Q: What are the top online payment systems for small business?
A: Small businesses across North America continue to embrace antiquated banking practices to run their operations -- sending and receiving payments in the form of paper cheques, wire transfers and money orders -- but don't realize how much of toll this takes on their resources with respect to time and money.
But several FinTech companies have taken notice of this cost and have developed online payment processing systems to eliminate waste and increase efficiency. And the number of service providers continues to grow. But with so many options, choosing the right payment processing solution can be difficult for small business owners. Here we break down some of the key players, their fees, the services they offer and identify which small businesses they service best.
Fees: $1.00 flat fee per transaction or less, $9.99 per cross border transaction (+ additional mid-market currency exchange rate) flat fee.
Fees: $0.50, $99.00 (one time set-up fee) + $15.00/mo (system updates and support) + $2.00 per transaction for USD transfers.
Fees: $10 (1-5 transactions/mo), $25 (5-50 transactions/mo), $45 (51-100 transactions/mo), $65 (101-250 transactions/mo), $85 (251-500 transactions/mo), 500+ (call for pricing). USD unavailable.
Fees: 2.9% + $0.30 per transaction; USD unavailable.