Monopoly..yes they are…

  • http://www.securitycamera-ny.com camera-ny

    1-9 which one you thing is best?

  • http://enstinemuki.com Enstine Muki

    Just found this blog from search engine – Google, to be more specific
    2checkout is a great solution for 3rd world countries. I just wrote a review about it on my blog. Permit me drop the url http://enstinemuki.com/2checkout-best-online-payment

  • Efix

    Well, in Europe you can always use http://www.paymill.com Lots of currencies and a quite fast installation. The only problem is that it is still not present on the US market.

    Guess nothing is perfect.

  • Kwame

    Nice article with lots of good suggestions. But I would like to make one correction to your premise:- “While Paypal is a popular service that most people use, the reality is that over 1 billion people shop online and Paypal only has around 120 million users; in other words, by using just Paypal you’ll be restricting yourself to around 10% of the internet population that only use Paypal.”

    I don’t know if you realize that anyone can use PayPal regardless of if they have an account or not. They can just use any credit card on the PayPal site. A lot of my clients use PayPal and do not have an account.

  • John Q

    Noble Payment Technologies allows online merchants to accept debit, credit and ACH payments online and pay no processing fees.. It is a new and emerging company that is great for industries that have a captive audience.

  • Asta la vista

    Great post, thanks! Some of these payment options were new to me.