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If you own a business, chances are you know what a payment provider is. Payment providers grant businesses the ability to accept payments from customers either online or in-person. The payment industry is littered with competition and as the years roll by the competition is getting even more heated. New technologies provide customers with new solutions making the payment process easier and accessible.
How does a business owner sort through all the different providers to pick the best option? Well, you can start here! We’ve scoured the internet for the best payment provider based on cost, types, ease-of-use, support and more. Below we feature our top five picks:
1- Redde Payments
Created in 2018, Redde has become one of the newest and fastest growing payment providers today. Recently named “Best Payment Provider for Flat Rate Pricing” by CreditCards.com they’ve grown from a small office to a noteworthy provider. Redde Payments was first brought to the forefront after taking on Square during the beginning of the pandemic. Square began placing holds on their merchants to offset their own losses during this time. Redde stepped in and began to board those customers and they’ve been growing ever since.
Standout Perks:
- Accepts high-risk verticals
- Flexible pricing options
- Customer service and 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
2- Square:
Back in 2009, Twitter co-founder Jack Dorsey, created an online payment solution that could be used with smart devices rather than a bulky point-of-sale system. Brick and mortar locations quickly began to enjoy Square’s lightweight devices and low startup costs. Users have access to downloadable software for any device so that way they can take payments using a pre-existing phone, tablet or computer. Naturally, these features are what propelled Square forward and continues to excite new customers.
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
3- Stripe:
Launched in 2011, Stripe has become one of the largest online payment providers.
Focusing mainly on technology and integrations the company has grown to have over 4,000 employees and accept payments in 14 countries and growing. Stripe offers a wide variety of features including over 130 currencies, subscription billing, one-click checkout and more. Stripe is best for eCommerce merchants who are developer savvy and for those that want to intertwine their offline and online sectors.
Standout Perks:
- 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)
Most Common Cons:
- Doesn’t work with certain high-risk verticals
- Limited in-person functions
4- PayPal
Acquired by eBay in 2002, PayPal is the most recognizable payment provider in the world. PayPal has gained widespread popularity by giving customers an option to pay with PayPal instead of other payment types. All users have to do is create an account then add the “Pay by PayPal” button to their website, it’s that easy. PayPal also is similar to Stripe in the way that they allow most countries to accept payments. In some countries, PayPal is even one of their only options 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 great for businesses looking for simple solutions for a startup or newer business. Acquired by PayPal in 2013, Braintree offers in-store payments through a mobile app and the PayPal Here card reader. If you want loaded features and benefits, this one might not be for you as they lack updates and exciting additions. However, Braintree has great options for smaller merchants looking for helpful reporting tools and recurring billing.
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
Bottom Line
There are very few merchants that can succeed without taking credit card payments. Luckily, there is a wide variety of providers to choose from that can compliment any business. Those who made our list are among the best for price, service, terminals and integrations. If you’re interested in any of the above providers you can visit each of their websites and sign up today.
the best alternative to Stripe is indeed Reddepayments I agree ! I had to integrate Redde based on Marouane’s suggestion and it was the best suggestion I eve had in my entrepreneurship career
I think I will switch to reddepayments as paypal is annoying, they always hold my money and that is so frustrating