Payment Processing Software
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Compare the Top Payment Processing Software of 2021
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Payment Processing Software Guide
Payment processing software allows businesses to process customer digital payments and facilitate transactions and payment procedures. Compare the best Payment Processing software currently available using the table below.
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1
Chargebee
Chargebee
Chargebee is a recurring billing and subscription management tool that helps SaaS and SaaS-like businesses streamline Revenue Operations. Chargebee integrates with the leading payment gateways like Stripe, Braintree, PayPal etc. around the world to let you automate recurring payment collection along with invoicing, taxes, accounting, email notifications, SaaS Metrics and customer management. Chargebee handles all your crucial workflows from lead to ledger with power-packed integrations that include Salesforce, Xero, Quickbooks, Avalara, Slack, among others.
Starting Price: $299/month -
2
Podium
Podium
Centralize all business reviews from across different platforms with Podium, an online review solution. Podium allows users to see their reviews and gain more customer feedback for quick and better-informed decisions. Podium can be accessed through its free iOS and Android app for sending review invitations, check analytics, and manage existing reviews.
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3
OneBill
OneBill
OneBill is a United States software company that was founded in 2009, and offers a software title called OneBill. OneBill offers training via documentation, live online, and webinars. OneBill is membership management software, and includes features such as application management, automatic renewals, dues management, member portal, member types, membership database, payment processing, and website management. With regards to system requirements, OneBill is available as SaaS software. Costs start at $399.00/month. OneBill includes business hours support, 24/7 live support, and online support. Some alternative products to OneBill include The Commission Companion, Maestro, and Core Commissions.
Starting Price: $399.00/month -
4
Cloud9 Payment Gateway
C9PG
Cutting Edge Payment Processing Gateway with Enterprise Features and Real-Time Metrics
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5
Fattmerchant
Fattmerchant
Founded in 2014 and based in Orlando, Florida, Fattmerchant delivers merchant services through 0% interchange fee markups, access to wholesale credit card processing rates, fixed monthly subscriptions with no contracts, and proprietary technology. It offers services ranging from integrations into existing systems, e-commerce, and online, mobile and virtual terminals. Fattmerchant helps business owners of all sizes take in person, over the phone, on-the-go, and e-commerce payments from anywhere within a single, simple platform. In addition, Fattmerchant’s Omni software platform provides meaningful data analytics and integrates with popular business tools such as QuickBooks Online and Google My Business to let merchants see the health of their business. The payment processing company will work with each customer to help them choose the payment option that will work for their business.
Starting Price: $99/month -
6
Armatic
Armatic
Armatic is the highest rated software solution for Payment Processing, Billing/Invoicing, Recurring Billing and Subscription Management. Billing and Invoicing: Create beautiful invoices with our powerful invoice editor synced into your accounting system. Provide a customer portal, automatic charging, payment collection, and apply late fees. Recurring Billing & Subscription Management: Armatic provides enterprise-class subscription billing management for fast-growing businesses worldwide. Enable trial periods, manage plans, or prorate subscriptions. Payment Processing: Armatic is processor agnostic and provides integrations to all types of payment solutions from credit card payments, ACH, SEPA to wires. We handle partial payments, automatic failed payment retry, and automatic payment recovery. Finance Team dramatically reduce outstanding AR with Armatic. Sales teams close more deals, and customer success teams improve customer satisfaction scores with Armatic.
Starting Price: $35/user/month -
7
HelmBot
HelmBot
Appointment scheduling, point-of-sale, staff management, marketing automation, and a whole lot more. HelmBot makes it easy for business owners to stay on top of all the complicated parts of their business in one place. HelmBot is designed to save you time and bring in extra appointments, every single day.
Starting Price: $95 per month -
8
Weave
Weave
Why use 8 systems when you could just use one complete package? Weave makes patient, customer and client communication easier and faster while working in and outside of your office(super helpful during COVID). Stop worrying about missed calls, appointment reminders, payment requests, and cancelled appointments - Weave improve every point of contact.
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9
Paystone Loyalty
Paystone
A platform used by over 25,000 small businesses and large enterprises, Paystone's powerful Customer Loyalty Software and Payment Processing lets your customers sign up and redeem their rewards right from your own debit machine. Sell/redeem gift cards, send personalized email and SMS offers with built-in marketing automation, and see your loyalty program ROI with user-friendly reporting and analytics. Boost customer spending, generate impressive returns, and accept payments, all with one provider. Grow your business with Paystone today.
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10
Datagate Telecom Billing
Datagate Innovation
Datagate is a SaaS, telecom billing solution for MSPs that sell UCaaS, VoIP, mobile voice & data services under their own brand. Datagate integrates with popular software systems that MSPs use including ConnectWise Manage, QuickBooks, Xero, Stripe, Authorize.net and others. Suitable for MSPs in USA, Canada, UK, Australia and New Zealand; Datagate & partners handle all telecom tax & compliance requirements.
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11
Fraud.net
fraud.net
Fraud.net delivers the world’s most advanced infrastructure for fraud management – powered by a sophisticated collective intelligence network, world class artificial intelligence, and a modern, cloud-based platform that helps you: * Unify fraud data from any source with a single connection. * Detect fraudulent activity for 99.5%+ transactions in real-time. * Respond to fraudulent transactions with smarter, faster, and more accurate decisions. * Optimize fraud management by uncovering hidden insights in terabytes of data. Fraud.net is a real-time, enterprise-strength fraud prevention and analytics solution organized around its business customers’ needs. Through a single point of command, it unifies and analyzes data from disparate systems and sources, tracks digital identities and behaviors, and then deploys the latest tools and technologies to stamp out fraudulent activity while allowing good transactions to sail through. Contact us today for a free trial.
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12
Tipalti
Tipalti
Tipalti automates the entire payment process, liberating you to focus on making a strategic impact. Cut the manual work and focus on revenue growth and cash flow management instead of back-office financial operations. End-to-end automation provides the infrastructure for long-term success. KPMG-certified FATCA tax compliance, audit trails, and role-based views mitigate risk and ensure compliance. Best-in-class supplier payment experience, with global coverage, rich payment method choice, and unparalleled supplier visibility.
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13
Beanworks
Beanworks
Beanworks empowers accounting teams by automating the entire accounts payable workflow, from purchase to payments. We receive and code your invoices, route them for approval, and sync them into your accounting software. Once invoices have been approved, they automatically match to payments, helping eliminate the risk of duplicates and ensuring your vendors get paid on time. By combining AP data, invoice images and reporting, you gain better visibility into outstanding liabilities across all of your legal entities or locations. Beanworks helps accounting teams: -Increase control over AP -Improve visibility across payables -Eliminate paper & filing cabinets -Improve accountability & easily find invoices -Access and approve invoices from any device Beanworks integrates with industry-leading accounting software including QuickBooks, Intacct, Sage 100, Sage 300, Sage 50 Canada & US, NetSuite, Rent Manager, and more.
Starting Price: Contact Us -
14
ACHWARE
ACHWARE
Our cloud-based AP software automates invoice processing and enhances your existing accounts payable financial software to create a seamless platform that allows your accounts payable department personnel to work from anywhere, remotely or in the office, without purchasing expensive accounting software. ACHWAREâ„¢ provides a secure, simple, and cloud-based AP add-on solution for receiving, tracking, routing, approving, archiving, and paying vendor invoices while integrating with most accounting software systems. Our software provides you with wizards to easily configure the system to work the way you want it to work. Also, our software allows you to connect your financial stakeholders to AP information with a cost effective and flexible solution that is accessible from anywhere and from any device. This software will eliminate manual processes to reduce the number of accounting errors and allowing you to become more productive, reduce costs, and go paperless.
Starting Price: $299 per year -
15
Prodoge
Prodoge
Prodoge is a platform for global business and payments. Anyone with the Prodoge mobile app can get started sending payments, promoting their business, and selling their goods & services in under a minute to anyone in the world. Prodoge helps buyers, sellers, friends, and family connect globally, send money, and grow their business. As a Peer to Peer platform, Prodoge does not act as a bank, charges zero fees to merchants, or people sending money, and settlements are near instant. No fees, no chargebacks, no waiting for your money. Global business is open to everyone. Start selling and sending payments today. Available now for iOS & Android. Supporting Dogecoin, Doge Cash, Verge, Digibyte, Bitcoin, and all major credit & debit cards via Stripe. Features: Mobile Point of Sale Mobile Invoicing & Payments Mobile Transaction Records Embeddable Widget Creator for Accepting Crypto Currency on Websites Profiles for accepting payments and selling your goods & services
Starting Price: Free -
16
Phoenix By AGDATA
AGDATA Australia
AGDATA Australia developed the Phoenix Farm Management products to integrate financial, production and payroll tools for broadacre farming, mixed farming and livestock graziers. Products are available via hosted cloud or directly to the desktop. The core products include cashflow management, farm budgeting, livestock and paddock management, Payroll, crop planning and management, farm mapping and weather recording.
Starting Price: $33.00/per month -
17
RewardPay
Payroc
Rates: 0% credit card processing | 1.25% + $0.25 debit card processing | No contracts or termination fees| A+ BBB Rating. Enjoy zero cost credit card processing with no contracts or termination fees. With RewardPay powered by Payroc, your business can add a credit card fee to the total price that customers pay for a product or service. From total compliance with all major card brands to promoting full price transparency with customers, RewardPay is your solution.
Starting Price: 0% credit card processing -
18
PayPal
PayPal
9 million merchants rely on PayPal to build, run, and grow their business. Get the tools, products, financing, and support you need to help establish or grow your business – from processing payments and building a website to shipping and marketing. We even give you access to business loans* that can provide merchant funding to help you start and drive future growth. Get paid online or in-person. Whether you need online invoicing, a customized checkout for your website, or a card reader for processing on-the-go transactions, we have a solution for your business. Choose from a selection of products and services designed to simplify your day-to-day operations, like tools for tracking payments, printing shipping labels, and so much more. Explore merchant lending options that can provide you with fast access to the money your business needs now, plus a way to offer your customers financing that lets them pay over time, while you get paid upfront.
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19
Google Pay
Google
Google Pay is the fast, simple way to pay online or make contactless payments with your phone. Your payment info is protected with multiple layers of security so you can pay with peace of mind – all the time.
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20
Venmo
Venmo
Pay friends and family with a Venmo account using money you have in Venmo, or link your bank account or debit card quickly. Send money and make purchases at approved merchants. Remember the moments you share with friends. Split dinner, send a birthday gift, or just say hello. Move money from Venmo to your bank account. We use encryption to help protect your account information and monitor your account activity to help identify unauthorized transactions. Pay family and friends with Venmo accounts using a phone number or email. If they don't have a Venmo account, they'll just need to create one. Find friends automatically by syncing your Facebook or phone contacts. When you send money using your Venmo balance, bank account, debit card or prepaid card, we waive fees so it’s free. Our standard 3% fee applies to credit cards. Receiving money and making purchases in other apps is always free.
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21
Amazon Pay
Amazon
Amazon Pay makes it simple for hundreds of millions of customers around the globe to pay for products and services using the information already stored in their Amazon accounts. To make a payment, you can use any of the payment methods in your Amazon account.
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22
Apple Pay
Apple
Apple Pay is easy and works with the Apple devices you use every day. You can make contactless, secure purchases in stores, in apps, and on the web. And you can send and receive money from friends and family right in Messages. Apple Pay is a safer way to pay, and even simpler than using your physical card. Using Apple Pay with your iPhone or Apple Watch is quick and secure. It’s a safer way to pay that helps you avoid touching buttons or exchanging cash. Use Apple Pay on the App Store to buy apps and games, or within apps to pay for a ride, a pizza delivery, or a new pair of sneakers — with just a touch or a glance. You can also use Apple Pay for a subscription to Apple Music, Apple News+, and Apple Arcade. Or for upgraded iCloud storage and other Apple services. When you’re making purchases on the web in Safari on your iPhone, iPad, or Mac, you can use Apple Pay without having to create an account or fill out lengthy forms.
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23
Stripe
Stripe
The new standard in online payments. Stripe is the best software platform for running an internet business. We handle billions of dollars every year for forward-thinking businesses around the world. Stripe builds the most powerful and flexible tools for internet commerce. Whether you’re creating a subscription service, an on-demand marketplace, an e-commerce store, or a crowdfunding platform, Stripe’s meticulously designed APIs and unmatched functionality help you create the best possible product for your users. Millions of the world’s most innovative technology companies are scaling faster and more efficiently by building their businesses on Stripe. We believe that payments is a problem rooted in code, not finance. We obsessively seek out elegant, composable abstractions that enable robust, scalable, flexible integrations. Because we eliminate needless complexity and extraneous details, you can get up and running with Stripe in just a couple of minutes.
Starting Price: 2.9% + 30¢ per successful charge -
24
Payrexx
Payrexx
Payrexx is a Switzerland software company that was founded in 2014, and offers a software title called Payrexx. Payrexx offers training via documentation, live online, and in person sessions. Payrexx offers a free version, and free trial. Payrexx is payment processing software, and includes features such as debit card support, gift card management, online payments, POS transactions, recurring billing, mobile payments, and bitcoin compatible. With regards to system requirements, Payrexx is available as SaaS software. Costs start at $9.00/month/user. Payrexx includes online support, and business hours support. Some alternative products to Payrexx include Cayan, EBizCharge, and Monetra.
Starting Price: $9.00/month/user -
25
Biller Genie
Biller Genie
About Biller Genie Biller Genie is an award-winning, cloud-based accounts receivable automation and e-invoicing solution that automates accounts receivable from bill presentment, follow up, collection, and reconciliation - without changing your current process. Biller Genie integrates directly with your accounting software, so there is no new software to learn and you can keep your existing payments processor. The Genie does all of the heavy lifting for you. Simply hit save and we take over from there - sending out invoices via email or paper mail, following up with reminders on your custom schedule, accepting payments online via credit card, ACH, and Apple Pay, and reconciling payments back into your accounting software. Our average subscriber sees a 40% reduction in overdue invoices, gets paid 15 days faster, and saves 10-20 hours of administrative work per week. Your account can be set up in less than 15 minutes.
Starting Price: $49.95/mo + 0.50% per invoice collected
Payment Processing Software Overview
These days credit cards are the most popular payment method and they are essential to payment operations. Globally, consumers want user-friendly, flexible processes that include use of mobile devices to make payments. Companies reach customers where they live, on their phones, to increase sales and use of services.
Many of these mobile payment software products employ the same processing methods as traditional major credit card companies. Most credit card processing services did not anticipate this trend or the resulting chaos. Consumers are not inclined to navigate a confusing system and don’t appreciate surprise limitations and fees.
Small businesses are severely impacted, particularly start-ups. A lack of knowledge about credit card processing software may lead to making poor and costly decisions. Small business owners need to form reliable, trustworthy partnerships. Fortunately, loyal, professional companies are here to help build your business and prosper.
Understanding Payment Processing Software
The best payment processors offer transparency, owners also appreciate the premium customer services and straightforward fee policies. Companies service enthusiastic “e-tailers” and traditional brick and mortar operators.
Systems are now available for POS (Point of Sale) transactions, one of which is Square Point Of Sale. Another is Helcim, which focuses on subscription services. Premier retailer Sam’s Club has also weighed in.
Do not underestimate the act of accepting credit card payment and actually getting paid. A lot goes into the process, make sure your system can handle any complications. This means being aware of the many steps involved and adept at smoothly handling each phase.
Your software must handle the large number of sales on mobile devices, bridge the gap between services you provide and the payments that increase your bottom line. This review will not quote figures or contract terms as they definitely vary dependent on many factors.
This article guide trusted credit card processors, experts at CardFellow and FreedomPay were consulted. The processing companies were interviewed to enlighten buyers with real life demonstrations and fee information.
The ten software companies include the three listed above (Helcim, Sam’s Club and Square POS) and Flagship Merchant Services, Payline Data, Cayan, Payment Depot, Intuit QuickBooks Payments, CreditCardProcessing.com, and National Bankcard.
Initial Costs and Equipment
Today’s payment facilitators compose a unique group of providers. Credit card companies are the top of the spectrum, they charge a flat fee rate for larger corporations like First Data, Flagship, Vantiv and Global Payments.
Each entity clears credit card payments. Several contracts with individuals and all of them work with intermediaries such as Independent Sales Organizations (ISOs) that are registered with a bank. The majority of services covered in this article are ISOs, examples are Sam’s Club Merchant Services, Cayan, and National Bank Card.
Intuit QuickBooks and Square POS are designated merchant services aggregators. A sub-account is set up within established master merchant accounts.
Business owners are the main users of payment processing software. Generally, they are subject to as many as three sets of fees: credit card company interchange fees, intermediary and processor transaction charges. There are a choice of pricing structures available to businesses based on monthly transactions, total amount of credit card payments and average sale amounts.
For example, the contrast between a store that sells big ticket items and that of a small coffee shop’s revenue demonstrates the need for different systems.
Credit card processing companies have extensive systems in place to handle major cards like Visa, American Express, Discover and MasterCard. They also fully service Android Pay, PayPal and Apple Pay. These are the most recognized mobile and digital payment models, however, new technological developments means the future will include cryptocurrency payment options. Cryptocurrency systems will impact retail and micropayments.
Additionally, more attention will focus on equipment for users who aren’t cloud-based. These include POS system terminals, mobile device credit card and swipe/dip card readers, tablets, and virtual terminals, all designed to accommodate e-commerce.
As previously mentioned, credit card companies determine interchange fees and every processor is charged the same amount. Corporate cards and rewards cards are in another class and pay higher fees.
Chargeback fees are unavoidable and also assessed differently by individual companies. When possibly fraudulent charges appear, processors manually review the payment in question and settle disputes between credit companies and merchants. Processor profit derives from fee markups or minimal transaction costs combined with a subscription fee.
Payment Processing Software Pricing
All service providers don’t initially disclose every additional charge, this is a lucrative component for profit. Cardfellow is a website for quote generation and reviews of credit card processing offerings. Staff there advise businesses to avoid bundled pricing because of the qualified and non-qualified rates that are offered. Confusion often results regarding prices for various transactions and the actual charge may not be clearly articulated.
It is your responsibility to review the merchant agreement carefully. Make sure you check for hidden fees and particularly cancellation fees. In the past, standard contracts.usually covered 3-years and automatically renewed at the end of that period. Currently, the payment processors are adapting new policies. It might be wise to ask for an amendment or a specific waiver in regard to cancellation charges. No one should be blind-sided.
Do diligent research for providers that use wholesale rates, Payment Depot is one to explore. This company charges a monthly subscription and minimal transaction fees. The merchant’s interchange fee is not marked up because this method balances losses.
You can estimate the price using your total number of monthly transactions to decide which is the best plan for your business. This assures that you will not guesstimate too low or two high.
Another factor is the average amount of your sales each month. It’s essential to receive a contract that lists all fee charges. Per this agreement the processors should not be allowed to change fee amounts or institute and collect new fees.
A good business practice is to purchase the payment processing equipment your business will need. In fact, most of the companies discussed in this article directly sell their equipment or maintain agreements with hardware suppliers. Beware of “free equipment” sales talk, the fact is you may sign up for an expensive lease program.
Partnership bundles are a great option, a few hundred dollars will get you started with the basics. The price increases if you want the latest technology such as a POS system that interacts with cloud apps, supply chain and accounting issues.
Support and Compliance in the Payment Card Industry
Reputable providers incorporate the Payment Card Industry Data Security Standard (PCI DSS) for merchants with services. This is not a federal government requirement, the regulations are overseen by a private organization that is self-funded.
Some of the PCI DSS rules are difficult to navigate if your business is a small enterprise and/or fairly new. Processors aren’t really involved in any of the rules, but still may charge compliance fees that start at $20 and may cost up to hundreds of dollars.
This is where a merchant services aggregator like Square Point makes sense. The sub-merchant account model means compliance costs are included in the company’s Merchant Account maintenance.
The processors discussed here mostly offer 24/7 technical support. Ideally you should also have a specific account manager assigned to your business when you sign the contract. Another consideration are firms like ControlScan and TrustWave if you don’t have tech support on site for your payment operations or your provider.
Do a little investigation, place an after-hours call to the processor. This is a way to see how these calls are handled. Is there an annoying wait time or are these calls answered efficiently by knowledgeable staff?
Also verify whether support contact information is clearly visible on the website. A complicated and repetitive phone menu is another red flag. The importance of learning as much as you can about who you are doing business with can not be emphasized enough.
Types of Buyers
If you have a typical business, your customers can shop in store or online, secure in the knowledge that your inventory is the same in both locations. The e-commerce payment process discussed above operates smoothly with most businesses that feature an online component. You will acquire online processing of payments and a system for return items.
Other Types of Businesses that Use Payment Processing Software
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E-Commerce Businesses: Businesses that are fully ecommerce also require payment processing. Online software connects the merchant account to payment collection and transaction processing. In-store POS is not needed to handle credit cards purchases.
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Subscription Economy Businesses: This is a new trend, two examples are Blue Apron and Netflix. Membership and scheduled subscription fees define this business model. Most of these are e-businesses that do not have a physical site. The goal is to cultivate brand recognition and maintain loyal, satisfied consumers.
Purchase Considerations
Retail shops must have POS system software to operate. The programs focus on customer experience, sales, inventory and accounting. For help with implementation, download our POS checklist.
Development of an online business: once the physical store is established and the POS system is in place, focus on your online presence. Align your ecommerce strategy with the POS platform.
Retail technology disruption: Uber, Instacart and Stich Fix all use subscription-based, on-demand service and support business models. These businesses reflect the change in consumer expectations in regard to buying experiences. Each of these companies, and others that use this model are considered disruptive because of game-changing practices that focus on consumer relations, brand loyalty, superior service and personal service.