﻿An efficient payment processor can make or break your business. Good payment software makes the
checkout process effortless for customers, decreasing the chances of abandoned shopping
carts and failed invoice payments. Businesses have dozens of options when
it comes to payment processing software, including products designed for in-person
sales as well as online purchases. Here’s a rundown of some of the best payment
processors available. 1. Melio
Melio is an account payable solution that allows you to pay bills conveniently online via bank
transfer, debit card, or credit card. Melio gives you the flexibility to pay vendors,
suppliers, and contractors exactly the way you want.
With Melio’s bill-paying service, you can give your business customers payment
flexibility by streamlining the way you get paid, track, and reconcile every payment.
Melio supports FreshBooks, QuickBooks, and Xero synchronization allowing users to connect
with their accounting system and schedule payment transactions automatically.
The software enables users to pay vendors for free by bank transfer,
even if they only accept checks. Users can pay by credit card with a transaction fee of 2.9%.
Melio lets you create a customized payment link or trackable payment request to share with your
customers. Receiving payment is completely free for you and the money transfer is secure.
Your customers can easily respond to payment requests and transfer funds
using credit credits or bank transfers. They don’t need to sign up to Melio and you get
payments directly to your bank account. You can create and send trackable payment
requests relating to specific invoices and monitor if they have been opened, scheduled, or paid.
With Melio, you can track and manage all your invoices and payment requests from
any device, on a single platform. As an online solution, Melio allows users
to manage payments anytime, anywhere, via any internet-enabled device, including desktops,
laptops, tablets, and mobiles. If this sounds appealing, check out
the link in the description and start using Melio for completely free with no monthly
subscriptions. 2. Veem
Veem helps businesses save time and optimize cash flow by simplifying the way they send and receive
payments domestically and internationally. Trusted by more than 500,000 businesses, Veem
uncomplicates the end-to-end AP and AR process with seamless integrations to leading accounting
software, real-time tracking on payments, and cost-effective, flexible payment options.
You can start using Veem in a matter of minutes and realize the value of having one intuitive
solution for both sending and receiving domestic and international payments to over
100 countries and over 70 currencies. Pay and get paid with little more than your
vendor or supplier's email address. Send one or a thousand payments with just a few clicks.
With Veem, you get greater control with the ability to use the payment methods you prefer
with more options and less constraints. You can pay using ACH or EFT, check, wallet,
and international wires with truly competitive rates.
Pay with a debit or credit card even when your suppliers don’t accept them. Get paid
faster and reduce friction by allowing your customers with multiple methods–even credit
cards without having a merchant account. Streamline your end-to-end AP/AR process with a
solution that is able to automate payment approval workflow and recurring invoices and payments,
and integrates with your accounting software to reduce double-data entry and errors and allow
for automatic seamless reconciliation. Veem’s verified business payments network
ensures payments are sent securely and reliably. The platform is PCI
DSS compliant and SOC2 certified. In short, with Veem businesses have
the power to pay how they prefer and eliminate friction with customers to get paid faster
3. GoCardless If you are looking for modernized payment software
that can handle all use cases with lower costs and stress, GoCardless is worth considering.
This payments platform helps businesses take both one-off and recurring payments using instant
bank pay or bank debit. It’s also consistently rated best in class for customer satisfaction,
with a strong emphasis on customer service. By taking payments directly from bank accounts,
GoCardless cuts processing fees in comparison to card payments.
With a global account-to-account network, businesses can collect payments across the world,
settling transactions in the currency of choice 4. Square Payments
Square Payments is an online payment processing solution that integrates with Square hardware
and POS software to allow businesses to accept various payment types.
Businesses can use Square Payments to make transactions from any location, and deposit
payments from all major credit cards. The solution lets you also send invoices,
store payment details for recurring customers, sell through e-commerce platforms,
and more through integration with other Square tools and third-party applications.
In order to enable the acceptance of any type of payment, Square Payments provides
tools for managing chip cards, NFC payments, magstripe, remote payments, cash deposits,
and more, meaning businesses can offer more flexibility to their customers.
Users can integrate with Square’s card reader hardware and POS application to
process payments anywhere, and in any way that customers wish to pay.
Payments can also be handled remotely by keying in payments even when offline and,
using Square hardware, merchants can accept credit cards, NFC payments, and gift cards.
Square keeps things simple for business owners with flat credit card processing rates based
on the type of sale, regardless of the credit card used.
Square also doesn’t charge any startup, refund, cancellation, or PCI compliance fees.
Funds from transactions are available in one to two business days or instantly for a 1.5%
fee per transfer. 5. FreshBooks
FreshBooks is one of the best invoicing software and billing software. The solution also offers an
online payment processing system that helps businesses simplify invoicing customers,
tracking payments, and managing expenses. It offers a range of customizable invoice
templates that make it easy to create professional-looking invoices and allows users
to set up recurring invoices so that customers can be automatically billed on a regular basis.
FreshBooks helps businesses manage expenses by allowing them to quickly enter bills and
attach digital copies of supporting documents like receipts and invoices. This makes it
easier to keep track of spending and ensure that everything is accounted for come tax time.
FreshBooks has built-in reminders that let users know when an invoice is past due,
or a customer hasn’t paid yet. It provides insights into customer behavior,
so users can better understand their spending habits.
FreshBooks allows users to accept payments through their invoices via
major credit cards or PayPal accounts. The platform also offers automatic deposits so
that any payments processed through their invoices are deposited directly into bank accounts.
FreshBooks includes detailed reporting tools that make it easier for business
owners to manage their finances. Various reports are available for tracking
revenue by customer or product and reports on expenses, taxes, and sales trends
FreshBooks pricing plans start at $15/month and offers a 30-day free trial.
6. QuickBooks Payments QuickBooks Payments is a payment
management and mobile payment gateway allowing vendors to process credit card
transactions via mobile application. The mobile payment platform uses a credit
card reader plugin enabling users to process GoPayment amounts and request customer electronic
signatures via a touch-sensitive screen. QuickBooks Payments also records offline
payments to ensure your accounts are fully up to date and can email
invoices as well as customizable receipts. The payment solution is fully integrable with
QuickBooks and there are no customer charges. QuickBooks GoPayment is a complete mobile payment
gateway for small to medium-sized businesses. The transaction software allows you to instantly
process all major credit cards with a card reader plugin and mobile application.
The app can also request a customer signature for additional security
and can email or print receipts. Complete transaction history can be viewed
via the mobile application or by logging into the website. Here you have the option to re-send
invoices/receipts and void charges. Reports are viewed in real-time and they
can be automatically synchronized with QuickBooks with complete transparency.
QuickBooks Payments does not incur any ongoing payment subscription
and you pay-as-you-go or upgrade to a premium account for a monthly fee.
Your customer will not be required to pay any additional fees when processing transactions
and you have the option to opt out of the solution as there are no long-term contracts.
7. Synder At the first step
of organizing your payment processes, you must check whether your online payment providers can
be integrated with accounting software. It will make your life much easier if you can
automate not only the process of completing transactions, but also the bookkeeping,
as well as reconciliation, preparation of financial statements, and tax filing.
An example of such accounting software that covers all these tasks is Synder.
It is a smart finance solution that allows you to connect not only most payment processors
including Square, PayPal, and GoCardless but also your eCommerce platforms like Shopify,
Etsy, Amazon, BigCommerce, eBay, and WooCommerce.
It automatically synchronizes all your transactions into your books (QuickBooks,
Xero), makes reconciliations in one click, collects all the data for full and
detailed financial statements, automates invoicing process, and more.
So these are the best payment processing software available in the market.
We hope this list will help you choose the right software for your business.
If you are undecided about which tool to choose, in the video descriptions you’ll
find free trials and the latest discounts to all of these platforms, so I highly recommend
checking them out and doing your own research to see which platform suits your needs best.
Thanks for watching, and see you in the next video.