Online payment processing bridges the gap between businesses and consumers when physical cash exchange is not an option. These days, many rely heavily on digital transactions to implement different payment methods, secure the transfer of funds, and facilitate payment reconciliation.
Payment processing also plays a significant role in cash flow management, customer satisfaction, and fraud protection. Businesses of all sizes need an efficient and reliable payment processor to ensure swift and secure transactions of funds between payer and payee. Customers are more likely to return when the payment process is hassle-free, resulting in better sales.
Read further to learn about the top 5 best payment processing tools in 2024.
1 HoneyBook
Overview
HoneyBook is an all-in-one clientflow platform with powerful features built for independent businesses. It centralizes all client operations, such as scheduling meetings, bookkeeping, invoicing, and payment processing.
It offers multiple tools to streamline all client interactions, like professionally designed invoice templates, which users can schedule to collect payments. HoneyBook gives clients a frictionless payment experience with auto-pay or instant deposits. Users can get the cash in minutes with a 1% transfer fee. It also monitors payments to help prevent unauthorized or risky payments through automated systems, complemented by an in-house fraud team.
HoneyBook also integrates with Quickbooks to provide users with the full scope of accounting tools needed to reconcile balances. Users can easily collect all sales, invoices, and expenses in a single system. The clientflow platform is also compatible with Google, Meta Lead Ads, Zoom, Zapier, and Pic-time, streamlining the workflow of different teams from sales to creatives.
Equipped with automation, HoneyBook frees up the time spent on tedious tasks. Users can create custom automation to match their processes. They can trigger the sending of an email, questionnaire, or brochure and even create a task. These automations are triggered based on client behaviors, dates, and other criteria.
Key Features
Online Payment
HoneyBook accepts all major credit/debit cards and bank transfers for online payment. It gives clients a frictionless payment experience by consolidating invoices, contracts, and payment processing in one step. It can also send them automatic payment reminders to alert them when a bill is due. It accepts cash and checks at no charge. All direct deposits are transferred to the user's bank account.
Instant Deposits
Users can get cash in minutes through instant deposits. This feature is available 24/7, including weekends. HoneyBook charges a 1% transfer for this fast transaction.
Real-time Tracking
HoneyBook tracks the client's payment, ensuring the transparency of the transaction. If ever a dispute happens, the platform doesn't automatically refund the payment made. Its team assists the user in resolving the conflict.
Mobile Apps
HoneyBook has dedicated mobile apps for Android and iOS users so users can send invoices on the go, and clients can make swift payments, even without access to a desktop computer, making payment processing convenient for both parties.
Honeybook AI
HoneyBook leverages AI to generate professional and personalized responses for clients, saving users the effort to compose an appropriate answer when they're lacking the time. This also allows them to respond promptly, which contributes to a high client satisfaction rate.
HoneyBook AI can also provide data-powered intelligence to predict leads that are high value so users can prioritize tasks or clients accordingly. It has the potential to help them operate more efficiently and accelerate their growth.
HoneyBook offers three subscription plans to match the needs of different users. All plans start with a 7-day free trial and are tax-deductible business write-offs, resulting in significant cost savings. Customers can cancel anytime, with the option to upgrade or downgrade. It combines the essential tools for client communication, booking, and payments so businesses can manage their front-end client experience and back-end workflows in one place.
2 Transaction Cloud
Overview
Transaction Cloud is an all-in-one, full-service solution for SaaS payment management. It empowers businesses to handle transactions effortlessly with its flexible and user-friendly interfaces. It supports a broad range of payment methods and accepts all major wallet payments like Apple Pay and Google Pay.
Transaction Cloud also boasts a cutting-edge marketplace for digital products, an avenue for businesses to showcase and sell their digital offerings while expanding their reach in the digital market. Vendors can also integrate the platform with plug-in codes and start accepting payments within minutes, even setting up an advanced integration for any use case within a few hours. It offers a transparent and simple price, unlike other providers that charge more to access all features.
Transaction Cloud provides all solutions through a simple, robust, and easy integration. It supports 13 languages and 21 currencies, ensuring a seamless global transaction process. It is also a cost-effective sales tax solution for businesses that want to eliminate sales tax liability.
Key Features
Broad Range of Payment Options
Transaction Cloud provides a broad range of payment options for one-time and subscription products from major networks like Visa, Mastercard, and Amex. It has even extended its reach to smaller networks like JCB, Discover, Tarjeta, etc. With the inclusion of Google Pay and Apple Pay, businesses have multiple payment options for processing payments to drive high conversions and maximize sales.
Affiliate Management System
Besides payment processing, Transaction Cloud can also track, manage, and compensate affiliates without complexity through its built-in affiliate management system. Businesses can scale rapidly without the added administrative and accounting costs related to onboarding, tracking, managing, and paying out affiliates. They can set up affiliate marketing and campaigns within minutes and customize the branding for the affiliate sign-up page.
Sales Tax Compliance
Transaction Cloud is directly responsible for sales taxes in various jurisdictions as the merchant of record. Selling through the platform absolves businesses of dealing with sales tax laws and rates, from registering to remittance and facing sales tax authorities.
Transaction Cloud ensures full global compliance with sales taxes and corporate income taxes. It stays up to date with the changing sales tax law rates, so businesses remain credible and trustworthy to customers and investors.
Marketplace
Transaction Cloud offers a dynamic platform where businesses can set up shop and start selling digital products with ease. The marketplace provides them with increased visibility and exposure to a global audience. They can also benefit from integrated payment processing and order fulfillment to manage transactions and deliver digital products to customers efficiently.
From payment processing to affiliate marketing and fraud prevention, Transaction Cloud streamlines financial and operation processes. Businesses have a secure and efficient platform to drive high conversions, simplify sales tax compliance, prevent fraud, and, ultimately, excel in today's competitive landscape.
3 Stripe
Overview
Stripe offers multiple ways to accept payments online so businesses can convert more customers and expand to new markets faster. It gives access to 100+ payment methods and one-click checkout. It works in 195+ countries and lowers the cost of multicurrency management through alternative currency payouts. The payment processing platform automatically converts using the latest exchange rate, reducing the FX risk of global enterprises.
Stripe also protects businesses from fraud with its machine learning-powered optimizations, which are trained on billions of data to detect anomalies in financial transactions. Businesses can also earn more by using the payment processor since it surfaces the most relevant payment methods. These methods are dynamically selected based on the customer's device, location, and local currency to increase the chances of conversion.
All payments made through Stripe appear in the dashboard, reducing the operational complexity and simplifying financial reconciliation. It unifies monitoring and reporting. With access to analytics, businesses can maximize opportunities to improve cash flow.
Key Features
Flexible APIs
Stripe's flexible APIs let businesses build and scale end-to-end payment experiences for platforms and marketplaces like flat-rate plans, per seat, tiered and usage-based subscriptions, or global payments. The payment processor acts as the merchant of vendor by handling the Know Your Customer obligations for payments, which also help users meet other requirements for payment compliance.
Automatic Currency Conversion
Businesses located in the US and Canada can use checkout and payment links to turn on automatic currency conversion. Stripe automatically presents prices in the customer's currency and popular local payment methods, helping increase conversion and revenue.
100+ Payment Methods
Striples is distinguished for its 100+ payment methods, which are made possible through unified integration. It accepts all major debit/credit cards, various wallet payment methods, bank transfers, bank redirects, etc.
It also offers flexible payment options so customers can purchase and pay at a later date. Stripe also accepts real-time payments through PromptPay and PayNow, which help increase speed and conversion at a low cost.
4 CPACharge
Overview
CPACharge is a professional and affordable payment processing solution made for the accounting industry. It streamlines the billing process and increases the cash flow, safely and securely. It is integrated into industry solutions, eliminating the need to juggle multiple programs.
Key Features
Variety of Payment Options
CPACharge features a variety of payment options that work for accounting firms. It provides the flexibility to pay in person or remotely, like through Quick Bill, where a client gets a link to a customized payment portal or through a custom payment page for a simple yet secure payment experience. Users can add the page's link to invoices, emails, or websites so clients can pay directly instead of suffering from late charges.
Card Vault
CPACharge can store a client's preferred payment method in a card vault. Clients no longer need to resubmit their payment information since it's stored in a secure and encrypted vault. If a payment method expires soon, an icon will appear next to the listing so users can keep the list up-to-date and ready for successful transactions.
Professional Payment Network
CPACharge provides access to an exclusive network of accounts payable vendors and banks through its professional payments network. This allows users to get paid faster and facilitate reconciliation. The network feature is included free of charge and is going to expand to accommodate more ways to pay in the future.
CPACharge offers a straightforward and secure way for accounting firms to process payments. It also gives visibility into key business metrics so they understand and project cash flow and identify growth opportunities. It is PCI compliant, ensuring a secure payment infrastructure that adheres to data security standards related to the payment card industry.
5 Paymerang Payment Automation
Overview
Paymerang Payment Automation is an award-winning solution that allows businesses to digitize and achieve efficiency by automating the entire payment process. It eliminates check printing, postage, envelopes, or the chasing of uncashed checks with a single, automated process with multiple methods to pay vendors. It reconciles payments automatically, ensuring there are no outstanding payments or uncashed checks.
Key Features
Automated Remittance and Reconciliation
Paymerang can save 80% of the time spent on payment processing with automated remittance and reconciliation. It can process 5x more payments in the same amount of time as other solutions.
Advanced Security
Paymerance offers advanced security through encrypted account data and multi-factor authentication. Account information is always protected, with the assistance of a world-class security team, to prevent payment fraud attacks.
Expanded Reporting Capabilities
The payment processor also provides on-demand reporting capabilities to users so they can gain more transparency through self-service reporting. They can derive insights from a payment history report, archived documents, and a payment status report.
Paymerang Payment Automation is a cloud-based solution that allows users to access the payment processor from the office or offsite. It seamlessly integrates with industry solutions like QuickBooks, Oracle, and Microsoft Dynamics. It reduces vendor payment delays and missing or duplicated payments that can damage supplier relationships.
Conclusion
Each of these payment processors offers a unique advantage, such as operational efficiency from Paymerang, enhanced client management from Honeybook, or sales tax compliance from Transaction Cloud. It is essential to identify the problem that needs to be solved so carefully evaluate the tools, ensuring they have the features and functionality to address the issue and work best for the business.
Streamline financial transactions by having an efficient payment processing system. Choose from the top 5 best payment processing tools of 2024 to achieve fast reconciliation and improve cash flow management.
