In the past few decades, the expansion of fintech solutions has changed the way that we pay for everything. Gone are the days when you would take out physical money to pay back a friend or make a business payment, and more and more people are now opting for digital payments and particularly contactless ones. In order to do this, you need to have the right payment app.
There are a number of different factors to consider when you’re choosing the right payment app for a small business. These can differ in terms of the transaction fees that they charge, the security measures they have in place, ease of use, and much more. Keep reading to find out our 4 best payment apps and see which is best for you.
PayPal is an extremely popular payment app for personal and business use alike, and there are good reasons for this. The mobile application is user-friendly, and it’s easy to set up your account to make payments to individuals and other businesses. As an added bonus, PayPal uses strong encryption technology to keep your funds secure, making it a great option for fraud prevention.
For personal use, there’s no need to pay any fees on transactions. However, business users will have to pay fees to receive funds, and there will also be charges if you need to convert currencies or use a credit card. For example, for any credit card transactions you will need to pay 2.90% plus a fixed fee, whereas international credit card transactions incur fees of 7.90% plus a fixed fee.
QuickBooks is a specialist payment app for small business, offering you a range of features that are useful to entrepreneurs. It has an easy-to-use interface and intuitive features that allow you to keep track of essential business figures. For example, it automatically categorises business expenses and allows you to create both one-off and incurring invoices.
You can also feel secure using QuickBooks as a business payment app, as SSL, digital certificates and RSA encryption are used to keep your information safe.
On the other hand, QuickBooks can be expensive and complicated to use if you opt for any of the more advanced features. Consider whether these additional features add value to your business before adding them to the baseline service.
Stripe is a great business payment app for freelancers and small businesses alike. It works in a similar way to PayPal, allowing you to send and receive money to and from customers via your bank account. Just as QuickBooks does, Stripe offers great features such as invoicing and regular billing, making it an excellent choice if you deal with recurring payments.
As is common with these small business payment apps, you will have to pay fees on transactions. Stripe charges 2.9% for each successful card transaction, along with a small fixed-rate fee that is added to this. However, the payment system is transparent and simple, meaning you can keep track of this with ease.
If you take a lot of payments through invoicing, then Freshbooks is the perfect small business payment app for you. The app is slightly more complicated to use because of the range of features that it supports, with cloud-based accounting, expense management and comprehensive time tracking. It’s great for invoicing as it will automatically send your customers reminders to help you avoid late payments.
However, you will have to pay a monthly fee to use FreshBooks. The good news is that they offer a free 30-day trial, so you can try it out to see whether it suits your needs before actually committing.
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.