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Small Business Electronic Payment Solutions

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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 20212 min read

Are you wondering how to monetise a platform or improve checkout conversion rates? For small businesses, it’s important to make the most out of any resources you have in order to save time and boost efficiency. This extends to your online payments process. Fortunately, small businesses are blessed with a wide selection of electronic payment solutions to choose from. Here are some of the best, allowing you to process card payments, bank transfers, and more.

Square

Many small businesses use Square to process card payments with its portable POS card readers. However, its services are equally applicable to online payments. When you sign up, you’re able to create a free online store site to sell your products and services electronically. You can also send and receive payments via digital invoicing and benefit from next-business-day deposits. There is a per-fee transaction to pay, typically 1.9% - 2.2% per transaction.

PayPal

One of the world’s most popular electronic payment processing solutions, PayPal needs little introduction. For those wondering how to monetise a platform, PayPal offers a quick, universal solution. With a business account, you’ll be able to play PayPal Checkout buttons directly on your website. These transfer the customer with a single click to the PayPal checkout page and payment gateway. One thing to keep in mind is the 0.30 AUD per-transaction fee is higher than some other options.

Amazon Pay

Nearly half of Australians used Amazon in 2020 alone, which shows the platform’s reach. This familiar online marketplace also offers electronic payment solutions for sellers in the form of Amazon Pay. You can integrate the ‘Pay with Amazon’ button into your site checkout, allowing customers to pay for your products or services with a quick login of their Amazon account details. You can use the gateway to take both recurring payments as well as one-off purchases, lending added versatility.

Stripe

Stripe offers a comprehensive all-in-one payment solution for small businesses. Its Checkout platform adapts to your customer’s location and device to accept digital payments. You also have the option to customise your own checkout page using Stripe’s platform, for a personalised experience. As your business grows, this can scale up as needed. Stripe fees depend on whether you’re taking domestic card payments or international payments, ranging from 1.75% to 2.9% accordingly plus an additional per-transaction fee.

Braintree

Braintree is another good option for those seeking customisable electronic payment solutions for small businesses. Like Stripe, you can integrate this platform onto your existing website or mobile app for a seamless user experience. The gateway lets you accept credit card payments electronically, along with other types of digital payments. It also facilitates recurring payments. Although the fee is 1.75% plus 0.30 per transaction, Braintree waives transaction fees under a minimum threshold.

GoCardless

What about subscription services and bill paying? Whether your business takes one-off or recurring payments, GoCardless offers user-friendly electronic bill payment solutions. Customers authorise payments with a secure online form, allowing your small business to automatically collect payments as they become due. It’s also ideal for automatic invoicing and is easy to integrate with partners like Xero and others.

The best electronic bill payment solutions

With a multitude of electronic payment solutions out there, how can you find the best fit for your business? Be sure to consider the following factors as you compare your choices:

Monthly maintenance fees
Per-transaction fees
International support
Transaction and settlement speeds
Availability of online reporting
Third-party integrations
Online security features
PCI compliance

By shopping around, you’ll find a payment gateway that enables your business to take electronic payments more securely. This benefits not only your business, but your target audience for greater customer satisfaction throughout the checkout process.

We can help

GoCardless helps you automate payment collection, cutting down on the amount of admin your team needs to deal with when chasing invoices. Find out how GoCardless can help you with ad hoc payments or recurring payments.