3 Best Payment Processing Solutions For Your New Startup
While it’s not all about the money in running a startup, it does have a pretty essential part in making almost everything move — think of it as oil for the gears and cogs to keep the machine smoothly running. You cash out money and, when used strategically, sales will start coming in.
A quick tip when you start a new business
It may be a challenge for most startup owners to handle money as they start a new business from allocating a budget to deliver a quality service to handling payments that are coming in from sales. It’s tough to conquer everything alone so getting help from experts makes running a new business a lot less of a daunting and stressful task.
Take for example accepting and receiving payments from customers. You might be spending a lot of money and efforts in creating a striking website in order to give your target market a seamless purchasing experience.
This is great and all in encouraging sales but, as a startup owner, you should also consider the customers’ checkout experience as it is also another crucial point in making them avail what you are have to offer.
You can always construct your own payment gateway but that would take you a long time to develop and, for a startup, it would lead to really high costs and risks. To save you from all of these, there are payment gateways that offer payment processing solutions.
The right payment gateway for your startup
Paypal has been the de facto online payment solution for startups but throughout the years, a number of competitors has risen up that offer cheaper fees, faster transactions, and enhanced security. We’ve picked out what we think are the three best payment processing solutions for to help you build your new startup better.
From 2008 to 2016, this company has been the recipient of the Achievement in Customer Excellence (ACE) award and also the Internet’s most widely-used payment gateway.
- Accommodates businesses’ distinct sales needs, like recurring or subscription billing
- Provides a safety service called Advanced Fraud Detection Suite for free
- Has an exhaustive round-the-clock support team, including an online portal, toll-free phone support, online chat, e Ticket response system, and email contact
- Also syncs with Quickbooks
This next company has features akin to PayPal when it comes to transferring funds, but thanks to its API, it focuses more on bank transfers. If you are running a business in the United States, Dwolla could be the perfect payments solution for you.
- The service offers same day and next day transactions for ACH payments
- Gives you full freedom of customizing how you make and receive recurring, bulk or single payments
- Track your app activity, search transaction information, manage customers, and view key business insights within your dashboard
- Key information and functionality in just a few simple clicks
- Values security through rigorous monitoring, strong cryptography, and constant refining
Another trusted payment platform that allows its users to accept credit cards, debit cards, and PayPal globally, 2Checkout provides seamless and safe reliable payment processing regardless of where you are on the map. If your customer base is from all over the world, this company could be the best payments processor for you.
- 2Checkout allows heavily customizable hosted (in-site) checkouts and simple site integration to give your users a better mobile-friendly experience
- Permits you to sample the customer’s buying experience with different settings to get a sense for how the gateway works before using it
- Set your business up for more growth with 15 different languages and 87 currency options
- Offers an easy-to-incorporate payment API so payment processing can be embedded directly on your site
- Presents advanced fraud protection
- Incorporates with hundreds of online shopping carts
- Lets you to automatically bill customers with recurring billing
Comparing payment platform
To help you further with deciding which platform to use, here is a consolidated table of information.
|Transaction Fees||2.9% + $0.30||2.9% + $0.30||2.9% + $0.30||Contact Dwolla|
|Cross-Border Fees||4.4% + fixed fee||Extra 1.5%||Extra 1.5%||N/A|
|Card + Accepted Payment Types||All Major Types||All Major Types||All Major Types||ACH Payments|
By choosing the appropriate payment gateway for your site, you are able to improve user experience in your e-shop and invite customers to make purchases thus making your sales grow.