Payment Software enables businesses to process credit card payments via any POS terminal or any device with an internet connection. Traditional features of Payment Software are payment processing, card authorization, and payment settlement. They are related to Banking System software and POS Terminal. With innovation and digitalization, modern payment software provides more features than just payment processing. Online payment via a merchant’s website to fraud protection, adds value to your business and ultimately increases more sales.
Payment software allows customers to pay securely with its PCI-compliant feature through the merchant’s website and provide a smooth, trustworthy user experience. It gives a feeling of reassurance to the customers when they are adding their payment information into the payment portal. They are designed to managing payments via eCommerce sites and process payments via credit/debit cards, direct debit and manage customers’ data. It integrates with various payment sources and provides customers the convenience of tracking their payments and manage subscription billings.
More than processing payments, they are used to maintain customers’ lists and manage brick-and-mortar customers to process payments at an affordable price. Payment software solutions generally have two main components:
Payment Processor and Payment Gateway
Payment processors and payment gateway work together in a system. If either of the ones goes missing, then the entire system is in troubleshooting. Payment Processor manages the credit card processing by transferring information from the client’s card to the merchant’s bank through the client’s bank account. Similarly, a payment gateway is a virtual terminal of a POS device that connects the merchant’s website and the payment processor. Via virtual terminal, customers can make a payment anytime from any device with an internet connection. The payment gateway also manages and ensures that the payments made by customers are received by the merchant.
There are wide ranges of payment solution software for small and medium sized business available in the market, however, it is important to understand the feature that fits best for your business. We used a simple comparison tool to help merchants find out the best payment software to boost their sales and reduce the risk of fraudulent transactions.
List of Best Payment Solution Software
Payment software is virtual services that provide payment solution to both in-store and online store. Thus, while considering a payment software for small business, merchants need to verify that it fully functions all the features and is secure and reliable. With customer survey and research, we have listed the top 5 payment processing services that provide a complete package of performance, security, and PCI compliance feature.
|Company||Transparent Pricing||Pricing Model||Monthly Fees||Contract Length|
|CloudBanking||Yes||Flat Rate/ Interchange||No||Pay as you go|
|WePay||No||Flat Rate||No||Pay as you go|
|Stripe||Yes||Flat Rate||Yes||Pay as you go|
|Due||No||Flat Rate||Yes||Month to Month|
|Square||Yes||Flat Rate||No||Pay as you go|
CloudBanking payment gateway processing offers all the solutions and ties the payment processor with a payment gateway. With a flat pricing model and no subscription charges, CloudBanking doesn’t have any lock-in contract and provides the widest selection of payment solutions, which makes it a trusted end-to-end cash flow solution provider. It offers a seamless experience to both merchants and customers and processes payment at low rates. With the features of accounting integration, recurring billing, hosted checkout, and fraud production, a merchant, even without prior experience, can set up automatic email, and billing reminder, track accounts receivables.
With a similar pricing model, WePay provides a payment solution to reduce friction, minimize risk and compliance from behind the scenes. It can easily integrate into the merchant’s website and customize online forms- checkout forms, confirmation emails, and credit card statements. It offers an on-the-go payment service for a complete and seamless user experience.
Stripe accept payments and allow global transaction with its API and software solution. Offering monthly subscription fees adds to your customers’ preferred option of payment. It is designed for each small, medium or large size and provides the merchant a full website payment page. Its developer toolkit provides merchants an option to customize checkout and online invoices. This platform enables merchant’s website to store their customers card details so that old customers can process payment with just a click.
Due is another payment processor that offers all the features with month-to-month contract length. Unlike CloudBanking and Stripe, it provides services for people like you and me. It guides us in preparing our retirement planning and saving planning. It comes with time tracking, forecasting, and invoicing tools including database management.
Square provides payment options to small businesses and enterprises and makes the card-accepting process fast, painless, and secure with no added fee or long-term contract. It provides additional features including issuing receipts and invoices, tracking inventory, view sales reports, and managing timesheets.
Features of Payment Software
Each payment software had a unique characteristic that adds value proposition to the payment service. The features of Payment software are:
- It provides an all-in-one payment solution with a responsive API.
- Accepts Cashless payment anytime and anywhere via any device with an internet connection.
- Provides payment solution for businesses taking payment via credit, debit, and direct debit with no added cost.
- Provides accounting software integration with Xero, MYOB, and QuickBooks
- Proves more functions than payment processing, such as keeping a track record of customers’ data, Project Management, and customized online invoicing options.
- Allows Merchant to accept all kinds of payments on any device including desktop and smartphone.
- Feature a customizable or pre-built checkout form. The dashboard system can also save card details so returning customers can pay with just a click.
- No extra fees charged for account setup and cancellation.
Payment Software helps connect merchant websites to a bank or merchant account to process online payments and transfer sensitive credit card information securely. It is a challenging task for any merchant to run a business without access to payment processing software. From Multi-National companies to Startups, every kind of businesses requires payment software that provides a basic feature of payment gateway, including processing debit/credit cards, cashless payment, processing eChecks, and direct debit, providing secure payment, third party integrations, and PCI Compliance.
However, payment gateway services are helping firms to comply with new measures and leverage the power of payment to maximize functionality and integrations.
Ashley Halcomb is a researcher and a freelance content writer for CloudBanking and Switchconnect. She is an ongoing learner and always curious to learn new things. She uses that curiosity, combined with her experience as a freelance, to write about subjects valuable to merchants on the CloudBanking and Switchconnect blog.