Trying to decide on a online payment processor can be a challenging one especially for small businesses that are looking for both usability and controlling costs. There are several families of thought on choosing a payment processor from private payment systems to payment systems through your bank or even through a combined system of online payment gateways. Let’s look at three of these types of systems and see where the advantage may be for your growing company.
PayPal – PayPal is one of the largest online payment processors in the world. Advantages of this widely popular payment method include:
- Credit card security- once your banking and credit card information is input-ed into the secure system you never need to enter it again thus stopping the worry of hackers getting your account info.
- Flexibility – set up multiple accounts from debt to credit cards. Sending an transferring money is done with the click of a mouse.
- The iPhone App: The PayPal iPhone application makes it easy to shop online and transfer money wherever you are.
- Cost: One of the best reasons for using PayPal is its cost: free. That’s right. No annual membership fees, no processing fees, no service charges.
Authorized.net – The Authorize.net payment gateway is becoming popular by the day due to a variety of great benefits associated with its use.
- Easy to Integrate – The Authorize.net payment gateway is very easy to set up and hence get started with.
- Fraud Protection – Authorize.net provides a high end reliable fraud protection system that cuts down on the risks of frauds. The payment gateway has all the tools to aid the users. One instantly receives warnings in case of a suspected fraud and can then proceed as desired.
- Customer Support – Authorize.net has a high customer satisfaction and provides support when needed.
Stripe – The payment method boasts that they feature the best of traditional and newer payment processes.
- Usability & Control – Stripe completely controls the payment process your users’ experience. They claim a much more user-friendly process than PayPal.
- Costs- According to Stripe – The big advantage of Private Payment Systems such as PayPal was that they could be so much less expensive than a Merchant Account solution. For a small organization, the monthly fees charged by your bank and by Authorize.net could really eat into the margins if your volumes are low. PayPal’s “Standard” level of service has no monthly fee and charges 2.9% plus 30 cents for each transaction.
To read more about each type of payment process and which might be best for your business follow these links: