Best Payment Systems for New Small Businesses

One of the things you have to understand when starting a business is that there are different growth stages your business will experience. There was a time when you were trying to brainstorm ideas for your business, create a business plan, set up operating strategies, develop a marketing plan, and other things. However, sales are coming in, and you are trying to decide the best payment system for your business. It is important to use the ones best suited for business since you want the most cost-efficient and the most effective for your business. If you are in this situation, this article will walk you through the best payment systems for your new business.

Clover

Cloud is a flexible POS system that runs on cloud technology, and the payment system caters to both online and in-store processing needs. This payment system is suitable for small businesses as it supports all payment types: NFC, swipe, chip, or tap. Other perks you get to enjoy are end-to-end encryption, fingerprint logins, EMV chip sensors, and data tokenization. In addition, it has a versatile use, meaning you can use it for other tasks like invoicing, online ordering, gift card creation, and mobile app integration.

Payment Processing Fee

• In-person payment rates: 2.3% to 2.6% plus 10¢ per transaction
• Online rates: 3.5% plus 10¢ per transaction.

Square

Square is a low-cost payment solution that is suitable for both small and large businesses. As a small business, you have the option to enjoy online, in-person, and manually entered payments. With the Square Payment system, you have access to POS systems, free invoicing functions, API integrations, analytics, and a free mobile device card reader. Lastly, what differentiates Square is that you don’t have to pay any monthly fee.

Payment Processing Fee

• 2.6%+ 10¢ per-transaction fee with no monthly subscription plan

Shopify Payments

This payment system is advisable if you are starting an e-commerce business. Shopify is popular when it comes to e-commerce as it helps with setting up online stores, cataloging, and processing payments with Shopify Payments. Shopify Payments has many advantages, a few of which include fraud protection, streamlined payment processing, and accounting integrations. Plus, you don’t have to use third-party payment systems.

Payment processing fees

• In-person: 2.6% + $0.10
• Online: 2.9% + $0.30
• Monthly fee: $39.00

PayPal

While PayPal is used as an alternative to card payment, sometimes, it is a payment you need to try as a small business owner. PayPal has existed for a long time in the industry; therefore, its reputation precedes it. There is guaranteed safety, plus PayPal makes setup easier for first-time users. You don’t have to be tech-savvy to set it up.

Payment Processing Fees

• 3.5% + $0.49 per transaction for U.S. credit cards. Keep in mind fees can vary according to transactions.

Stripe

Stripe is a well-known payment system that has gained global acceptance. The platform is suitable for small businesses, whether online or brick-and-mortar. It offers versatile solutions like the square payment system. Stripe’s solution can cater to any payment transaction, whether online or offline. Another perk of using Stripe solution is that it has different plugins that enable you to integrate into platforms such as WordPress, Prestashop, Drupal, Magento, and WooCommerce. So, if you are running a website and not a store, you don’t have to worry about any payment issues.

Helcim

Helcim found its way into the hearts of many small business owners because of its transparent processing fee and easy setup. As a small business, you are not obligated to pay a monthly subscription charge or any setup fees. Also, you get to enjoy discounts on high-volume transactions through its pricing tier. Lastly, Helcim caters to both in-person and online payment processing needs.

Payment Processing Fees

• Online Payment: 2.49% + 25¢
• Swiped Processing Fee: 1.93% + 8¢

Conclusion

Payment systems are not limited to the list above; however, these are the top picks after considering the ease of setup, processing fee, and security.