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Top 3 Payment Gateways for Small Business 2024


Top 3 Payment Gateways for Small Business 2024

Top 3 Payment Gateways for Small Business in 2024

, businesses had to apply for a merchant account to process payments, which involved a stringent underwriting process akin to applying for a line of credit.

Nowadays, modern payment processors, including our top picks, no longer necessitate a separate merchant account. Although some have an application process, it’s less rigorous than before, simplifying the account opening process, particularly for new businesses. Instead of upfront risk assessment through applications, modern processors utilize ongoing monitoring with computer algorithms.

Modern Security and Risks

Each payment processor on our list offers best-in-class security, ensuring the safety of both your business and your customers. Payment information directly goes to the processor, preventing your business from possessing customers’ credit card numbers and facilitating compliance with credit card industry security guidelines.

Our Top 3 Gateways for Small Business 2024 

Here are our top three picks for small business payment processors. Generally, each company provides a similar set of features and transaction rates. The subtle differences, such as ease of signup, level of support, and software interfaces, will likely be the determining factors in your decision.

Gateways for Small Business 2024

Top 3 Payment Gateways for Small Business in 2024

  1. Stripe

Stripe, launched in 2010, boasts a modern payments platform, making it easy to start accepting credit card payments. The account signup process is nearly instant and does not require underwriting. While phone support is not available, their support documentation is top-notch, and you can chat or email with a support agent.

Who is Stripe Best Suited For?

Stripe’s simplicity is ideal for small businesses with minimal experience in online payment acceptance. From signup to payment management, every software interface is easy to navigate and clearly laid out. If you’re comfortable communicating with support via chat or email, Stripe is a great choice for your small business.

  1. PayPal – PayPal Express Checkout

Established in 1998 and spun off from eBay in 2015, PayPal is a well-known name. The Express Checkout service allows customers to pay using a PayPal account instead of a credit card, providing a more secure option. This service can be used alongside any other credit card processor on our list.

Who is PayPal Express Checkout Best Suited For?

Nearly every small business can benefit from using PayPal Express Checkout alongside another credit card processor. Offering customers a choice between PayPal and credit cards can potentially increase sales. However, businesses should be mindful that PayPal often sides with the purchaser in payment disputes.

  1. Square

Founded in 2009 by Jack Dorsey, Square started as a mobile payments solution and has expanded to offer various services, including online payment solutions. Square’s signup is nearly instant and does not require underwriting. Their software interfaces are modern, easy to use, and come with excellent support documentation.

Who is Square Best Suited For?

Square is an excellent choice for mobile businesses or those in need of both physical and online payment solutions. If you’re already using Square, getting started with their online payments platform requires minimal effort. Additionally, with $250 of chargeback protection per month, Square helps reduce the risk of accepting credit cards.

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