Are you a small business owner who is looking for an effective gateway payment method? There are many different payment methods to choose from for your small business. However, not all payment methods are cheap, and not all payment methods will be beneficial for your small business. Small business owners should be saving as much money as possible and one way to do that is to lower the cost you are paying for your payment method. Continue to read this article if you are a small business owner who is looking for a cheap payment gateway.
What is a Payment Gateway?
A payment gateway is a payment method that is used to read and transfer payment information from a customer or client, to a business bank account. It allows customers to securely enter their card information, and submit the payment. It is the payment gateway between the customer or client and the business.
If you are a small business owner that sells online, you will need a payment gateway. Here are the best payment gateways that are cheap, secure, and easy to use.
Transact
Transact is an efficient payment method for both small and large businesses. It is accounts receivable and allows businesses to instantly send and collect invoices via SMS. with Transact there is no monthly fee. Businesses are charged a transaction fee, which may vary depending on your business.
Transact has many different invoices to choose from and you can download them for free, customize them, and send them to clients and customers instantly.
Helcim
Helcim is a payment method that offers both online and in-person payment processing services. It is not only a payment gateway but also a payment processor. A payment processor is similar to swiping your card. If you have clients and customers that are not tech-savvy, they will most likely pull out a card. Helcim allows customers and clients to physically pay if they choose to, instead of virtually paying.
Helcim is interchange plus 25 cents and .5% for businesses that receive up to $25,000 monthly on a card. As volume increases, the rate will get cheaper. Additionally, if the normal variety of cards by customers and clients, and the average sale is $50, businesses will pay an average of 2.61% and 25 cents per transaction.
Stripe
Stripe is a financial service software that offers payment processing for e-commerce websites and mobile apps. Stripe is $10 per month for hosting site checkout. Otherwise, it is a 2.9% fee plus an additional 30 cents. With Stripe, there are many different customization options, and great for small businesses that have built their website. However, this software may require coding and advanced technical skills.
Braintree
Braintree is similar to Stripe because it specializes in mobile and web payments. It is also for e-commerce companies and does not require a fee if you use it as a processor as well. If you only use Braintree as a gateway, it is $49 per month and 10 cents per transaction when using a different payment processor method. The flat rate fee is 2.59% and 49 cents per transaction.
Braintree is a company that is owned by PayPal, except it is cheaper. There are also additional payment options such as Venmo where clients and customers can buy now, and pay later. With Brain tree, you don’t have to use it as both the gateway and payment processor. You can invest in a different payment processor if you choose to do so. However, Braintree can become pricey and also require coding skills.
Stax
Stax is an all-in-one payment method that allows customers and clients to pay online, on the go, or in person. There is a monthly subscription fee starting at $99 and an interchange plus 15 cents for keyed-in transactions. This fee is only 15 cents and a percentage is not added to the margin. Though, fees may be pricey for some individuals.
Chase Payment Solutions
Chase payment is a payment processing system created by JP Morgan Chase. With this payment method, clients and customers are able to pay using a digital wallet. Instead of using a card or apple wallet, a QR code is scanned and the funds are taken out of the account.
The fee for Chase payment varies and may be applied in certain situations. There is a flare rate of interchange plus is available for large businesses. The price is 2.9% plus 25 cents per transaction. The Chase payment method has a more competitive flat-rate pricing and businesses receive their payment the following day. However, you must be using Chase products to quickly receive deposits and there may be a monthly fee.
What to Consider When Comparing Prices
As previously mentioned, the best payment gateway for your business will depend on the type of business and its needs and goals. Consider the following when comparing payment gateway prices:
Transparency
Prices on websites may be a lot different once you have bought a plan or subscription. Some payment gateway companies may charge more or less depending on the business, its location, website, and customers and clients. There may be payment gateway companies that have custom pricing. Make sure you do your research and get a quote before settling. Keep in mind that your end goal is to save more money over time, with a safe, effective, and easy-to-use payment gateway. Don’t let salesmen talk you into a plan or subscription if it does not fit your budget.
Service
Every payment gateway will perform and function differently. Some will take web users to another webpage, navigating away from your website, while others are embedded into your website and keep web users on your website when they purchase something. This is something very important to consider because it could negatively impact your website and its performance. Other payment gateway methods allow you to customize how the payment will display and perform when customers are purchasing and checking out. This requires technical skills, however, contributes to a good user experience.
Consider the needs and goals of your business’s website and see which payment gateway method best matches the needs of your business. Don’t forget to consider not only how the payment gateway performs, but also its price.
Avoid Additional Fees
Most fees are unavoidable, however, you can avoid extra fees. For example, many payment gateway companies will offer a service to keep cards secure. Most payment gateway companies already secure the information of users.
Though you can avoid some fees, others are unavoidable and may not be as expensive as you thought. Write down the pros and cons of each payment gateway company that you are interested in and consider which one will best fit the needs of your business and which ones are worth the expense. If it works well for your business, sales will increase.