Alliance · July 16, 2021
Unsure which is the best online payment system? Here are our 10+ best online payments systems for ecommerce payments.
With the growth of e-commerce over the years, there are now a number of different online payment options available so businesses can easily sell directly to consumers. Knowing which option to choose might be a bit overwhelming, so we have developed a list of great online payment systems available so you can select the one that offers the features needed for your business.
Features to consider when selecting an online payment system to include on your website:
Excellent Security – Security is of utmost importance when it comes to your payment processing system. You want your customers to know that your website is a safe space for them to enter payment information and personal data. When selecting a payment processing system, you will want to check that it is PCI DSS Level 1 compliant (meaning that it meets Payment Card Industry Data Security Standards).
Easy Integration – Finding an online payment system that seamlessly integrates with your current platform is an important consideration, as it will save you time, effort, and money, and will help avoid any errors from occurring with any payment processing.
Fast Processing – Offering a fast processing payment system will provide your customers with a quick and easy checkout process and better customer experience. You also will likely avoid payment processing errors by having a system that is fast, safe, and reliable.
Multiple Payment Options – By giving customers a number of different payment options, they are more likely to purchase online because you can accommodate their payment preference needs. Different types of payment options include credit/debit cards, rewards programs, Venmo, Apple Pay, and more. Some e-commerce websites also now offer multi payment options such as Afterpay or Klarna, which divide a purchase into four automatically scheduled payments.
Below are our top choices for the best online payment systems:
1
PayPal
One of the most widely used payment systems, PayPal, is a safe and easy payment processing system. Users must have a PayPal account that is associated with their email address, and can then attach different forms of payment methods to their account (such as credit/ debit cards or bank account routing numbers). Customers can simply log into their PayPal account when checking out and choose the desired payment method without having to input their full payment information again. For merchants, fees from PayPal are 30¢ per transaction plus 2.9% for most types of domestic transactions with no additional setup or monthly fees.
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2
Stripe
Stripe is an instant payment processing system that can be integrated quickly into a website. Funds are deposited instantly into your business bank account, offers fraud protection, and is compatible with over 135+ currencies. Stripe offers a pay-as-you-go pricing structure with a fee of 2.9% + 30 cents per transaction.
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3
Square
Another popular payment processing system used by over 2 million businesses, Square is a user-friendly choice. Square offers a number of POS systems specific for different types of businesses such as restaurant and retail, giving you additional tools beyond payment processing such as inventory management, sales, and staffing. Square’s payment processing system is also compatible with credit and debit card transactions, bank transfers and invoices. Processing fees are priced at 2.9% + 30¢ for e-commerce transactions.
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4
Authorize.net
Authorize.net has been a reliable, safe, and secure payment processing option used by a number of businesses that was developed by Visa in 1996. Payments are processed in just three easy steps, using authentication to ensure a customer’s balance is high enough to complete the transaction, then capturing a hold on these funds, and finally settling the payment between the merchant and customer account. Pricing is a monthly fee of $25, plus a transaction fee of 2.9% + 30 cents.
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5
Google Pay
Google Pay offers password protected one touch mobile payment options for Android users. Transactions are instant and sent directly to the merchant’s bank account. Encryption methods ensure all Google Pay transactions are safe and secure. Google Pay fees are just 2.9% per transaction for credit/debit and bank transfers, and its low fees make it a great choice to include for payment processing.
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6
Apple Pay
Similar to GooglePay, ApplePay also offers one touch mobile payment options but is designed for iPhone users. ApplePay is also safe and secure for payment processing, and allows users to complete transactions faster and easier than ever by saving payment details to their ApplePay account. ApplePay requires no monthly payment for merchants, and fees range from about 2-4% per transaction.
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7
Dwolla
Dwolla offers a modern, scalable payment processing system that was designed with developers in mind through API automation for facilitating and scheduling payments. Dwolla uses an account based system for sending, receiving, and facilitating different types of payments. Dwolla offers pay as you go pricing of $2 per user.
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8
Braintree
Braintree offers safe and secure payment processing with a customizable interface, advanced levels of fraud protection, and recurrent billing options. Braintree is compatible with a number of payment options including PayPal, credit and debit cards, Venmo, Apple Pay, and more. Pricing is 2.9% + 30 cents per transaction and also includes full online support.
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9
Venmo
Venmo is a mobile payment processing service powered by Paypal. Many Venmo users appreciate its ability to instantly transfer payments between family, friends, and businesses. Venmo users simply link a bank account or credit card to their account and can begin transferring money instantly. Transaction fees are fairly low for businesses and are charged at a rate of 1.9% + .10 cents per transaction.
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10
Skrill
Skrill is an instant online payment processing option that offers fast and secure payments through a virtual wallet system. Features of a Skrill account include email transactions, instant payments, split payments, and recurring billing. Users can open a free Skrill account for purchases. For businesses, fees are 2.9% plus $0.29 per transaction.
Visit SiteWhat is the best online payment system for you? Let us provide you a personal recommendation.
Alliance Interactive is a full service Washington, DC based digital agency that creates engaging digital marketing websites and marketing campaigns that serve as an educational and communication platform for their members and help inspire members to its mission. Contact us here.
Expert Introduction: I'm a seasoned e-commerce professional with extensive experience in online payment systems and their integration into various platforms. I have worked with numerous businesses to optimize their payment processing systems for security, efficiency, and customer satisfaction. My expertise extends to the evaluation and selection of online payment options based on specific business needs and industry best practices.
Online Payment Systems Overview: The growth of e-commerce has led to the availability of various online payment options for businesses to sell directly to consumers. When selecting an online payment system for a website, several key features should be considered, including Excellent Security, Easy Integration, Fast Processing, and Multiple Payment Options. These features are crucial for ensuring a safe and seamless payment experience for customers, as well as efficient processing for businesses.
PayPal
One of the most widely used payment systems, PayPal offers a safe and easy payment processing system. It allows users to attach different forms of payment methods to their account and offers a fee of 30¢ per transaction plus 2.9% for most types of domestic transactions with no additional setup or monthly fees.
Stripe
Stripe is an instant payment processing system that can be integrated quickly into a website. It offers fraud protection, compatibility with over 135+ currencies, and a pay-as-you-go pricing structure with a fee of 2.9% + 30 cents per transaction.
Square
Square is a user-friendly payment processing system used by over 2 million businesses. It offers a number of POS systems specific for different types of businesses, additional tools beyond payment processing, and processing fees priced at 2.9% + 30¢ for e-commerce transactions.
Authorize.net
Authorize.net is a reliable, safe, and secure payment processing option developed by Visa in 1996. It offers a monthly fee of $25, plus a transaction fee of 2.9% + 30 cents.
Google Pay
Google Pay offers password-protected one-touch mobile payment options for Android users, with fees of just 2.9% per transaction for credit/debit and bank transfers.
Apple Pay
Similar to Google Pay, Apple Pay offers one-touch mobile payment options designed for iPhone users. It requires no monthly payment for merchants, and fees range from about 2-4% per transaction.
Dwolla
Dwolla offers a modern, scalable payment processing system designed with developers in mind through API automation for facilitating and scheduling payments. It uses an account-based system for sending, receiving, and facilitating different types of payments, with a pay-as-you-go pricing of $2 per user.
Braintree
Braintree offers safe and secure payment processing with a customizable interface, advanced levels of fraud protection, and recurrent billing options. It is compatible with a number of payment options and has pricing of 2.9% + 30 cents per transaction.
Venmo
Venmo is a mobile payment processing service powered by PayPal, offering instant transfer payments between family, friends, and businesses. Transaction fees are fairly low for businesses and are charged at a rate of 1.9% + .10 cents per transaction.
Skrill
Skrill is an instant online payment processing option that offers fast and secure payments through a virtual wallet system. For businesses, fees are 2.9% plus $0.29 per transaction.
In conclusion, the best online payment system for a business depends on its specific needs, such as security requirements, integration capabilities, processing speed, and the range of payment options it wants to offer to customers. Each of the mentioned payment systems has its own strengths and may be suitable for different types of businesses.
