Payment processors for small business



Accepting payments can be a complicated process for a small business. Deciding which payment method to accept doesn't always depend on what is most convenient for the business. Often, the success of the collection process depends on the ease of the process for the customer and the number of payment methods offered to the customer.

Signing up with one service might lock in a business with a system that's not the best for saving time. Signing up with multiple services might give you more control but will probably take even more time. One solution could be to use one system for invoicing customers. Then multiple links could be added to that invoice for using whichever service the customer prefers.

The fees charged by the payment processor seem to be all close in range, varying between 2%-5% per transaction not including a flat amount of a few cents that might be charged in addition to the percentage depending on whether the payment is done via credit or debit accounts.

One of the most popular solutions is PayPal. It offers an all-in-one solution that allows a business to invoice, to create a subscription plan, to auto-charge customers, to accept bank and credit payments as well as a way to set up a payment plan. Periodically, PayPal offers a loan to the business based on the volume of sales it makes.

A similar popular payment processor is Square. It's not used for invoicing but it does have an in-person card processor that it offers. Similar to Square, many major banks offer a in-person card processor as well. One such bank is Chase.

There are multiple other companies on the market to choose from. Some of the lesser known are Paynearme, Due, Stripe, Wave Apps, Clover and many more.

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