It also provides the strongest chargeback protection tools of any system on this list — an absolute must for any restaurant that accepts online or mobile payments. Most restaurants run their transactions through a POS system, so I looked for processors compatible with multiple systems. I also looked for online payment tools, tableside card readers, and the ability to process in-person payments in the field. CDGcommerce earned a perfect score for its breadth of payment methods and range of POS integrations.

Very small businesses are more likely to benefit from a payment gateway that is easy to install and use, even if the service charges more than the industry average. On the other hand, large retailers realize the greatest value from gateways that process payments at rates slightly above the bank’s interchange fees. Sellers need to know that their customers’ payments are processed quickly and accurately.

Stax: Best For eCommerce Businesses

Stax also offers various monthly software packages with added features such as hosted self-service pages. Online payment methods are platforms that allow you to collect money from clients for their purchases online rather than in person or by phone. The solution is to find a trusted, reliable online payment method platform that makes the customer experience seamless while giving you more control over and what is the best online payment system for a small business insight into your income.

Merchant Maverick has been researching the payment processing industry since 2009. Our writers have reviewed hundreds of credit card processors, merchant account services, and mobile payment apps, evaluating each provider carefully on several different metrics. As with most merchant account providers offering interchange-plus pricing, Helcim is most cost-effective for businesses processing $5K to $10K/month and above. Process less than that, and a payment service provider with flat-rate pricing like Square/Stripe/Shopify Payments may be a better deal for you. Square offers everything from hardware for brick-and-mortar retailers to e-gift cards and a dashboard with analytics to track your success.

Sales Hub

Square users are pleased with the service’s ease of use, reliability and efficiency. They note that the company’s competitive transaction fees are a boon for small businesses. Negative user comments focus on Square’s poor customer service, unexplained account deactivations and funds being withheld unexpectedly. Some PayPal users report frequent crashes of the system, poor inventory management and problems when using the service’s mobile app, while others are dissatisfied with the company’s support staff.

Are you worried about keeping track of your business bank account and expenses? Connect your account or credit card with powerful bookkeeping software using FreshBooks for automatic updates and up-to-date, tax-friendly categorization of expenses. Our Expense & Receipt Tracking Page has more information on how you can stay on top of your accounts and track expenses on the go.

• Expand your business with flexible funding options and access to cash flow opportunities.
• Some customers complain that Stripe unfairly classified them as high-risk businesses.
• You don’t necessarily need your own eCommerce website to take card payments online — options like online invoicing and social media selling are available to smaller merchants.
• When considering an ecommerce platform, software buyers should weigh their current business needs against their future growth plans.

Save Time and Money On Overseas Payments With Wise Business

If you’re seeking the best payment solutions for UK businesses, don’t miss our article on the Top Payment Gateways in the UK. It offers a detailed comparison of key providers, helping you choose the right gateway for seamless and secure transactions. The most effective payment gateway is the one that most closely fits your business’s unique payment processing needs.

Does my transaction volume matter?

If you need to get in touch, this platform offers a Help Library for self-service, or you can reach customer service via phone or email. Square offers a simple pricing structure with 2.6% + 10¢ per in-person transaction, making it ideal for face-to-face payments without the burden of monthly fees. Paysafe is a global online payment solution that offers secure, seamless payment solutions for small businesses.

If your business has more specialized needs, you can talk to a specialist to customize a plan. Wise keeps their pricing transparent, so you always know what you’ll be charged. With Wise, you can send and receive international payments in 40 currencies, all at the touch of a button. Note that, in general, acceptance of free processing equipment may ensnare you in a long-term service contract, so we recommend purchasing your equipment outright (from any provider, not just Payment Nerds).

Streamline your payments and simplify accounting

With simpler bookkeeping solutions, you may need to import bank data and manually match transactions. Conversely, automated reconciliation features match bank activities to general ledger entries and flag discrepancies. Most use double-entry accounting, which complies with generally accepted accounting principles (GAAP). Jami Gong is a Chartered Professional Account and Financial System Consultant. She holds a Masters Degree in Professional Accounting from the University of New South Wales.

Stax Pricing

The software system eliminates the requirement of managing invoices and payments manually. It helps manage accounts payable more efficiently, accurately, and quickly. We believe that 2Checkout offers very strong international processing capabilities, as it can process payments from 234 countries and territories worldwide. 2Checkout accounts come with a large set of services, but it also has higher pricing to match all the extras you’ll get.

• Like Square, merchants only need to sign up and skip the approval process.
• Squarespace stands out for its user-friendly interface and sleek, professional design templates, making it easy to create stunning websites and online stores without breaking a sweat.
• With online payments, the money is also transferred to your business bank account securely, so you don’t have to worry about theft or loss the way you do with cash payments.
• Its big reputation has earned businesses’ and consumers’ trust for security and risk management.
• This surge shows the increasing need for efficient and secure online payment systems for small businesses.

Small restaurants don’t need to complete invasive questionnaires or wait days for account approval; you can start accepting Square payments within the day. All you need is a card reader and a Square account that connects to your bank account. Consider factors like transaction rates, payment gateway fees, and potential costs for add-ons or premium features.

Many small businesses handle day-to-day accounting tasks but may hire a business accountant for advisory purposes or need professional assistance when seeking external funding or dealing with the IRS. Most small business accounting software allows accountant access, but permission levels and collaboration features vary. Compare accountant options when reviewing bookkeeping solutions, or if you work with an accountant during tax season, ask if there’s anything you should consider. Some offer limited bank integrations or require users to import CSV files.

You can send invoices and/or collect payments all from this platform, and it even offers a free eCommerce service to help you get your business up and running. A great payment method for small businesses and large corporations alike, Stripe offers payment processing services for businesses. This comprehensive platform allows both online and in-person businesses to accept payments digitally, all while preventing fraud with its Radar protection. Stripe integrates with popular online shopping systems like WooCommerce and Shopify. Braintree, part of PayPal, allows businesses to accept various payment options like credit cards and digital wallets, providing easy integration with ecommerce platforms and mobile apps. Payline’s payment processing receives kudos from customers for its competitive rates and breadth of features.