Finance Technology

Best Payment Processing Solutions In 2020

Best Payment Processing Solutions In 2020

Payment processing is a key feature of any small business, and it is a process that you always want to be smooth and easy for both you and customers. With so many other aspects of a business to worry about, payment processing should be a quick, seamless transition. That is why we have compiled the best payment processing options for small businesses in 2020:

Best Payment Processing Solutions In 2020

Best High Risk Option: Double Helix

For companies with any sale volume looking for a more inclusive service, Double Helix is the top choice. Their defining factor is variety, offering a plethora of services to suit any companies’ needs, including B2B vendors, web hosting, and SEO. They specialize in high risk business as well, which is a business type that is prone to frequent chargebacks, such as airline booking, gaming, bad credit, and CBD. Double Helix offers financial service and advice to an extensive range of high risk business fields – the list is easily accessible on their website. As a smaller company, they offer a personalized experience optimized to create the best merchant account and payment solutions for your business. Any combination of payment solutions can be chosen, including online and physical payment terminals, accepting payments via ACH, E-Check, and B2B data discounts in addition to credit and debit cards. Pricing will vary as it is dependent on the payment solutions your business requires.

Best Low Volume Option: PayPal

Although they are most popular for online processing, PayPal offers a simple and affordable physical payment processing option for small businesses as well. The Virtual Terminal allows you to accept a wide variety of credit and debit cards from any phone, tablet, or computer. It provides quick payments and a user-friendly interface. Additionally, their online payment processing is trustworthy and simple, sending customers to PayPal’s website.

This program features no monthly fee and no monthly minimum, making it a great option for businesses with less than $10,000 in sales each month. Their per-swipe fee is 2.7%. PayPal has drawbacks for companies with higher sale volume, or those wanting a customized online user experience.

Best Mobile Option: Square

Square is optimal for companies with lower sale volume, offering a simple and affordable option for mobile payment processing. We all know square offers the iPhone of payment terminals, with their sleek and minimalist design. However, they also include an in-depth software to improve sale and employee management, and the terminals themselves are extremely cost-effective, ranging as low as $30 for a simple model.

Square is ideal for companies using mainly physical payment processing with sale volume under $10-20k per month. They have no monthly fees or minimums, and the per-swipe fee is 2.75%, very comparable to similar services.

Best Online Payment Option: Stripe

Stripe specializes in e-commerce payment processing, making it optimal for companies with exclusively online sales. In contrast to other major payment processing options, Stripe includes a free API that can create a completely customized checkout experience on your website. Their software also handles in-app purchases and marketplace transactions.

This option has no monthly fees or monthly minimum, with a per-swipe fee of 2.9% + $0.30. This is slightly pricier than other popular options, however Stripe offers a more inclusive online payment processing experience.

Best High Volume Option: Fiserv

Fiserv specializes in payment terminals and processing for high volume businesses, including small businesses and large corporations. As a large corporation themselves, with more than 6 million business locations, you may not receive a personal customer service experience as you would with a smaller company. They focus on negotiating month-to-month credit card terms, competitive rates, and no termination fee. However, with this comes a cost, and Fiserv can be more expensive than other similar options, especially for smaller businesses. You will have to contact the company directly to figure out the price range for your business.

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John Paul

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