If you are an established online business or just starting out, you’ve been most likely manually processing payments up until now, you must be wondering: is there a fast and better way?
Back to 2010, online users were skeptical of entering their credit card information, but nowadays, 75% who use the Internet do banking online.
Having a reliable payment gateway provider on his side, will help you and your clients benefit from secure and fast solution for online transactions.
If you are a Shopify merchants and would like to use an alternative to the native Shopify payments, I invite you to check the list below of the best payment providers in 2022.
Table of contents
1- Redde Payments
Redde Payments was created in 2018, since then it has become one of the newest and fastest growing payment providers. The reason why I put Redde Payments on the first position is because the company was recently named “Best Payment Provider for Flat Rate Pricing” by CreditCards.com
Redde Payments company grown from a small office to a noteworthy provider. Redde was first brought to the forefront after taking on Square during the beginning of the Covid19 pandemic.
Standout Perks:
- Excellent reputation
- Accepts high-risk verticals
- Flexible pricing options
- Top-notch Customer support
Pricing:
- 2.5% + 0.25 per transaction for in-person purchases
- 2.8% + 0.30 per transaction for online purchases
- 3.4% + 0.25 per transaction for manual purchases
Most Common Cons:
- Only accepted in the United States and Canada
- Less historical data
Learn more about ReddePayments
2- Stripe
Launched in 2011, Stripe has become one of the largest online payment providers.
Stripe is mainly designed for eCommerce businesses. The main difference between Stripe and the other payment providers is that it isn’t an out-of-the-box solution. Instead, you’re provided with a range of flexible tools to customize your own payment processes.
Moreover, Stripe supports more than a hundred currencies, and offers some good features such as mobile payments, subscription billing and one-click checkout.
Pros:
- International with over 130 supported countries
- Embeddable checkout
- Real-time reporting
Pricing:
- 2.7% + 0.5 per transaction for in-person purchases
- 2.9% + 0.30 per transaction for online purchases
- ACH Direct Deposit: 0.8% ($5 cap)
Cons:
- Doesn’t work with certain high-risk verticals
- Limited in-person functions
3- Square
Square was founded in 2009 in San Francisco, California by Jack Dorsey and Jim McKelvey and launched its first platform in 2010.
Square was the first to introduce a credit card swiper that could be linked to a mobile phone, paired with an app, and process transactions. Square technology has improved with advanced tap features, as well as a fully inclusive software to safely and securely process online transactions.
Standout Perks:
- Free POS apps
- Free magstripe reader
- Lightweight devices
Pricing:
- 2.6% + 0.10 per transaction for in-person purchases
- 2.9% + 0.30 per transaction for online purchases
- 3.5% + 0.15 manual purchases
Most Common Cons:
- Hard to reach customer support
- Holds placed on businesses
- Account suspension without warning
4- Paypal
founded in 1998 and Acquired by eBay in 2002, PayPal is the most recognizable payment provider in the world.
PayPal has gained widespread popularity when there were very few competitions by giving customers the option to pay with PayPal instead of other payment types. All users have to do is create a Free account then add the “Pay by PayPal” button to their website.
PayPal also is similar to Stripe in the way that they allow most countries to accept payments. In some countries, mainly in Africa, according to Scrowp agency which handles most of their clients locally in Morocco, PayPal is sometimes the only option for payments.
Standout Perks:
- International with over 200 countries/regions
- Embeddable checkout
- Real-time reporting
Pricing:
- 2.29% + 0.09 per transaction for in-person purchases
- 2.59% + 0.49 per transaction for online purchases
- 3.49% + 0.49 per transaction for PayPal purchases
Most Common Cons:
- Higher fees than a typical merchant account
- Holds placed on businesses
- Account suspension without warning
5- Braintree
Braintree is one of the best solution for startups. the company was Acquired by PayPal in 2013.
Braintree allows clients accept, send, process, and split payments to maximize their business opportunities and increase their revenue.
All of its functions are backed by Braintree’s loyal partnership with PayPal. What Braintree is best known for is the seamless checkout experience it provides, creating an overall feeling of safety and confidence that inspires customers to return. Moreover, Braintree equips you with sophisticated anti-fraud tools that can help you manage risk and fight current and next-gen fraudsters.
Standout Perks:
- Available in most regions
- Venmo acceptance
- Fraud protection
Pricing:
- 2.59% + 0.49 per transaction for online purchases
- 3.49% + 0.49 per transaction for Venmo purchases
- 0.75% per transaction for ACH Direct Debit
Most Common Cons:
- Lacks feature updates
- Too simple for well-established businesses
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