Best Payment Gateways

This article was originally published on Quick Sprout

Payment gateways are a vital part of sending and receiving money online. They make it easy to perform transactions with the click of a mouse, ensure the safety of your personal information, and make the online payment process accessible to everyone.

When you’re thinking about the best payment gateways, there are many out there, each with unique advantages and limitations. That’s why I’ve combed through them to review the best ones available.

While many people use payment gateways interchangeably with payment processors, they are different, and both are required for online payments. Both of these give the purchaser’s payment information to the issuing bank, connecting the bank with the business’s merchant account. However, a payment gateway securely authorizes a transaction to ensure payment and allows the merchant to use their preferred bank, while a processor does not.

Whether you’re launching an ecommerce store, need to send money to friends, or are starting a mobile food business, there is a payment gateway on this list to suit your business’s needs.

The Top 6 Best Payment Gateways

  • – Best for in-person payments
  • – Best for online payments
  • – Best versatile payment gateway
  • – Best for contactless purchases
  • – Best for SaaS platforms
  • – Best for mobile apps

Read on to learn how each payment gateway compares as well as their best features.

#1 – Square — Best For In-Person Payments

Visit Square

  • Best for in-person transactions
  • Effective accounting features
  • Card readers come free
  • Money management reporting

Sign up today!

Square makes it easy to sell in-person anywhere you go. This can mean selling online, at a pop-up shop, through Instagram and Facebook, over the phone, or even as a contractor on a delivery run. Square is an excellent payment gateway for dynamic businesses that are constantly on the go or sell in more than one place, often in-person.

With Square, you can accept payments remotely with invoices and even organize the payouts for each of your team members as you go. In this way, Square isn’t just a payment gateway. It also acts as your money manager. Through it, you can run loyalty programs, offer gift cards, or keep cards on file for easier and faster checkout.

It takes as little as downloading the app, opening a free account through your tablet or phone, setting up your very own POS system, and you can start receiving payments and start selling automatically.

You can also opt for the Square hardware for in-person sales, which comes free. Because of how easy Square makes it to take in-person payments, I highly recommend them as one of the best payment gateways for dynamic in-person businesses that want to streamline their payment processing system.

Some of Square’s most useful features are:

  • Team management
  • Reporting and analytics
  • Built-in customer relationship management
  • Inventory management

Pricing

The Square app is free to use without any monthly or yearly fees. They only require payment when you actually make a sale, and the processing rate is 2.6% + $0.10 per transaction. They provide a free physical card reader, too.

For growing businesses that currently process more than $250k in card sales and have an average ticket size of over $15, Square can create custom pricing packages. You’ll want to get in contact with their sales team to go the custom package route.

#2 – PayPal — Best For Online Payments

This article was written by Lars Lofgren

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