Skip to content
Open site navigation sidebar
Go to GoCardless homepage
Log inSign up

Best payment solutions for small businesses

Written by

Last editedFeb 20232 min read

When you’re setting up a small business, there is so much to consider. From your marketing strategy to how to handle your finances, it can seem difficult to make the right decisions across the board. One of the most important things to take into account is payment solutions for small businesses and which one is right for you.

Things used to be pretty simple – you just had to accept cash, check or credit card from your customers and take these payments into a merchant account. But the advancement of technology means there are a number of new options available to customers that you should think about.

If you’re struggling to decide on the best payment solutions for small businesses, keep reading to find out more about mobile payments, e-commerce solutions and the other methods available to you.

What is payment processing for small businesses?

It might sound simple, but it’s useful to first define exactly what is meant by payment processing. It’s probably the most essential part of any business, since it involves accepting payments from your customers in exchange for products or services.

There are various elements involved in payment processing, including the customer, the customer’s bank or credit card provider, merchant, payment gateway, payment processor, and finally your merchant account.

Efficient and secure online payment solutions for small businesses are especially important. Since you’re trying to build a loyal customer base, you want to make sure that their experience with you is as seamless and easy as possible.

What’s more, as a small business you should try to cut costs down wherever you can, and one way this can be done is through reducing transaction costs.

What to consider when choosing payment processing for small businesses

With so many different options available to you, it can be tough to choose the best online payment solutions for small businesses. To make the right decision, there are a number of different factors that you should bear in mind:

  • Transaction fees. However you accept payments from your customers, there are likely to be some form of transaction fees. Credit card payment processing companies can be particularly costly, especially for online transactions. If you take a lot of online payments, it’s worth looking for a processor who offers low rates for this.

  • Ease of use. For customers, a payment method that they are comfortable with makes them more likely to purchase your product, allowing you to increase conversions. For you, good card payment solutions for small businesses will save you both time and energy.

  • Good customer service is crucial for payment solutions. If you do a lot of business online or tend to operate out of hours, then you should look out for a 24/7 support line.

How can a small business process payments?

There are plenty of different choices available, but which are the best payment solutions for small businesses? The answer depends on the specific needs of your business, which you should consider carefully before making any decisions.

Debit and credit card payments are hugely popular and are a must-have for nearly all businesses, but the fees can be relatively high. Nowadays, digital wallets are also becoming a more common way to pay, through platforms such as Apple Pay and Google Pay. These are convenient solutions for the customer.

GoCardless offers a simple yet effective payment solution for small businesses. After a quick and easy set-up process, funds will be automatically collected on the due date, leaving both you and your customers free to focus on other things.

How can GoCardless help your small business payment processing needs?

GoCardless makes payment processing simple. Your customers will just need to provide one-time authorization, and then payments will be collected when they are due. Since this is a pull-based system, there’s a much higher likelihood of you being paid on time, which can make a crucial difference to cash flow for small businesses.

In addition, the payment intelligence system Success+ automatically attempts to recollect payments when they fail. This reduces the failed payment rate, leaving you free to focus on other areas of the business rather than chasing up missed payments.

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.

Over 70,000 businesses use GoCardless to get paid on time. Learn more about how you can improve payment processing at your business today.

Get StartedLearn More
Interested in automating the way you get paid? GoCardless can help
Interested in automating the way you get paid? GoCardless can help

Interested in automating the way you get paid? GoCardless can help

Contact sales

Try a better way to collect payments, with GoCardless. It's free to get started.

Try a better way to collect payments

Learn moreSign up