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Best Mobile Payment Apps for Small Businesses

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The GoCardless content team comprises a group of subject-matter experts in multiple fields from across GoCardless. The authors and reviewers work in the sales, marketing, legal, and finance departments. All have in-depth knowledge and experience in various aspects of payment scheme technology and the operating rules applicable to each. The team holds expertise in the well-established payment schemes such as UK Direct Debit, the European SEPA scheme, and the US ACH scheme, as well as in schemes operating in Scandinavia, Australia, and New Zealand. See full bio

Last editedDec 20223 min read

Mobile payment apps offer a wealth of benefits to consumers and merchants alike. Apps like Apple Pay and PayPal let your customers make easy online payments, while services like Square facilitate tap-and-go transactions in person. There’s a dizzying range to choose from, but which are the best payment apps for small businesses? Let’s sort through the options.

What are mobile payment apps?

The term ‘mobile payments’ describes any payment using a mobile device, so what are mobile payment apps? This term can be used for an app to accept payment, including digital wallets and apps linked directly to bank accounts. Payment apps allow customers to send money either in person or at a distance, without the need to present a credit card or cash.

There are many ways to make mobile payments, whether it’s clicking an embedded SMS link, Wireless Application Protocol (WAP) billing, or signing into a social media app. Perhaps the most familiar apps to accept payment are mobile or digital wallets. Services like Apple Pay and Google Pay contain encrypted card details which can be stored and used to pay for goods and services both in person and online.

Top 8 apps to accept payment

Here’s a closer look at the best mobile payment apps for small businesses in Australia, including the big-name digital wallets alongside some smaller regional options.

1. Apple Pay

Most iPhone and Apple watch users have Apple Pay on their smart device. This makes it a good payment method for businesses that want to offer a fast, convenient method for their customers. Consumers have incentive to use Apple Pay at checkout because it gives them extra rewards in their digital wallet – and this added incentive benefits businesses at the same time. If your payment gateway doesn’t integrate with Apple Pay, customers can use their app to pay with a linked credit card.

2. Google Pay

Another popular option is Google Pay, which works with both Android and Apple phones and tablets. This can be used to accept payments on your ecommerce site or for in-app mobile payments. You’ll need to download the app using the Google Play store first and set up a Google Pay account.

3. PayPal

Like the apps mentioned above, PayPal is a good choice for small businesses due to its familiarity and ease of use. Customers recognise this option and trust it to transfer money, either using the mobile app or on your website. With a PayPal business account, you can take instalment payments from your customers. However, while the app is free to download, you’ll be charged a per-transaction fee.

4. Samsung Pay

Samsung Pay works with all Samsung Galaxy phones, several Galaxy smart watches, and systems that already use Google Pay. It links to all major credit cards including American Express, Visa, Mastercard, and Discover. Although it’s free to your customers, this app charges a per-transaction fee equivalent to credit card charges.

5. Square

If you’re looking for an app that lets you take mobile payments in person, Square might be a good option. You’ll need a Square card reader, which connects via Bluetooth to your phone or tablet. It allows you to accept swipe and chip payments, contactless payments, and online payments. You’ll also be able to send invoices and set up permissions for multiple users, although it costs more than others on the list.

6. Wise

Businesses taking cross-border payments need an app that can handle currency exchange. It might be worth opening a Wise Business account that lets you get local bank details for up to 10 different currencies, withdrawing from Amazon, Stripe, and others. Wise also partners with GoCardless to help you collect international payments at real-time exchange rates. Merchants can collect payment via multiple bank debit schemes, without paying FX fees.

7. CommBank Tap and Pay

Commonwealth Bank customers can download the CommBank Tap & Pay app, which enables contactless in-store payments. If the transaction is over $100, you may need to enter a PIN in some cases. Users can also add eftpos payment options.

8. Tyro

Finally, Tyro offers a mobile app for businesses that enables you to manage your business on the go. Set up an account to access real-time transactions, order supplies for your eftpos machine, and verify transactions. The app works with both Android and Apple devices, and integrates with Xero to merge your accounting and payments together.

What is the best payment app for small business?

There are advantages to all the apps mentioned above, and in fact there’s no need to choose a single payment app. It’s beneficial to accept payment from multiple digital wallets if possible, so that you can cater to all buyer preferences. Just be sure to compare per-transaction fees, payment limits, and other terms and conditions.

We can help

GoCardless is a global payments solution that helps you automate payment collection, cutting down on the amount of financial admin your team needs to deal with. Find out how GoCardless can help you with one-off or recurring payments.