If you run an online business, you’ll need to find a way to take payments quickly and efficiently. In 2021, small businesses have more choices than ever, from Direct Debit to online card payments. Here’s a quick rundown of the best online payment processing choices on the market today.
This online payment system is fully integrable with your ecommerce website, and once it’s up and running, you’ll be able to take payments online within 24 hours. Worldpay also lets you send out secure payment links to your customers through emails, which makes it suitable for small businesses without a website. It’s also compatible with over 100 currencies to enable international payment processing. Although there aren’t any setup fees, Worldpay does take a small percentage out of each transaction. There’s also an added fee to become PCI-compliant.
If you’re looking for an all-in-one payment platform, Stripe offers a variety of features. It’s better suited to those who have some design experience, but along with this is plenty of room for customisation. You’ll need to have a website and shopping cart set up to integrate Stripe’s payment services. Stripe’s fees start at 1.45% plus 20p for each transaction. Like Worldpay, you can embed secure payment links into your emails, and Stripe also lets you generate invoices. An added benefit is that you can take a wide range of payment types, including cryptocurrency like Bitcoin.
You’ve probably already used PayPal in one form or another, one of the world’s most popular online payment systems. For small businesses, PayPal offers a service called Web Payments Standard with hosted payment pages that redirect back to your website. There’s also PayPal Checkout if you have your own shopping cart already set up. As an added bonus, because PayPal handles all of the payments you don’t have to worry about PCI compliance. Like most other payment platforms, you’ll pay a starting transactional fee of 2.9% plus 30p.
4. Sage Pay
Sage is well known for its accounting and business software, but it also offers its own payment gateway called Sage Pay. This helps walk you through the process of setting up a merchant account, establishing PCI compliance. Unlike other online payment systems on the list, Sage Pay charges a flat monthly fee for its services rather than a per-transaction rate. This covers up to 350 transactions per month, and comes with customer support and security tools. Sage also offers invoicing software with an embedded ‘pay now’ button. This integrates with Sage Accounts and charges per-transaction fees.
Do you need to take payments online from a client, but don’t really have any need to set up an online store? Square is a good solution. This payment service partners with website builders like GoDaddy, Wix, and Weebly, working together as an add-on. You don’t have to commit to any long-term subscription contracts, and it includes API integration and PCI compliance. For small businesses, it’s a very user-friendly option.
Another top choice for small businesses is Handepay. This online payment processing system boasts a number of perks for its users, including 24/7 customer support and transparency when it comes to fees. Perhaps one of the most unique features is that it will review your current payment system if you’re already accepting payments on your website. Handepay promises to offer a better deal, or it will give you a £1,000 payment. This processor’s flat fee includes 400 online transactions, with both a virtual terminal and payment gateway.
While many of the online payment options above are focused on one-time online card payments, if you prefer to take Direct Debit, then GoCardless could be a good fit. Its online tool enables regular clients to set up recurring cashless payments, whether they’re for invoices, subscriptions, or payment instalments. It’s also compatible with Sage, so you can combine more than one option on this list.
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.