Many business leaders and owners assume that credit card and Automated Clearing House (ACH) payment processing fees are simply a non-negotiable part of doing business.
Thus, the first payment processor they select is usually a recognizable name like Stripe, Square, or PayPal.
These well-known companies make it easy to start accepting payments and for customers to pay businesses, especially online.
However, there are many alternatives to Stripe, Square, PayPal, and other big tech payment processors that can offer the same ease of integration and simple user experience while also offering a number of advantages to businesses.
The 12 best alternatives to Stripe, Square, PayPal, and other big tech payment processors include:
- Stax Payments
- Ayden
- WePay
- Authorize.net
- Braintree
- 2Checkout
- Helcim
- Payment Depot
- Shopify
- Clover
- ChargeBee
- Wise
In this article, you’re going to discover the top Stripe competitors, and the twelve best alternatives to Stripe, Square, Paypal, and other big tech payment processors.
You’ll also discover why the best first step is to speak with a consultant who can help you find the best payment processing solution, for free.
Let’s start with that.
How a Consultant Can Help You Find the Best Payment Processing Solution for Free
Most business leaders and owners are unaware that they don’t have to spend endless hours researching to find the best payment processing solution for their business.
It’s possible to speak with a consultant who can help you find the best payment processing solution, for free.
That’s right, working with a payments consultant costs your business nothing.
The consultant simply receives a small percentage of the margin generated through the payment processing solutions they help you with.
The solutions they recommend cost you nothing out of pocket, and the ongoing fees are usually significantly less than what businesses pay with Square, PayPal, or other big tech payment processors.
A payments consultant can help you do the following, for free:
1) Get much better customer service for your payment processing needs.
Often, when business leaders and owners encounter an issue with payment processing, they end up being routed through call centers in Asia to get help.
This is often very time-consuming, and frustrating.
A payments consultant can help you find a solution that includes easy access to a local representative, whom you can text or call for expert help fast.
2) Significantly reduce costs related to payment processing.
Most businesses are paying too much in fees for payment processing.
In almost all cases, a payments consultant can help businesses currently using Stripe, Square, PayPal, or other big tech payment processors dramatically reduce the costs associated with payment processing.
For example, businesses processing $5 million worth of sales per year typically save around $50,000 per year by working with a payments consultant.
That’s enough to hire another employee!
3) Dramatically reduce fraud and chargebacks, and the time it takes to deal with those issues.
Most businesses will invariably deal with fraud attempts and chargebacks.
When dealing with the big payment processing companies, these issues can be extremely costly in terms of both time and money.
A payments consultant can help you get the most advanced, up-to-date fraud protection.
A consultant can also help you highly customize the settings in your software to reduce both fraud and chargebacks.
Also, if an issue does arise, you’ll be able to text or call a local representative who can help you immediately.
4) How to essentially eliminate downtime for payment processing.
Unfortunately, most payment processors have experienced significant downtime in the last few years because the payment gateways they use are not cloud-based.
Not being able to process payments can be very costly to a business and create a bad customer experience.
While they can’t guarantee that you’ll never experience downtime, a payments consultant can help ensure that your payment processing solution includes a cloud-based payment gateway that has experienced zero downtime in the last five years.
5) How to seamlessly integrate all your payments and accounting-related software.
Many businesses end up using multiple solutions for payment processing that are unable to communicate with each other.
This results in extra, unnecessary costs, and lots of manual labor to produce meaningful reporting and reconcile accounts.
A payments consultant can help ensure that all components of your solution work together to save you and your employees time and money.
If you’d like to request a free consultation with a payments consultant in our network, just tap below to answer a few quick questions, and we’ll match you with a consultant who is the right fit for your business.
What Is Stripe?
Stripe is a prominent payment processing company, holding a 16% share of the global market and ranking just behind PayPal. While it serves a variety of businesses, it may not be the best fit for all small enterprises.
Stripe features a straightforward pricing structure, supports multiple payment methods, and allows for customization through its open Application Programming Interface (API). However, its complexity and costs may be prohibitive for some merchants, especially since it primarily caters to online transactions.
Although Stripe offers benefits like no fees for Payment Card Industry (PCI) compliance and flexible integration, there are notable drawbacks.
Accounts can be frozen due to suspected fraud, and there is no unified solution for processing offline and online payments. Its transaction fees can also be high for businesses with significant sales volume, and accessing customer support can be challenging.
There are alternatives available that provide better support and a more user-friendly experience, particularly for businesses that may lack technical expertise.
Why Choose an Alternative to Stripe?
E-commerce, marketplaces, Software as a Service (SaaS), and high-volume businesses often explore alternatives to Stripe due to the intricacies involved in establishing a robust payment infrastructure, as a way to lower how much they spend in transaction fees, which can be costly for high-volume businesses.
When considering payment processing options, it’s important to evaluate alternatives to Stripe based on your transaction volume. These alternatives can often provide lower transaction fees, which means you’ll retain a larger portion of your earnings.
Some providers may offer better fraud prevention measures, safeguarding your business against potential losses due to fraudulent transactions.
Additionally, certain platforms take a more streamlined approach to handling charge disputes. This can save you time and resources, allowing you to focus on other important aspects of your business.
By reducing operating costs through these alternatives, you not only increase your profit margins but also open up opportunities to potentially increase your overall revenue.
While Stripe functions effectively as a payment gateway, it requires additional integrations to handle subscriptions, taxes, invoicing, and performance metrics, which can present challenges for companies that do not have a large team or developers on hand.
The inability to integrate payment methods like PayPal may complicate infrastructure development and increase the likelihood of encountering issues, potentially leading to a rise in support tickets and customer turnover.
Developers might find themselves dedicating time to maintaining existing tools or crafting their own solutions, as Stripe’s APIs, while enabling quicker setups, may require further efforts for optimization.
A highly customized payment stack can introduce complexities and slow down the response to growth opportunities.
Stripe’s tax liability considerations stem from the requirement to pay sales tax based on customer locations. Although the acquisition of TaxJar offers some benefits, users still bear the responsibility of managing their tax filings, as TaxJar’s automation is primarily focused on U.S. transactions.
Given these factors, some companies may find that they need to seek out more integrated solutions that better align with their customers and operational needs.
Choosing the Best Alternative to Stripe
Choosing the right Stripe alternative can be challenging due to various factors that need to be considered.
Key Factors in Choosing a Stripe Alternative
There are several important factors to consider when choosing a Stripe alternative.
Stripe’s high transaction fees, which are a standard fee for each transaction (e.g., 2.9% + $0.30 for most credit card payments in the U.S.), might be higher than competitors’ fees. They may also include hidden costs such as currency conversion fees that accumulate significantly.
Payment Processing Cost: Consider pricing models—Stripe, Square, and PayPal Zettle follow a flat-rate model, while interchange-plus providers pass on exact interchange fees, offering more transparency and potential savings.
Contract Length: Stripe’s absence of long-term contracts is a benefit. Always review terms and inquire about termination fees and contract lengths before choosing a service.
POS Hardware Options: Stripe’s focus is on online businesses, resulting in limited hardware offerings. Brick-and-mortar establishments might prefer providers with broader Point of Sales (POS) hardware selections.
Merchant Account Options: Stripe combines multiple businesses into one merchant account, which can lead to higher risks of freezes. Businesses requiring tailored solutions should explore individual merchant accounts, although the setup may take longer.
Steps to Make an Informed Decision
It can be helpful to follow these guidelines when choosing an alternative:
1. Evaluate Business Requirements: Understand your needs, including product type, target audience, and transaction volume.
2. Integration and Compatibility: Ensure smooth integration with your website or eCommerce platform.
3. Scalability: Choose a platform that accommodates business growth and increasing transactions.
4. Reputation: Check the provider’s reputation, expertise, and client portfolio.
5. Customer Support: Assess the quality and availability of customer support.
6. Cost and Fees: Consider all costs, including hidden fees for features and currency conversion.
7. Trial and Evaluation: Utilize free trials to assess the platform’s suitability.
Considerations When Choosing Alternatives
For businesses looking to enhance features currently provided by Stripe but lacking in-house upgrade options, alternatives may offer better rates for accepting international payments, more affordable invoicing and billing management tools, and more established mobile apps supporting various payment methods.
For those seeking a fast setup and simple integrations, alternatives might provide out-of-the-box payment processing solutions instead of code-based setups, proprietary POS software pre-built into standalone terminals or as mobile apps, transaction fee discounts for qualified nonprofits, and ready integration with surcharging programs and platforms.
Evaluating Costs and Value
After narrowing down your choices, it’s important to evaluate the estimated monthly fees associated with each competitor to Stripe.
Assess the overall value each provider offers, and if a provider charges for services that you deem unnecessary, consider exploring alternative options that may better meet your needs and budget.
Evaluating Hardware Features
The physical devices used for credit card transactions are crucial. The hardware should support the payment methods most frequently used by your customers, such as chip and PIN cards, contactless cards, or mobile wallet payments like Apple Pay or Google Pay.
Depending on your business type, you may need robust, stationary terminals for a brick-and-mortar setup or portable devices for mobile operations. It’s important that the devices are user-friendly for both employees and customers and durable enough to withstand everyday use.
Evaluating Software Features
Software is essential in a credit card processing system. It should integrate smoothly with your existing systems, such as accounting software or e-commerce platforms.
Security is essential; therefore, ensure that the software is compliant with PCI standards to protect against fraud and data breaches.
High-quality software should provide valuable reporting and analytics on sales trends, inventory, and other critical business data.
Additionally, comprehensive customer support is vital for effectively troubleshooting any potential issues.
Evaluating Credit Card Processing Fees
Make sure you understand the fees associated with credit card processing. These typically include transaction fees, which are a percentage of each transaction and may include a fixed cost per transaction.
Some providers charge monthly or annual fees for access to their services. It’s also important to be aware of hidden fees, such as cancellation fees, compliance fees, or gateway fees, which can add up.
By considering these factors—hardware compatibility, software integration and security, and transparent fee structures—you can select a credit card processing system that meets the needs of your business and ensures smooth, efficient transactions.
The 12 Best Alternatives to Stripe, Square, PayPal, and other Big Tech Payment Processors
If you’d like to do your own research on the best alternatives to Stripe, Square, PayPal, and other big tech payment processors, the remainder of this article should be very helpful.
There are a multitude of options out there, but these 12 stand out as the best alternatives. In the following sections, we’ll explore each alternative’s features, cost, advantages, and limitations.
1. Stax
Stax, formerly Fatmerchant, is a payment processing platform that simplifies international payments for over 20,000 customers. With over $23 billion processed, it’s known for affordability.
Customers receive a merchant account and can accept payments in various ways, including mobile, contactless, and eCommerce. It’s ideal for businesses processing at least $5,000 in credit card transactions monthly and seeking low interchange fees.
Key Features
Robust Dashboard: Offers bi-directional syncing with QuickBooks Online and provides a comprehensive Company Overview Report.
Recurring Billing and Invoicing: Includes powerful online invoicing features along with automatic customer reminders.
RESTful API: Designed to handle both card-present and card-not-present transactions, effortlessly extending functionality.
Level 1 PCI Compliance: Guarantees secure data storage and transfer.
Versatile Terminals: Provides standalone terminals that seamlessly integrate with mobile and virtual terminal features.
Advantages
User-Friendly: Intuitive platform with easy-to-use features and an aesthetically pleasing dashboard.
Payment Flexibility: Allows customers to pay through a link, simplifying credit card processing.
Competitive Pricing: Offers competitive transaction fees.
Limitations
Integration Issues: May require workarounds for certain integrations.
Invoicing Limitations: Cannot collect credit card numbers via forms, must use invoicing.
Audit Trail Challenges: Difficult to track whether an invoice was sent.
Cost
Basic Plan: $99 per month, including interchange-plus-priced transaction fees.
Pro Plan: $159 per month.
Ultimate Plan: $199 per month.
Processing Fees: An additional 8 cents per in-person transaction and 15 cents per manual entry.
No Contracts: No annual fees, batch fees, or markup on interchange rates.
If you’d like to skip all the online research and save a lot of time, you can request a free consultation with a payments consultant in our network.
Just tap below to answer a few quick questions, and we’ll match you with a consultant who is the right fit for your business.
2. Ayden
Adyen is a strong alternative to Stripe, designed for larger businesses with high transaction volumes. It offers a merchant account with customizable online payments, focusing on fraud detection and omnichannel sales.
Key Features
Single Platform: Accept payments, protect revenue, and control finances.
Omnichannel Sales: Build sales journeys across multiple channels.
In-Person Payments: Accept payments with terminals and devices.
Revenue Optimization: Boost authorization rates and conversions with smart authentication.
Advanced Fraud Protection: Incorporates machine learning and risk management capabilities.
Advantages
Simple Onboarding: Quick and simple onboarding with global connectivity.
Payment Methods: Supports local payment methods worldwide.
User Support: Excellent customer support tools, including easy-to-process refunds.
Reporting Tools: Robust analytics and reporting capabilities.
Limitations
Tech Support: Tech support can be slow to respond and resolve issues.
Difficult Integration: Integration can be challenging for developers.
Not for Some Businesses: Not suitable for new businesses or marketplaces that haven’t processed payments.
Subscription Management: Limited subscription management compared to Stripe.
Cost
Quote-Based Pricing: Includes interchange fee, processing fee, and payment method fee per transaction.
Payment Processing Fees:
- Visa/Mastercard: Interchange plus 0.60% + 13 cents per transaction.
- American Express: 3.3% + 23 cents per transaction.
- Other methods: 3%-12% + 13 cents per transaction.
- ACH direct payment: 40 cents per transaction.
Hardware Costs: Various card readers, pricing details upon request.
If you’d like to skip all the online research and save a lot of time, you can request a free consultation with a payments consultant in our network.
Just tap below to answer a few quick questions, and we’ll match you with a consultant who is the right fit for your business.
3. WePay
WePay is an online payment solution associated with Chase Merchant Services. It is designed to help business owners facilitate payments for their customers.
Unlike Stripe, which mainly targets companies that accept online payments, WePay operates as a SaaS business. It focuses on platform integrations and offers branded payment solutions for a different market.
Key Features
User-Friendly Onboarding: Extremely fast, simple onboarding with a small learning curve.
Flexible APIs: Reduces technical overhead and improves user experience.
Developer-Focused: Facilitates quick integration with SDKs and open-source code samples.
Robust Payment Processing: Supports various payment methods, including credit cards, debit cards, and bank transfers.
Recurring Billing & Mobile Payments: Provides features like recurring billing and mobile payment options.
White-Label Solutions: Allows businesses to customize the payment experience to maintain brand consistency.
Compliance & Risk Management: Implements strong fraud detection measures and enforces industry-specific regulations.
Cost
Payment Processing Fees:
- 2.9% + 25 cents per online transaction for credit card payments with WePay Link (new U.S. businesses only).
- 2.9% + 30 cents per online transaction for merchant platforms without set processing fees.
- 2.6% + 10 cents for in-person and manually keyed transactions.
Hardware Costs: Integrates with Verifone P400, V400m terminals, and Ingenico Moby 5500 card reader. Pricing details not listed.
Monthly POS Software Fee: $0.
Custom Pricing Model: Fees are determined based on transaction volume, business type, and processing needs.
Advantages
Convenience: Convenient for small businesses partnering with WePay.
Customizable: Customizable and developer-friendly interface.
Branded Payments: Ideal for marketplaces and SaaS companies needing branded payments.
Same-Day Deposits: Same-day deposits for Chase business bank account holders.
Limitations
Limited Availability: Not suitable for global commerce; limited international availability.
Lack of Transparency: Lack of transparency on pricing.
Limited Tech Support: No phone support for technical questions.
High Costs: Potentially high processing costs based on various factors.
If you’d like to skip all the online research and save a lot of time, you can request a free consultation with a payments consultant in our network.
Just tap below to answer a few quick questions, and we’ll match you with a consultant who is the right fit for your business.
4. Authorize.net
Authorize.net, a payment gateway solution offered by Visa, provides detailed reporting, fraud protection, and secure data processing.
It is not a merchant account or payment service provider, meaning it facilitates the payment process but requires a third-party merchant account to accept payments. This offers unparalleled flexibility with low fees.
Key Features
Virtual Terminal: Accepts payments in-person or over the phone.
Configurable Fraud Filters: 13 different filters that can be adjusted based on top concerns.
Payment Support: Supports credit cards, PayPal, Apple Pay, and E-check.
Developer Center: Includes APIs, SDKs, and documentation for easy integration.
Free mPOS App: Allows viewing transaction history, changing settings, and performing voids/refunds.
Cost
Monthly Gateway Fee: $25.
Payment Processing Fees:
- 2.9% + 30 cents per transaction for a merchant account plus a gateway.
- 10 cents per transaction plus a 10-cent daily batch fee for a payment gateway only.
Hardware Costs: Compatible with the ID Tech Augusta card reader available for $189.
Advantages
Customizable Notifications: Customizable email notifications for individual transactions and end-of-day summaries.
Smooth Payment Processing: Seamless online payment processing with in-depth reporting.
Address Verification: Effective Address Verification System for online customers.
Limitations
Admin Homepage: Cluttered admin homepage with limited drop-down lists.
Data Portability: Issues with data portability.
Requires Additional Account: Requires a third-party merchant account.
If you’d like to skip all the online research and save a lot of time, you can request a free consultation with a payments consultant in our network.
Just tap below to answer a few quick questions, and we’ll match you with a consultant who is the right fit for your business.
5. Braintree
Braintree, a subsidiary of PayPal, is a billing platform that securely stores credit card data and serves as a payment gateway provider designed for accepting payments online.
Unlike Authorize.net, Braintree includes a dedicated merchant account as part of its service, offering added security and account stability at competitive prices similar to Stripe.
Braintree is particularly well-suited for businesses looking for robust PayPal integration.
Key Features
Customizable Checkout: Add a full-featured page with a few lines of code or build a custom UI for your checkout page.
PayPal Integration: Accept in-person payments and integrate with PayPal Zettle.
Multiple Payment Types: Supports various payment methods, including credit cards, PayPal, Apple Pay, and E-check.
Exceptional Integrations: Notably with BigCommerce.
PCI Compliance: Accept credit card payments without needing to become PCI compliant.
Developer Tools: Offers robust APIs, SDKs, and documentation for easy integration.
Cost
No Monthly Fees: Only pay for what you use.
Standard Rate: 2.9% + 30 cents per card or digital wallet transaction.
ACH Deposits: 0.75% per transaction.
PayPal Payments: No fee.
Discounted Rates: Available for verified charitable organizations (501(c)).
Monthly POS Software Fee: $0 for merchant account and gateway; $49 per month plus 10 cents per transaction if used as a payment gateway only.
Hardware Cost: Compatible with ID Tech Augusta card reader, priced at $189.
Advantages
User-Friendly Portal: Easy to use, with the same login as PayPal.
Efficient Customer Service: Quick and knowledgeable support.
Transaction Management: Ability to void transactions before they become refunds.
Advanced Reporting and Analytics: Provides insights into payment data, transaction trends, and customer behavior.
Limitations
Subscription Management: Not as comprehensive as needed for SaaS businesses.
API Limitations: Does not provide access to discount and plan creation.
Charge Details: Difficult to configure details on customer bank statements.
If you’d like to skip all the online research and save a lot of time, you can request a free consultation with a payments consultant in our network.
Just tap below to answer a few quick questions, and we’ll match you with a consultant who is the right fit for your business.
6. 2Checkout
2Checkout is a top Stripe competitor, ideal for small businesses looking to expand globally without extensive coding requirements. It serves as a payment gateway and global merchant account, allowing businesses to receive online payments from credit cards worldwide.
The platform supports multi-currency, multiple languages, and various payment methods, making it an excellent option for online businesses requiring global payments.
Key Features
E-commerce Optimization: A/B testing, global taxes, and subscription management to enhance your online store.
Recurring Billing: Customized checkout options for subscription-based models.
Global Coverage: Operates in over 200 countries with support for 45+ payment methods, 30 languages, and 100 display and bill currencies.
Compliance and Security:
- Handles global sales tax, VAT management, global compliance, and fraud monitoring.
- Global payment processing across multiple currencies, languages, and payment methods.
- Robust subscription management tools.
- Integration of advanced fraud protection.
Cost
2Checkout offers flat-fee pricing with three plans, requiring no credit card to start, and payment only when you begin selling:
2SELL
Rate: 3.5% + 35 cents per successful sale.
Features: Recurring billing, commerce in 200 countries, and integration with 120+ carts.
2SUBSCRIBE
Rate: 4.5% + 45 cents per successful sale.
Features: Everything in 2SELL, plus renewals, upgrades, analytics, and subscription management.
2MONETIZE
Rate: 6.0% + 60 cents per successful sale.
Features: Everything in 2SUBSCRIBE, plus global tax and regulatory compliance, invoice management, and access to 45+ payment methods.
Advantages
Ease of Use: Ease of use with PCI data security standard.
Easy to Integrate: Integration allows for a single platform with multiple uses.
Comprehensive Admin Features: Comprehensive admin panel with many checkout options.
Limitations
Limited Processing Options: Cannot process card-present transactions.
Lengthy Approval Process: Lengthy approval process with extensive documentation.
Integration Issues: Issues with WooCommerce integration.
If you’d like to skip all the online research and save a lot of time, you can request a free consultation with a payments consultant in our network.
Just tap below to answer a few quick questions, and we’ll match you with a consultant who is the right fit for your business.
7. Helcim
Helcim is an ideal choice for businesses seeking interchange-plus pricing, which passes interchange savings directly to the merchant.
Unlike some competitors, Helcim has no contracts and offers volume discounts for businesses processing over $50,000 in monthly credit card transactions. It provides comprehensive processing solutions for both in-person and online payments, making it a strong alternative to Stripe.
Key Features
Customizable Payment Processing: Supports credit cards, debit cards, and digital wallets.
In-House Payment Gateway: Offers more control and flexibility over payment processes with advanced security protocols.
All-in-One Solution: Includes invoicing, inventory management, and customer management tools.
Developer Tools: Provides APIs and integration tools for websites, applications, and other platforms.
Cost
Monthly POS Software Fee: $0.
Payment Processing Fees:
- Interchange plus 0.4% and 8 cents per in-person transaction (for $50,000 or less in monthly card transactions).
- Interchange plus 0.5% and 25 cents per online or manually keyed transaction (for $50,000 or less in monthly card transactions).
- 0.5% plus 25 cents for ACH payments (capped at $6).
Hardware Cost:
- $99 for a mobile card reader with a stand.
- $329 for a stand-alone terminal with a built-in thermal printer (or 12 monthly payments of $30).
Advantages
Personalized Customer Support: Exceptional service with dedicated support teams.
Higher Customization and Security: Direct control through an in-house payment gateway.
Comprehensive Features: Beyond payment processing, includes tools for invoicing, inventory, and customer management.
Limitations
International Availability: Less global presence compared to Stripe.
Developer Tools and Integration: Limited compared to Stripe’s extensive tools and APIs.
Brand Recognition: Less recognized compared to Stripe.
If you’d like to skip all the online research and save a lot of time, you can request a free consultation with a payments consultant in our network.
Just tap below to answer a few quick questions, and we’ll match you with a consultant who is the right fit for your business.
8. Payment Depot
Payment Depot, owned by Stax, offers a unique approach to payment processing services for businesses of all sizes. The provider emphasizes transparent pricing through a membership model, where merchants pay a monthly fee for access to direct wholesale rates.
Key Features
Transparent Pricing: Merchants pay a monthly membership fee to access wholesale credit card transaction rates.
Diverse Industry Services: Caters to various industries, including hair salons, pet groomers, eCommerce stores, and healthcare.
Multiple Integration Options: Supports a range of shopping cart platforms, ensuring compatibility with different eCommerce setups.
Access to Wholesale Prices: Provides affordable credit card processing rates without per-transaction fees.
Pricing Structure
Membership Fee: Starts at $79 per month.
Unlimited Access: Includes all-in-one payment processing software, merchant support, and integration capabilities.
Custom Pricing: Available for businesses processing over $250,000 annually.
Advantages
Ease of Use: Simple membership plan with no per-transaction fees.
Integration Flexibility: Multiple options for integrating with various eCommerce platforms.
Industry Versatility: Services a broad range of industries.
Personalized Support: High-quality customer service and dedicated support.
Limitations
One-Size-Fits-All Approach: May not be ideal for high-risk businesses requiring specialized support.
Deposit Timeframes: Funds take 48 hours to deposit, slower compared to Stripe’s next-day deposits.
Pricing for Low-Risk Businesses: The $79 monthly fee may be high compared to other providers’ negotiable lower pricing.
If you’d like to skip all the online research and save a lot of time, you can request a free consultation with a payments consultant in our network.
Just tap below to answer a few quick questions, and we’ll match you with a consultant who is the right fit for your business.
9. Shopify
Shopify is a leading solution for processing online transactions and setting up sleek online stores, offering more than 190 template themes for easy website creation without developer experience.
It also provides robust options for businesses selling in-person, making it a versatile platform for diverse business needs.
Key Features
User-Friendly Setup: Easy website creation with 190+ template themes.
Integrated Payment Service: Shopify Payments allows immediate payment acceptance without third-party setups.
Multiple Payment Methods: Accepts Visa, Mastercard, American Express, JCB, Discover, Elo, Diners Club, PayPal, Apple Pay, Facebook Pay, Google Pay, and Amazon Pay.
Global Compatibility: Supports sales channels like Facebook, Instagram, and Google; compatible with Apple iOS and OS.
Advanced Security: PCI compliance for secure payment processing.
Cost
Monthly POS Software Fees
Shopify E-commerce Plans:
- Basic: $29 annually ($39 monthly)
- Regular: $79 annually ($105 monthly)
- Advanced: $299 annually ($399 monthly)
- Shopify Plus: Custom pricing for Shopify Plus
In-Person Selling Plans:
- Starter: $5 (includes one POS Lite location)
- Retail: $79 annually ($89 monthly; includes one POS Pro location)
Payment Processing Fees:
Online Payments:
- Advanced: 2.5% + 30 cents per transaction
- Regular: 2.7% + 30 cents per transaction
- Basic: 2.9% + 30 cents per transaction
In-Person Payments:
- Advanced: 2.4% + 10 cents per transaction
- Regular: 2.5% + 10 cents per transaction
- Basic: 2.6% + 10 cents per transaction
Additional Fees:
- 1% fee for transactions on credit cards issued outside the U.S.
- $15 chargeback fee (refundable if the chargeback is won)
- Transaction fee for using third-party payment providers
- POS Pro fee: $89 per month per location
Hardware Costs:
- $49 for Tap & Chip card reader
- $219 for Tap & Chip countertop kit (iPad not included)
- $299 for Shopify POS Go mobile device
- $349 for Shopify POS terminal
- $459+ for POS terminal countertop kits
Advantages
Flexible Payment Methods: Wide variety of payment options including major credit cards and digital wallets.
Seamless Integration: Integrated with Shopify subscriptions for easy setup and management.
Customizable Checkout: Supports multiple languages and currencies, with accelerated checkout options.
Transparent Fees: Flat-rate, competitive processing fees without hidden costs.
Easy Management: Track orders and payments, customize payout schedules, enable fraud filters, and perform fraud analysis within your Shopify account.
Customer Support: 24/7 customer support is included with all Shopify plans.
Limitations
Monthly Fees: Required for e-commerce plans, which are necessary to use Shopify Payments. Higher fees for advanced features.
Third-Party Gateway Fees: Additional fees for using non-Shopify payment gateways.
International Availability: Shopify Payments is not available in all countries and may not support certain high-risk industries.
Payout Timing: Funds typically hit U.S. bank accounts within two business days, with weekly or monthly payout schedules available.
If you’d like to skip all the online research and save a lot of time, you can request a free consultation with a payments consultant in our network.
Just tap below to answer a few quick questions, and we’ll match you with a consultant who is the right fit for your business.
10. Clover
Clover and Stripe both allow businesses to accept various payment types and adhere to many security measures. However, the primary difference is that Clover is a POS system, while Stripe is not.
Clover offers flexibility and a variety of out-of-the-box features, including analytics, customer relationship management (CRM), staffing, and more. These features are available without additional costs, unlike Square, which may charge extra for similar functionalities.
Key Features
Payment Processing: Clover does not offer built-in payment processing, allowing businesses to choose a compatible provider like Payment Depot for better rates.
Customer Support: Accessible via phone and email, similar to Square.
Hardware: Offers various POS systems comparable to Square, such as:
Clover Station Pro: Countertop touchscreen computer with a cash drawer, receipt printer, and customer-facing display.
Clover Station: Countertop touchscreen computer with a cash drawer and receipt printer.
Clover Mini: 7-inch touchscreen device with a built-in receipt printer and barcode scanner.
Clover Flex: Handheld device for on-the-go payments.
Clover Go: Basic mobile card reader.
Mobile App: Dedicated app with robust POS features, offering more free features than Square.
Software Compatibility: Only compatible with Clover devices, running on Android systems.
Cost
Upfront Cost: $1,399 for Clover Station Pro.
Software Plans:
- Register Lite: $9.95/month
- Register: $39.95/month
- Counter Service Restaurant: $38.95/month
- Table Service Restaurant: $69.95/month
Hardware Costs:
- Clover Station Pro: $1,649
- Clover Station: $1,399
- Clover Mini: $749
- Clover Flex: $499
- Clover Go: $49
Advantages
Employee-Focused Features: Customizable tip screens, performance measuring tools, and varying levels of permissions and access for different employees.
Integration and Versatility: Works with a wider variety of third-party tools than Square, enhancing business management capabilities.
Mobile Payment Options: Suitable for businesses selling at markets or on the go with devices like Clover Go.
Limitations
Payment Processing: Built-in integrated payments limit flexibility; Clover is owned by Fiserv (First Data) and does not partner with other payment processors.
Contracts: Lengthy contracts for promotional offers (e.g., 3 years) with fixed processing rates.
Device Dependence: Requires Clover-specific hardware; switching systems necessitates new devices.
Initial Expenses: Higher upfront costs due to proprietary hardware and potential training needs for employees unfamiliar with Android systems.
If you’d like to skip all the online research and save a lot of time, you can request a free consultation with a payments consultant in our network.
Just tap below to answer a few quick questions, and we’ll match you with a consultant who is the right fit for your business.
11. ChargeBee
ChargeBee is a comprehensive cloud-based payment solution designed to accommodate businesses of all sizes. It supports various billing models, including recurring billing, one-time payments, and billing-per-usage, making it a versatile option for online payment processing.
Startups can easily scale using its user-friendly API and a wide range of integrations. Real-time data and analytics features, including revenue calculation and usage tracking, make it a formidable competitor to Stripe.
Key Features
Automated Billing and Recurring Invoicing: Streamlines billing processes.
User-First Experience: Allows experimentation with pricing structures, product catalogs, and subscription lifecycles.
Promotion Management: Easily run promotions, offer discounts, and manage revenue details without technical assistance.
Workflow Automation: Includes payment collection, discount management, and invoice generation.
Revenue Leak Prevention: Aligns GTM and finance processes across geographies and business models.
Cost
Plans include monthly or annual payment options:
Launch: $0/month for 3 users, ideal for early-stage startups focused on growth and minimizing manual operations.
Rise: $249/month for 10 users, suitable for agile small businesses looking to grow revenue through quick experiments and data-driven analysis.
Scale: $549/month for 25 users, tailored for fast-growth startups aiming to maximize efficiency in revenue operations.
Enterprise: Custom pricing for large businesses seeking enterprise-class compliance and diversified revenue channels.
Advantages
Exceptional Support: Knowledgeable, helpful, and responsive account managers and support team.
Regularly Updated Features: Feature-rich platform with quarterly updates.
Simplified Account Setup: Simplifies customer account setup through automated signup and management.
Limitations
Confusing Interface: Interface can be slightly confusing and could be more intuitive and mobile-optimized.
Difficulty Selecting Plan Options: Lacks an easy way for users to select their own plan options.
Potential Chargebacks: Inability to see the total price before invoicing or adding to unbilled charges, potentially leading to chargebacks.
If you’d like to skip all the online research and save a lot of time, you can request a free consultation with a payments consultant in our network.
Just tap below to answer a few quick questions, and we’ll match you with a consultant who is the right fit for your business.
12. Wise
Wise (formerly Transferwise) is a newly rebranded global payments platform designed to help businesses grow and operate internationally. It facilitates global money transfers with affordable exchange rates and allows businesses to pay invoices in over 70 countries.
With Wise, businesses can receive overseas payments without high conversion fees and pay up to a thousand people at once.
It also provides businesses with an International Bank Account Number (IBAN), routing number, and sort code within the same account, enabling teams to spend online and in-store with no foreign transaction fees and move money between accounts quickly.
Key Features
Cost-Effective Invoice Payments: 19x cheaper than PayPal, requiring only the recipient’s email and bank details.
International Payroll and Reimbursements: Manage employee payroll, reimbursements, and recurring payments with a single click.
End-to-End Encryption: Partners with top institutions like Barclays and offers multi-currency banking options.
Easy Withdrawals: Withdraw from online sellers or trading platforms using your IBAN and other account details.
Debit Cards for Business Expenses: Make purchases in any currency without foreign transaction fees.
Cost
Transfer Fee: 1% per transfer with no hidden currency exchange fees. Wise offers transparent pricing, typically cheaper than banks, with a dedicated page to calculate exact rates.
Account Opening: Free to open an account, with fixed fees for sending money varying by currency.
Advantages
Ideal for Overseas Transactions: Ideal for making repeated transfers to individuals overseas.
Cost-Effective: Very cost-effective compared to banks and other service providers.
Streamlined Process: Allows sending money without giving access to the business bank account.
Limitations
Limited Currency Support: Supports fewer currencies than other Stripe competitors.
Length of Transfers: Some transfers can take a long time to complete.
If you’d like to skip all the online research and save a lot of time, you can request a free consultation with a payments consultant in our network.
Just tap below to answer a few quick questions, and we’ll match you with a consultant who is the right fit for your business.
Other Options
In addition to these 12 options, there are other options to explore:
Checkout.com
Checkout.com is a fast-growing payment service primarily used by mid-market and enterprise companies. It offers a wide range of payment methods, transparent pricing, and payment routing, making it a favorite among large businesses.
However, it faces challenges as a single service provider similar to other payment gateways.
Cleverbridge
Cleverbridge is a cloud-based global eCommerce platform offering billing solutions for digital goods, online services, and SaaS companies in B2C and B2B markets. It provides global sales tax compliance and subscription payment capabilities, well-suited for large companies with dedicated engineering teams.
However, it is not tailored for SaaS-specific features like key subscriptions and B2B models.
Elavon
A global payment solutions provider offering a range of services, including credit card processing, payment gateways, and merchant services, catering to businesses of all sizes.
FastSpring
FastSpring is another Merchant of Record (MoR) that handles online payments for businesses selling both physical and digital goods. It supports subscription management, sales tax compliance, payments and billing, fraud protection, revenue recovery, and analytics.
While it can be used by SaaS companies, it does not specialize in SaaS-specific features, requiring additional work to optimize for the SaaS model.
GoCardless
GoCardless is a British payment processor specializing in direct debit payments and open banking. It is an excellent option for businesses needing to collect recurring payments, such as membership businesses.
Gravity Payments
A payment processor known for its transparent pricing and commitment to social responsibility, offering services like credit card processing, ACH, and eCheck payments.
Merchant One
A payment processing company offering tailored solutions for businesses, including secure payment processing, merchant accounts, and support for various industries.
Mollie
Mollie is an Amsterdam-based payment processor well-suited for businesses accepting payments from European customers. It offers various payment methods, including credit and debit cards, e-wallets, and bank transfers, and features like SEPA direct debit and iDEAL for managing European payments.
North Payments
A fintech company providing a wide range of payment solutions, including credit card processing, mobile POS, and online payment gateways, serving over 350,000 merchants.
Paddle
Paddle is a MoR and provider of payment infrastructure built specifically for SaaS businesses. It manages all aspects of payment infrastructure, from customer acquisition to renewals and expansions, aiming to make software businesses ‘growth ready’ for market expansion.
Key features include optimized payments, localization, tax compliance, multiple integrations, and dedicated support, making it a streamlined and efficient solution for SaaS companies.
PayJunction
PayJunction focuses on providing businesses with secure and PCI-compliant payment processing solutions while emphasizing data security and fraud prevention.
It offers a unified platform that combines payment processing, electronic signature capture, and virtual terminal capabilities, distinguishing itself from many Stripe competitors.
Payment Cloud
A comprehensive payment solution offering customized services for businesses, including fraud prevention tools, advanced payment gateways, and a variety of terminal and POS systems.
Payoneer
Payoneer specializes in international payments and is a good option for businesses needing to pay freelancers and contractors worldwide. It also offers features like mass payouts and currency conversion.
Plaid
Plaid connects users’ bank accounts with third-party apps, helping verify accounts and facilitate bank-to-bank transfers. Unlike Stripe, which primarily provides the foundation to accept various payment types, Plaid focuses on connecting and verifying bank accounts.
QuickBooks Payments
A payment processing service integrated with QuickBooks accounting software, enabling businesses to accept credit card and ACH payments, manage invoices, and streamline accounting processes.
Thryv
Thryv is an all-in-one business management software that offers tools for operations, customer relationships, scheduling, invoicing, and more. With its comprehensive suite of business tools,
Thryv may be a better fit for those looking for extensive business management solutions compared to Stripe.
Verifone
Verifone and Stripe are prominent players in the payment processing industry but differ in their offerings.
Verifone primarily provides POS solutions, including hardware terminals and payment processing software, while Stripe is more suitable for online sales that don’t require physical payment terminals.
WooCommerce
WooCommerce is ideal for users valuing simplicity and seamless integration. It offers fluid integration with existing WooCommerce stores, although its support options are somewhat limited.
WooCommerce Payments provides a straightforward solution for integrating payments with WooCommerce stores.
Worldpay
Worldpay is a global payment processor offering a wide range of payment methods, including credit and debit cards, e-wallets, and bank transfers. It is particularly well-suited for large businesses and enterprises, providing comprehensive features for managing global payments.
If you’d like to skip all the online research and save a lot of time, you can request a free consultation with a payments consultant in our network.
Just tap below to answer a few quick questions, and we’ll match you with a consultant who is the right fit for your business.
Matt Tenney has been working to help organizations develop leaders who improve employee engagement and performance since 2012. He is the author of three leadership books, including the groundbreaking, highly acclaimed book Inspire Greatness: How to Motivate Employees with a Simple, Repeatable, Scalable Process.
Matt’s ideas have been featured in major media outlets and his clients include numerous national associations and Fortune 500 companies.
He is often invited to deliver keynote speeches at conferences and leadership meetings, and is known for delivering valuable, actionable insights in a way that is memorable and deeply inspiring.
