Starting and running a small business requires wearing many hats. You’re the marketer, accountant, customer service rep, and more. With so much on your plate, you want tools that make processes like accepting payments seamless.
The right payment solution can help you get paid faster, cut down on accounting work, and offer customers their preferred payment methods. But with so many options, how do you choose?
We’re breaking down the top 5 payment solutions for small businesses this year.
What to Look for in a Payment Solution
When evaluating payment solutions, keep these criteria in mind:
- Cost: Consider monthly fees, per transaction rates, and processing costs. Look for competitive, transparent pricing.
- Integration: Seek platforms that integrate with your other systems like accounting, CRM, online stores, and email marketing tools.
- Accepted Payment Methods: Ensure the solution offers in-person and online payment types like credit cards, Apple Pay, ACH, and PayPal.
- Security: Check that the provider uses encryption and tokenization to protect sensitive data. Make sure they are PCI compliant.
- Reporting: You’ll want access to detailed reports on cash flow, sales, fees, and more.
- Customer Support: Find a provider with robust customer service channels like phone, email, chat, and online knowledge bases.
5 Top Payment Solutions for Small Business
Based on the criteria above, here are our top picks:
1. Square
Square is a favorite among small businesses with its easy setup, transparent fees, and robust feature set.
Key features:
- Credit card processing with rates from 2.6% + 10¢ per transaction
- Square hardware like terminals and readers
- Invoices, virtual terminal, and ecommerce integration
- Robust sales and accounting reports
- 24/7 support via email, chat, phone
Best for: Retail stores, restaurants, service businesses.
2. PayPal
Many customers already have a PayPal account, making it a convenient online payment option.
Key features:
- Online and mobile payments with rates from 2.9% + $0.30 per transaction
- In-store payments with PayPal QR codes
- Invoicing capabilities
- Fraud protection and dispute resolution
- Detailed transaction reporting
Best for: eCommerce, online services, freelancers.
3. Stripe
Stripe is a developer-friendly solution with extensive customization options and support for global payments.
Key features:
- Online and in-person payments with rates from 2.9% + $0.30 per transaction
- Pre-built integrations and APIs for custom development
- Fraud protection, 3D Secure, and recurring billing
- 24/7 phone and chat support
Best for: Online stores, software companies, global businesses.
4. QuickBooks Payments
From Intuit, QuickBooks Payments syncs directly with popular accounting software QuickBooks.
Key features:
- Credit card processing with rates from 2.4% + $0.25 per transaction
- Integrates with QuickBooks and QB Payments mobile app
- Invoicing, estimates, inventory management
- Detailed reporting on payments, sales, inventory, and more
- Award-winning customer support
Best for: Existing QuickBooks users.
5. Payline
Payline Data services a wide array of business types with tailored payment solutions.
Key features:
- Online and in-person payments with interchange-plus pricing
- Developer-friendly APIs
- Fraud protection and data tokenization
- Integrates with over 100 business systems
- Dedicated account management
Best for: Developers, mid-size businesses, enterprises.
FAQ About Best Payment Solutions for Small Business
What features should I look for in a payment solution?
Look for competitive pricing, robust reporting, omnichannel payment options, security protections, customer support, and integrations with tools you already use.
What are the fees associated with payment processing?
Typical fees include monthly costs, per transaction rates, processing costs, and chargeback fees. Go with transparent, competitive pricing.
Can I accept payments both online and in-store?
Omnichannel solutions like Square, PayPal, and Stripe allow you to accept payments online, in-store, on invoices, and on mobile devices.
How do I choose the right solution for my business?
Consider your business model, typical transaction amounts, payment methods you need to accept, accounting and other tools you use, and cost.
How do payment solutions help with accounting?
Many providers integrate directly with accounting platforms. Robust reporting also helps you track sales, taxes, fees, profit margins, and more.
Get the Right Payment Solution for Your Biz
Running a small business is challenging enough without struggling to get paid. Simplify the payment process for both you and your customers with one of these top payment solutions. Reach out if you need help finding the perfect fit for your business needs and budget.
