Ranking of the Best Payment Processing Companies, Services and Systems in 2024

Online payment processing services do more than simply process transactions. They let you fix a payment form on your site, so you can even securely take in credit card details, and activate every important notification to help you make your product delivery super fast. After this, the platform will pay out all you’ve received.

You can improve how fast your transaction is when you have the right payment gateway, and with this, you can satisfy your customers better while you improve your revenue.

Facts: The US payment processing market’s annual value was over $2 trillion in 2023.

How it works

If you need to improve how secure your transactions are with your customers, then don’t think past having online payment services. We all know how much everyone wants easy and super fast transactions and with a payment processor, the purchase process begins. This handles the technicalities of the transaction and payment gateways send all customer details. 

After this, the gateway sends the data to the payment processor and this connects with the customer’s bank or credit card processing network. The processor reviews how the transaction is, makes sure that the funds are available, and checks that the details match the security standards and business needs. The transaction then completes after approving the funds and transferring them to the business account for use.

Best Payment Processing Services (systems) of 2024

Now that customers want super fast transactions your small business should efficiently accept payments and you need the best payment processing service for this.

Facts: The USA payment processing market has a growth rate of 5% to 7% for the next five years. Some top payment processors of 2024 to look at are explained as follows:

1. Square

Small businesses still want to use Square because it is easy to use and it has so many merchant services. Square allows you to accept credit card payments and you don’t want to miss out on mobile payments and in-person card transactions.

Important features:

• Best for retailers
• Starting price: 2.6% plus 10 cents per transaction
• No monthly fee
• Clear per-transaction pricing
• Affordable hardware
• Buy now, pay later options for both in-person and online transactions

2. Helcim

If what you want is a transparent pricing structure and good processing fees, why not opt for Helcim? After all your small business can’t make the most of the many merchant services on this payment processing service. What sets Helcim apart is its Lower-than-average processing rates, 

Check out these features:

• Starting price: 0.40% plus 8 cents in (person) or 0.50% plus 25 cents (online)
• No monthly fee, pay transaction fees only
• Lower-than-average processing rates
• No contracts
• Automatic volume discounts

3. Stripe

If your online business requires a top payment processor, then Stripe is another good option for you. Stripe has a payment gateway that you can customize to support so many payment options.

Watch out for some interesting features:

• Starting Price: 2.9% plus 30 cents per transaction
• No monthly fee
• No setup fees
• Developer-friendly

Stripe moves to decouple embedded financial services from payment processing, which means it’s ready to pursue larger customers. 

According to QED Investors Partner Laura Bock, “This strategy aligns with what we are seeing in the fintech landscape at large – businesses increasingly demanding flexibility. The future winners in payments will support platforms in customizing the way they build their payments businesses.”

4. Finix

Finix is designed for businesses that want to build their own payment processing infrastructure. Choose a payment aggregator like Finix to become your own merchant account provider. If your business is larger and you need greater control over the payment options you allow, then Finix is good for you.

There are many top tools on Finix that can manage transactions. Use these features to help your business grow when you optimize how you accept payments on credit cards. 

5. Clover

Your business needs an all-in-one solution like Clover where you can enjoy features like credit card processing, merchant services, and hardware like POS systems. Retail and restaurant businesses often need payment processors that are easy to use, and Clover ticks a lot of boxes.

Make the most of its interface to easily manage the many operations of your business. Clover allows you to accept payments from many sources.

Some important features:

• Starting price: $14.95 per month
• Good pricing plans
• Many features like managing orders, tracking, and loyalty programs
• Accepts a lot of payment methods

6. Shopify Payments

Shopify Payments is another good option for e-commerce businesses that are using the Shopify platform. You don’t need a third-party payment processor when you use it directly with Shopify.

Payment Processing fees start at 2.9% + $0.30 for online, and 2.6% + $0.10 for in-person.

7. Chase Payment Solutions℠

If what you want is a reliable and secure payment processing in a credit card, you should consider using Chase Payment Solutions℠ because of its many features. Watch out for a lot of merchant services like credit card processing and online payment gateways.

8. PayPal

PayPal is a versatile payment method that offers a range of options, including digital wallets, credit card processing, and peer-to-peer payments, making it a popular choice for online transactions. Whether you’re shopping online or conducting business, PayPal’s ease of use and robust security measures provide peace of mind. For those who enjoy wagering on sports or casino games, using PayPal for betting is a convenient and secure way to place bets, with many online betting platforms accepting PayPal as a payment method. Overall, PayPal’s widespread acceptance and user-friendly interface make it an excellent choice for anyone looking to make online transactions, whether for business or pleasure.

“The future of online payments is all about convenience, security, and flexibility. Consumers want to be able to pay however, whenever, and wherever they want.” – Alex Chris, CEO of PayPal

How To Choose the Best Payment Processing Company

When you want to optimize how your business operates, you must choose the right payment processor. You’ll enjoy these features when you select the best credit card processing companies:

• Low processing fees
• Advanced payment technology
• Easy integration with various payment methods
• Advanced security for credit card processing and digital wallet transactions.
• Round-the-clock customer service for seamless support

Conclusion

These top service providers offer the tools and support that your business needs to succeed. Consider what your business needs, the pricing structure, and the payment options each provider offers to find the best fit for your business.