This is the ultimate list of the best payment processing software for ecommerce in 2021. It contains the best online payment processing software along with some bonus payment processing apps. I also cover a couple of FAQs related to online payment processing gateways.
Payment processing apps are important for simplifying the process of accepting customer’s payment data and getting you paid. It also helps in setting up recurring billing, protecting against fraud, and safeguarding customer payment information.
In this article, I will talk about the 10 best payment processing software that will help simplify the payment process in your ecommerce business.
The Best Payment Processing Software List
Here’s a shortlist of the best payment processing software:
What do I look for when I select the best payment processing software? Here’s a summary of my evaluation criteria:
User Interface (UI): Is it clean and attractive? Is the menu simple and without any clutter? Is it free of off-topic features and distracting options?
Usability: Almost every industry needs a payment processing app to process payments. To cater to this wide range of user base, payment processing software should be extremely easy to use and be without any complicated set-ups. A key factor is the level of support provided with the app, in the form of direct help and via knowledge bases.
Integrations: Is it easy to connect with other tools? Any pre-built integrations? Does the API allow the easy integration of related apps? The best payment processing apps work out of the box with landing pages, accounting software, and other apps.
Value for $: Is pricing clear, transparent, and flexible? Does the tool charge per-month, per-transaction, or both?
Payment Processing Software: Key Features
Does the software provide virtual terminals where you can convert your device into a payment processor, manually key in card details and process payments? Virtual terminals give you the flexibility to accept payments if a card is not physically present.
Does the payment processing app provide recurring billing features to cater to subscription-based customers? Does it let you create custom schedules of recurring payments for these repeat customers? The recurring billing feature is a key factor in selecting payment processing apps as they help small businesses remove complications in manually billing each customer every single time.
Does the payment processing app come with security features like encryption and tokenization to protect credit card data used in transactions with the app? Does the app use the latest technology like AI to detect frauds? Due to the sensitive nature of financial data stored, security is a key factor when selecting a payment processing software.
Does the payment processing software let you send customized invoices to your customers? Invoicing customers add the necessary documentation that is needed to make the transaction more organized and official.
Alerts and reminders
Does the payment processing software send alerts and reminders to your customers reminding them to pay their invoices? Also, once the bill is paid, does it send a notification to you about the payment status? Alerts, notifications, and reminders keep transactions on track and make the financial aspect of your business more organized.
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Overviews Of The 10 Best Payment Processing Software
Here’s a brief description of each payment processing software to showcase what each tool does best, including screenshots to highlight some of the features.+-
QuickBooks GoPayments is an all-in-one payment processor. It lets you accept credit card payments, debit card payments, and bank transfers online that can be deposited to your account by the next business day. In terms of in-person payments, it has a card reader (available on both Android and iOS platforms) that lets you take in-person contactless payments. To accept the payments where the physical card is not present, you can key in payments from your computer by the virtual terminal feature.
There is also an option for setting up recurring payments that charge your customer on a specific date. QuickBooks integrates with Amazon Business, Shopify for QuickBooks, and other similar apps, making it a perfect choice for ecommerce businesses.The customer support is available by email, phone, and via a ticketing system.
QuickBooks GoPayments does not have a monthly fee. Its pricing is set at 1% of ACH bank payments with a max of $10 per transaction. Likewise, the rates for card payments are 2.4% for swiped, 2.9% invoiced, and 3.4% keyed.
2. Fiserv – Best payment processing platform for Asia-Pacific enterprises
Fiserv offers automated payments processing across all payment types and about 60 clearing schemes, including high value, low value, SWIFT, BAHTNET, RENTAS, and G3. It offers a single payment platform for domestic and regional clearings, including Singapore, Malaysia, Indonesia, and Thailand.
Their real-time payment architecture allows you to add clearings and refine workflows according to your developed payment strategy. The app is compatible across all devices, be it mobile, tablet, or desktop. Fiserv does not list any integrations on its site. Support is via phone, email, and a ticketing system.
Venmo is free payment processing software. You can accept or pay payments in the form of a credit card, debit card, or bank account. Venmo offers syncing with your phone contact or Facebook account, making it easier to find your contacts, request payment, or pay them. You can search people by their name, Venmo username, phone number, or email address.
The user experience is geared towards the average freelancer and is free of enterprise-level complexities. As an added security measure, each account comes with a unique QR code that lets you verify if you are paying the right person. A uniquely fun feature is adding GIFs or emojis with your payment description (you know you ain’t down with Gen Z until you pop up a few emojis!). The app is available on both Android and iOS and integrates with PayPal and Quickbooks.
Venmo does not charge any transaction fees for sending and accepting payments or for standard transfer to your bank account.
4. Helcim – Best payment processing software for recurring billing
Helcim helps you accept credit cards easily from your device. With the Helcim virtual terminal, you can convert your computer, mobile, or tablet into a credit card processor. It lets you accept all major credit cards like Visa and Mastercard. It also enables the authorization of payments in seconds, with all the credit card information securely stored in its vault.
There is a feature for recurring payments where you can bill repeat customers with customized recurring payment plans. You can also directly sync the information with Quickbooks online. You can request payments via email or SMS and also send automated reminders. Helcim integrates with apps like Quickbooks, Magento, and WooCommerce.
For in-person payments, the pricing is 1.92% of the transaction amount + $0.08. For manually keyed transactions and online transactions, the rates are 2.33% + $0.25.
5. Elavon – Best payment processing software for restaurants
Elavon offers a secure merchant card processing service that is powered by PCI DSS compliance. Elavon lets you accept payment by credit card, debit card, and bank checks. Evalon also lets you take payments from Apple Pay, Samsung Pay, and Google Pay. It promises same-day transfer of funds to your account.
Evalon’s product Poynt provides a smart terminal solution for restaurants, helping them process counter-pay and pay-at-the-table transactions.In terms of security, Elavon has EMV authentication, encryption, and tokenization of data, thus keeping it safe from fraudsters.Elavon has a multilingual support team that is available via chat 24/7. There is also a knowledge base that lists step-by-step guides.
KIS payments enable business owners to accept any type of card securely and quickly. Its virtual terminal feature can convert your mobile device, desktop, or tablet into a credit card processing device. KIS payments also provide features for recurring billing so you can bill repeat customers with customized schedules. It also lets you launch a variety of loyalty programs to build relationships with customers.
KIS payments integrates with Elavon, Fiserv, and People’s Trust. It also partners with Ecwid to help you create online stores. Support is via phone, email, and live chat. There are also tutorial videos and guides to smarten you up on the workings of the app.
KIS Payments offers customized pricing upon request.
Adyen is a payment services provider that lets you accept online and in-app payments via a virtual terminal. Adyen lets you build a customized checkout experience with customized payment flows, tax, receipts, and tippings. Adyen enables your business to accept all major credit card payment methods. There is the ability to add discounts, one-click payments, and rewards using payment link data. In terms of security, there is fraud protection using rules-based A.I. risk management.
Adyen gives you a visual depiction of your sales performance with filters for daily, weekly, and monthly performance. There is a feature for recurring payments to cater to repeat customers. Adyen integrates with WooCommerce shopping cart app, BigCommerce, Commercetools, and other similar apps. There is 24/7 support via email and chat.
Adyen has a $0.12 per transaction processing fee for all major cards.
Stripe enables your website to accept global payments from a variety of payment options, making it a good pick for online businesses. It enables payment solutions for online retailers, in-person retailers, and subscription-based businesses with recurring payment modules. The setup is simple and without complicated options. You simply connect your bank details, and it is good to go.
The platform is focused on optimizations with machine learning models training on billions of data points to improve conversions and improve security with revenue recovery and fraud detection. Stripe integrates with MailChimp, WordPress, Chargebee, BigCommerce, and other similar apps. Stripe has an extensive knowledge base and 24×7 email and chat support.
Pricing varies from country to country but is usually within 2% to 3% of the transaction.
9. Square – Best payment processing app for small business
Square features a simple credit card reader that lets you accept payment from all major credit cards (Visa, Mastercard, Discover, etc.), and also from mobile payments like Apple Pay and Google Pay. You can store credit cards to charge repeat customers via recurring billing. You can also create custom invoices from your POS on your mobile or laptop and email them directly to your customers. Square has a virtual terminal feature that lets you bill customers remotely or by entering their details over the phone.
Square uses machine learning to conduct fraud detection, protection, and monitoring. Square has level 1 PCI data security standards that encrypt customer information that’s submitted to Square servers securely. It complies with the Payment Card Industry Data Security Standard (PCI DSS) so individual validation of compliance is not required. Square works out of the box with QuickBooks, WordPress, Squarespace, and similar apps.
For card-present payments, the fee is 2.6% + $0.10 per transaction. For card-not-present payments (where you have to manually key the details) the fee is 3.5% + $0.15.
10. FTNI – Best payment processing software for financial institutions
FTNI helps streamline and automate accounts receivable operations. It lets you accept one-time and recurring payments from credit and debit card payments. FTNI’s ETran platform lets you deliver the flexibility to use your existing bank, merchant processor, and back-office relations to manage payment acceptance. FTNI can send customized invoices and securely accept checks, credit, and debit cards via the ETran mobile app.
FTNI does not list any integrations on its site. Customer support is available via email and chat. There’s also a knowledge base with step-by-step guides.
PlateIQ – Best accounts payable life cycle management software
Synder – Best payment software for small to mid-sized ecommerce businesses
First data – Best merchant service for invoice and payment automation
Worldpay – Best payment processing software for fraud detection
Payment Processing Software For Ecommerce Businesses: Software FAQs
To make this list of best payment processing software for ecommerce businesses even more comprehensive, I wanted to cover some of the most frequently asked questions on the topic.
What is payment processing?
Payment processing is the system of handling transactions in your company and accepting payments by relaying the information of your customer’s debit/credit card/bank account to your bank account and the customer’s bank account. In other words, payment processing lets you accept payment from your customers by enabling your customer to use their payment tool (bank, credit card, debit card) to credit money to your bank account.
What is payment processing software?
A payment processing software is a software program that uses the data of your customer’s payment method (credit/debit/bank account) to credit money to your bank account, all in automation. It also checks for security measures like verification of card data and keeps the data encrypted to protect it from fraudsters. For subscription-based businesses, a payment processor can also have features for recurring billing. In other words, a payment processing software organizes and streamlines the process of your business getting paid by your customers and thus generating cash flow for your business.
What Do You Think About Payment Processing Gateway Software?
These were my top selections for the best payment processing gateway software. Now I want your opinion. Tell me what you think of these software solutions? Any payment processing service providers that I missed? Let me know in the comments section.
Also, if you liked this list, I would really appreciate it if you can share it on your social media channels. Who knows who you might be helping with this useful information!
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