Top 7 Payment Processing Services for 2023

With more and more businesses offering their services online, payment processing is now taking centerstage. Creating a secure and smooth payment pipeline is becoming increasingly important, with users expecting more in-app freedom with the ability to purchase or upgrade their accounts with just a few clicks. Let’s check out the best payment processing services you can find today.

What is Payment Processing?

Payment processing is essentially the mediation process that takes place between online businesses, financial institutions (banks), and customers. This transaction processing is a key part of any SaaS or online business, something that helps synchronize various kinds of credit card or digital wallet transactions, ensuring that all sides involved are getting their fair share of the deal.

Not only is the data validated in real time to prevent fraud, it’s also made available to all parties for maximum transparency. With online transactions expected to cross the USD 5 trillion mark by 2023, payment processing services have taken center stage.

Top 7 Payment Processing Services

Without further ado, let’s dive into the list.

1. Stripe

Stripe is one of the most widely used payment solutions in the world. This vendor now offers turnkey solutions for multiple sectors, including SaaS businesses that are looking to manage their subscriptions and billings with advanced features like embeddable checkouts, customization UI features, and comprehensive reporting capabilities.

Another strong selling point for this payment gateway is that it has been around for since 2010. Fraud detection is strong, and so are the integrations. You basically get an open API that can blend seamlessly into your business ecosystem and use case. More and more SaaS giants are now implementing Stripe integrations – Asana, Zoom, Atlassian, Figma, and Notion are just a few of them.

Payment Support: VISA, Mastercard, American Express, Diners, Discover, Apple Pay, Google Pay, and Microsoft Pay with support for over 135 currencies
Pricing: 2.9% + 30¢ per successful card charge
Pros: Great reputation, proven track record, documentation, dispute handling
Cons: Installation and integration can be overwhelming in some cases

2. Square

Square was launched around the same time as Stripe, but has taken a different path. It’s more retailer-friendly, with multiple use case solutions for hybrid setups. But it can also be a great option for startups due to its hassle-free setup and minimal maintenance requirements. Although the company will probably need to move on once expanding, Square is getting the job done for multiple companies today.

Payment Support: VISA, Mastercard, American Express, UCB, Discover, UnionPay, HSA Cards, FSA Cards, EDD Cards, US Government and Military Cards
Pricing: 2.9% + 30¢ per successful transaction with credit cards
Pros: Extremely mobile-friendly, Good fraud detection
Cons: Not the best for growing companies, iffy customer support

3. Braintree Payments (PayPal)

When you are powered by PayPal, you should be able to offer a comprehensive payment processing platform. Braintree does exactly that, without any hidden fees or complicated usage requirements. Not only is this solution compatible with the traditional payment methods and credit cards, but it also works seamlessly with PayPal, Venmo (US only), and ACH Direct Debit. A truly versatile platform. 

Payment Support: Visa, Mastercard, Discover, JCB, UnionPay, Diners, American Express, Apple Pay, Google Pay, Samsung Pay, and digital wallets. 
Pricing: 2.59% + $.49 per transaction, Venmo is 3.49% + $.49 per transaction
Pros: Best in industry payment options, Good scaling option for SMBs
Cons: Can become pricey, better for high-revenue businesses

4. Dwolla

Dwolla is a popular option today, thanks to its developer-friendly features, excellent documentation, and requirement-based personalization capabilities. ACH functions are streamlined, integration is fast, and bank transfers are also expedited. This US-only solution allows banks to process transfers instantly within a single business day. Unfortunately, this isn’t the best option for mainstream use cases.

Payment Support: Doesn’t work with credit cards. ACH payments only with support for all US credit unions and banks
Pricing: Pay-as-you-go plan is 0.5% per transfer (minimum 5 cents, maximum $5), Other plans start at $250 a month
Pros: Easy to use, ACH transaction support, Cheap, Secure
Cons: US only, limited scope, lacks some advanced features

5. Chargify (now Maxio)

Chargify is a strong payment processing service that’s being adopted across multiple continents. Its value proposition revolves around quick customizability and a blazing fast experience for all sides involved. Sending customer invoices via multiple communication channels (emails and SMSs) is also easy and can be done with just a few clicks. Recurring payments can also be automated.

This payment processing solution also comes with a user-friendly interface that’s easy to master with minimal onboarding required. Visibility is taken care of with a centralized and detailed dashboard that’s very easy to monitor.

Payment Support: VISA, Mastercard, Maestro, American Express, Diners, Discover, UnionPay, and JCB with support for over 135 currencies
Pricing: Essential Plan is $599/month upto $75K/month revenue with 1% of revenue on overages; Customizable plans also available
Pros: Ease-of-use, customer-friendly, seamless invoicing, good integrations
Cons: Currency conversions limitations will put off global corporations

6. Billtrust

Billtrust is a great option for startups and SMBs that are looking for capable Stripe alternatives for handling their payment processes. With multiple channels and options on offer, Billtrust delivers added flexibility for multiple B2B use cases. There are no processing costs when it comes to accepting credit cards, with transaction fees also significantly lower that what you’ll pay with Stripe and other options.

Payment Support: ACH payments, VISA, Mastercard, Maestro, American Express, Diners, and Discover
Pricing: 1.8% and 2.5% of the total value of the transaction on credit card payments
Pros: Flexibility, compatibility, good pricing
Cons: Invoicing needs work, outdated user interface

7. Adyen

Adyen is another popular payment processing solution that is making a huge impact across the globe. Adyen has customers across five continents, due to its attractive pricing and compatibility with currencies, not to mention alternative payments. This makes it a great option for SMBs looking to enter multiple markets at once with minimal fuss and less reliance on third parties. 

While the processing fees are low, note that Adyen charges $120 on a monthly basis if your business is not generating a minimum of 1000 transactions. Take this into consideration if you are a young startup.

Payment Support: VISA, Mastercard, Maestro, American Express, JCB, Diners, Discover, MoMo, Oney, iDEAL, GoPay, Gcash, Apple Pay, Google Pay, and more
Pricing: Processing fee €0.10 + Payment method fee
Pros: Dev-friendly, good integration capabilities, strong fraud prevention
Cons: Pretty basic interface, limited invoicing options

Frontegg: Simplifying SaaS Billing Globally 

Having a capable payment processing solution is great, but it needs to blend in with your user management. The SaaS space is becoming increasingly dynamic, with changing stakeholders, new relationships within the accounts, and frequent pricing plan changes. Frontegg helps create the perfect sync between users, subscriptions, and billing for your app from one centralized dashboard.

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