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What Is the Best Online Payment System?

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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 editedMar 20222 min read

It’s crucial to choose the best online payment system for your business so that you can take and process credit and debit card payments quickly and easily. Payment gateways allow you to take payments both offline and online, including at POS (point of sale) in brick-and-mortar stores. Some online payment gateway systems allow you to charge cards for a fee per transaction with no monthly fees.

Alternatively, it’s possible to set up a merchant account, which generally incurs lower transactional fees but charges you a monthly fee.

Which online payment system is best?

To determine which online payment system is best for your business you’ll need to examine how many transactions you make in a month. If you have a relatively low volume of sales, a simple payment gateway will be your best option – otherwise your monthly fees would mean you’re paying more than you would be for the processing fees. As sales volumes rise, it may make sense to switch to a merchant account, since it will be cheaper to pay your monthly fee than pay for a large number of transactions.

Some payment gateways offer both options, and other benefits - including reduced processing fees for certain cards – to direct integration with certain accounting software.

List of online payment systems

To help you identify the best online payment system for your business here’s a list of some top vendors:

PayPal

PayPal is one of the most widely used payment platforms, and popular with customers, so it could be a good option for your business. PayPal is used by ecommerce companies and other global entities, with the option to accept VISA and AMEX, and take credit card payments over the phone. Card processing is charged on a transaction only basis, with no monthly fees, so this could be a good option if you’re a smaller business.

GoCardless

GoCardless is a “pay as you go” payment gateway with low transaction fees and no monthly contract. It’s designed to make collecting recurring and one-off payments easy. You have the option to set up flexible payment plans and take payments on your website, sending your customers a secure payment link. GoCardless is a great solution if you’re collecting international payments and it provides you with the option to use out-of-the-box payment pages, or build your own bespoke integration.

Stripe

Stripe is a platform that features built-in APIs and developer tools, so some understanding of technology will be required to get set up and running. Stripe can handle over a hundred currencies and gives you the option to take mobile payments and offer a one-click checkout. Processing fees are charged per transaction (no monthly fees) and there’s a customised plan for companies with larger volume requirements.

Payline

Payline provides gateway payment processing for companies of all sizes and can integrate with 175 plus online shopping carts. Customers have the option to accept payment via mobile apps, plus the app integrates with invoicing software for easier payroll management. There’s a monthly fee, plus a fee-per-transaction to pay.

Online payment protection systems

It’s essential to choose a payment gateway with built in payment protection so fraudulent transactions can be quickly flagged. It’s especially important to stay PCI DSS compliant so that you’re handling customers’ credit card information securely and reducing the risk of sensitive data being stolen. If you choose a gateway like GoCardless, you won’t come into contact with payment data – since customers are sent directly to the gateway – ensuring PCI DSS compliance.

Why you need an online payment gateway system

Any business that needs to accept credit card or digital wallet payments needs an online payment gateway system. When you’re selecting the best online payment gateway system for your business, you’ll need to consider whether you want to pay a monthly or per transaction fee. You should also look out for a software package has strong security features and can process payments in your preferred currencies.

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.