Best Payment Processing Software in 2024

Best payment processing software are MinDBODY, Sage Payment Solutions, Zoho Checkout, Braintree, and Wild Apricot. These online payment processing software solutions provide businesses with the means to process multiple business-to-business (B2B) payments.

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List of 20 Best Payment Processing Software

Showing 1 - 10 of 205 products

Category Champions | 2024

Cloud Accounting Software Making Billing Painless

Product Description

This information is provided by vendor.

FreshBooks is one of the best payment processing software that automates billing processes for small businesses and freelancers. FreshBooks handles billing by generating automated invoices, accepting online payments (ACH and credit card), and sending late payment reminders to accelerate cash flow. FreshBooks also allows users to automate recurring payments with auto-bills and quickly deposit payments into their bank accounts. Learn more about FreshBooks

Contenders | 2024

Product Description

Veem is one of the best payment processing tools that enable domestic and international digital payments. Unlike wire transfers, Veem provides free local and cross-border payments. Veem simplifies business financials for invoicing companies of any size. Veem avoids bank fees, streamlining payments and benefiting businesses and global customers. Veem provides an alternative to free payment solutions, modernizing international funds transfers and remittances. Learn more about Veem

Category Champions | 2024

Product Description

Amazon Pay is an online payment processing software. It simplifies purchases for hundreds of millions of Amazon account holders, benefiting businesses of any size, type, or audience. With a seamless checkout experience that requires fewer clicks, businesses of all sizes can benefit from the trust and recognition of the Amazon brand and tap into its vast customer base. Learn more about Amazon Pay

Most Reviewed

Software by GoCardless

Product Description

GoCardless is an online payment processing software that enables businesses to manage recurring, instant, and international payments easily. Its key features include real-time confirmations, financial fraud protection, and a customizable checkout experience. Learn more about GoCardless

Everything you Need to Run Your Business

Product Description

This information is provided by vendor.

Thryv is a comprehensive business management solution that assists small businesses with vital operations. This payment solutions software provides a range of features, including appointment scheduling, billing and invoicing, contact management, and marketing automation. With Thryv's integrated CRM system, social media management, automated reminders, and reputation management, business owners can improve their online presence and customer relationships. Learn more about Thryv

Software by PayPal, Inc

Product Description

Venmo is one of the leading payment processing software companies & mobile-based digital payment that enables users to transfer money and make payments easily. Businesses can leverage the platform's social sharing features to generate brand exposure and appeal to a mobile-first audience. Venmo facilitates payments by directly linking debit cards or bank accounts and stored account balances. Learn more about Venmo

Contenders | 2024

Free Accounts Payable software for US businesses

Product Description

This information is provided by vendor.

Melio is an excellent payment processing tool designed to aid small businesses in managing online payments using bank transfers, credit, or debit cards. It offers payment scheduling, automated data synchronization, invoicing, payment reminders, and more. Melio allows employees to manually enter vendor or billing details and upload relevant documents on a unified platform. Learn more about Melio

Category Champions | 2024

Product Description

PayPal is a top-rated payment solutions software and POS system for 2023, with a broad range of features and excellent name recognition. PayPal is ideal for e-commerce businesses as it is widely recognized and can increase customer confidence. PayPal offers a range of services that can confuse new business owners but allows them to accept payments on their website or e-commerce store. Learn more about Paypal

Contenders | 2024

Scalable subscription billing software

Product Description

This information is provided by vendor.

Zoho Subscriptions is a cloud-based payment solutions software designed for SMBs in various industries. Key features include customizable and automated invoicing, subscription management, and payment tracking. Users can also generate custom reports for subscription analysis and tax summaries and automate billing and notifications related to invoices, payments, and subscriptions. Predefined templates can be used for sending these notifications via email. Learn more about Zoho Billing

Emergents | 2024

Product Description

Square Point of Sale is the best payment software for iOS and Android devices. It provides various features such as online payment processing, inventory tracking, sales reporting, and more. Square also offers card readers, including magstripe, chip, and contactless. Its virtual terminal feature enables merchants to accept payments through their computers. Learn more about Square POS System

  payment processing software guide

What Is Payment Processing Software?

Payment processing software facilitates the transfer of funds from one party to another. It allows you to accept payments via a credit card, debit card, e-check, and other digital payment methods.

The software also offers automated reconciliation and real-time analytics features to help you track your customer and financial data. Plus, you can enjoy the benefits of subscription management tools for recurring billing services or integrated marketing tools for content campaigns. Moreover, the integration of payment processing tools with financial management software lets automating the whole financial system of your business.

Benefits of Using Payment Processing Software

Payment solutions software has been around for decades and is used by businesses of all sizes. Here are some of the benefits of using the software. 

benefits of payment processing software

  1. Security

    Payment processing tools use encryption technology to encrypt sensitive customer data during the online transaction process. They also employ several layers of authentication, such as biometric authentication or PIN codes, to confirm a customer’s identity before allowing them to complete their purchase. 

  2. Flexibility

    The software allows you to set up different payment methods tailored to your needs. You can also enable customers to pay with various currencies or even cryptocurrencies like Bitcoin. With these features, you can expand your customer base beyond your local market and accept payments from all over the world.  

  3. Increased Efficiency

    Online payment processing software makes it easy to manage banking information, streamline customer payment options, and design customized invoices that can be processed online. With the software, you can create automated payment options for customers and track customer spending habits in real-time, thus increasing efficiency.  

  4. Scalability

    The system allows you to increase the number of online transactions you can handle without investing in additional hardware or personnel. If demand falls off, you can also reduce your setup without spending money on unneeded resources. .

  5. Cost Savings

    By automating payments, you can reduce manual labor costs. You also don’t have to worry about purchasing additional software since most payment processing software companies offer a cloud-based system. 

    What’s more, these solutions often offer discounts on transaction fees, which helps you cut down on overhead costs and maximize profits. 

  6. Record Keeping

    When you use the best payment processing software, you can maintain updated records of your expenses and revenue. The software also generates reports to give you insights into your expenditure trends. With these functions, you’ll be able to create more accurate budgets on where you need to invest or cut costs. 

Users of Payment Processing Software

Payment processing software is used by a wide range of user profiles, from small business organizations to large international corporations.

  1. eCommerce Businesses

    Payment processing is perfect for the eCommerce business. Not only does it speed up the purchase process but also helps ensure customer security. The software encrypts customer data and simplifies the checkout process by allowing customers to make direct payments without entering any extra information or forms.  

  2. B2B Businesses

    Business-to-business (B2B) companies are turning to payment processing solutions because they simplify billing and invoicing processes. With the software, you can automatically notify customers when payment is due, issue receipts, and generate invoices through a drag-and-drop function.    

  3. Healthcare Providers

    Healthcare providers benefit from the use of payment processing software in many ways. It automates patient billing and collections by allowing users to accept credit cards, e-checks, and other forms of payment. 

    The software also allows patients to make payments online or through an automated phone system without waiting in line or filling out paperwork.

  4. Educational Institutions

    The best payment software program allows educational institutions to securely accept payments for tuition, fees, or other related expenses. These tools typically feature an automated interface that simplifies the process of collecting payments from students and ensures accuracy when it comes to deposits into the institution's bank account. .

  5. Nonprofits

    With payment processing software, nonprofit organizations can generate detailed reports on donors and expenses. They can use these reports as evidence when filing taxes or other documents. Additionally, the software comes with fraud detection features, which help protect donors’ information from becoming compromised by malicious actors. 

What Are The Features of Payment Processing Software?

Payment processing systems provide various features that help you streamline your entire payment process.

features of payment processing software

  1. POS Integration

    Allows you to accept payments through physical and virtual point of sale (POS) systems, such as a mobile device and traditional credit card terminal. It also eliminates the need for multiple merchant accounts since all online transactions are processed through one account.  

  2. Card Readers

    Enables customers to pay for goods or services with their debit card, credit card, or mobile wallet. The card reader feature can also detect when a customer’s device is placed within proximity. 

    Once detected, the device can securely transmit data between two points without physically swiping the card—making it easier for customers to pay in-store.

  3. E-signatures

    Allows you and your customers to sign documents without posting or emailing them. This process also ensures all documents are legally binding by verifying the identity of both parties involved in the transaction. This can be done by using digital certificates or other authentication technologies, such as biometrics, passwords, or PINs.

  4. Encryption

    Works by transforming plain text data into an unreadable code before sending it over the internet. The encrypted information can only be decoded using a special key or password known only to the sender and receiver of the transaction. 

    With this feature, you can ensure that third parties are unable to access any sensitive information involved in the payment process.

  5. Multiple Payment Methods

    Allows you to provide several payment options, such as credit cards, debit cards, Paypal, and Apple Pay. This makes it easy for customers to make purchases without using cash or checks, thus increasing customer satisfaction.

  6. Reports and Analytics

    With this feature, you can determine how much money you’re making from sales, track the progress of transactions, identify potential problems before they become costly blunders, and get a better understanding of your customers’ spending habits. You can also access transaction histories and monthly spending reports.  

  7. Billing and Invoicing Automation

    Allows you to customize billing cycles. For example, you can set up recurring billing payments so customers can make one-time payments online. You may also schedule automatic reminders for customers who have overdue balances.    

  8. Multi-Currency Support

    This feature provides a simple way to offer international customers more convenient payment methods and reduce frustration when dealing with complex payment processes across different countries. You can also ensure you’re receiving the full amount owed without worrying about changes in exchange rates affecting your profits.

  9. eCommerce Integration

    Simplifies the entire checkout process by synchronizing customer and payment information from your website into your payment processor’s system. With this feature, customers can complete their purchases using saved payment methods. 

    The integration also helps reduce fraud by enabling third-party authentication services like Verified by Visa or MasterCard SecureCode to double-check customer identities before approving payments.

  10. Alerts and Reminders

    Allows you to easily receive notifications about any payments due or overdue and any upcoming bills or services that require payment. You can also automate your alerts each time a new invoice is generated or received. 

Considerations In Selecting A Payment Processing Software

When considering what payment processing software to choose, there are a few key things you should take into account.

consideration in select a payment processing software

  1. User Interface (UI)

    The user interface should be intuitive and straightforward so customers feel confident when entering their details on the checkout page. It should also have a good design with clearly-labeled menus and buttons and an organized layout that makes navigation simple.   

  2. Ease of Use

    A good payment processor will have a streamlined system that allows customers to make contactless payments without any complications. As a merchant, you should also be able to reconcile payments with minimal effort.

  3. Cost

    When calculating costs for payment processing software, you should compare features and the monthly subscription fee from different providers. You should also read through any contracts carefully before signing anything. Plus, be sure to look at the transaction fees or any hidden charges.  

  4. Customer Support

    Excellent customer support will ensure that customers can access help in case there are any issues with their payments or transactions. It also helps build trust between the customers and your business, enhancing the overall consumer experience. 

  5. Integrations

    An online payment processing system should be able to integrate with other solutions like accounting software, shopping carts, and customer management tools. With this ability, you won’t have to switch to another merchant account provider if you need additional features down the line.

  6. Value for Money

    When evaluating value for money, look at what types of payments can be processed. You also need to make sure that any chosen system will be compatible with your existing technology. Most importantly, calculate how much it will cost in terms of setup fees, monthly fees, and transaction fees.  

  7. Compliance with Regulations

    Your software must be compliant with PCI, DSS or GDPR. You should be able to protect customer information and adhere to best-practice security protocols when you process payments. Additionally, you must ensure you’re familiar with any local, regional, or global rules that may apply to your business operations. 

Top 5 Payment Processing Software with Pricing, Pros & Cons

Name
Free Trial
Demo
Pricing
Visit

Amazon Pay

Yes

No

Transaction Based

Learn More

PayPal

Yes

No Transaction Based

Learn More

GoCardless

Yes

No

1% on Transaction

Learn More

Stripe

Yes

No

1% on Transaction

Learn More

Square

Yes

No

Custom Pricing Packages

Learn More

There are many payment processing software options available in today's market. However, not all of them offer the same level of features and services that meet the needs of every business.

Here are some of the best payment software solutions that you need to know about.

  1. Amazon Pay: Best for High-Growth eCommerce Companies
  2. PayPal: Best for Startups and Freelancers
  3. GoCardless: Best for Accounting and Marketing Professionals
  4. Stripe: Best for Online Retail Stores
  5. Square: Best for Small Business Organizations

1. Amazon Pay

Amazon Pay is the best payment processing software for high-growth eCommerce businesses. It offers advanced fraud protection technology. And it provides exclusive discounts and promotions for users. 

Key Features

  • Debit card payments and credit card processing
  • Global payments
  • Payment fraud prevention
  • Online and mobile payment gateways

Pros

  • Fast transaction speed
  • Doesn’t have any extra processing fee
  • Cash back reward on every payment

Cons

  • Limited Amazon Pay wallet features
  • It can’t be used as a standalone app—you need to access it via the Amazon app

Pricing

  • Amazon Pay’s pricing is transaction-based.

2. PayPal

PayPal is the most popular online payment platform for startups and freelancers. You can use it to pay bills, shop online, or transfer funds on the go. The software also allows the linking of multiple bank accounts and credit cards. Plus, it has fraud detection tools to keep users’ personal information safe at all times. 

Key Features

  • Access control/permissions
  • Anomaly detection and machine learning models
  • Customizable invoices
  • Marketing reports and promotions management

Pros

  • Gives a gift reward to every user
  • Ease in depositing and withdrawing money either on the web or app
  • Easy integration with other websites

Cons

  • IPN and API are sometimes unstable
  • Transaction fees can be so high

Pricing

  • PayPal’s pricing is charged per transaction. A free plan is available. 

3. GoCardless

GoCardless is the most reliable and best payment processing software for financial institutions and marketing professionals. It automates your recurring payment processes. It has direct debit capabilities in multiple countries and currencies. And the platform comes with a user-friendly dashboard. 

Key Features

  • Electronic and online payments
  • Recurring/subscription billing and status tracking
  • Multi-currency
  • Accounting integration

Pros

  • Simple interface with good integrations
  • Allows for manually keyed transactions
  • Competitive rates compared to other providers

Cons

  • Doesn’t integrate with Xero well
  • Customer service operates on a European business day

Pricing

  • GoCardless offers free and two paid monthly subscription fees—Standard ($60/month) and Pro ($238/month).
  • A free trial is available. 

4. Stripe

Stripe is the most popular payment gateway for online retail businesses. It’s easy to use. It allows you to accept payments from multiple sources. And the software is also easy to integrate with your existing systems. 

Key Features

  • Cryptocurrency processing
  • Partial payments
  • Point of Sale (POS) software
  • Self Service Portal

Pros

  • Safely stores customer information
  • An impressive wallet that allows users to store and exchange money or cryptography
  • Works with any other payment collector for online businesses

Cons

  • Fees for same-country payments are too high
  • Could be very costly if you’re in a business with a high dispute rate

Pricing

  • Starts at $0.30 per successful card charge

5. Square

Square is the best payment processing system for small business owners. It has a user-friendly interface. Its pricing model has no hidden fees or long-term contracts. And the system enables you to track sales data and create invoices with ease. 

Key Features

  • Electronic signature
  • Gift card management
  • ACH payment processing and in person payments
  • Mobile card reader

Pros

  • Simple yet meaningful reporting capabilities
  • Saves your preferences, easy backup
  • Easy to integrate into your website or appointment bookings

Cons

  • The card reader functionality doesn’t work well sometimes

Pricing

  • Square's pricing varies. Contact their team for custom pricing packages.
  • A free plan is available. 

Trends Related to Payment Processing Software

As technology advances, so do the trends related to payment processing software.

trends related to payment processing software

  1. Cryptocurrency

    The user interface should be intuitive and straightforward so customers feel confident when entering their details on the checkout page. It should also have a good design with clearly-labeled menus and buttons and an organized layout that makes navigation simple.   

  2. Mobile Payments

    A good payment processor will have a streamlined system that allows customers to make contactless payments without any complications. As a merchant, you should also be able to reconcile payments with minimal effort.

  3. Digital Wallets

    When calculating costs for payment processing software, you should compare features and the monthly subscription fee from different providers. You should also read through any contracts carefully before signing anything. Plus, be sure to look at the transaction fees or any hidden charges.  

  4. Shift toward Subscription-Based Models

    Excellent customer support will ensure that customers can access help in case there are any issues with their payments or transactions. It also helps build trust between the customers and your business, enhancing the overall consumer experience. 

  5. Enhanced Security

    An online payment processing system should be able to integrate with other solutions like accounting software, shopping carts, and customer management tools. With this ability, you won’t have to switch to another merchant account provider if you need additional features down the line.

Integration of Payment Processing Software

By integrating payment processing systems with other business-related solutions, you can ensure your customers’ payments are securely processed while improving your overall efficiency.

  1. eCommerce Platform

    With an eCommerce platform integration, you can quickly receive and process payments from customers within a few minutes. You can also offer multiple payment options, such as PayPal, Apple Pay, and Google Pay.    

  2. Payment Gateways

    This provides a secure connection between merchants and customers, allowing for easy acceptance of online payments. With integrated payment gateways, you can also automate the entire process, from customer checkout to invoicing and reconciliation. 

  3. Payment Analytics

    Integrating payment analytics helps you evaluate customer purchase patterns and understand which payment methods are the most effective at driving revenue. With this information, you can adjust your pricing strategies and marketing campaigns.  

  4. POS Systems

    The integration of POS systems enables you to manage sales transactions, track customer purchases, and store information about promotions or loyalty programs. It also allows you to create customized receipts that contain important information, such as product descriptions, prices, and discounts applied at checkout.

Pricing for Payment Processing Software

Payment solutions can be priced in several different ways. Some solutions offer pay-as-you-go models with no long-term contracts or minimum fees required. Meanwhile, others may include a one-time setup fee plus a flat rate pricing structure or per transaction fee. 

Depending on the merchant account provider and product, additional fees, such as PCI compliance fees and merchant account setup costs, might also apply.

Conclusion

Selecting the best payment processing software for your business can be a tricky decision. There’s a range of options to choose from, so you should do your research and find the one that works best for you. 

Our buyer’s guide has laid out the key features and considerations when making this choice. Now that you know what to look for, it’s time to start comparing different software packages and make an informed decision. 

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Nikunj Dudhat
By Nikunj Dudhat | Last Updated: May 20, 2024