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10 Mobile Payment Platforms Small Business Owners Need to Know

Are you looking for a way to take care of your payments? Then you need payment gateway providers that are fit for modern consumers.

In 2016, $695 billion changed hands through credit cards. Expectations note how much this will increase over the next 5 to 10 years.

With mobile platforms popping out more and more, here’s a question. Which mobile payment platform is the best for your business? We have 10 of the best payments companies, with different benefits to suit your business.

Which one fits your small business the best? We’re about to find out.

1. Stripe

Stripe is one of the online payment service providers with the widest industry ties around the world. They have partnerships the world around. This goes with everything like major banks to internet browser providers.

The platform works best if you have developers on your team. Stripe has tools that are usable for high-level production and integration building. This means you rely less on legacy systems. You can focus rather on robust, customer-centric experiences.

Stripe is a good way to customize payments and payment funnels. Since their focus is on e-commerce, they don’t have much to offer as retail payment providers.

Business owners in the e-commerce realm will love Stripe for its sheer variety of services. It also works on almost every shopping cart in the world.

The cost is also very low at around 2.9% flat rate. They offer zero accounting fees, but have rather hefty charges on chargebacks.

2. Square Payments

Square is much beloved among retail businesses. This is due to its uncomplicated payment structures and inexpensive card readers.

Square is a solid payment gateway provider that replaces card terminals with mobile systems. It’s excellent when it comes to merchant services for small businesses.

What we like about Square are the varied options. It lets customers choose payment types, which is among the most diverse offering.

They can split the bill, use cash, gift cards and everything else. Tips and other loyalty features are also possible to integrate. This allows the association to crucial data like credit cards and phone numbers.

Square is inexpensive, well-known for its flat rates. It runs in various situations and payment environments. This makes it one of the most flexible payment gateway providers.

It can help smaller businesses with its predictable pricing. You can click here to learn more about how successful financial management can help get a SMB on its feet. 

3. Helcim

Helcim is a Canadian payment provider. Businesses know it for its focus on small business processing.

It handles almost all major credit and debit cards. What makes it more valuable are its other features. 

Helcim integrates well with both retail and online shopping carts. This includes Shopify and Magento, among others. If transactions need accounting, they can import them in full as either CSV or straight into Intuit’s Quickbooks.

Some of the features include:

  • Virtual terminals for PC-based transactions
  • CRM that handles customer information
  • Branding for specific businesses

It has inventory management, full invoicing and even recurring payments. Helcim works for both brick and mortar and e-commerce businesses.

We recommend Helcim as the best payments for those who want interchange pricing. It’s low cost for small to medium businesses, but not recommended for micro-businesses. It’s transparent, so your business does not have to worry about secretive fees.

4. Amazon Payments

Amazon is famous for its e-commerce platform. It is also among the better online payment service providers out there.

It has a strong reputation with both merchants and shoppers. Amazon is able to work with any online consumer’s needs.

Amazon Payments is great for people who are starting out. This translates to micro and small to medium businesses.

It follows the standard 2.9% + $0.30 per transaction, which is nothing new. It does have, however, the lowest fees as payment providers, costing only an extra 1%.

As far as security, Amazon uses its A to Z Guarantee for 100% secure payments. It uses fraud detection and merchant protection among others. You can be sure of your business protection due to its ubiquity in online shopping.

For an online payment service provider, it is among the best around. It doesn’t have a brick and mortar solution, however.

5. Cayan ISO

Cayan is an ISO or independent sales organization, which provides cost-plus and even bundle pricing as a credit card payment platform. It can be a good option, albeit among the more expensive options in this list. The services can be worth the price tag, however.

Cayan uses an open API system. It allows developers to integrate with their own platform, Genius. It also allows for integration with their shopping cart MerchantWare4, among other offerings.

What’s unique about Cayan is the pricing structure. It is tailor fit according to a merchant’s needs. This means you pay only as much as your transaction volume allows.

While its rates are not as low as its competition, it’s still a dependable platform. It also has one of the most responsive customer service systems in this list. If you can negotiate a fair price, you’ll be good to go.

6. Intuit Quickbooks Payments

If we’re looking for a provider with the best payments and robust pricing, it’s Intuit. Intuit Quickbooks Payments is a great value option for small businesses.

Intuit makes great use of its own ecosystem, which is great if you are already using it. It’s the best accounting software there is, so it’s no surprise that their service is great as well.

Intuit focuses on fast payment invoices and provides great merchant services. Due to its background, it focuses on automated invoicing and bookkeeping.

It doesn’t charge a monthly rate but has a rather expensive fee for a credit card payment platform. It costs 3.4% plus $0.25 for every transaction. It does not suit all business types, so it fits a niche that can work out the high transaction fees.

If you’re already into the Intuit ecosystem, this is the best among payment gateway providers.

7. BrainTree

Braintree is one of the all-in-one payment providers out there that caters to all types of industries at any scale. Its client options are diverse.

Payment processing happens through a partnership with Paypal. Its reputation comes from the seamless checkout. It provides a no-fuss experience to customers.

Another great thing about Braintree as a service provider is its security tools. It gives you anti-fraud tools that protect you from hackers and fraudulent users.

Among other things, BrainTree has a solid global market reach. It allows integrations in over 130 different currencies. Its UI is easy to use, and its vault system is as secure as it gets for online payment service providers.

8. Payline

Payline has one of the best payments for small and enterprise customers. It caters to all sizes and has clear interchange-plus pricing. Its equipment is top-notch, using equipment from Ingenico and Verifone.

For merchants, the inexpensive pricing plans are great for low-volume, high-profit sellers. If your product is high-risk, it makes sense to use this credit card payment platform.

It allows for easy integrations through API. This means connecting to third-party shopping card solutions is simple.

Payline is responsive to client complaints. It is famous for its quick response and fast support. The support service comprises of industry experts, so you can get the right information.

9. PayPal Payments Pro

PayPal Payments Pro is another great online payment service provider. If you have a small business, this is the choice for a card processor. It provides a package that will make any e-commerce business happy.

Its payments provider package includes fraud protection, one-click purchase and full experience for mobile users. Because PayPal is global, it supports almost every currency on the planet. This allows SMBs to increase international sales without issue.

PayPal is free to use, with Payments Pro costing $30 that allows for customized checkout and an integrated portal without moving them out of your website.

10. Payment Depot

Payment Depot is the most different among all the payment gateway providers in this list. It specializes in the wholesale pricing structure, which means it’s great for any business that has $10,000 per month in goods. This means micro and ultra-small businesses are not an ideal fit for this provider.

Like many providers, Payment Depot can accept any major credit and debit card, with many other payment options available. It has a stellar reputation and quick support for its clients. High-volume merchants would enjoy this provider better than others.

When using Payment Depot, you would want to move up the ranks the more you process.

What Mobile Payment Platform Fits You?

Figured out which platform suits your small business?

If you’re trying to look for the best platform that fits, you need to make sure your transactions can support it. The best mobile payment platform is the one that can boost your business the most.

If you’re looking for anything that can help your business, why not check our other guides?

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