If you have ever had trouble getting money where it needs to be – and getting it there fast – then you know how important a fast and reliable money transfer system can be. An untrustworthy payment processor can cost you in late fees, loss of good faith and/or customers switching to competitors. To avoid any inconveniences like these, you should pick a platform that offers rapid payment processing services safely and securely.
How do you accept payments on the internet? Now that you’ve decided which products to sell, this is the next question you will ask yourself when starting your first ecommerce business. Unless you plan to be a cash-only business, you need a way to authorize and process credit card payments.
Fortunately, both payment processors and payment gateways (i.e. more on that distinction below!) Have come a long way. There have never been more choices. In this guide, we’re going to take a closer look at the best ecommerce payment processing tools.
What is payment processing software?
For a customer, paying for an item online should be a seamless experience that only takes a few seconds. In fact, however, a lot of things happen in the background to make sure the customer’s money gets passed on to the merchant. In fact, one of the biggest misconceptions new ecommerce entrepreneurs make is thinking that payment processors and payment gateways are the same thing. That is actually not the case.
A payment processor acts as an intermediary authorizing and handling the interactions between the merchant, the merchant’s bank, and the issuing bank. In addition, payment processors tend to be older and need hardware – think terminals and POS systems – to process payments.
5 fast payment processing solutions
Let’s look at some of the more popular payment processing solutions that are tried and proven to process and deliver payments rapidly.
AccessPay payment processing
The Faster Payments service offers a way for anyone to transfer funds from bank to bank quickly and efficiently – for a fee. Payments sent through this service are usually instant but can take up to two hours. AccessPay is backed by prominent institutions, with Faster Payments being a very secure way to send money.
AccessPay offers a way to fully utilise the Faster Payments network to your advantage by automating and streamlining much of the process; this minimises inaccuracies and saves you time when making a lot of submissions. Reports can be generated from within the easy to use,cloud-based portal. If same day payments are common, consider AccessPay to make processing and tracking all of them much easier.
PayPal payment processing
A very well-known and widely-adopted payment processor that’s offered across the globe, PayPal may be what your business needs. Merchants are offered a range of services, including online or in-person card payments, invoicing and/or lines of credit. Transfers to your account are usually instant with access to funds immediately.
PayPal can be quite beneficial for a fledgling business due to the ease of getting started, relatively low fees, and customer recognition and trust. It’s quite powerful, putting the tools of a much larger institution in the hands of the smallest entrepreneur. If you’re just starting out, Paypal can be the proper solution you need to make it easy for your customers to send you money.
GoCardless payment processing
Direct Debit is a common way to transfer funds between bank accounts if same day payments are not critical. If your business generates a lot of transactions through this system, you need something to help manage it all. GoCardless is a low-cost way to reduce time spent making payments and keep track of them all. At only 1% per transaction, you’ll be hard-pressed to find a better deal for everything you get. Online payments are effortless with their easy-to-use dashboard.
For anyone looking to be able to quickly set up a way for their organisation to work with direct debits, GoCardless may offer the best package. Ease of use and lack of long-term contracts make this an attractive deal for smaller groups.
Sage Pay payment processing
Sage Pay caters to the smallest of businesses and the largest of corporations with a wide range of products and services. Costs to accept payments online, by phone or in-person can be relatively low for the majority of small businesses. For larger corporations, Sage Pay can offer fully-managed packages including comprehensive point of sale solutions.
Sage Pay offers custom reporting, a dedicated account manager, fraud protection, and many other powerful tools to help your corporation keep track of money flow and growth.
Payment Express payment processing
Larger entities may wish to have the ability to take card payments directly into their accounts: Payment Express offers that and more. In-store payments can be accepted using their secure PINpad equipment; they also produce card and chip readers for vending machine use. Online payments are supported through a variety of e-commerce platforms and can accept cards along with many other common payment providers.
For industries that demand a high level of control over the way that their customers pay, Payment Express may be the best bet. Businesses are given more control over their tools compared to other plans that are managed for you.
Conclusion
The demand for fast and fully-featured payment services is greater than ever, thanks in no small part to the technology that allows for it. Competition among payment providers is high, as they are always looking to offer more services to their customers for a better price. By taking advantage of this situation, your business can secure a fully-functional and affordable payment solution for long-term success.
