Have you ever ditched a purchase because you got last-minute nerves when you reached the checkout?
It happens to us all, and it’s often subtle-an unfamiliar payment option or clunky data forms-but costly. Losing a potential customer at that late stage, after spending time and effort on marketing to attract them, is not ideal.
That’s why your payment platform matters. To help you decide what solution is right for your business, we’ve compiled this list of the top payment platforms for small businesses in 2024.
Stripe
Stripe began as a payment platform for small businesses. Since then, it has expanded to support businesses of all sizes, including cutting-edge tech companies.
Stripe boasts a robust API and suite of tools that make it a powerful payment platform.
It’s easy to integrate Stripe with websites and mobile applications. It can support various payment methods. That includes credit cards, digital wallets, and, more recently, cryptocurrencies.
Stripe is also well-adapted to global payments. It offers different currencies, making it popular with businesses that want to sell overseas.
For companies offering subscription-based models, Stripe has that functionality built into its system. It is flexible enough to set the terms, amounts, and frequency of automated payments.
Security is paramount in any payment system. With Stripe, you get the standard fraud prevention and compliance options you’d expect from a leading platform.
PayPal
PayPal is arguably the best-known name of all online payment solutions. It has a reputation as a secure and trusted platform for businesses of all sizes.
PayPal has an easy setup. That makes it appealing to small business owners who want something fast and straightforward for their business. It is also popular with companies that have a global customer base.
PayPal has an extensive worldwide network and is, therefore, a well-known international brand. It accepts payments in over 100 currencies.
PayPal is also useful for service businesses through its simple invoicing feature. It allows you to set up and send an invoice to a customer in a few clicks.
Like Stripe, it also has a recurring payment option, which means it can be used if your business has a subscription-based model.
Shopify Payments
Shopify has emerged as a leading eCommerce platform. It’s popular with small businesses and increasingly adopted by larger online stores. It makes sense that they would expand their offering by including their branded payment platform, Shopify Payments.
Shopify Payments integrates with a merchant’s Shopify store, which means you can set everything up in one place. The payment platform includes a seamless checkout process.
Like similar platforms, Shopify accepts many payment methods. That includes credit cards and digital wallets. They even offer a PoS option, which is ideal for those who run a bricks and mortar store.
The Shopify dashboard allows you to process refunds and payments from one place and get a financial overview of your business. It’s also highly secure, adhering to world-class standards like PCI.
Venmo for Business
Venmo is best known for its peer-to-peer payment network, which is popular throughout the US. Venmo for Business has extended this model to the corporate world.
They have created a solution for startups with a tech-savvy customer base. It allows their audience to make purchases through their existing Venmo account. That is ideal for attracting new customers since it has strong brand recognition.
As one of the more cutting-edge models, Venmo also has other exciting features, like its social interaction. Customers can share purchases on the Venmo feed as social proof. So, it offers potential free advertising for businesses.
The platform also offers useful reports of past transactions for customers and reports for business owners, providing a feature-rich integrated solution that’s perfect for the modern digital world.
Square
Square has been a popular payment solution for businesses with a physical store. It’s easy and offers an all-in-one solution for online and face-to-face payments.
The comprehensive payment options include credit cards, gift cards, and mobile payments.
Businesses can also use many helpful reporting functionalities. That includes sales and inventory management and employee information. So, it’s a solution that expands beyond payments and into operational management.
It also has an attractive flat-rate pricing model, which makes it easy for growing businesses to manage.
Square integrates with a number of eCommerce platforms. Nevertheless, it has its own eCommerce setup, so you can choose to keep everything in one place. Like similar platforms, Square offers involving and recurring (subscription) payments.
Trinity Payments
Trinity Payments is dedicated to making the entire payment process more efficient. This platform has custom-tailored solutions for businesses that help create a more seamless integration.
It works with most major shopping cart systems without requiring a complex integration setup and offers in-app and digital wallet solutions.
The cutting-edge technology available through Trinity reduces processing times and meets the needs of modern digital clientele.
From a business perspective, the platform offers enhanced reporting, helping to turn transaction information into meaningful data. It also has management capability for disputes and chargebacks.
The platform offers state-of-the-art security, industry-standard PCI compliance, and fraud detection solutions.
QuickBooks Payments
Quickbooks payment is a popular platform for small and medium-sized businesses. If you recognize the name, it’s because this brand is more well-known for its Quickbooks accounting software, and the payment platform integrates with that.
It is easy to use and ideal for companies that want all their financial information in one place. It’s also highly secure.
Quickbooks Payments supports credit cards, invoices, and ACH transfers. It also provides valuable real-time reporting on payments, which is crucial to businesses that need to manage their cash flow carefully.
Quickbooks payment processing services also include payroll. This means companies can handle all their employee payments from the same system, which also provides essential financial reporting capability.
Payment Platforms for Small Businesses
Don’t let a beautifully constructed eCommerce site fall at the last hurdle with an outdated payment system. Many top payment platforms for small businesses are easy to set up and offer comprehensive solutions.
Start that search for the best payment gateways today by delving deeper into Trinity Payments’ features. Our experienced team and customization options offer the perfect payment setup without compromise. Find out more on our solutions page.