More than 690 billion USD will be spent online in 2020. And these numbers keep growing. Therefore, smart merchants move their brick-and-mortar businesses online. And that’s when they start searching for the best payment processing software for online business.
Offering your customers a fast and reliable payment processing software is imperative in the world where hackers and fraudsters grow more tech-savvy each day. And in this article, we’ll help you understand what to look for in a payment processor and what options of good payment service providers you have to choose from these days.
What to look for in payment processing software
Payment processing speed.
Does the processing start immediately or are there any delays? Neither you nor your customers have time to wait for the transaction to pass through the system. Therefore, check how fast the payments are being processed in the system before you seal the deal.
Up-to-date PCI DSS certificates and cutting-edge fraud and chargeback prevention systems are just the bare minimum of what you should look for in a reliable PSP. Request information on their compliance with the top-of-the-industry security standards. And don’t settle for average fraud protection. This mistake will cost you dearly down the road.
If you’re catering your services to clients from all around the globe, make sure that the technical support is available around-the-clock. This way, in case of an emergency they’ll be able to fix everything right away saving your customers time and last drops of patience.
Look around and compare the payment processing solutions you can find out there. They all offer a variety of services, and thus, charge very different rates. And then find the best-fitting solution for your business with affordable rates to cut processing costs.
From two days to a couple of months - that’s how long onboarding can take depending on the service provider. Thus, it’s best to find a solution with truly fast onboarding before you seal the deal.
White-label processing software vs. self-developed one
White-label processing software is the best choice for online merchants willing to boost their reputation as a payment processor with zero development cost. Unless you own a medium to large business with a development team on staff, creating your own processing software can be a daunting task.
You’ll need to hire a team of payment experts to plan, strategize, and develop this software. And that can cost you an arm and a leg. Besides, investments in development don’t stop with a polished program.
The moment your product enters the market, you need to have a fully qualified maintenance team to support and upgrade the system on the go.
That’s why small or medium-size companies often choose a third-party white-label payment processing.
However, large corporations are better off with their own built-in gateways. For instance, running and supporting AmazonPay makes total sense for an industry giant like Amazon.
The best payment processing software for online business
Now, that we’ve established what to look for in a service provider and whether or not it’s better to choose a white-label software, let’s see what processing options you can choose among.
Ikajo offers smooth and hassle-free payment processing for middle and high-risk businesses. They operate in 170+ countries and offer 100+ payment methods. With free recurring billing and fully-supported mobile banking, Ikajo is truly changing the landscape of payment processing as we know it today.
Among their other benefits are an extensive acquiring network, dedicated customer support, and compliance with the industry’s most sophisticated security standards.
Akurateco offers both a white-label payment gateway and reliable payment processing. They pride themselves on 70+ connectors to banks and payment methods as well as an all-in-one user-friendly back office allowing clients to store all data in one place. The system aims to help merchants make data-driven decisions and leverage one-page analytics for better business management.
The service provider also offers technologies to grow one’s transaction approval ratio and an increased conversion rate. Besides, thanks to the cutting-edge paytech expertise of the team, merchants get to cut their expenses by 50%.
An absolute leader of the race is PayPal. Not only it has been on the market for more than a decade, it is setting the pace for the whole industry. It operates in 200 countries and in 2019 alone has processed as much as 712 billion USD. PayPal is said to grow with your business. Therefore, a business owner can integrate the system regardless of the size of his venture or transaction volumes.
However, the processing fees aren’t affordable for all the merchants. An online transaction fee is 2.9% + 0.3$ for companies incorporated in the USA, and 4.4% + 0.3$ for those outside the USA.
Another good solution for international businesses with larger processing budgets. It serves as a payment facilitation solution and is well-known for its security and reliable fraud prevention systems. Stripe offers similar to PayPal rates which makes it a suitable solution for larger businesses.
The system allows payments in 135 currencies and supports a variety of payment methods including ACH, SEPA, etc. It is compatible with the industry’s security standards and provides excellent transaction analytics tools. All in all, with Stripe merchants get to accept cross-border payment hassle-free and securely.
What is the best payment processing software for an online business? It depends on the size of your business, sales volumes, and required payment methods. Luckily for our merchants, our deep expertise in the payment industry allowed us to develop our own cutting-edge processing software. And you can get a free Demo of the system today to see how it works and what it can do for your business.