money

Today’s post comes from Webs’ Lead Analyst, Alex Mitchell.

In today’s tech-enabled world, there are hundreds of startups and established companies trying to simplify the way businesses collect money Online and Offline from customers.

In the blog, we’ve talked about specific Online payment solutions and tools for business owners with something to sell, but we believe it’s time for a definitive top 5 list of the best Online and Offline payment solutions.

Before we dive in, it’s worth noting that solutions on this list may be better or worse options for your particular business based on your product, sales volume, or number of employees/locations.

Top 5 eCommerce (Online) Payment Solutions

1. Paypal
Fee: 2.9% + $.30/txn
Key Features:
- Most widely used payment processor (over $100B in transactions annually
- Ensure that your customers will be comfortable as possible with paying on your site

2. Dwolla
Fee: Free under $10 or $.25/txn over $10
Key Features:
- Most widely used payment processor (over $100B in transactions annually)
- Easy to add a checkout gateway to your website or a “Pay with Dwolla” Button

3. Authorize.Net
Fee: $20/month + $.10/transaction
Key Features:
- Great option for medium to large e-Commerce sites
- Includes Fraud Prevention, Subscription Billing, and e-Check processing features

4. Amazon Payments
Fee: 2.9% + $.30/txn
Key Features:
- Amazon sells over $100B in products each year so it’s likely your customers already have a login there and are comfortable with the brand

5. Intuit Payments
Fee: $0/month + 2.4% + $.25/txn Or $20/month + 1.75% + $.25/txn
Key Features:
- If you’re already a fan of Quickbooks or Mint, you may want to consider Intuit’s payment processor which links easily with these tools
- Intuit also offers 100 small business apps that can be easily plugged into payments

Top 5 Offline/Mobile Payment Solutions

1. Square
Fee: 2.75%
Key Features:
- Once a newcomer to the payments space, Square is now the leader in “offline” payment
- A simple user interface that is compatible with almost all smartphones and tablets make Square our favorite

2. Paypal Here
Fee: 2.7%
Key Features:
- If you plan on using Paypal as an online solution, their new offline solution, Here, is an easy way to manage all of your payments in one place

3. Leaf
Fee: $50/month
Key Features:
- Great option for medium to large and primarily Offline businesses
- An easy way to create and customize a Point of Sale (POS) for your business

4. PayAnywhere
Fee: 2.69%
Key Features:
- Similar features to the market leader Square
- $10 rebate for your first transaction

5. Intuit GoPayment
Fee: 2.75%
Key Features:
- Similar to Paypal Here, if you’re already a user of Intuit, keep life simple and use their competent mobile payment processor GoPayment

What Payment Solution is Right for Me/My Business?

As I mentioned at the beginning of the article, your product, sales volume, number of employees, or number of locations will help you identify what Online and/or Offline payment solution is right for your business.

How do you collect Online and Offline payments from your customers? Please share any services that we may have missed!

About the Author: Alex Mitchell is the Lead Analyst for the Webs Marketing team. Find more from Alex on Google+.

One Response

  1. Reply
    M. Reali
    Mar 12, 2014 - 11:29 PM

    Great tips!

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