Online Payment Processing Platforms

What are Online Payment Processing Platforms?

Online payment processing platforms provide tools and services that enable businesses to securely and efficiently facilitate electronic payments from customers via credit cards, debit cards, and digital wallets. These platforms handle the transfer of funds from the customer's account to the business's account, ensuring data security through encryption and compliance with standards like PCI DSS.

Payment processors manage transaction authorization, settlement, and funding while also providing fraud detection, chargeback management, and support for multiple currencies and payment methods. They facilitate the entire payment process, from initiation to fund transfer, helping organizations receive funds from customer sales in a timely manner.

Online payment processing platforms support a variety of different payment methods to accommodate customer preferences and business needs, including:

  • Credit and debit cards,
  • Virtual cards,
  • Gift cards,
  • Digital wallets,
  • Contactless payments,
  • Direct deposits and payments,
  • Wire transfers,
  • Checks,
  • Buy Now Pay Later,
  • Cryptocurrency,
  • Payment links,
  • QR codes.

Key Features and Capabilities of Online Payment Processing Platforms

  • Accepting all forms of payment (both online and in-person): Online payment processing platforms help organizations easily and securely process customer payments from websites/e-commerce stores and via direct transfers, while also supporting payments made in person from business POS systems.
  • Invoicing: Online payment processing platforms help organizations streamline their billing and payment collection processes with tools for easily creating and sending invoices to customers.
  • Inbuilt Point of Sale (POS) tools and/or integrations: Online payment processing platforms often include inbuilt POS capabilities to help companies seamlessly process sales from storefronts, or integrate with third-party POS providers for streamlining payments from the cash counter, and into business bank accounts.
  • Transaction and sales analytics: Online payment processing systems provide detailed reports, including insights into transaction volumes and sales performance, to help companies accurately track sales and make data-driven business decisions.
  • Fraud prevention: Online payment processing platforms offer security features such as fraud detection and prevention to help companies securely process payments and protect customer data.
  • Dispute management: Online payment processors provide structured tools for organizations to resolve transaction disputes and manage customer chargebacks.

Popular Integrations for Online Payment Processing Platforms

  • Accounting software: Integrating accounting software with an online payment processing platform automatically transfers sales transaction data to business accounting systems to help companies streamline their finances, simplify bookkeeping, and minimize manual data entry errors.
  • Inventory management software: Integrating inventory management software with online payment processing helps organizations effectively manage their inventory and reduce stockouts with real-time stock level updates.
  • E-commerce/shopping cart platforms: Integrating online payment processing with e-commerce/shopping cart platforms helps businesses streamline the checkout process for their customers, and ensures accurate order processing and payment reconciliation.
  • Shipping/logistics management software: Integrating online payment processing with shipping or logistics management software helps organizations automate their orders, fulfillment, and shipment tracking to improve delivery, and enhance customer satisfaction.
  • Tax management tools: Integrating payment processing with tax management tools helps companies automate tax calculations, maintain compliance, and reduce tax filing errors.

Top 10 Online Payment Processing Platforms

Online Check Writer / Shopify / Clover / BILL AP & AR / Dwolla / BlueSnap / Amazon Pay / Apple Pay / Venmo / Elavon

WH Score
8.7
Online Check Writer
2reviews
Starting Price:N/A
OnlineCheckWriter.com – Powered by Zil Money allows you to customize and print checks instantly on blank stock papers using a regular printer at your office or home. Take advantage of Overnight Check Mailing with Tracking for Secure payments: simply create your checks, click send, and OnlineCh...
WH Score
8.7
Shopify
538reviews
Starting Price:$19 per user / per month
Shopify is an e-commerce platform which facilitates online sales, in-store sales and any other type of sales. Shopify provides a professional online storefront, a payment terminal to accept credit cards and a POS solution for retail sales. Shopify POS is suited for all types of businesses - small, m...
WH Score
8.1
Clover
22reviews
Starting Price:$0 per terminal / per month
Clover is a point of sale (POS) software designed for small to medium-sized businesses. It provides a cloud-based platform that integrates payment processing, inventory management, and customer management. Clover is known for its flexibility and versatility, offering a range of hardware options to m...
WH Score
7.9
Skrill
0reviews
Starting Price:N/A
Skrill is a digital payment platform that offers a range of advanced payment options to meet the needs of its diverse user base. One of the key features of Skrill is its card acquiring and ACH services, which allow users to make payments quickly and securely. These services are designed to streamlin...
WH Score
7.9
Paysafe
0reviews
Starting Price:N/A
Paysafe is an online payments solution provider that specializes in providing a wide range of payment solutions for businesses and individuals alike. With a focus on offering secure and user-friendly options, Paysafe caters to industries such as iGaming and travel, as well as forming partnerships wi...
WH Score
7.9
Elavon
0reviews
Starting Price:N/A
Elavon is a well-established and reputable payment processing company that has made a name for itself as a leader in the industry. With a track record of handling over $558 billion in commerce annually, Elavon is a trusted partner for businesses of all sizes looking for secure and innovative payment...
WH Score
7.9
Venmo
0reviews
Starting Price:N/A
Venmo is a leading payment service that has revolutionized the way people send and receive money, make purchases, and pay businesses both online and in stores. With its user-friendly interface and convenient features, Venmo has quickly become a popular choice among millions of users worldwide.Venmo ...
WH Score
7.9
Apple Pay
0reviews
Starting Price:N/A
Apple Pay is a versatile and convenient digital payment service offered by Apple that provides users with a secure and efficient way to make purchases, send and receive money, and manage their finances. With Apple Pay, users can access a wide range of features and benefits that enhance the overall s...
WH Score
7.9
Amazon Pay
0reviews
Starting Price:N/A
Amazon Pay is a versatile and reliable payment solution designed to cater to businesses of all sizes. With a range of features such as buy now pay later, alternative payment methods, and express payouts, Amazon Pay aims to simplify the payment process for both businesses and customers.One of the key...
WH Score
7.9
BlueSnap
0reviews
Starting Price:N/A
BlueSnap is an all-in-one payments solution provider that enables businesses of all sizes to send and accept payments, be they local or international. BlueSnap also provides specialist assistance to their clientele, to determine the most suitable payment strategy depending on their unique needs.
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