![]() ![]() This service features a flat transaction fee with no monthly fees or setup costs. BraintreeĪnother good option for businesses that want to accept online payments is Braintree. May be more expensive for average sales of over $20 5. Square’s transaction fees are comparable with some of the more affordable options currently available. There is no cost to set Square up on your website, nor are there any monthly fees to pay. Square’s credit card processing can be easily added with online checkouts and eCommerce platforms such as Shopify, BigCommerce, WooCommerce and GoDaddy’s Online Store. Square is a popular payment processing platform for businesses that operate both online and in traditional brick-and-mortar stores. ProsĮasily integrated onto your shopping siteĬustomers are sent off-site to complete checkout, which can cause some lost sales 4. ![]() This payment platform allows businesses to accept a variety of payment forms, including credit cards, debit cards and online wallets, among others.ĢCheckout can be quickly and easily integrated with hundreds of online shopping carts.įees are competitive for merchants, and those with higher sales volumes may qualify for more affordable volume-based pricing. Some complaints of frozen or canceled accounts It integrates with your store’s checkout so that consumers are not going elsewhere. While many online payment processing tools take customers away from your site to make their purchase, Stripe doesn’t. Online payment processing platforms like Stripe take the guesswork out of the game and come with the added bonus of keeping the payment process on your website. ProsĬan be used with many shopping cart systems ConsĪccount suspensions can freeze funds 2. PayPal also offers reasonable transaction rates, so you can accept virtual payments without sacrificing a huge chunk of your sales. Since there’s no need to store customer data, it’s great for small businesses that are looking for something low-risk. It also provides business owners with the technology needed to customize the checkout experience, so you have a lot of control over how people go through the payment process. PayPal takes all major credit cards as well as Apple Pay, and is one of the most popular online transaction payment engines out there. PayPal combines a merchant account and gateway into an all-in-one solution. However, these can be cumbersome and require fiddling with things like APIs, which enable the different pieces of software to work together. The payment gateway connects your merchant account with your store.Your merchant account is what allows you to accept credit card payments.Traditional means of accepting online payments combine a merchant account and a payment portal. Each one was handpicked both for its relative affordability and value. We’ve rounded up some of the cheapest online payment processing tools available to help you keep selling - even if only online. Your task is to find the one that is both compatible with your online business and easy on your bottom line. The fee may also depend on the amount charged.Īll these tools come at a price, which varies from one platform to another. There may also be fees based on the type of payment being accepted: Some tools charge fees for setup, while others may have termination fees. Online payment processing platforms typically charge per-transaction fees, while some may charge a monthly fee on top of that. But there are costs to accepting digital payments. There’s no rent, fewer staffing costs, etc. Related: One year later - how Canada’s small businesses have changed 6 cheap payment processing optionsĮveryone knows it costs less to sell products and services online than to sell them from a physical storefront. The good news is that there are plenty of online payment processing tools to choose from. Whether you plan to sell online exclusively or accept virtual payments for touch-free pickup or delivery from your brick-and-mortar business, you need to do what you can to keep operations up and running. The pandemic has permanently changed Canadians’ buying behaviour. If you aren’t already capitalizing on web-based sales and offering online payment processing, today might be the perfect time to start. UPDATE: This online payment processing post was originally published on and updated on 9 April 2021. ![]()
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