10 Best Payment Tools For Small Business in 2020
When it comes to accepting and processing payments, there’s a plethora of payment tools for small business. These can range from traditional POS systems to new and exciting FinTech startups.
But what if these payment processors aren’t exactly the right fit? Remember, not all of your customers have a PayPal account. Some may live in countries where the payment platform isn’t accepted. Others may not come equipped with the features that you need for your small business to grow.
Does any of this sound familiar? Then it’s time to review these payment tools for small business to use in 2020. This way, you can accept payments for your business more easily and affordability.
Due offers a low flat-rate transaction fee of just 2.8 percent for credit card processing. It can also process domestic and international credit card processing, ACH payment processing, and PayPal and Stripe integration.
But that’s not all. Due is also an end-to-end payment solution. This means it comes with time tracking, online estimates, and invoicing tools, as well as online database management capabilities.
Authorize.net is another popular payment gateway service provider. It works with your existing merchant account so you can accept credit cards, electronic checks, and digital payments like Apple Pay or PayPal via your business’s website. Sicne your customers don’t have to exit to a third-party site you can become more credible.
Additional features include automated recurring billing, a suite of security and fraud prevention tools, and the ability to sync with Quickbooks. Just be aware that there are the including fees; a $49 set-up fee, $25 per month gateway fee, and 2.9 percent plus $0.30 per transaction.
Square has become one of the most versatile payment solutions for small businesses. It allows you to accept payments from anywhere thanks to its innovative mobile card reader. This converts your mobile devices into a POS system.
Square also provides fraud protection, deposits on demand, and the Square Stand for larger businesses. With the Square app you can build a customized register, as well issue receipts and invoices, track inventory, view sales reports, and manage timesheets.
Best of all? The mobile card reader is free, while the Square Stand is $99. There’s also a 2.75 percent per swipe for all major credit cards.
Designed for global payment acceptance, 2Checkout provide you with a secure and compliant gateway in 87 currencies and 15 languages. It offers both online and mobile payment platforms, as well as features like recurring billing, hosted checkout, fraud protection, and integration with the most popular online shopping carts.
You can accept all major credit cards, PayPal, and bank or wire transfers. Transaction fees are a flat 2.9 percent plus $0.30 per transaction with no set-up or monthly fees.
Amazon Payments has proven to be a small business-friendly option for getting paid online since it easily integrates into your existing website and allows customers to pay your instantly for the goods and services you’ve provided.
For your customers, it’s a streamlined and secure solution since they can pay you simply by using the payment information already stored in their Amazon.com accounts. Domestic processing fees are 2.9 percent.
If your business requires a tool that allows you to to accept payments both online and in-store, then Shopify is your answer. In fact, the sales that you make either online or in-store sync through Shopify so that you can track your inventory and analyze sales data.
Shopify also lets you build a customizable online store so that you can accept orders and payments online. It also integrates with your shipping carrier and services including Xero, QuickBooks, MailChimp, Amazon, and social media platforms. In order to accept in-person payments you can use Shopify’s free card reader, which is similar to Square.
WePay is a payment processor that can be fully integrated into the look and feel of your business website. That doesn’t sound like a big deal, but this makes an extension of your brand. With WePay you can customize everything from checkout forms, confirmation emails, customer support emails, credit card statements, and mobile transactions.
Additionally, WePay provides on-the-go payment capability with a mobile chip card reader, mobile SDKs, and fulfillment service so that you can embed payments into a single mobile app for a more complete and seamless user experience.
If you need an actual POS system, then look no further than Clover. For starters, its App Market has hundreds of applications that you can download in order to optimize your point-of-sale system for your business . This includes accounting services like QuickBooks, email marketing, a loyalty program, and customer feedback. There’s even an app that will text your employees if they’re late for work and “Ping me if” that emails you when specific events occur in your business.
As for the the actual POS system, you can either lease or buy the Clover Mini, Clover Mobile, Clover Go, or the Clover Station depending on the type of business you operate so that you can accept multiple forms of payments. Since these payments are backed by First Data, you can be certain that there won’t be any hiccups in the payment process.
Wave is considered one of the best small business accounting websites since it can be used to track your income and expenses, create professional invoices, pay your employees, and accept credit card payments at a flat 2.9 percent + .30¢. You can even use Wave to find a local accountant or obtain funding for your small business.
Do you like the idea of accepting payments on your phone, but not with the attachments or a dongle? Then Flint has solved that problem by creating an app that securely scans a customer’s credit card number. You don’t even need an attachment or dongle. It also allows business owners to accept cash and checks, send invoices, and issue coupons to customers via email.
Flint charges a flat rate of 2.9 percent + .30¢ for scan or key entry, online sales, and invoice payments.
It’s time to expand your payment options and sign up for one of these payments tools for small business today!