Top 5 payment management software for SMEs (2024)

FAQs

What is the best online payment system for small business? ›

We asked U.S. consumers about "Most used online payments by brand" and found that "PayPal" takes the top spot, while "Skrill" is at the other end of the ranking. Find this and more survey data on most used online payments by brand in our Consumer Insights tool.

With an impressive transaction volume, PayPal is one of the biggest payment processors globally. In 2020 alone, PayPal processed a total of 15.4 billion in transactions, showcasing its widespread usage and popularity among consumers and businesses alike.

Square is a standout point-of-sale system and often a good option for small businesses. Its wide range of features and hardware can be tailored to fit a variety of business types. The pricing is transparent, and the free plan is one of the most powerful no-cost POS systems we've seen.

The main difference between Square and Stripe is that Square is best suited for in-person transactions while Stripe is a developer-friendly platform best suited for e-commerce, subscriptions and other online payments.

Is Stripe good for small businesses? Yes, but primarily for small businesses that do most of their sales online. It's also a better choice for small businesses with an in-house web developer who can handle an in-depth setup.

An electronic payment system is used for online cashless transactions with the help of various methods like UPI, debit/credit cards, e-wallets, and net banking.

Debit and Credit Cards

According to a recent US Statista Global Consumer Survey, 52% of consumers have used a debit card online in the last year and 47% reported using a credit card.

Most Indian customers prefer Paytm over PayPal. Both allow you to accept INR payments. While PayPal charges 2.5% for every transaction, Paytm charges you 2%. Which is the cheapest payment gateway?

Google Pay is at the top of the list among the best UPI apps in India. The transactions on Google Pay are really quick. It is the foremost app to provide the ease of proximity feature. It has a great user interface, top class reward schemes and offers, an appropriate safety framework, and a feature loaded package.

Who competes with Stripe? ›

SumUp: Best for Occasional Sellers & Low-ticket Sales

Like Square, SumUp offers a pay-as-you-go subscription. SumUp offers more mobile card reader options than Square. SumUp has business hours customer support. SumUp has an outstanding credit card payment app.

What is the downside of Square? The biggest downside for most users is the cost of processing fees. Although they're on the higher end of the spectrum, there are more expensive alternatives out there, and Square's pricing is transparent and straightforward, so you'll know exactly how much you're paying and what for.

It depends on the business needs. Shopify is a better choice for businesses that want to sell online, in-store or through social media and need an all-in-one solution. Square is better for businesses that need a simple way to accept payments and don't want to commit to a long-term contract.

Set up a hosting platform and apply for a Secure Socket Layer (SSL) certificate. Build the payment form/payment page. Find a payment processor that gives you the ability to process different types of payments, from credit and debit cards to Direct Debit.

PayPal and Stripe are the most popular payment service providers, though you might also use the processor built into Shopify or WooCommerce if you run an e-commerce business through one of those platforms.

1 PayU Payment Gateway Service:

You can start accepting payments securely and seamlessly within your iOS, Android, or Windows app, within minutes, with our 100% online hassle-free onboarding process. Their Charges are: Annual maintenance Charge: Zero. Transaction Fee per Transaction: 2% + GST for each transaction.