One of the most perplexing facets of running a company is payment collection. A payment processor company makes your task easy by facilitating transactions.

However, it is not essential to be a technology expert, especially if you have a reputable payment processor. These companies alleviate many of the headaches involved with the banking and accounting aspects.

What is a Payment Processor?

Payment processor services manage the financial information for firms in the shopping, subscription, services, and other sectors. Simply stated, the payment processing system does the process in a streamlined process.

It takes the customer’s credit card details, verifies them, and initiates the procedure of moving the funds from the credit card provider to the merchant’s bank account. One of its prime requirements is maintaining protection and confidentiality.

It’s a complicated mechanism that mostly consists of two parts on the merchant’s end in the course of e-commerce transactions: a financial merchant account with a bank or credit union and a payment gateway, which is the program that does much of the heavy lifting.

The entire procedure was handled manually and over the phone twenty years ago. Now, the payment processor companies provide completely integrated solutions. They integrate with third-party applications and also provide advanced accounting capability. 

One can complete an e-commerce transaction in seconds if all goes smoothly, resulting in a seamless and friendly customer experience. When problems arise with your credit card, your payment processor should be able to identify the issue and assist you in resolving it, particularly in cases of credit card fraud.

Must-Have Qualities in a Reliable Payment Processor

Integration of Other Applications

The service should be able to run in conjunction with some other enterprise or accounting software you have. You’ll save time and resources for an automated payment app so you won’t have to deal with machine bugs or redo work that’s already been completed.

Multi-channel Payments

While most consumers pay through credit or debit cards, digital wallets, ACH payments, and other payment methods are becoming more common. Check to see whether the provider supports a variety of payment methods. If you’re selling internationally, you may also know how many currencies it accepts.

Accept Purchases From a Variety of Devices

Look for a well-designed smartphone app that accepts payments from any electronic source. Customers should be willing to compensate for your goods or service regardless of the gadget they are utilizing in today’s technological environment.

Resilient Reporting

The payment processor should enable you to generate reports on regular, weekly, or monthly e-commerce transactions. It can also conduct data analytics to precisely understand what is going on in your company’s cash flow. 

You should evaluate the efficacy of various sites, brands, and elements like reward systems. An easy-to-understand dashboard is often beneficial for keeping track of the business’s day-to-day operations.

Top-tier Protection Features

Your preferred server should be PCI-compliant and run up-to-date security tools, giving you peace of mind that your customers and your own data are safe and protected.

Five best Payment Processor Companies for 2021

PayPal 

Since its inception in 1998, PayPal has proved to be a reliable choice for retailers searching for a low-volume payment processor. PayPal works in over 200 countries and 26 currencies. 

The service allows consumers to embed PayPal checkout on their pages, process e-commerce transactions via a browser, tablet, or reader, and extend credit to buyers, all at affordable prices.

Bitcoin

Bitcoin is a groundbreaking way to send or obtain money over the internet. All of your payments are made, collected, and deposited in this location before you’re ready to reinvest.

Bitcoin is concerned with stability. If you’ve linked your debit or credit card, you’ll be able to make and accept purchases electronically without fear of your account details being compromised.

It has a two-factor authentication function against e-commerce transactions that protect against identity theft. Bitcoin also uses Advanced cryptographic techniques, and portable, unhackable ledgers are among the other authentication techniques. 

Another factor is that many merchants and consumers already support Bitcoin payments, indicating that a large number of people trust the network with their funds.

Stripe

For online stores, there is no such thing as a “one-size-fits-all” payment processor. Stripe, on the other hand, comes close because it is a personalized payment solution.

Stripe was created with developers in mind to tinker with the company’s APIs to produce the app that better fits their needs. Stripe lets you take payments in over 130 different currencies via credit card, debit card, and bitcoin. 

Flexible pricing is also available, and a low 2.9 percent + 30 percent per successful card fee.

Payline Data

Payline Data has a well-deserved reputation for open and fair pricing processes, which is all too uncommon in the credit card processing sector. If you sign up for a more conventional provider, you’ll have to do with a lot of negotiation over premiums and conditions. 

You can choose a plan that’s right for your company with Payline Data, and you’ll know your premiums, fees, and conditions ahead of time.

Ayden

When Adyen first started in 2006, they set out to collect millions of dollars from venture capitalists. They achieved so quickly, and the business was listed at well over $2 billion within nine years. Adyen handled over $50 billion in transactions from millions of consumers and over 5,000 retailer vendors in 2015.

Adyen payment processing systems are already open to all as one of the world’s up-and-coming merchant bank giants. The principle of frictionless money transfers is one of the pillars of Adyen’s success.

The opportunity to associate any consumer with any vendor, regardless of where the seller or buyer is situated on the globe, is the company’s main selling point. So far, they’ve done a fantastic job achieving their targets.

Final Words

There are many payment processing companies across the globe which makes it very tough to select the best ones for your online store. To make it easier for you, we have enumerated the best payment processor companies for the year 2021.

Irrespective of whether you’re looking for security, ease of use, or all of the above, we’re confident that this list will help you find the right service for your preferred eCommerce platform’s processing requirements.