At a basic level, a payment processing company is used to take care of the transactions between a customer and a seller.
The company is responsible for taking the payment and sending it to the correct person or company and completing the transaction. Traditionally, the types of parties that will use a payment processing company would be a customer, a business owner, the payment processing company, the gateway between them, and the payment method the customer uses, such as a credit or debit card, and the bank of the business where the money is going.
When you’re choosing this third party that will take care of your payment options, you should also consider the types of payments they can cover, and then any additional fees that may cut into your costs. We have selected some of the best payment processing options in this article for you to consider:
PayPal may be the most well-known payment processing company in the world, especially for its affiliation with individual payment processing and with selling giant eBay. PayPal has some fantastic payment options and good security from being in the sector for so long. This can work in more than two hundred countries, meaning that if you’re a global or international company, your payments can still be quickly processed. Also, PayPal can be used online, through an app and a payment reader, making its use both simple and flexible.
Due is a full-service company and offers a service that covers the payment process from start to finish, primarily working with smaller businesses, freelancers, and small businesses. As well as payment processing, Due also offers time tracking and project management tools, including invoicing options, meaning that one person can have all of their payment information in one place.
Stripe wins this list for being the most flexible and easy-to-customize option. The company was made with an open source framework in mind, which means that various people and developers have tinkered with the code to make it suitable for their own needs. This then means that these options are available to the public. You can process standard payments as well as cryptocurrencies efficiently with a moderate charge of around 3%.
Powercash offers a significant number of services with their payment processing platform. This includes online payments for those needing to transfer money over the Internet, prepaid cards to help with financing, and a virtual terminal offering that allows you to process credit and debit card payments virtually for those customers that prefer to pay over the phone or via mail order. Powercash also has many merchant solutions, including their payment gateway, checkout pages that can be embedded into your website, risk management solutions, and reporting, which is a crucial feature to keep on top of your payment history.
These options are all fantastic. But then, make sure to look at the benefits and key services of each, so that you can make the best decision.