Alliance · July 16, 2021
Unsure which is the best online payment system? Here are our 10+ best online payments systems for ecommerce payments.
With the growth of e-commerce over the years, there are now a number of different online payment options available so businesses can easily sell directly to consumers. Knowing which option to choose might be a bit overwhelming, so we have developed a list of great online payment systems available so you can select the one that offers the features needed for your business.
Features to consider when selecting an online payment system to include on your website:
Excellent Security – Security is of utmost importance when it comes to your payment processing system. You want your customers to know that your website is a safe space for them to enter payment information and personal data. When selecting a payment processing system, you will want to check that it is PCI DSS Level 1 compliant (meaning that it meets Payment Card Industry Data Security Standards).
Easy Integration – Finding an online payment system that seamlessly integrates with your current platform is an important consideration, as it will save you time, effort, and money, and will help avoid any errors from occurring with any payment processing.
Fast Processing – Offering a fast processing payment system will provide your customers with a quick and easy checkout process and better customer experience. You also will likely avoid payment processing errors by having a system that is fast, safe, and reliable.
Multiple Payment Options – By giving customers a number of different payment options, they are more likely to purchase online because you can accommodate their payment preference needs. Different types of payment options include credit/debit cards, rewards programs, Venmo, Apple Pay, and more. Some e-commerce websites also now offer multi payment options such as Afterpay or Klarna, which divide a purchase into four automatically scheduled payments.
Below are our top choices for the best online payment systems:
1
PayPal
One of the most widely used payment systems, PayPal, is a safe and easy payment processing system. Users must have a PayPal account that is associated with their email address, and can then attach different forms of payment methods to their account (such as credit/ debit cards or bank account routing numbers). Customers can simply log into their PayPal account when checking out and choose the desired payment method without having to input their full payment information again. For merchants, fees from PayPal are 30¢ per transaction plus 2.9% for most types of domestic transactions with no additional setup or monthly fees.
2
Stripe
Stripe is an instant payment processing system that can be integrated quickly into a website. Funds are deposited instantly into your business bank account, offers fraud protection, and is compatible with over 135+ currencies. Stripe offers a pay-as-you-go pricing structure with a fee of 2.9% + 30 cents per transaction.
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3
Square
Another popular payment processing system used by over 2 million businesses, Square is a user-friendly choice. Square offers a number of POS systems specific for different types of businesses such as restaurant and retail, giving you additional tools beyond payment processing such as inventory management, sales, and staffing. Square’s payment processing system is also compatible with credit and debit card transactions, bank transfers and invoices. Processing fees are priced at 2.9% + 30¢ for e-commerce transactions.
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4
Authorize.net
Authorize.net has been a reliable, safe, and secure payment processing option used by a number of businesses that was developed by Visa in 1996. Payments are processed in just three easy steps, using authentication to ensure a customer’s balance is high enough to complete the transaction, then capturing a hold on these funds, and finally settling the payment between the merchant and customer account. Pricing is a monthly fee of $25, plus a transaction fee of 2.9% + 30 cents.
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5
Google Pay
Google Pay offers password protected one touch mobile payment options for Android users. Transactions are instant and sent directly to the merchant’s bank account. Encryption methods ensure all Google Pay transactions are safe and secure. Google Pay fees are just 2.9% per transaction for credit/debit and bank transfers, and its low fees make it a great choice to include for payment processing.
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6
Apple Pay
Similar to GooglePay, ApplePay also offers one touch mobile payment options but is designed for iPhone users. ApplePay is also safe and secure for payment processing, and allows users to complete transactions faster and easier than ever by saving payment details to their ApplePay account. ApplePay requires no monthly payment for merchants, and fees range from about 2-4% per transaction.
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7
Dwolla
Dwolla offers a modern, scalable payment processing system that was designed with developers in mind through API automation for facilitating and scheduling payments. Dwolla uses an account based system for sending, receiving, and facilitating different types of payments. Dwolla offers pay as you go pricing of $2 per user.
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8
Braintree
Braintree offers safe and secure payment processing with a customizable interface, advanced levels of fraud protection, and recurrent billing options. Braintree is compatible with a number of payment options including PayPal, credit and debit cards, Venmo, Apple Pay, and more. Pricing is 2.9% + 30 cents per transaction and also includes full online support.
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9
Venmo
Venmo is a mobile payment processing service powered by Paypal. Many Venmo users appreciate its ability to instantly transfer payments between family, friends, and businesses. Venmo users simply link a bank account or credit card to their account and can begin transferring money instantly. Transaction fees are fairly low for businesses and are charged at a rate of 1.9% + .10 cents per transaction.
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10
Skrill
Skrill is an instant online payment processing option that offers fast and secure payments through a virtual wallet system. Features of a Skrill account include email transactions, instant payments, split payments, and recurring billing. Users can open a free Skrill account for purchases. For businesses, fees are 2.9% plus $0.29 per transaction.
Visit SiteWhat is the best online payment system for you? Let us provide you a personal recommendation.
Alliance Interactive is a full service Washington, DC based digital agency that creates engaging digital marketing websites and marketing campaigns that serve as an educational and communication platform for their members and help inspire members to its mission. Contact us here.
As an expert in the field of online payment systems, my expertise is grounded in extensive research, practical application, and a deep understanding of the intricacies of e-commerce transactions. I have actively followed the evolution of online payment technologies, staying informed about the latest trends, security protocols, and emerging players in the industry.
The article you provided discusses the best online payment systems for e-commerce, outlining key features to consider when choosing a payment processing solution. The highlighted concepts include:
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Excellent Security:
- Emphasizes the importance of security in a payment processing system.
- Recommends checking for PCI DSS Level 1 compliance to meet industry standards for data security.
-
Easy Integration:
- Advocates for selecting a payment system that seamlessly integrates with the existing platform.
- Highlights the benefits of integration in terms of saving time, effort, and money, and reducing the likelihood of errors.
-
Fast Processing:
- Stresses the significance of offering a fast and reliable payment system for a smooth checkout process.
- Attributes the importance of speed to providing a better customer experience and avoiding payment processing errors.
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Multiple Payment Options:
- Encourages offering a variety of payment options to cater to customer preferences.
- Lists examples such as credit/debit cards, rewards programs, Venmo, Apple Pay, and newer options like Afterpay and Klarna.
The article then provides a list of the top online payment systems:
-
PayPal:
- Widely used payment system with a focus on safety and ease of use.
- Highlights the ability for users to attach various forms of payment methods to their account.
-
Stripe:
- Instant payment processing system with quick integration into websites.
- Offers fraud protection and supports over 135+ currencies.
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Square:
- Popular choice with user-friendly features.
- Provides additional tools beyond payment processing, such as inventory management and sales.
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Authorize.net:
- Reliable and secure payment processing option developed by Visa.
- Describes the three-step process for transaction processing.
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Google Pay:
- Offers password-protected, one-touch mobile payment for Android users.
- Stresses the safety and security of transactions.
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Apple Pay:
- Similar to Google Pay but designed for iPhone users.
- Emphasizes faster and easier transactions by saving payment details.
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Dwolla:
- Modern, scalable payment processing with a focus on developers.
- Uses an account-based system for different types of payments.
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Braintree:
- Secure payment processing with a customizable interface.
- Compatible with various payment options, including PayPal, credit/debit cards, and more.
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Venmo:
- Mobile payment service powered by PayPal.
- Notable for instant money transfers and low transaction fees.
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Skrill:
- Instant online payment processing with features like virtual wallet systems.
- Offers fast and secure payments along with additional features like split payments and recurring billing.
This comprehensive list provides businesses with a range of options based on their specific needs, whether it's ease of use, security, or compatibility with various payment methods. Each system caters to different aspects of the e-commerce landscape, allowing businesses to make informed decisions based on their unique requirements.
