Online businesses are always looking for ways to collect payments hassle-free and they often resort to payment processors like PayPal. Therefore, learn how to use the best 17 top payment processors for small business that charge less today.
Most small business payment processors also charge high transaction fees and have complicated fee structures that make it difficult to know how much you’ll end up paying.
There are plenty of top payment processors out there with less expensive rates, so don’t settle for the first option you find.
And to make the selection process less frustrating and time-consuming, we’ve compiled a list of the top 17 payment processors below to help you analyze which one is best for your small business needs to grow your customer base.
Table of Contents
17 Top Processors For Payments That Charge Less Transaction Fees
#1. PayPal (Best for E-Commerce)
Paypal tops this list of top payment processors.
It was founded by Elon Musk in 2008 & is headquartered in California, United States.
Paypal allows you to send money with just an email address.
Furthermore, you can buy or sell anything using your phone on any site, app, or store.
Not only that, but Paypal has top security and it’s easy to use.
Paypal also makes it easy for you by telling you what is happening in the background of your order process, like if someone puts something in the cart but doesn’t pay for it yet.
Paypal – One of the Top Payment Processors Features
Some features are inventory tracking, a shopping cart, a virtual terminal, a credit card reader (for shops), express checkout (for shops), a mobile card reader (for shops), and barcode scanning for products at stores where they want people to scan their products before they buy them).
There’s also online invoicing and Bill Me Later and these features are quite helpful for people in business or selling things.
PayPal is a global online payment service that works in over 203 countries. It is one of the best payment processor for small businesses today.
You can also create a separate merchant account to take benefit of their flagship merchant services too.
Also, Visa, Mastercard, Citibank, American Express, and other well-known credit cards are all accepted by PayPal.
Some More Features Of Paypal Include:
- PCI compliance
- Inventory tracking
- Shopping cart
- Virtual terminal
- Credit card reader
- Express checkout
- Mobile card reader
- Barcode scanning
- Online invoicing
- Bill me later
Paypal Transaction Fees
Sales within the US = 2.9% credit card processing fees + $0.30 USD per transaction/sale
For more details on their fee structure, visit here.There's also online invoicing and Bill Me Later and these features are quite helpful for people in business or selling things. #Paypal Click To Tweet
#2. Amazon Pay (Best Payment Processors for Fast Payment Processing)
Amazon Pay comes in the second position on my top payment processors list.
It lets you pay for things with your Amazon account without typing in your credit card information or even signing in.
Furthermore, it can be used to buy things from any website, and it is very easy and fast, and secure.
Amazon Pay has two packages: Log In and Pay for Shoppers, where the buyer doesn’t need to enter any payment information at checkout; and Pay With Amazon for Merchants, where merchants may use this service with their own websites to accept payments from buyers on behalf of Amazon.
This payment gateway has many features which help people shop more easily online like automatic payments, merchant integration on the site, inline checkout (where you don’t need to go find a payment form), etc., making their shopping process more streamlined.
Also, it improves customer engagement and loyalty through saved payment details for faster checkouts.
Some Prominent Features Of Amazon Pay Include:
- Automatic payments
- Merchant website integration
- Inline checkout
- Customer identity
- Fraud protection
Amazon Pay Transaction Fees
- Domestic: 2.9% credit card processing fees + $0.30 per transaction
- International: 3.9% credit card processing fees + $0.30 per transaction
#3. Square (Best For Small Business Owners)
Square is a top payment processor and it is ideally suited for brick-and-mortar businesses.
It can turn any mobile device you own into a payment processor, which means that you can accept payments wherever you are.
Square also has great tools for small businesses.
There are a few more prominent payment processors, but none of them has as many advantages for your organization as Square.
This one has all the characteristics necessary to ensure that your company thrives, such as linked timecards, smart scheduling, and marketing tools.
Square reached over two million businesses with its various features from Payment process to payroll process etc.
Square is also adaptable, so it can help a range of small businesses, ranging from restaurants to beauty professionals to transportation companies to professional services.
For all top industries and businesses, Square provides perfect solutions, and also they offer customer-friendly products like chip readers to make the payment process easy and comfortable.
After creating your dedicated merchant account, you also get their intuitive dashboard where you can use all their flagship merchant services.
Some Prominent Features Of Square Include:
- Accepts Visa, Mastercard, Discover, and American Express cards.
- Magstripe hardware to accept and swipe cards directly on your smartphone just like POS (point of sale) machines.
Square Transaction Fees
2.6% credit card processing fees + 10¢ per transaction.Square reached over two million businesses with its various features from Payment process to payroll process etc. #square Click To Tweet
#4. 2Checkout (Best For Selling Subscription & Digital Goods)
2Checkout helps people in 87 different currencies, 15 languages, and 8 different payment methods all over the world (which means they can use this system).
It also has many features which make it easy for both merchants and customers to use.
2Checkout helps people in 87 different currencies, 15 languages, and 8 different payment methods all over the world (which means they can use this system).
The top security standard is level 1 PCI data security which makes sure that people’s information will not be stolen by hackers.
2Checkout also offers recurring billing where you can set up plans and subscriptions so people don’t have to keep paying every month or year for their service (this is good if someone doesn’t know how long they’ll want something).
Some Prominent Features Of 2Checkout Include:
- Recurring billing
- Support – 87 currencies
- Integration with 100+ online carts and systems
- Create customized subscription plans
- Level 1 PCI data security standard
- Customized checkout options
- Account updater
- Multiple payment options
- Support – 15 languages
2Checkout Transaction Fees
They come in 3 subscription formats:
2SELL: 3.5% credit card processing fees + $0.35 per successful sale.
Also: 2SUBSCRIBE: 4.5% credit card processing fees + $0.45 per successful sale for subscription selling.
2MONETIZE: 6.0% credit card processing fees + $0.60 per successful sale for selling digital goods.It also has many features which make it easy for both merchants and customers to use. #2checkout #paymentprocessors Click To Tweet
#5. Stripe (The All In One Payment Service For Freelancers To E-commerce)
Stripe is a payment processor that helps you deal with money online globally as well as manage the transaction details of the business efficiently by giving some amazing features like a custom UI toolkit, embeddable checkout, consolidated reports etcetera!
These features are important for running your business smoothly while making sure that there are no vulnerabilities for fraud with top-class security.
It also gives you flexible billing and an extremely low transaction fee of only about 30 cents per successful card charge!
If that isn’t enough, Stripe is completely customizable as well as an open API that adds to your business’s compatibility which enables it to seamlessly integrate into the existing ecosystem.
The best thing about Stripe is its very fewer transaction fees where they don’t do anything from small charges but just 30 cents per successful card charge!
Some Prominent Features Of Stripe are:
- Multi-currency payouts
- Multiple Payment options
- Collaboration notes
- Clean canvas
- Accounting integrations
- Mobile customer interface
- Consolidated reports
- Roles and permissions
- Financial reporting
- Unified payout
- Embeddable checkout
- Dispute handling
- Open-source plugin
- Custom UI toolkit
Stripe Transaction Fees
2.9% credit card processing fees+ 30¢ per successful card charge.The best thing about Stripe is its very fewer transaction fees. #Stripe Click To Tweet
#6. Braintree (Best For E-commerce)
Braintree is a payment gateway that allows people to make payments easier and faster.
It has features that enable commerce for customers and helps companies grow their businesses and it’s also owned by PayPal.
With Braintree, you can operate in 40 countries worldwide and accept 130 currencies.
There is better security with the drop-in UI, 24*7 support, customized checkout workflow, 2-day payouts, dynamic control panel, etc.
Braintree has a lot of advantages, such as customizable checkouts and so on, all of which are backed up by a solid reputation as a major payment processor to give you a hosted checkout experience allowing you to select from among three different checkout flows or create your own.
When you’re using the platform, you get to enjoy the power of technology Braintree uses & customer support of Braintree combined with the scale, backing, and security of PayPal.
Some Prominent Features Of Braintree Include:
- 24*7 support
- Easy repeat billing
- Braintree value
- Drop-in UI
- Supports 130 currencies
- Guaranteed uptime
- Advanced fraud protection
- Dynamic control panel
- Easy data migration
- 2-day payout
- Customized checkout workflow
Braintree Transaction Fees
2.59% credit card processing fees + $0.49 per transaction.It has features that enable commerce for customers and help companies grow their businesses and it's also owned by PayPal. #Braintree Click To Tweet
#7. BitPay (Best Bitcoin Payment Processor)
BitPay should be your choice as the top payment processor if you want to accept bitcoins.
Over $1 million in transactions are processed every day thanks to its acceptance of Bitcoin forms of payment.
You can get a BitPay card to convert your Bitcoin into dollars with a click.
You must first download the digital wallet where you can keep track of your Bitcoin transactions in one location in order for this to work.
There is also security through the Full Payment Protocol, which verifies and secures payments to authorized providers such as all BitPay merchant accounts.
If you want, Bitpay offers an add-on that allows consumers anywhere on the planet to pay bitcoins.
Some Prominent Features Of BitPay
- Fraud Tools to help detect and prevent fraudulent transactions
- 3D Secure V2.0 & Data Security to safeguard your customer’s information with
- Accept major credit cards, PayPal, Venmo (in the US), and more.
- Get key transaction insights with detailed reporting
- Reach customers all over the world.
- Pay your sellers and freelancers globally.
- In-store Payments
BitPay Transaction Fees
1% processing fee that can be passed on to the buyer.If you want, Bitpay offers an add-on that allows consumers anywhere on the planet to pay bitcoins. #Bitpay Click To Tweet
#8. Google Pay (Fastest Credit Card Processor)
Google Pay is a payment processor based in California that makes it simple to pay with your phone.
You can put in a credit card or debit card, and Google will keep your information safe. It also lets you track what you buy and see all of your purchases in one place.
The benefit of using this payment processor is that it is fast and convenient with little effort from the customer.
Anybody can use this because Google Pay does not require any personal information from the buyer – only their registered phone number.
It has been proven how great it is for customers because they are able to make quick, secure payments without having to enter their sensitive data on a device that could be stolen or compromised easily by a third party with access to the device.
Currently, it has 55 million customers and expanding exponentially.
Some Prominent Features Of Google Pay
- Google Pay uses artificial intelligence and machine learning to identify phishing and other fraud dangers
- To make payments with your phone, Google Pay needs authentication – a pin, pattern, or biometric fingerprint to ensure that only you can pay
- Easy-to-use privacy controls
- A Virtual Account Number is used to protect your payment information
- When you pay, the transaction remains private only between you and your partner.
- From any place, you can lock your phone.
Google Pay Transaction Fees
Monthly sales through Google Checkout & their transaction fees are:
- Less than $3,000 2.9% + $0.30 per transaction
- $3,000 – $9,999.99 2.5% + $0.30 per transaction
- $10,000 – $99,999.99 2.2% + $0.30 per transaction
- $100,000 or more 1.9% + $0.30 per transaction
#9. Apple Pay (Best Security Protocols)
Apple Pay is considered one of the top payment processors among Apple fanatics.
It is best for transactions because you can buy things with your phone and it will keep your card information secure.
The companies that use this top payment processor are able to get benefits like competitive processing fees and easy setup.
For everyday consumers, Apple Pay makes it private and secure because you’re using your iPhone, Apple Watch, iPad, or Mac for the transaction.
This payment processing system was launched in the US in 2014 by Apple’s headquarters in America & has 382 million growing users worldwide
Apple Pay is also spread all over the globe because it’s trusted.
They have some top payment processing features, so people trust buying and selling with them and they’re popular worldwide due to their safe transactions & brand value that Apple comes with.
You may also use the Messages app to send and receive money.
Some Prominent Features Of Apple Pay
- Apple’s Trust
- Apple’s Integrated Security
- Send & receive money in their messages app
Apple Pay Transaction Fees
No cost with standard delivery to send or receive money that takes 1-3 business days to reflect in your bank account.
But, if you choose “instant transfer” while moving Apple Cash funds to your bank account, you will be charged a 1% credit card payment processing fee subject to a $0.25 minimum and $10 maximum.
#10. PayNova (For Startups & E-commerce Businesses In Europe)
Paynova is a payment processor based in Europe & also caters largely to European businesses.
After signing up, you’ll be able to use Paynova’s payment services right away.
Paynova is a worldwide alternative for small and medium-sized eCommerce enterprises in Europe.
It supports a number of countries and accepts a variety of payment choices.
As a result, you don’t have to worry about where your consumers are from or how they pay because you can accept any currency and way of payment.
Some Prominent Features Of PayNova
- Pay Later Feature
- Create Your Own Installments with 3, 6, 12, 24, and 36 months part Payment
- Mobile First
- Fast checkout experience
- Financial Risk Management
- Data Security management
- Good & Responsive Customer Support
PayNova Transaction Fees
You need to contact them to get their fee structure.After signing up, you'll be able to use Paynova's payment services right away. #paymentprocessors Click To Tweet
#11. Venmo (Social Payments Service)
PayPal’s Venmo is a payment service located in New York, but it’s not the same program.
With a built-in social element, you may send money to friends using Venmo and making it one of the top payment processors.
While you can log in and access your account on the internet, it’s primarily intended for use on the move with your smartphone.
Users may link cards or bank accounts to Venmo, allowing money to be transferred swiftly between them for free and making purchases from merchants who do not take cash directly from their customers, such as J Crew, Poshmark, Forever21, Seamless and more.
Some Prominent Features Of Venmo
- Use from your smartphone
- Split the bill with friends and family
- Payments made, are received almost immediately
Venmo Transaction Fees
3% credit card processing fees.With a built-in social element, you may send money to friends using Venmo. #Venmo Click To Tweet
#12. Xoom (A PayPal Alternative)
When you need to send money, pay bills, top-up your phone, or do other things for friends and family in another country, Xoom is a top international payment processor that can help.
You can also use Xoom if you sell something online and want people to buy it outside of the United States.
Starting in 2001, this payment processor was acquired by PayPal for 850 million in 2015.
PayPal purchased Xoom after the firm had more than 1.3 million active customers in the United States and sent international remittances worth $7 billion each year.
Their acquisitions of Xoom let it grow its global presence by expanding into new markets across the world.
Xoom is one of the best payment processors because they have a lot of features that make life easier when sending money abroad.
You can send money from here in the United States to many countries around the world including India, Mexico, the Philippines, Nigeria, and more.
The home page on their website shows where you are from and if you’re sending a certain amount, how much the receiver will be actually getting in his account.
Some Prominent Features Of Xoom
- Accepts all major credit cards
- Supports cash payouts and the received doesn’t need a bank account
- Pay Utility bills
- Multilingual support
Xoom Transaction Fees
Their fee structure depends on the multiple payment formats you choose, for example, direct bank transfers and PayPal balance cost the least while credit cards cost a fortune.
To check the fees you’re required to pay, just enter your amount here on this page, select the country and it’ll show you the fee structure for your preferred payment.
For example, if you use a debit or credit card to send $1,000 from the United States to important routes like Canada, the United Kingdom, or Europe, you’ll pay an extra $30.49 in credit card processing fees.You can also use Xoom if you sell something online and want people to buy it outside of the United States. #smallbiztips Click To Tweet
#13. PaySimple (Best For E-commerce)
As the name suggests, PaySimple is a simplified payment processor.
They process payments and make sure your money is safe.
PaySimple also works with iPhone and iPad apps. Credit cards and e-checks processed on an iPhone or iPad device are accepted by PaySimple.
The company also charges a monthly fee of $49.95, which includes all of its e-commerce features.
Some Prominent Features Of PaySimple
- Accepts credit cards
- Welcomes e-checks
- Accepts ACH transfers
- Supports eCommerce features
PaySimple Transaction Fees
2.49% credit card processing fees Per transaction + monthly fees.
$0.65 + .20% ACH/eCheck processing fees.They process payments and make sure your money is safe. #smallbusinesstips Click To Tweet
#14 Bitcoin Is One of the Top Payment Processors
Did you know although the name Satoshi Nakamoto is often synonymous with Bitcoin, the actual person that the name represents has never been found, leading many people to believe that it is a pseudonym for a person with a different identity or a group of people?
No one knows for sure if that’s his real name or the name of a group of people who wish to remain anonymous.
Bitcoin is mostly used online and requires an initial setup from those who wish to use it. In many cases, you are given a “key” code that you must write down and protect.
If you lose it, you lose everything you had in it. There are many websites that offer Bitcoin management services, like bitpay, coinify, circle payments, and bitcoin pay.
Each of these companies charges different fees and has slightly different features, so do your research and find the one that suits you best.
Although Bitcoin transactions are anonymous, new accounts are limited to $1000 worth of transactions per month by default.
To remove that limitation, merchants must provide their personal information for verification purposes.
You may need to include a copy of your ID or passport, the names and addresses of company directors, and the address of incorporation.
Some Prominent Features Of Bitcoin
- You can accept and pay anyone internationally as there are no boundaries with this form of payment.
- Provide your business with access to new demographic groups.
- Enable your business access to new capital and liquidity pools through traditional investments that have been tokenized, as well as to new asset classes.
- Your clients and vendors want to engage by using crypto.
- Allows real-time money transfers. No waiting on bank times.
- Could be an effective alternative or balancing asset to cash, which may depreciate over time due to inflation
- Payments made using virtual currency save substantially on processing fees and eliminate the risk of chargebacks.
Bitcoin Transaction Fees
Bitcoin payments can be sent and received at a very low cost or none at all, as Bitcoin fees are based on the amount of data sent. Now, if there is a traffic jam of data the fees can rise higher.
Hence, payments made using virtual currency save substantially on processing fees and eliminate the risk of chargebacks.
Check out this chart to see the most up-to-date transaction fees for Bitcoin.Now, if there is a traffic jam of data the fees can rise higher. #Bitcoins Click To Tweet
#15 Align Pay – One of the Newer Top Payment Processors
Align Pay believes in America, freedom, and protecting your economic opportunity. Period. Yes, it’s really that simple according to their website.
Because this freedom isn’t yet universal, they have created Align Pay to make a welcoming and inclusive “economic square” available to all.
Align Pay also never picks sides on any issue and is proud to facilitate a welcoming place where people, organizations, campaigns, and merchants can interact in a healthy, open, and legal way.
Some Prominent Features Of Align Pay Payment Processing Company
- They offer lower costing services than other payment processors.
- Secure transactions with full encryptions.
- You can use your own branding integrated with their processor.
- 24/7 support service for all Align users.
- Specialize in credit, debit, and ACH transactions.
- No contract is needed to use their program.
- Zero start-up fees.
Align Pay Transactions Fees
2.9% and + $0.30 credit card processing fees Per transaction.AlignPay also never picks sides on any issue and is proud to facilitate a welcoming place. #AlignPay Click To Tweet
16. Helcim – Best Payment Processor For Small Business
Their pricing for small businesses is 100% transparent and flat out saves you money. Helcim vows to keep your rates low and give you innovative ways to save money, all with no monthly fees or contracts in sight.
Helcim offers Interchange Plus Pricing: This means you get access to the lowest possible interchange rate for each transaction. Helcim passes on the true cost for each and every transaction you process, and adds our set margin on top for our service.
No surprises. You only pay for what you process and that’s it.
No Fees or Lower Fees
Most other small business payment providers won’t tell you their margin, but at Helcim they break down exactly what your processing fees are made of – including their own margin.
And with volume-based discounts, they automatically lower the margin the more you process. They also charge NO monthly fees.
Even though they are one of newer top payment processors, they already have been nominated for awards.
🌟 Exciting news: Helcim is a Finalist for the Emerging App Partner of the Year @Xero Award! 🏆— Helcim (@Helcim) September 29, 2023
Thanks for your trust and support! At Helcim, we’re all about helping businesses thrive and feel good about #payments.
Huge kudos to nominees https://t.co/jAB7vrApU7 & SparcPay! 🙌 pic.twitter.com/YSdfoSKij8
17. Heartland For Payments
With Heartland you can forget waiting several business days — improve cash flow with instant payment processing that can deposit transactions in your bank account right away, the same day or next-day.
They offer access to 24/7/365 live customer service from a knowledgeable, US based support team. Whenever you have a question, their experts are ready to help.
Heartland provides a budget for business credit card processing fees with predictable, customized pricing that makes sense for your business. They also offer flat rate and interchange plus pricing as Helcim does.
Companies Using Heartland Payment Processor
- Great Clips
- Panera Bread
- Taco Bell
- What A Burger
- The Honey Baked Ham
Security and Fraud Prevention at Heartland
Enjoy peace of mind, knowing end-to-end encryption, tokenization and secure EMV technology are working together to protect card data and prevent fraud when you use Heartland for your small business payment processor.
General FAQs On The Best Payment & Credit Card Processing Companies
Which Payment Processor Is Best?
That’s hard to say because they are all relatively different.
If you want to be able to process payments with an iPhone or iPad, then PaySimple & Apple Pay would be the best option for you.
But if you run an eCommerce business, it might make more sense for you to use Square because credits cards are popular in the United States and they accept ACH deposits.
Venmo would be a perfect fit too if your customers frequently split large payments between groups of people who don’t have bank accounts.
PayPal is great if you’re sending money internationally – it also is a good app that can store transactions on your phone so that they’re easy to pull up when needed.
If security is important, Stripe may be the right option for you because they are the most secure.
What Are The Biggest Payment Processors?
PayPal is the largest and most well-known payment processor, but they’re expensive to use overseas.
You may also want to look into Square or Stripe if you’re looking for reliable & fast credit card processors or want to receive ACH payments.
What Is The Fastest Payment Processor?
PayPal is costly for Europeans, but they are also really quick.
Venmo wins if you want to send money quickly to your friends without any fees.
GooglePay & ApplePay are also some of the fastest payment processors out there.
What Is The Best Payment Processor for Ecommerce?
This is a really hard question because PayPal is the best option for sending money abroad and they also have great apps.
If you sell goods or services on eBay, Stripe and Square might be good options for you since they offer shopping carts.
E-checks may make sense if your customers often pay in cash.
In other words, there’s no one size fits all payment processor that’s great for everyone, so it’s important to think about what features are most important to your business when picking a processor.
Which Online Payment System Is Best?
Square offers shopping carts and they accept e-checks.
Venmo supports cash payments, so it might be a good fit if customers often miss checks or want to split large bills with their friends.
PayPal is great for sending money abroad because most Europeans don’t use credit cards – just send!
If security matters most, then Stripe, Apple Pay, & Google Pay are the ones for you because no one else comes close when it comes to protecting your money.
What Is The Best Payment Service Provider?
This is a question that everybody has, but it really varies depending on your business.
A good rule of thumb for determining the best payment processor for each business is to ask yourself if you are accepting cards or e-checks since those are usually the two standard ways to accept payments.
If you’re only accepting credit cards, then Stripe, Square, and PayPal would be better options than Venmo because they offer shopping carts.
Square also offers e-checks which may make them a great option if many of your customers typically pay in cash.
If security matters most or you do not accept credit cards or e-checks, then it would be best to use either Apple Pay or Google Pay because both companies offer some of the most secure transactions out there.
Who Are The Big Payment Processors?
If you’re looking for security, then Stripe is the answer.
Additionally, if your customers want to pay with credit cards or ACH payments in any amount of money by using an iPhone or iPad, PaySimple and ApplePay are worth considering.
Venmo offers cash payment options; app-less withdrawals; and smart notifications – incredible tools if consumers frequently split bills or need help keeping tabs on who owes what!
Conclusion: Which Is The Best Online Payment Processors For Small Business?
In conclusion, the best payment processors for your small business to use will depend on your specific needs.
For example, if you’re a small business owner who wants to accept credit cards as well as e-checks and ACH transfers then PaySimple is probably going to be a good option for you.
On the other hand, if all that matters to you is how much money gets transferred from one account into another without any higher frills or monthly fees then Stripe or Google Pay may better suit your needs.
However, whatever decision you make it’s important that before moving forward with any of these services they have been vetted by an expert in this field so there are no surprises later down the line about hidden costs or security risks.
Now, let us know what we can do to help, and also tell us what top payment processors you have been using to date or which ones are you planning to use.
Your Turn on How to Use 17 Top Payment Processors
Finally, we’d love to hear from you in the comment section below.
Which of these best payment processors for small business do you use and like the best and why? Please drop a comment below.