eHopper is our budget-friendly Android card reader recommendation because of its free payment terminal and POS software that works with most Android tablets. You don’t need to commit to a long-term contract, and considering the features you’ll get, it represents value for money. Some of those features include:

Best credit card readers for Android in 2023

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The best iPhone credit card reader for you depends on the nature of your business and its needs. If you’re primarily an online shop with a limited physical presence you might benefit from Shopify’s focus on e-commerce. Clover Go’s handy portable card reader is a great option for those who are constantly on the move.

Best credit card reader for iPhone and iPad in 2023

Our simple tips show you how to protect yourself from fraudsters trying to cash in when you use ATMs or other unattended payment machines. As a PCMag security analyst, I report on security ...

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and credit performance remains excellent, with non-accrual loans at .05% of total loans, the same level as the third quarter of last year." Third Quarter 2023 Financial Highlights: Net interest ...

Commerce Bancshares, Inc. Reports Third Quarter Earnings Per Share of $.96

Net debit card fees increased $581 thousand, or 5.5%, and net merchant fees increased $627 thousand, or 12.0%, due to higher interchange fees, while net credit card fees decreased $167 thousand ...

Former A’s pitcher retires, blasts owner John Fisher in video Police pulled the car over and found methamphetamine, drug paraphernalia, stolen mail, checks, credit cards, ID cards and passports.

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Diluted net income per share of $0.98 for the quarter ... An increase of 19% in new deposit accounts opened year-over-year. Credit quality continues to be strong with non-performing assets ...

ServisFirst Bancshares, Inc. Announces Results For Third Quarter of 2023

CINCINNATI (WXIX) - A Hamilton County woman is in jail after she admitted to stealing credit cards and checks, police say. Crystal Mara, 42, is charged with three counts of theft, one count of ...

Woman admits to stealing credit cards and checks, police say

Authorize.Net

authorizenet

Credit card declines are no longer just an annoyance - they’re a multi-billion dollar growth leak. Credit card declines are no longer just an annoyance - they’re a multi-billion dollar growth leak. If you read my last post, you already know the story: Credit card authorization failures quietly destroy revenue across the internet. Most of them aren't due to fraud. And most can be prevented. Credit card authorization failures quietly destroy revenue across the internet. Credit card authorization failures quietly destroy revenue across the internet. This post isn't about the problem — it's about the fix. This post isn't about the problem — it's about the fix. Let's walk through five proven strategies modern merchants use to reduce declines, recover sales, and improve customer experience. 1️⃣ Use Tokenization (It's More Than Just Buzz) Use Tokenization (It's More Than Just Buzz) What is it? What is it? Tokenization replaces a real credit card number with a unique, secure token. If the original card gets updated or reissued, the token can stay valid. Why does it help? Why does it help? Automatically updates when a customer's card expires or changes.


Reduces declines from "invalid card" or "expired card" issues.


Adds a layer of fraud protection = higher issuer confidence.
Real-World Results:
Merchants using network tokenization (Visa, Mastercard) report 5–10% higher approval rates for stored cards.
Google Pay and Apple Pay already use tokens under the hood. Automatically updates when a customer's card expires or changes. Automatically updates when a customer's card expires or changes. Reduces declines from "invalid card" or "expired card" issues. Reduces declines from "invalid card" or "expired card" issues. Adds a layer of fraud protection = higher issuer confidence.
Real-World Results:
Merchants using network tokenization (Visa, Mastercard) report 5–10% higher approval rates for stored cards.
Google Pay and Apple Pay already use tokens under the hood. Adds a layer of fraud protection = higher issuer confidence. Real-World Results: Real-World Results: Merchants using network tokenization (Visa, Mastercard) report 5–10% higher approval rates for stored cards.
Google Pay and Apple Pay already use tokens under the hood. Merchants using network tokenization (Visa, Mastercard) report 5–10% higher approval rates for stored cards. 5–10% higher approval rates Google Pay and Apple Pay already use tokens under the hood. Bonus: It's PCI-friendly and more secure. Bonus: It's PCI-friendly and more secure. What to do? Ask your payment processor if they support network tokenization (not just gateway-level).
Use tokens for subscriptions, saved cards, and one-click checkouts. Ask your payment processor if they support network tokenization (not just gateway-level). Use tokens for subscriptions, saved cards, and one-click checkouts. 2️⃣ Smart Retry Logic (Don't Just Hit "Retry" Blindly) Smart Retry Logic (Don't Just Hit "Retry" Blindly) Why does it matter? According to Recurly's data, up to 70% of failed recurring payments can be recovered with smart retry logic. Most payment failures — especially soft ones like "insufficient funds" or "issuer unavailable" — don't need a new card. They need better timing. What not to do? Don't retry the same payment at fixed intervals (e.g., every 24 hours).
Don't retry hard declines like "invalid account" or "lost/stolen card."
Don't retry indefinitely — it triggers issuer suspicion. Don't retry the same payment at fixed intervals (e.g., every 24 hours). Don't retry hard declines like "invalid account" or "lost/stolen card." Don't retry indefinitely — it triggers issuer suspicion. What to do instead? Retry after salary cycles (e.g., 1st, 15th of the month). Use exponential backoff with max retry limits. Customize retry based on the decline code category. Pause after 2–3 failures, then prompt user intervention. Pro Tools: Stripe Smart Retries, Chargebee Dunning, Recurly Retry Logic Pro Tools: Stripe Smart Retries, Chargebee Dunning, Recurly Retry Logic 3️⃣ Keep Cards Updated Automatically Keep Cards Updated Automatically What is it? Visa Account Updater (VAU) and Mastercard Automatic Billing Updater (ABU) automatically refresh saved card data (expiration, CVV, card number) when a card is replaced. These services prevent declines caused by expired or reissued cards, some of the most common soft declines in subscription businesses. Why does it work? Imagine a customer getting a new card issued due to a lost or compromised card. Without an account updater, their saved payment method fails on the next billing cycle, leading to involuntary churn. With the account updater enabled, you'll get the new details automatically without the customer doing anything. Real-World Result: Merchants using account updater services in subscription-heavy industries have reported an average of 6–8% higher payment success rates. (PYMNTS Subscription Commerce Tracker) Real-World Result: Merchants using account updater services in subscription-heavy industries have reported an average of 6–8% higher payment success rates. (PYMNTS Subscription Commerce Tracker) How to enable it? Most modern PSPs (Braintree, Stripe, Adyen, Authorize.net) offer opt-in support.
Enable it for any service storing cards-on-file
It works exceptionally well when paired with tokenization. Most modern PSPs (Braintree, Stripe, Adyen, Authorize.net) offer opt-in support. Enable it for any service storing cards-on-file It works exceptionally well when paired with tokenization. 4️⃣ Clean Up Your Payment Metadata Clean Up Your Payment Metadata Why does it work? Card issuers often base their fraud decisions not just on the customer — but on how clean your transaction metadata is. Missing or inconsistent information triggers AVS mismatches, geolocation red flags, and descriptor confusion — all of which can lead to declines. Key metadata to get right? Billing ZIP/Address: Use Address Verification System (AVS) where available
Merchant Category Code (MCC): Make sure it matches your actual business
Descriptor: What appears on the user's statement — make it recognizable
3D Secure (3DS): Consider enabling 3DS 2.0 for high-risk transactions or EU cards under PSD2
IP & Device Info: Helps fight false positives, especially for mobile Billing ZIP/Address: Use Address Verification System (AVS) where available Merchant Category Code (MCC): Make sure it matches your actual business Descriptor: What appears on the user's statement — make it recognizable 3D Secure (3DS): Consider enabling 3DS 2.0 for high-risk transactions or EU cards under PSD2 IP & Device Info: Helps fight false positives, especially for mobile Best Practice? Regularly audit your PSP or gateway logs to see what metadata is being passed. Ensure consistency between checkout forms, backend payloads, and processor config. Real-World Example: One travel merchant cleaned up its AVS and MCC mismatches and saw a 4% jump in approval rates for U.S. cards in under 30 days. Real-World Example: One travel merchant cleaned up its AVS and MCC mismatches and saw a 4% jump in approval rates for U.S. cards in under 30 days. 5️⃣ Collaborate With Issuers (Yes, It's Possible) Collaborate With Issuers (Yes, It's Possible) The Problem Most declines come back with vague reason codes like: 05 - Do Not Honor
62 - Restricted Card
91 - Issuer Unavailable 05 - Do Not Honor 62 - Restricted Card 91 - Issuer Unavailable These tell you nothing actionable. And when merchants retry blindly, they burn issuer trust, which can cause even more declines. The Solution Enter issuer collaboration tools: 🧩 Ethoca (Mastercard) and Verifi (Visa) These services provide: Real-time issuer feedback
Fraud alert sharing
Resolution pathways for flagged transactions Real-time issuer feedback Fraud alert sharing Resolution pathways for flagged transactions They're also starting to enable approval intelligence — helping issuers understand legitimate merchant behavior over time. They're also starting to enable approval intelligence — helping issuers understand legitimate merchant behavior over time. Bonus: 3DS 2.0 Newer versions of 3D Secure allow merchants to share over 100 data points with issuers — improving approval confidence without always requiring a user challenge. Issuers often give higher approval rates to merchants that use enhanced 3DS. Real-World Result: Retailers using Ethoca + 3DS 2.0 have seen approval lifts of 5–10% in cross-border transactions, where false declines are highest. Real-World Result: Retailers using Ethoca + 3DS 2.0 have seen approval lifts of 5–10% in cross-border transactions, where false declines are highest. 🧠 Bonus Tips Bonus Tips 🧾 Separate soft vs hard declines Retry only the fixable ones. Hard declines (e.g., stolen cards) need a new payment method. 📈 Track authorization rates by country, card type, and issuer Some banks or regions are better than others. Route traffic accordingly. 📦 Use fallback payment methods If a card fails, offer PayPal, ACH, or Buy Now, Pay Later (BNPL) at checkout. ✅ Final Thoughts Final Thoughts Decline Recovery Is Revenue Recovery Every failed payment isn't a technical issue — it's a broken promise. A moment where a willing customer tries to give you money… and the system says no. But this moment is also fixable. Whether you're building a mobile checkout flow, managing a subscription engine, or running a payment gateway, the tools are already in place: Tokenize your cards
Update them automatically
Retry with intelligence
Send clean metadata
Work with issuers, not against them. Tokenize your cards Update them automatically Retry with intelligence Send clean metadata Work with issuers, not against them. Improving your authorization rate by even 1% can unlock millions in annual revenue — without a single new customer acquired. Tools & Sources Visa Token Service
PYMNTS: False Decline Report
Stripe Docs: Smart Retry
Chargebee: Dunning Best Practices
Mastercard Ethoca
Recurly: Involuntary Churn Guide
Visa Developer – Decline Codes Visa Token Service PYMNTS: False Decline Report Stripe Docs: Smart Retry Chargebee: Dunning Best Practices Mastercard Ethoca Recurly: Involuntary Churn Guide Visa Developer – Decline Codes ✍️ One-Liner Pitch to Your CTO or PM Let's stop burning revenue on fixable declines — even a 1% lift in authorization rates is millions in saved revenue." 🪜 "Coming Soon… 🔄 "From Decline to Delight: The Future of Frictionless Payments" (A look at AI-driven fraud detection, payment orchestration layers, and what's next in approval rate optimization.) Would you like to take a stab at answering some of these questions? The link for the template is HERE. Interested in reading the content from all of our writing prompts? Click HERE. Would you like to take a stab at answering some of these questions? The link for the template is HERE. Interested in reading the content from all of our writing prompts? Click HERE. HERE HERE HERE HERE

🛠️ Fixing the Decline: 5 Proven Ways to Boost Credit Card Authorization Rates

Learn what is Shop Pay and apply the service to elevate user experience and make checkout quicker for repeat customers. As a Shopify store, you are always searching for new ways to convert your website traffic into paying customers. While not every visitor can convert into a customer (what a perfect world that would be), the ones who browse your website, add products to the cart, and leave right before making the payment, pinch the most. Here, it is clear that the visitor likes your products and is willing to purchase them. But the payment method has put them off. You can use Shop Pay as your payment service provider to avoid complicated payment methods. What is Shop Pay? Shop Pay is a new and improved checkout system launched in 2017 by Shopify. It offers faster payment services for small businesses. The tool automatically remembers and fills customers’ contact and payment information for higher efficiency in payment. To ensure that users get their products delivered appropriately, companies need information like their email address, shipping details, billing information, and debit/credit card information before the checkout. Shop Pay can help businesses remember this information and recall it when needed. Customers do not need to recheck every piece of information several times before making payments when they use a Shop Pay account. The users can only enjoy the benefits of Shop Pay if the merchant accepts payment on this payment solution. Currently, it has over worldwide. 1 million users What is Shop Pay – The Workings of Shop Pay Currently, Shop Pay only works for Shopify and Shopify Plus stores. So, if you have recently started an eCommerce platform, set up a Shopify store before trying to offer a Shop Pay payment option. The first-time users must provide billing information in detail, which will be remembered in future purchases. The user will need to log in with their email address or phone number; afterward, they can fill in all the details and purchase in no time. As Shop Pay stores this information, you can access it in any store that provides a Shop Pay payment option. All the data is encrypted to ensure safety while offering quick check out without filling in credit card details for every purchase. How Does Shop Pay Work? On Shop Pay, you must validate the purchase by entering a 6-digit verification code you receive in your text for the first purchase. However, from then on, you can make purchases through the same device using the saved information. It also has options to change the details or opt-out of the service. Specific Shop Pay Stores also provide pickup and delivery options here. On Shop Pay installment stores, buyers can opt for the Shopify buy now, pay later model, in some cases, interest-free. Shop Pay has over 20 language settings, including Chinese, Dutch, English, Hindi, Korean, Polish, Swedish, Thai, etc. How Does Shop Pay Installments System Work When it comes to Shop Pay installment options, the customer can pay the amount over time, but the merchant gets payment in full upfront. Shopify Pay Installments follow these rules: Choose the four biweekly and interest-free payments for orders ranging from $50 to $999.99. The option to pay monthly installments for orders between $150 to $17,500 is always available. For monthly installments, the users can opt for 10% to 30% ARP that they can make over three, six, or 12 months per the amount. The merchant will receive the full payment in one to three business days. Affirm is the third-party lender that powers buy now, pay later Shopify feature. Affirm is responsible for paying for the business. Merchants must pay a fee between 5% and 6% for the service. The rate will depend on various business factors and Affirm underwriting. To become eligible for the Shop Pay installment option, businesses must be based in America and sell their merchandise in US dollars. Shop pay also approves the messaging your website displays for installments to offer correct disclosures and wordings. Capital One credit cards are not acceptable on Shopify shopping installment payments. For Pillow Cube, the Shop Pay installments option was . They have also reported a rise in their average order value. 6.5% of Gross Merchandise Value What is Shop Pay benefits? Now that you understand what is Shop Pay and its features, it is time to look at the advantages. One of the biggest factors that pushed several merchants to offer Shop Pay service is that it has helped several businesses boost their sales and improve their checkout process. Advantages of Using Shop Pay The one-click checkout option lets users make decisions quickly. Moreover, it enables them to spend less time filling in details, which is an incentive. If it takes too long to check out, the user might decide not to make the purchase or do it at a later date. Consequently, it reduces cart abandonment while improving conversion rates and sales volume. One-Click Check Out: For merchants that offer smart delivery tracking, the users have 24/7 access to shipment locations. With this feature, the users can choose to look at shipment progression at their convenience. Smart Delivery Tracking: Shop Pay merchants that offer local pickup and delivery can give access to the option here. The user can select it during checkout on Shop Pay. Local Store Suggestions: Who uses Shop Pay? Now, you may be wondering what stores use Shop Pay. Several brands are currently offering Shop Pay as a method to make payments. Some popular examples include: Allbirds Monos Stationery Pal Ring With over 40 million regular Shop Pay users, merchants find it beneficial to offer the Shop Pay option, even when other payment methods are available. What is a Shop Pay Verification Code? Shop Pay verification code text is the method they deploy to avoid misuse of your credit or debit card information. It is a 6-digit code that users get on their verified phone number for identification. A message from Shop Pay Code Looks Like the picture below: Shop Pay support Shop Pay offers optimum support to its merchants through three channels. Shop Pay has an online community where users can attend events and get answers to various queries. Online Community: Their online help center has FAQs and user manuals for beginners. Help Center: Their executives are available to help through chat and email. Customer Care: Shop Pay Customer Service For business owners, navigating to Shop Pay Section is ideal for getting relevant results. For customers, the option of using is available. Here, the clients can get all the information they need. the Shop Help Center However, there is no Shop Pay customer service number. Instead, customers can fill in the contact form to contact a support agent who will get in touch with them as quickly as possible. Who owns Shop Pay? Shop Pay is owned by Shopify and powered by Stripe. Shopify is the biggest and the most trusted eCommerce platform on which several known online merchants sell products. Hence, it enjoys credibility among users and merchants. Shop Pay vs. Shopify Payments For anyone who has shopped online on any Shopify store, the fact that they offer a variety of payment methods is no surprise. It is easy to assume that Shop Pay and Shopify Payments are the same, but they are not. Shop Pay Serves as a wallet Speeds up the payment process The Shop Pay Installments Store offers the option of splitting your payment into parts. The only information needed for the payment is the verification code. Higher setup and transaction fee than Shopify Payments Google Pay, Apple Pay, etc., follow the same model. Branded purple button under Express Checkout that captures attention Shopify gift cards work on Shop Pay solutions if the merchant enables them. Shop Pay does not ask for the shipping address if the checkout does not need it, for example, if you are ordering a service or downloads. It considers your setup while offering accelerated checkout solutions. It isn’t mandatory to use Shop Pay for every transaction. Shopify Payment No Wallet Standard payment processor Helps Merchants accept payments. Lower setup and transaction fee than Shop Pay A similar product to Stripe, Authorize.net, Square An unbranded button that does not capture the user’s attention What is Shop Pay Alternatives? The Shop Pay reviews mention several features. However, if you are not interested in using Shop Pay for your business, alternatives are available. Apple Pay: Apple Inc. is the creator of Apple Pay – A Digital Payment Processor that works like Shop Pay. Google Pay: Google Pay is a payment processor from Google. Want to Build Software/App Like Shop Pay Now that you understand what is Shop Pay, you can take the decision of using the payment processor or not. Want to create a custom Shop Pay alternative of your own? Cerebrum can help create bespoke payment applications that are secure and effective. Visit Cerebrum Infotech to know more about our services and contact us to discuss the project requirement in detail. mobile app development services FAQ: Is it safe to use shop pay? Yes, Shop Pay is safe for customer and merchant usage. Powered by Stripe, it meets all the strict requirements (PCI Compliance) to store debit and credit card information. Is shop pay the same as Afterpay? Shop Pay and Afterpay are two separate entities with similar features. Afterpay is owned by Lanai (AU) 2 Pty Ltd, and Shopify owns Shop Pay. Also, while both the payment options have a buy now, pay later option, Shop Pay has additional features like accelerated checkout and installment options. How do I get rid of shop pay? Depending on whether you are a merchant or a user, the method for opting out of Shop Pay will vary. You can go to the opt-out form and enter details to remove Shop Pay. However, if you have installments, you can only opt out once these installments are complete. What is shop pay and Shopify? Shopify is among the most renowned eCommerce platforms businesses use to launch their company online and sell their products. Shop Pay is a Shopify-owned payment system that lets users make quick payments while shopping online. How much can you use on shop pay? Shop Pay offers the option of paying for orders in full at checkout or an installment payment option for orders between 50 USD and 17,500 USD. The installment payments include four biweekly and interest-free payments on orders ranging from 50 USD to 999.99 USD.

Shopify's Shop Pay: What it is and How it Works

eCommerce is a lucrative business. However, there are a lot of things to take care of. If you are one of the budding eCommerce firms, you need various tools to skyrocket your sales and convert your leads into customers. BigCommerce is one of the best eCommerce platforms that you can use. However, the platform itself is not going to be enough. Yes, its numerous features can help you establish an awesome eCommerce store, but you may need add-on tools or integrations to make it better. BigCommerce offers many apps and tools for integration. These apps can help you enhance your online store performance and help you increase your conversion rate. What is an eCommerce Integration? An eCommerce integration is an awesome way to maintain coordination between the eCommerce website and backend systems. For example, if a business has to keep track of the inventory, they can either do it manually or automatically. An eCommerce integration helps businesses to do everything automatically. eCommerce integrations allow businesses to reduce manual entries, automate notifications, and enhance their marketing efforts. Top BigCommerce Integrations to Use! Go for the following integrations to make your BigCommerce store more efficient and effective! Shogun Page Builder If you want to make a good impression on your customer, you need to have an interactive website. Shogun page builder is an awesome page builder that uses the drag-and-drop method to design the page. It easily integrates with BigCommerce and helps you build stunning web pages with its features like: Countdown mixers Video embedding capabilities Maps Analytics and marketing features Countless options for blog pages, landing pages, and product pages Utility elements like accordion, templates, product gallery, and more. BigCommerce's Shogun page builder also makes it possible for web developers to run A/B tests. Live Chat Saving a customer’s time looking for a product on your website can reap a lot of benefits for your business. However, you require an integration like Live Chat to make it happen. The Live Chat integration places a small widget on the bottom right side of your website. The widget allows the users to chat with you while they are on your website. On the other hand, you can also send chat invitations to the customers. Other than this, you can also use the Live Chat widget as a contact form. It can take offline messages and also enables customers to opt for your mailing list. Rebillia The issue of cart abandonment is pretty common on a shopping website. However, can assist you to overcome this issue with the help of a tool named, Rebillia. BigCommerce‌ ‌web developers Rebillia is an innovative BigCommerce app that helps customers save and manage credit cards. Furthermore, it reduces the checkout process and order abandonment. Currently, the Rebillia app supports PayPal, Stripe, Braintree, and Authorize.Net. On top of all, it helps you manage authorized transactions partially or in bulk. ShipStation The name itself says a lot! No matter how many marketplaces you sell to, how many batch orders you have, or whatnot, ShipStation can help. The shipping station not only has an integration tool but also an app. It can help you in generating discounted shipping labels, handle batch orders, track orders, communicate with customers, and even receive push notifications. It comes with a free trial and is pretty easy to set up and use. On top of all, you can entirely automate your shipping process with ShipStation. It offers you to choose from over 50 global carrier services. FavSEO It is pretty obvious that if you want to sell your products online, you need to rank in the top Google SERPs. With BigCommerce’s FavSEO tool, you can ensure that your business ranks on top. FavSEO is an awesome SEO tool that enables you to change and analyze titles and meta-description of products. The store owners can connect it to Google Webmaster to look for new keyword opportunities, analyze the sitemap, and track the ranks of the keywords. Apart from this, FavSEO is also equipped with features like: Live chat support SEO audit SEO scorecard Bulk editor Yotpo Reviews are a critical part of every business. In terms of eCommerce, reviews play a pillar role in deciding customer experience. Yotpo is a tool that helps in generating reviews about the products. It also gathers images, videos, and other user-generated content. The key motive for using Yotpo is to know what the customers say about your product. When a user submits a review about the product, Yotpo sends you a notification so that you can take the necessary actions. Yotpo is optimized for mobile devices and supports 25 languages so that you can comfortably respond. Fomo Social proof marketing is a great concept to win the trust of your customers, and it is easy to implement. Fomo is a social-proof marketing tool that helps you provide pop-up notifications of the services that you link it to. The goal is to make website visitors know how many people have purchased the product, have opted for the service, or are on your website. For example, if you link the Fomo tool to your payment processor, you can generate a pop-up on your website saying, “ABC person has purchased the product.” This technique can help in gaining the trust of the users and boost conversions. Sezzle One of the trendiest things in the eCommerce market right now is “buy now, pay later.” There are a lot of apps and services in the market that offers users this facility. Sezzle is one of those tools that you can integrate into your BigCommerce website. With Sezzle, users can easily pay for things valued from $5 to $25,000. In addition, the tools allow the users to split their payments into four parts at 0% interest that they can pay within six weeks. This process helps the users buy more items while paying for them comfortably. Conclusion So, these are some of the crucial integrations that you can get integrated into your website. Of course, the regular BigCommerce store also has some great add-ons to leverage. However, it is best to keep up with all the latest tools to outperform your competitors.

Top 8 Essential BigCommerce Integrations to Leverage!

Any business setup whether small or large will get to a point every now and then when they have to accept payments or send out the same. A business owner usually takes this very seriously as they cannot afford to make mistakes. There are several payment tools and platforms for accepting and processing payments but not all payment processors are the right fit. Some people may be living in countries where some payment platforms are not accepted. It could also be that some of the platforms do not have the features that are needed for your small business to grow. With all these in mind, let us take a look at some incredibly useful online payment platforms for small businesses. PayPal When , you want to be able to get on to the platform as easily and quickly as possible so that you can conclude quickly and attend to other matters concerning your business. This is where Paypal comes in. This payment solution is a leading international e-commerce platform with more than 150 million customers globally. Paypal provides a wide variety of options for small business owners. making or receiving payments The Paypal payment standard is the most popular payment solution that small businesses love the most. It is popular because it helps you get online easily and quickly too. The fee is 2.9% plus $0.30 per transaction and there is a monthly volume discount which can be as low as 1.9% plus $0.30. For a pro solution, the fee is $35 monthly. Authorize.net Authorize.net is a visa solution that is a payment gateway provider. It is there to help merchants and businesses to accept credit cards and electronic check payments securely through e-commerce websites. It is not a household name but it has been a back-end payments processor for a long time. Authorize.net has payment service offerings that have been primarily focused on very innovative payment technologies. It also backs these services up with advanced fraud protection features and support for recurring billing subscriptions. Authorize.net can now process payments for both physical and online merchants using a single processing engine. This payment platform is a good fit for small businesses. WePay This is another online payment platform that is regularly patronized by small businesses. WePay works in such a way that it can be fully integrated into the look of your business website thereby making an extension of your brand. This payment solution helps you to customize everything like confirmation emails, customer support emails, credit card statements, checkout forms, and even mobile transactions. It also provides on-the-go payment capability with a mobile chip card reader, fulfillment service, and mobile SDKs. This makes it possible to embed payments into a single mobile app for a better user experience. Shopify When you own a small business, you may also want to accept payments in-store just like you receive online. This is what Shopify is for. In fact, sales that you make online and in-store get synchronized through the payment platform so that you can easily track inventory and analyze the data that comes with sales. You will need this for the growth of your small business. you to build a customizable online store so that you can accept orders and payments online. It also aligns with your shipping carrier. Shopify’s free card reader is useful in accepting in-person payments. Shopify allows Flint This is a useful online payment platform for those who like the idea of accepting payments on their phones but not with attachments. Flint has an app that securely scans a customer’s credit card number without the need for an attachment or dongle. It also allows business owners to accept cash and checks. It also sends invoices and issues coupons to customers via email. There is a flat rate of 2.9% plus $0.30 for key entries, online sales, and invoice payments. This is particularly useful;l for small businesses. Choosing the right digital banking solution There are a number of digital banking solutions like Neat, Currenxie, Payoneer, WorldFirst, Airwallex, and Statrys. However, the most commonly used solutions are Currenxie and Statrys on online payment platforms. They have so many features in common that are beneficial to small businesses when sending or accepting payments. About 11 currencies can be transacted on each of them, some of which are USD, EUR, and HKD. Zero minimum balances are allowed and corporate card services are available for both of them which makes international payments or receivables easier. There are however some advantages of one over the other as they are both available on payment marketplaces like Paypal, Shopify, WeChat Pay, and Alipay. Airwallex has no sanctions and goes through even to high-risk countries, Statrys doesn’t go through to all countries, only Hong Kong, the British Virgin Islands, and Singapore. So, for a small business owner, you should choose an online payment platform after considering their Airwallex, FINTECH options to see which one fits your needs. Currenxie vs Statrys Final Word In those days, how small businesses handled payments was a basic decision like the use of cash and checks via a merchant account. The digital age nowadays has given customers flexibility in how they can pay. There are so many online payment platforms today and more are emerging with the plan to make payments easier, faster, and safe. As a small business owner, you can consider some of the options above for less fees and an opportunity to grow your business.

5 Incredibly Useful Online Payment Platforms For Small Businesses

Small businesses and startups are thriving on payment processing solutions. The range of companies using payment processing technology starts from traditional to modern fintech startups. And, with online transactions and shopping becoming the new normal, it's essential to integrate your business with a system that provides your customers with the best service. Plus, the digital age of and so the need for business owners to facilitate payment methods is growing. online shopping is flourishing According to stats from Statista, in 2018, more than 8 billion people purchased goods online. Additionally, most experts have predicted that retail sales by 2040 will only hold online transactions. Most small companies and merchants know about , but new trends have emerged due to rapidly multiplying payment methods like Google Wallet, Amazon Pay, Apple Pay, UPI, E-Wallets, Mobile payments, etc. credit card payment processing The payment options are great for customers, but small businesses have to wade through cost-effective payment processes to engage new customers. Moreover, as most Points of Sales services have gone digital now, choosing your online store's digital wallet may be tricky. Your brick-and-mortar store or small business needs an online payment processing system that integrates your business needs. A system should share and revenue data alike. customer information Integration with a Payment Processing Company When you make online payments through credit cards, debit cards, or other payment modes, the payment processing company handles the transactions on your company's behalf. It directs the information to the bank and the customer's bank. Following this, it verifies whether the transaction is valid or invalid. Most importantly, a payment company connects buyers, sellers, banks, and card network companies. It lets you experience a smooth flow of transactions with all the parties involved while making your online transaction more secure. There are many payment processing solutions you can choose for your business. 13 Payment Processing Solutions for Small Businesses 1. Square Square is the most popular payment processing solution that offers simple integrations. Thanks to its intuitive and innovative mobile card reader, it allows accepting payments from any part of the world, converting your mobile phone into the POS system when you make payments. Additionally, it provides deposits on-demand and a fraud protection system. Plus, you can build customized registers, track inventory, and view sales reports. It lets you manage the timesheet of the record payments. The best part - it charges only 2.75 percent per swipe on the credit card payments. Integrate with the platform without add-ons. Website: www.squareup.com 2. GETTRX GETTRX is a payment platform that suits all your business needs. It offers online and in-person payments with POS options that can be customized according to your requirement. The payment solution offers transparent billing features with competitive rates backed by the industry's best platforms. In addition, GETTRX uses integrations and tools to make payments faster, from flexible payment options to real-time onboarding. Plus, it provides flexible solutions that reduce your compliance requirements. The flexible options can help to enhance your customer experience. It also streamlines your non-profit solutions that track multiple campaigns and causes. GETTRX charges 2.79 percent plus 30 cents. Website: www.gettrx.com 3. Stripe Stripe lets you pay for the usage and supports more than 100 currencies, and supports bitcoins and ACH transactions at a starting fee of $0.8. Stripe has gained a lot of attention for its less complicated payment model. There are no setup or monthly fees, so it is an ideal payment processing solution for startups. Additionally, it comes with a data and reporting feature that lets you track information on a real-time basis. The company offers web and mobile payment solutions built for developers. With a set of APIs and business tools, you can enable your business to accept and manage online payments. Website: www.stripe.com 4. Bolt Bolt offers a simple click checkout feature to increase sales and convert 50% more customers. Plus, it comes with a 100 percent chargeback guarantee and access to millions of shoppers on its network. You can easily integrate with the solution, as it's flexible to implement. Moreover, it connects seamlessly with many E-commerce platforms like - Magento and Bigcommerce. You can use the single-click feature of Bolt upon integration and let shoppers check out in seconds. It makes online payments trustworthy for customers. If you are looking for a payment solution for an eCommerce platform, you can trust Bolt as it offers the best features. Bolt charges 2.9 % plus 30 cents. Website: www.bolt.com 5. Authroize.net Authroize.net is the best payment solution to accept credit card payments online, in person, or over the phone. It focuses on customized business solutions - letting you choose according to your business needs. The platform has a base of 430,000 merchants, which makes it the most trustworthy payment platform. In addition, it handles more than 1 billion transactions every year. There are many added features of the payment company like - security and fraud prevention tools, recurring billing, and the ability to sync with the QuickBooks. However, there is a setup fee and a monthly gateway fee for the transactions. It charges 2.9% plus 30 cents with no setup fees. Website: www.authorize.net 6. Dwolla Dwolla is a Fintech payment solution company that focuses on account-to-account payments. It comes with a standard code API and a robust platform that offers an ecosystem that simplifies the complex integration process with payment networks worldwide. Most importantly, it lets you create a single end-to-end solution that saves time. By integrating with Dwolla's technology, you can program your business to make real-time payments. Additionally, it lets you add payments to the debit cards 24/7. Startup companies and small companies with limited cash flow can gain from Dwolla integration. It's time you think out of the box. It charges 0.5% per transaction. Website: www.dwolla.com 7. BlueSnap BlueSnap is a payment solution that looks at your business differently. It offers an all-in-one payment management platform that helps small businesses to accept payments globally. Plus, the features are designed to reduce costs and increase revenue. BlueSnap provides complete backend solutions that simplify payments. In addition, it helps you manage the process from start to finish. Additionally, it supports multiple payment modes, including mobiles, eCommerce, subscriptions, and invoice payments through a virtual terminal. It supports more than 100 currencies and 100 global payment styles with chargeback management and a fraud protection system. Other features include - integration with popular e-wallets, accounts receivable, and a built-in solution for tax compliance. BlueSnap charges 2.9% plus 30 cents. Website: www.home.bluesnap.com/ 8. WePay WePay is a simple payment processing solution that integrates with the look of your business. In short, it makes a brand extension. With WePay, you will be able to customize confirmation emails, checkout forms, customer support emails, credit card statements, and access to mobile transactions. Moreover, it provides the on-the-go capability to access the mobile chip card reader and mobile SDKs, making it easier to embed payments into the mobile app. Also, WePay's integration with Apple Pay and Android Pay for the web ensures higher conversions. In addition, it offers a wide range of add-ons that supports the platform's specific needs. WePay charges a fee of 2.9% plus 30 cents per transaction. Website: https://go.wepay.com/ 9. 2checkout 2checkout is the best option for integrated and global payment solutions. Plus, it offers secure payment solutions and compliant gateways in more than 85 currencies. It provides mobile and online payment platforms with hosted checkout and recurring billing features. Additionally, 2checkout offers features like fraud protection and integration with eCommerce stores. With 2checkout, you can accept all the major credit cards, PayPal, and other modes of payment. It charges a transaction fee of 2.9% plus $0.30 per transaction, but it depends on the mode of payment. There is no monthly or setup fee with 2checkout. Website: www.2checkout.com/ 10. PaySimple As the name suggests, it lets you accept various modes of payment and streamlines the billing process. In addition, it provides bank-to-bank transfers via ACH with an acceptable credit card and cash flow reporting. Plus, it offers secure customer contact management and mobile payments through a credit card reader. Also, the PaySimple mobile solution lets you accept mobile payments through a mobile credit card reader. It allows customers to enter their bank account details securely and helps to sync mobile payments with customer profiles. Simply put, it reduces the need for reconciliation to save time while charging 2.49 per transaction with minimal monthly fees. Website: https://paysimple.com/ 11. Clover Clover offers customized point-of-sales payment tools. You can integrate the payment processing system into eCommerce platforms, Counter service restaurants, and retail service organizations. Additionally, the platform's technology stack can handle mobile app integrations and invoices. During the pandemic, Clover upgraded the services to suit the requirements of the digital age. Customers can accept payments from any part without the POS device with the virtual terminal feature of the platform. For the actual POS system integration, you can lease or buy clover Mini, Clover Mobile, or Clover Go. Moreover, you can also accept a multi-payment platform. As for online payments, it charges 3.5% plus 10 cents. Website: https://www.clover.com 12. Venmo Venmo is a PayPal-owned payment processing company that allows you to request, send, and receive money via the Venmo account. You will be able to send the money into the person's account and link your cards and bank account details. Also, a direct money transfer can be done from your Venmo account. Plus, it is available through Google Play and the Apple App Store. It is free when you make payments via bank accounts. However, for all the credit cards and some debit card transactions, it charges a 3% transaction fee. Website: https://venmo.com 13. Wave Wave is considered the best payment processing solution for small business needs. It can track income and expenses and create professional invoices. In addition, it lets you accept credit card payments at a flat 2.9% plus 30 cents. It is a known fact that how you accept payments can make or break your business, so you choose to fit your core business requirements. Once you decide on the features, choose a solution based on cost. Website: www.waveapps.com/payments Factors to consider while choosing a Payment Processing Company: 1. Payment types A payment processing company should provide your business with multiple ways customers can pay you. Look for all the options that are available in your location and country. Additionally, look for multi-currency options if you want to expand your business globally. Apart from debit cards and credit cards, the company should let you accept multiple payment ways, including mobile wallet payments: 2. Customer support: Customer support is essential if you are stuck with payment issues. It's always better to look for customer support that is reliable and trustworthy. The support team should be professional and knowledgeable. Also, it should offer you 24/7 customer support. 3. Contract: Most payment processing companies don't require a long-term contract, or they don't charge an early termination fee. Once you integrate with the company, they may allow you to pay monthly, which is a good deal for startup companies. However, bigger companies may require you to sign a long-term contract of 5 years. In this case, you will have to research properly and ask if you need to sign a multi-yearly contract. 4. Technology used A payment gateway that encrypts the financial data during transactions should be secure. Some payment processing companies develop their gateways, while some offer third-party integrations. For brick-and-mortar locations, you will need tools like - a credit card terminal, a mobile for on the go, and a point of sales system. 5. Costing Costing is the main factor to consider while choosing a payment processing company. The average fee may range from 1.5% to 3.5% - depending on the transaction. Besides, some companies may charge a flat monthly fee, not a transaction fee. Also, there can be added chargeback fees you will have to look into. Small business companies that intend to grow their customer base must focus on feasible payment processing solutions offering easy integration and flexibility. It's time to review the different options available to make a definite choice. Plus, if you are aware of all the options available, it will become easier for you to decide which one fits your business needs. This way, you can accept payments more affordably and efficiently. Also, look for new updates and technology in the payment processing solution. Expand your payment processing capabilities to suit your preferences. Finally, look for reviews and ratings before you choose a payment processing solution. Reviews can give you insight into the features of the company.

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The EdTech sector is transforming at a whopping rate. The marriage of mobile and the internet has gradually motivated the learners and tutors to shift online. Eliminating the hurdles and challenges of a traditional education system, online tutoring is offering flexibility and convenience to learners as well as tutors. Although online tutoring is more efficient and convenient, developing an online tutoring platform from scratch with all the essential or advanced features could be a challenge. This is where a turnkey tutoring software comes into play. It is a quick and affordable way to launch an online tutoring platform connecting tutors and learners. As there are a number of ready-made solutions available in the market, selecting the one for your tutoring business becomes quite tricky. To narrow down your search, we have compiled a list of the top 10 tutoring software with their features and pricing to help you make an informed decision. Let’s have a look at the list: 1. Yo!Coach: This is a ready-made and customizable software that can be used to build an online tutoring marketplace. Yo!Coach ensures an uninterrupted collaboration between tutors and learners using the video conferencing APIs like Zoom, Lessonspace, and CometChat integrated into it. All these APIs allow your platform to have many other interactive features like whiteboard, textpad, screen / file sharing, etc. Yo!Coach is a complete white-label software and also complies with the GDPR (General Data Protection Regulation). With a multitude of features, Yo!Coach enables entrepreneurs to scale their business as per the growing needs of the market. Some of the key features of Yo!Coach are: Features: Location-based time scheduling helps the tutors and learners to set their time zones simplifying the process of lesson scheduling. The software is multi-lingual enabling users to select their preferred language. Users can set their preferred currency in the platform while making and receiving the payments. Yo!Coach comes pre-integrated with PayPal, Authorize.Net, and Stripe to ensure seamless payment flow. Yo!Coach helps the business owners have a transparent platform by enabling the learners to share the feedback of the tutors after the session. The solution comes with free technical support for 1 year to fix any issue found in the software. Adding the right features to your platform is essential to attract new users and retain them once you have got them. To enhance the functionality and usability of your platform, Yo!Coach is pre-integrated with third - party APIs. Third-Party Integrations: Popular APIs used in Yo!Coach are: Zoom Lessonspace CometChat PayPal Authorize.Net Stripe Apart from these integrations, Yo!Coach can also be integrated with the APIs of your choice to make it more customized as per your business needs. Furthermore, the software comes with a lifetime license. Yo!Coach can also be customized to build an online platform for various other business verticals which include music learning, dance coaching, fitness coaching, culinary coaching, business consultation, medical consultation, and many others. One of the key benefits of Yo!Coach for the learners is that it offers free trial sessions to them as a way to exchange introductions. The pricing plan of Yo!Coach is not mentioned in the website, however, one can get in touch with them to know the price of the software. Visit: Pricing: https://www.yo-coach.com/ 2. TutorBird It is a tutor management software for private tutors and tutoring centers that helps in managing students, schedules, billing, etc. Designed for both single and multi-tutor businesses, TutorBird is integrated with a video chat feature to have an interactive collaboration between students and teachers. TutorBird comes with a number of features integrated into it. Some key features include: Features: TutorBird can easily sync with your favorite calendar application like Google Calendar, Apple Calendar, Outlook, and many more. The payment gateways like PayPal and Stripe offer convenience and security to the users. Integrated with video chat functionality, TutorBird enables delivering lessons via Zoom, FaceTime, and Skype. Teachers can upload online resources like worksheets, slideshows, assignments, into the portal for the students, and students get notified whenever a new resource is available. For information related to pricing of the software, visit Pricing: https://www.tutorbird.com/pricing/ 3. TutorCruncher: As a tutor business management software, TutorCruncher helps tutoring companies provide top-class service to their clients and automate the cumbersome administrative processes. It is a ready-made software specifically designed to meet the needs of a tutoring company. Features: Business Analytics of TutorCruncher helps to analyze the performance of your business. The comprehensive and easy-to-use CRM helps all its users to keep in touch with emails and SMSs. The online whiteboard integrated into the software maximizes the ability of the tutor. Lesson scheduling and recording between tutors and students. Payment transactions using Stripe and GoCardless. For information related to pricing of the software, visit Pricing: https://tutorcruncher.com/pricing/us/ 4. WizIQ This is an all-in-one tutoring software to take the tutoring business online in the fastest way. Offering exciting features for both tutors and business owners, WizIQ helps to expand business reach and generate additional revenue streams.It manages all the business operations single-handedly and offers everything you require to tutor in a virtual environment. Features: Live HD sessions with unlimited number of participants. Online whiteboard and real-time messaging. Create tests and assessments in different formats for learners. Android and iOS apps for learners to access content on-the-go. Reports to track the progress of learners and teaching performance. For information related to pricing of the software, visit Pricing: https://www.wiziq.com/pricing/ 5. Teachworks This is an easy tutor management software used by tutors and tutoring companies to organize and grow their tutoring business. It helps the business owners to streamline their administrative tasks and build lasting relationships with users (tutors and learners). Helping manage tutors and learners more effectively, Teachworks comes with more than 30 free integrations to expand the capability of your business. Features: Location-based time scheduling to schedule lessons across multiple time-zones. Quickly schedule one-on-one or group sessions. Notifications to learners and tutors about upcoming lessons, cancellations, payments and more. Improve attendance by sending automated email reminders. Easy generation of invoices for specific lessons, packages or flat fees. For information related to pricing of the software, visit Pricing: https://teachworks.com/pricing 6. Pinlearn This is a live tutoring software to conduct, sell, and manage live classes. Apart from self-paced on-demand courses, the software also supports instructor-led one-on-one and group lessons. The solution is a white label and can be fully customized. Features: Pinlearn comes with 100% source code access and can be customized as per the requirements. One-on-one and group sessions feature with a whiteboard is supported in the software. Students can record and download the sessions for future reference. For information related to pricing of the software, visit Pricing: https://pinlearn.com/pricing/ 7. LearnCube This is a virtual classroom software developed specifically for the needs of teachers to effectively teach online. Going beyond the generic video conferencing software, LearnCube is a live online education tool with all the features required for online teaching allowing teachers and students to communicate, interact, and collaborate efficiently. Features: The audios and videos in LearnCube automatically optimize in case of a slow internet connection. The online whiteboard in the software has numerous features like a pen, highlight text, shapes, zoom, etc that helps students and teachers to have better communication. Teachers and students can share files and media including images, videos, PDFs, PPT, etc. The software can be completely customized; upload your own logo, change the platform’s color and background. Classes can be scheduled and synced with calendars For information related to pricing of the software, visit Price: https://app.learncube.com/app/pricing/ 8. Oases This is an online tutoring and scheduling management software for any session based business that requires offering instruction, tutoring, etc. Ideal for the businesses where an appointment is scheduled between the instructor/coach and student/patient, Oases handles everything seamlessly from start to finish. Features: Online whiteboard in Oases comes with video and screen sharing, ideal for online sessions. Matching and session scheduling between tutor and student on various parameters like availability, specialization, grade, proximity, etc. Session reminders are also sent by email and SMS. 100% white-label to showcase and sell your services. Lesson plans creation according to common standards. Free practice tests available for test preparation 9. myTutoring This is a complete solution for tutoring businesses for a seamless transition from offline to online tutoring. The software has no upfront payment and supports the “pay as you go” model. With no limit on the number of tutors and students, it helps you to grow your brand and have a fruitful association with them. Features: The software is mobile friendly and students/tutors can easily browse the website, book sessions, attend sessions using mobile phones and tablets. Teachers can set their schedules so that students can book their classes. Automatic notifications to teachers and students before classes. Whiteboard for efficient and live collaboration between teachers and students. Stripe payment gateway to make the process of transactions easy and efficient. For information related to the pricing of the software, visit Pricing: https://www.mytutoring.co/pricing 10. Panther This is a complete SaaS-based solution to start an online consultation marketplace. Packed with powerful features, it has empowered a number of businesses across the world. Panther claims to tailor the product for limitless use cases and possibilities. Features: Customizable and mobile responsive website. Beautiful themes to change the look and feel of your website. Advanced search and filters to sort teachers based on skills, budget, availability, and ratings. Secure payment gateways (Stripe & PayPal) for safe transactions. Dedicated customer support available 24*7 via email, chat, and phone. For information related to the pricing of the software, visit Pricing: https://jungleworks.com/panther/pricing/

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In the current era of the internet, we tend to shop online more often than ever before. We can attribute it to the fact that it’s infinitely easier to compare products from different sellers this way. As a result we tend to shop at online marketplaces that connects providers of goods or services with clients. Businesses have much easier time acquiring customers that way and clients can find shops with best reviews, without a risk of getting tricked into a bad deal. Marketplace Business Model In this new world of centralised sales, we can distinguish two main approaches of conducting business. Marketplaces either act as brokers, charging providers commission for its services or they act as a final sellers, adding markup to vendors offer. Marketplace Types Broker In a broker system, marketplace works as a marketing company. It charges vendors commission for each generated sale. Payments are either processed directly between sellers and buyers, or third party payment provider is being used. In most countries, in this system, marketplace can’t really process payments directly, as an intermediary, unless it obtains a finance license required to do so. Therefore in order to process the payments through the platform, third party payment processor organization is needed. In this scenario, responsibility for defective products can be shifted to actual sellers, since marketplace acts merely as a sales platform. Distributor When marketplace acts as a distributor, it effectively buys goods or services from its vendors and sells them for a profit to its clients. It’s the most traditional business model. Payment processing in this scenario is easy and can be simply done by a platform itself. All purchases from sellers can be deducted from marketplace income and all sales can be considered a revenue. Businesses operating according to this model can generate much greater revenues, since all operations are going through their books. It’s also worth noting that marketplace takes all responsibility for defective products on itself, since it acts as a distributor. Most Popular Payment Methods Depending on the country, different payment methods and providers might be used. To simplify the current state, let’s go through some of the possible payment processors, depending on a marketplace business model. Overview Selected payment processors in the broker model: Selected pay-in methods in the distributor model: Selected payout methods in the distributor model: Global Serving global audience is never easy. Different countries use different currencies, they have different cultures, languages and often different local payment methods. Nevertheless some provider tries to reconcile all of those obstacles. Broker HYPERWALLET is an enterprise payout solution, used by some of the most popular online brands out there. It surely is a great fit for a large, established marketplaces. Hyperwallet BRAINTREE MARKETPLACE is a scalable payment solution for marketplace businesses. It supports all the biggest markets and can help you create a marketplace that supports North America, Europe, and Oceania. Braintree PAYPAL FOR MARKETPLACES is definitely the most popular global payment platform. It grew on the back of eBay and doesn’t need much introduction. It’s supported in almost every country, the API is easy to implement, and you can create an account very quickly. PayPal Distributor Pay-in Methods WIRES Bank wires using the are the most reliable method available worldwide. Unfortunately, it’s also often the most expensive option for sending money. SWIFT network TRANSFERWISE allows you to create borderless accounts. It gives you an option to send and receive local payments in a large number of countries. Fees paid for local transfers are often small, and you have an easy option to convert currencies. TransferWise STRIPE is a debit and credit card processor available in all big countries. It also allows the processing of ACH debit payments in the US. It allows you to quickly create an account and start work on your application. Stripe Payout Methods WIRES Once again, international SWIFT wires are the easiest and most accessible option to use. The cost of a transfer is going to be a factor when deciding whether to use this method or not. TRANSFERWISE allows you to pay your providers in almost every country. It’s relatively inexpensive and allows you to use different currencies. TransferWise PAYPAL is the most popular payment platform used in most countries around the globe. They charge a fee for each payment, so they might become quite expensive over time. PayPal United States Broker DWOLLA allows you to easily accept and send ACH payments using nothing but bank accounts. It’s developer-friendly with a lot of possibilities on how to use it. Dwolla WEPAY is a powerful platform underpinned by Chase bank. It’s designed for broker marketplaces, making it a perfect fit for a US-only platform. WePay STRIPE CONNECT is a very developer-friendly solution that is adapted to broker marketplaces. It’s specially designed to meet US market needs. Stripe Connect Distributor Pay-in Methods WIRES, ACH CREDIT, CHECKS When it comes to accepting payments, the easiest way is to just accept bank-to-bank solutions. Paper checks, ACH credit, and wire payments are easily available. Despite availability, the time and cost involved in processing might be a serious issue. AUTHORIZE.NET allows you to accept payments through credit, debit cards, and an ACH debit (eCheck). It’s a well-known Visa company. Authorize.Net SQUARE offers a whole range of solutions for both in-store and online sellers. It does offer good API for developers, but they seem to only offer accepting payments through debit and credit cards. Square Payout Methods ACH CREDIT TRANSFERS The easiest way to send payouts at scale is through ACH credit transfers, which are provided by banks that are part of and can be extremely cost-effective. ACH payments have a limit of $25,000 per transaction. Nacha Chase bank offers this payment system as an . additional option Wells Fargo offers it as . Direct Pay Some time ago, Airbnb Co-founder Nathan Blecharczyk wrote about this payment system in his article. Do-it-yourself ACH direct deposit WIRES This is one of the easiest ways of sending money electronically. Unfortunately, US banks charge high fees for both sending and receiving it. For that reason, they should be used only when transferring large amounts of money. CHECKS Using checks is one of the simplest ways of transferring money in the US. Unfortunately, it’s slower and more troublesome than other methods. European Union Broker PAYU is well established marketplace payment provider. It’s used by some of the biggest local marketplaces in Europe and it’s a safe choice. PayU MANGOPAY is a marketplace payment processor available in all EU countries. It seems to be well-adapted to the needs of an EU-wide market platform. MANGOPAY ADYEN is a less-known payment processor provider that supports all EU countries. It uses local payment methods, which is an additional advantage. Adyen Distributor Pay-in Methods WIRES Wires are very popular in the Eurozone, as well as in non-Eurozone countries. It’s because they are, for the most part, free to send and work really fast, usually delivering same-day transfers. Euro payments are sent using the . SEPA network PAYMILL allows you to start accepting card payments online. Its biggest focus is on payments in euros. PAYMILL PAYLANE can provide you with access to online card payments, as well as a gateway for bank-to-bank payments. It’s especially well-adapted to the needs of the Polish market. PayLane Payout methods WIRES Within the European Union, the SEPA wire transfer is all you need when it comes to payouts. They are fast, usually same-day, and often free, even for international transfers. United Kingdom Broker PAYBASE is a London-based marketplace payment provider. They provide eMoney accounts with individual sort codes and account numbers. Paybase NOCHEX is an enterprise solution for marketplace platforms. They provide custom solutions for UK-based customers. Nochex SAFECHARGE provides payment solutions for UK-based marketplaces. They offer decent API documentation for developers. SafeCharge Distributor Pay-in Methods WIRES Bank transfers are a free and fast method of sending money in the UK. They are accessible to everyone and easy to use. It’s the most convenient method of accepting large payments in a distributor model. SAGE PAY is a UK-focused payment provider. It supports both in-store and online merchants. Unfortunately, their developer guide is not accessible publicly. Sage Pay WORLDPAY can provide you with online card payments. They are well-adapted to the UK market and provide easy-to-follow developer guides. Worldpay Payout Methods WIRES When it comes to payouts within the UK, wire transfers are really all you need. They are free, fast, and easily available. They will allow you to pay anyone in the United Kingdom. Potential Risks When choosing your payment processor partner, you should check their reputation before you start working with them. Even some of the biggest providers can have terrible reviews. The best example might be PayPal, which is known for blocking user accounts without any warning and . freezing money stored there for up to six months Stripe is a company that has arguably the best technology available on the market and is known for being very developer-friendly. Unfortunately, they also have a history of blocking accounts in the middle of the night . without any warning For these reasons, it might be wise to keep your payment implementation generic so that it will be easy to switch providers if you happen to get shut down overnight. When processing card payments, you need to be aware of the . Sometimes, a customer doesn’t recognize a card transaction or is dissatisfied with the service or product. In such cases, they might contact the seller and try to resolve the issue. chargeback procedure If the problem isn’t solved, they might dispute this card transaction with their bank. If the financial institution finds that the customer was right, the money for this transaction is taken out of the seller’s account. Payment processor companies don’t like chargeback disputes because they are liable for all reimbursed transactions. Therefore, they are quick to drop high-risk merchants. ACH payments are also prone to chargebacks if a transaction was unauthorized or the amount debited differed from the authorized amount. You can find out more . here Such risk doesn’t occur when accepting wire transfers. Therefore, wire transfers may be the safest method when accepting large payments. Local Is Often Better Because of problems that might occur when cooperating with payment processor companies, it might be better to work with local providers. Compared to foreign-based providers, local companies often offer better cooperation, easier communication, and more trust in you. Additionally, in case of serious problems or losing access to your money, it is always easier to start legal action against a local company than a foreign organization. Alternative Crypto Method - USD Coin Cryptocurrencies are becoming increasingly popular, though they are still not a common choice for online payments. Because of serious price fluctuations and volatility concerns, most cryptocurrencies are not suitable for day-to-day financial transactions. Still, it might be worth looking into stable coins. One such example is the USD Coin (USDC). It’s an Ethereum-powered coin that is redeemable with USD at a 1:1 ratio. It can be sent quickly and inexpensively anywhere in the world, which is a clear advantage that makes it a perfect alternative to the slow and often expensive international transfers. It’s also very easy to start accepting payments in USDC by simply using . Coinbase Commerce There are some serious downsides to cryptocurrencies as they still have a stigma of being used for illegal transactions. That might cause additional scrutiny and investigations when redeeming them to fiat currency in larger amounts. What is more, traditional banks in the US are known to . close bank accounts of people who use cryptocurrencies At the time of writing, according to , the standard transaction cost in the Ethereum network is around $0.007 and takes less than five minutes to settle. Those are very attractive parameters. One might wonder if cryptocurrencies might be a good fit for microtransactions. Unfortunately, because of the varying time and price of transfers, they seem like a risky choice. Furthermore, the effort and cost to acquire cryptocurrency to start with can be an additional problem, especially in some parts of the world. ETH Gas Station For these reasons, an alternative cryptocurrency approach might not be ready for prime time just yet. Simple Marketplace Payment Implementation With all the information presented so far, let’s go ahead and create an actual marketplace for demonstration purposes! It will be a simple, generic marketplace, using distributor business model. We will adapt it for US market, but it could be easily accommodated to work with other countries as well. As a payment method, we will accept: - ACH credit transfers - Wire transfers - Credit and debit cards using Stripe Stripe was chosen as the payment processor because it’s available in many countries, its developer guide is great, and it takes just a few minutes to create an account. As a result, their services are easily available to a wide range of potential users. As a payout method, we will simply use ACH payments, which - as mentioned before - can be easily provided by banks or TransferWise. The marketplace implementation is publicly . available on GitHub Marketplace Design The marketplace supports admin users that are able to issue invoices and payouts. They also have access to the dashboard, where they are able to see the list of transactions and search through them. At the top of the dashboard, you can typically find a financial summary of all transactions. Guest users have access to the landing page and are able to view and pay invoices as well as view payouts. Upon activating the application, the user is prompted to create an administrator account. After that, they need to set up Stripe API keys and bank account details for ACH credit and wire payments. At this point, we can start issuing transactions! The administrator can easily create invoices and payouts from the dashboard. Information about them will be sent to a specified email address. Alternatively, an invoice or payout URL can also be shared manually with the recipient. Customers can easily pay invoices using a debit or credit card. It supports 3D secure payments, which shields sellers from chargeback in the event that a stolen card is used. This simple marketplace can be used anywhere where a distributor business model makes sense. Here are some examples of such businesses: - Accounting services - Marketing services - Construction services - Cleaning services - Various B2B businesses - Car rentals - House rentals - Wholesalers Despite the simple design, it can greatly improve the lives of small business owners. Marketplace Walkthrough DASHBOARD On the main page, we can see a list of all transactions as well as a table with a financial summary. From here, the user can add new invoices and payouts and edit the existing ones. UNPAID INVOICE Once a new unpaid invoice is created, the client is presented with an option to pay either through a card payment or a bank transfer. CARD PAYMENT Card payment is a convenient way to pay the invoice. Once this option is selected, the user is presented with a dialog where they need to specify a few details and confirm the transaction. PROCESSING CARD PAYMENTS Once the card payment is confirmed, we need to wait until it’s processed by the payment processor. During this process, the invoice page is blocked with a spinner loader to indicate that everything is going smoothly and that the transaction will settle soon. PAYMENT VIA BANK TRANSFER If the client decides to pay with a bank transfer, they will be asked for bank account information, which should be sufficient to either send ACH or wire transfer. It can be easily copied with a button to the right in each row. INVOICE PRINTOUT Invoices can be printed using the print button in the top right corner. It can be useful for accounting purposes or to execute a bank transfer in a branch. PAID INVOICE Once an invoice is paid, the payment option is removed to avoid duplicate payments. A clear green status label is displayed. PAID PAYOUT The payout design is similar to the invoice. The status indicator and all the data are clearly visible. PAYOUT PRINTOUT Payouts can also be easily printed with the print button in the top right corner. Printouts can be used for documentation purposes. The Code This web application is created using TypeScript, the scalable answer to JavaScript. This language is used on both the client- and server-side. You have an option to run this application in development and production mode. When in production, it will start multiple threads to use as many cores as possible. As a database, it uses MongoDB. It’s a very popular NoSQL solution for storing documents. On the UI side, it uses the Bootstrap library and SCSS for managing styles. Code architecture on both client and server-side follows a modular pattern. This approach was described in the following article: . It makes code maintainable and easy to reuse by other people. Creating Truly Modular Code with No Dependencies All the details are available in the project readme file so that it will be easy to deploy this application to production as well as continue development on your own. Summary The traditional online marketplace business structure is very popular because it provides a fast and safe shopping experience for customers. We can choose our approach from the two most popular models: broker or distributor system. Depending on the country that you want to operate in, you can go with a payment processor that best suits your needs. In some cases, a bank account alone will be enough, but if you are catering to an international audience, you will need more payment options. To kick off your journey with online marketplaces, you can use the basic implementation described in this article. I hope you will find it useful and that it will help you grow your business. (Originally published ) here

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