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6 Top Payment Processing Companies For Ecommerce

9 min read

Setting up your Ecommerce business involves a lot of under-the-surface components that are critical to providing a smooth customer experience. Digital commerce relies on, among other things, a smooth interface, product visibility, pricing transparency, and reliable payment processing.

Online payment processing providers make Ecommerce possible for many new or small businesses. Processing digital payments require fast, secure communication between the vendor and the customer’s bank. Without payment processing providers to facilitate this process, digital transactions would be virtually impossible.

When setting up your business for Ecommerce, you will have a number of online payment companies to choose from. Some of these payment processing companies are better for handling large volumes, while others might be better for those who prefer high security. Whatever the unique needs of your business, there are likely multiple payment processing providers that suit you. Here are some of the top payment processing companies for Ecommerce businesses.

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PayPal

Best For:
Low volume transactions

Online Payment Fees:
3.49% of payment prices, plus a $0.49 transaction fee.

About:
PayPal is one of the most widely known payment processing providers on the web. But E-commerce payment processing is not always the first thing that comes to consumers’ minds when they think of PayPal. What started out as a peer-to-peer payment facilitator has grown into a ubiquitous digital payment processor. Many companies turn to PayPal because it’s safe, familiar, and flexible. It is also one of several free payment processors to set up. PayPal charges no startup or subscription fees, instead taking only a small percentage of the sales it processes.

PayPal can be set up to work with mobile wallets like Venmo, Apple Pay, or Google Pay. It can also be connected to bank accounts for card processing.

The only real drawback of PayPal is that it is not great for handling high-volume transactions. The company also does not provide 24/7 phone support. But for small businesses with a low volume of transactions, the former is not an issue at all.

PayPal

Amazon Pay

Best For:
Amazon vendors

Online Payment Fees:
2.9% of payment price, plus a $0.30 transaction fee.

About:
The Amazon Pay API allows users to make payments on third-party websites using their Amazon account information. This is useful for companies that already sell on Amazon. It is also highly secure and trusted by consumers due to the name-brand recognition of Amazon.

When you use Amazon Pay as your online payment processor, your customers simply pay on your company website through their Amazon accounts. Amazon takes a small commission for the transaction, at an affordable rate relative to other payment processing companies.

The downside of Amazon Pay is that it is severely limited in the types of payments it allows. Customers need to have an Amazon account in order to make a payment through Amazon Pay.

Amazon Pay

PaymentCloud

Best For:
High-risk/Low-credit businesses

Online Payment Fees:
Quote-based, undisclosed.

About:
“High-risk” businesses are companies that, for one reason or another, are viewed as having a greater risk of financial failure than others. Such businesses might have trouble securing a partnership with other payment processors. If that is the case, PaymentCloud can come to the rescue. PaymentCloud offers fast approval and setup, is easily integrated with other platforms, and accepts all major credit cards.

Because they work with high-risk businesses, PaymentCloud also assigns a dedicated account manager to its clients. This can be helpful to struggling businesses. The designated account manager helps to navigate some of the obstacles of being a high-risk business.

There are a couple of drawbacks that come with using PaymentCloud. First, it is not as flexible as other payment processing providers. Second, PaymentCloud has no listed fees on its website. Company fees are instead based on a quote, which is determined on a case-by-case basis.

PaymentCloud

Square

Best For:
General commerce, fast setup

Online Payment Fees:
2.9% of payment price (or 2.6% with the Premium plan), plus a $0.30 transaction fee.

About:
Square is a very popular payment processing provider due to the ease and convenience of its setup. Square is an all-in-one payment processor with a wide variety of hardware and software options. This makes it ideal for companies looking to get their physical payment processing infrastructure set up quickly and without hassle. Square’s fees are also some of the most affordable among all payment processors. This makes it better suited for higher volume transactions than platforms like PayPal.

Square is also compatible with all major credit card providers and mobile wallets like Apple Pay and Google Pay.

While Square does have an online payment processor, it is not as robust as other dedicated online payment companies.

Square

Helcim

Best For:
High volume transactions

Online Payment Fees:
Interchange plus 0.5% of payment price, plus a $0.25 transaction fee, with volume discounts.

About:
Helcim is regarded as one of the best all-in-one payment processing companies out there. With no monthly fees, easy setup, good customer support, and volume discounts, there is a lot to love about Helcim. Small and large benefits alike can benefit from Helcim’s high volume discounts. But even without those discounts, this is still a convenient payment processor. The interchange payment plan is highly valued and appreciated by many businesses that use Helcim for their payment processing.

Helcim requires no dedicated hardware. Businesses simply create an account and can start accepting Ecommerce transactions right away. A card reader is available for in-store transactions for $109.

For Ecommerce, Helcim works with all major credit cards and debit cards, as well as mobile wallets.

Helcim

Stripe

Best For:
Ecommerce

Online Payment Fees:
2.9% of payment price (3.9% for international credit cards), plus a $0.30 transaction fee.

About:
Stripe is widely regarded as the best and most flexible online payment processing provider. Stripe’s software is extremely easy to integrate with just about any Ecommerce store. This makes it ideal for companies that primarily conduct business online. Stripe easily integrates with most other major programs, like QuickBooks or Mailchimp.

Stripe also has a wide range of extensions and additional business solutions, making it more versatile than other payment processors. For instance, Stripe Billings can automatically manage your company’s bills and subscriptions each month.

Another reason why Stripe is so highly regarded is its flexibility. Stripe accepts a wider variety of digital payment methods than most online payment companies. That includes all major credit and debit cards, mobile wallets, and international payments.

Stripe is also highly affordable, allowing for custom payment plans. Like others on this list, there are no subscription or startup fees. Setup is easy, and Stripe offers 24/7 web-based customer support, with phone support on request only.

There are no major downsides to using Stripe as your payment processing provider for Ecommerce transactions. This is why Stripe is supported by the Ecwid Ecommerce platform.

Stripe

Learn More About Building Your Ecommerce Platform

Choosing the right online payment processing company is one important step in setting your company up for Ecommerce. But there is much more to optimizing your business for digital commerce than processing payments. Ecwid is here to help with that by making it easier than ever to set up your web store for Ecommerce. We’re also here to help you understand what’s essential. Be sure to follow our blog for more useful articles on building and operating your Ecommerce platform.


 

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About the author

Anastasia Prokofieva is a content writer at Ecwid. She writes about online marketing and promotion to make entrepreneurs’ daily routine easier and more rewarding. She also has a soft spot for cats, chocolate, and making kombucha at home.

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