Having a good online payment system is important, the top 10 online payment systems below will make finding anonline payment much easier. Some companies on our list have been well known for years, but are now venturing into different areas, including in-store card readers and social commerce payment systems.
Overview of Online Payment System Features
Prior to diving into the list, the following are some features of online payment systems that you should know.
These are bank accounts setup to enable customers to pay through debit or credit cards. A merchant provider must follow established regulations by card associations. Many processors will be the payment gateway and merchant account, including those mentioned below.
These are electronic debit and credit transfers that enabling customers to pay using their bank accounts. Often used for mortgage loans, utilities, and other bills commonly paid with a bank account. Many processors will offer ACH (Automated Clearing House) payment options, especially on a monthly or subscription-based payment plan. ACH is used by most payment processors to send money, minus the fees to customers.
The company used by merchants to accept and process credit card payments. These companies have established secure anti-fraud measures that protect both the merchant and customer information.
Merchants use the payment gateway to securely accept and transfer credit card data between the merchant, customer, and the processor. A payment gateway is the middleman between the bank and merchant.
When the payment gateway or merchant follow specific security measures. The Payment Card Industry Security Standards Council established the PCI DSS (Payment Card Industry Data Security Standard) to provide increased security for cardholder information while reducing risk of fraud.
Below are the top 10 online payment systems.
With more than 300,000 merchants using Authorize.net, it is among the most used and trusted online payment systems. When it comes to e-commerce, they have been a leader in payment gateway solutions for many years. They easily integrate with a wide range of platforms, including X-Cart, Magento, and any e-commerce platform designed for Authorize.net payments.
The Google Checkout payment solution enables customers to setup payment by connecting their Google account. Because millions of users already use Google, it offers the benefit of a fast and simple checkout process.
Available worldwide, PayPal is a leader in online payment systems. In 2011, they reported over $4 billion in processed payments. PayPal enables payment processing through credit or debit cards and with existing PayPal accounts. Funds may be delivered to an email address, which prompts new users to create a PayPal account. In addition, PayPal offers users to send money to other PayPal holders directly, which is a feature few payment systems offer.
Dwolla is a newer online payment system, but is already one of PayPal’s main competitors. Dwolla is a third-party payment gateway that has reported processing over $1 million daily. With easy integration, similar to that of PayPal, it is still gaining recognition and popularity.
WePay offers bank account, credit and debit card payment processing. Their services recently expanded, adding an e-store section that ensures receiving payments is convenient. Merchants often use WePay for areas such as donations, products, and event ticket sales.
FeeFighters is the main product, but many merchants use the Samurai merchant account and payment gateway. It was designed to compete with Braintree and various other merchant and gateway solutions. It may be used as both a gateway and merchant account, or just as a payment gateway.
2Checkout also combined merchant account and payment gateway, offering an easy and secure approach to online payments. It allows you to receive payments from credit/debit cards and PayPal. Other useful features include recurring billing, shopping carts and international payments.
· Setup Fee: None
· Pricing: $10.99 / month
· Transaction Fee: Starts at 3.5% + $0.35 / transaction
Many online payment systems exist, and you should always research to determine which solution is best for you based onyour particular needs. If you can ask business managers what has worked best for them to help define your selection. Our list is just some of the options out there. If your preferred payment system is not in our list, let us know what it is in the comments, and why you prefer it. Bin Rentals