Frequent transactions in your business require an efficient tool to manage every revenue stream for seasonality in business. Whether you’re operating a small business or large organization, seamless payment methods are a must-have.
Payment processing companies allow businesses to accept payments online and initiate payouts to employees, partners, and vendors. Choosing the best payment processing software is your company's first step before building a vast customer base and a constant flow of income. So, let’s take a look at payment processing softwares and how they impact your business.
What are Payment Processing Softwares?
A payment processor is a type of software that facilitates the transactions between a company and its customers.
Payment processors act as the middleman between two or more parties to ensure that payment data is collected, stored, and processed on time. When a purchase takes place by debit or credit card, the payment processor serves as the link between the best business bank account and the shopper’s payment method.
What About Payment Gateways?
To accept payments from customers, every business requires a payment gateway. In simple terms, a payment gateway is a technology used to make payments via debit and credit cards. The card-reading devices found in brick-and-mortar stores and the payment methods built into various types of eCommerce businesses are common examples of payment gateways. Choosing the best payment gateway is essential for your business, as it allows you to accurately manage financial growth.
Ever wonder how a purchase can be accepted or declined almost immediately? Once the payment gateway and processor encrypt your card information, the gateways are programmed to communicate these messages to customers upon checkout.
For example, the processing software determines if your payment method contains enough money, to which it reports its response to the payment gateway. When building the foundation of your company’s operations, you may wonder which software solution is best for your business needs.
Keep in mind that processors and payment gateways go hand-in-hand. So, allowing and accepting transactions will rely on a payment processing software and a payment gateway (see various payment gateway providers). However, some providers do offer both solutions in one product.
Simple Solutions Through Innovation
Technological innovation is constantly shaping the world we live in. For businesses, software that aids in collecting and disbursing revenue is essential. The ability to accept and process transactions with ease is a common step that may provoke shoppers to return time and time again.
It’s even more prevalent for customers as they move through the sales funnel. One of the best ways that a company can nurture a sense of trust with its shoppers is by establishing a straightforward experience from start to finish. By using a debit or credit card, customers and businesses can feel a sense of confidence and security, thanks to the payment card industry, also known as PCI.
When you’re shopping within different marketplaces for the right payment processing software, the variables and product offerings can feel a bit overwhelming. You want to make sure that managing your company's financial health is made as simple as possible, but you also want to remain mindful of your customers’ experience. With these factors in mind, we gathered a list of the six best payment processing softwares currently used by businesses, from brand new partnerships to Fortune 500 corporations.
Low fees and a fast turnaround make BlueCart payment processing one of the best eCommerce websites in the industry. As the #1 B2B wholesale solution for eCommerce food distributors, BlueCart makes inventory restocks, order fulfillment, and recurring payments a streamlined process within one single platform.
By adopting BlueCart as your invoicing and payment processor, you’ll gain access to the following:
- Organized invoice processing
- Subscription management software
- Real-time payments
- Subscription billing solutions
- Recurring billing management
- Paperless billing
- Automated billing system
- Invoice template generation
- Small business invoicing software
- On-the-go finance management
- eCommerce SEO-ready storefront
As a business grows, onboarding an efficient accounting software is inevitable (learn more about eCommerce accounting for business). QuickBooks ranks as one of the best processors for its wide variety of built-in resources. The platform allows you to perform various financial duties, such as invoicing, paying bills, managing expenses, and building reports.
One feature that makes QuickBooks a useful software program is its tax preparation resource center. As it monitors and tracks your financial data, you’ll have access to tax documents, quarterly estimates, and payment due dates. Plus, its integration with TurboTax and Intuit makes the process much more favorable.
QuickBooks facilitates payments via a processor and a payment gateway between bank accounts. As mentioned, payment gateways typically include a processor. QuickBooks subscribers have various payment gateway options, including free mobile card readers and a “pay now” option on invoices.
A QuickBooks subscription may be right for you if you need the following:
- An all-inclusive financial management tool
- Automated invoice schedules
- Extensive financial data reports
- Tax preparation services
If you’re searching for an all-inclusive payment software, Stripe might be best for you. They accomplish this with more than a dozen products, from invoice automation tools to business financing resources.
You’ll be able to coordinate and delegate every financial task under one umbrella. You can get started in a few steps and be on your way to scaling your business with innovative financial solutions.
Stripe is unique by offering several services, which include:
- Fraud protection and prevention
- Virtual and physical invoice cards
- The ability to set business funding limits
Mobile payments are contactless, quick, and efficient. Apple Pay lets businesses and shoppers perform secure payments in a flash.
Say goodbye to fumbling around with your wallet and losing your cards. Making purchases can't get easier when you have all your payment information stored on your smartphone!
Businesses recognize Apple Pay as one of the most popular payment processors for the following reasons:
- Easy installation for business owners and customers
- Free for consumers and merchants (aside from POS hardware)
- Contactless payments make it a safer option
Small business owners love using Square, as it’s an affordable and user-friendly payment processor. Like many other software platforms, Square can provide businesses with mobile and in-store payment methods and a plethora of different software services.
More specifically, Square provides restaurants, retail stores, and appointment-based businesses with free and paid subscription options. Besides payment processing, Square offers businesses the following tools:
- A virtual terminal
- Online payments
- Employee management
- Inventory management
- Industry-specific functions. For example, Square offers technology hardware options to assist medical offices with appointment scheduling and restaurants making reservations.
- Ability to dispute chargebacks
As one of the most trusted payment processors to exist for eCommerce shops, PayPal provides options for businesses at any level. So if you’re starting out as a solopreneur or already operate a large entity, PayPal makes switching your profile to a business account super easy.
When converting your account type, PayPal consolidates all of your information so that you don’t have to store it in multiple profiles. If you’re new to the platform and starting from scratch, creating a business account takes only a few minutes.
PayPal is one of the most secure processors on the market. Just a few reasons are as follows:
- User data security
- Fraud protection
- Stellar eCommerce customer service
Elevate the Customer Experience
A sense of trust from your customers is necessary to grow sales and brand loyalty. Adding a dependable payment processor to your lineup of business tools can create a secure and effortless transaction for both sides. Customers will feel comfortable making payments through a trustworthy processor, while your team can be confident that revenue streams are protected against data privacy concerns.
Some of the best investments you can make for your business are those that will simplify the point-of-sale (POS) experience for consumers. Whether it’s a matter of a one-click purchase, a swipe, or a scan, allow your customers to walk away with simplicity and security.
Frequently Asked Questions About Payment Processing Software
What Is the Most Convenient Payment Method Available?
For an all-inclusive experience, BlueCart offers the greatest convenience to both sellers and buyers. Streamline your business, accurately manage your inventory needs, and scale your profits.
In addition to a secure payment processing system, BlueCart can assist you in managing your business operations by including the following perks:
- Best-in-class digital catalog
- Optimized website and mobile app
- Omnichannel sales tracking
- No setup or monthly fees
Learn more about how BlueCart’s digital storefront can simplify your payments, inventory, and operations.
What Are the Three Payment Methods?
Consumers make payments via debit and credit cards, as well as mobile payment methods more now than ever before. Incorporating a payment processor that operates efficiently is crucial to your business to make the POS hassle-free and user-friendly.
Booking a Consultation? Ask These Questions
The differences from one processor to the next can sound similar, so it’s crucial to weigh your options. Many payment processing software providers offer one-on-one consultations.
We recommend scheduling a few separate calls to understand what will work best for your business. To ensure you onboard a reliable software, ask each representative the following questions:
- Which features does each tier include?
- Do you offer a free trial?
- Is the data stored within the software encrypted and secure?
- What are my options for payment gateways?
- How does the software detect fraud and flag suspicious transactions?
- If something accidentally deems an online purchase fraudulent, is it a simple process to fulfill the order?