A condensed guide on the pros & cons of selected online payment systems
Written by: Julie Marie Bedas
In 1998, pioneer digital payment system, Paypal, was launched, introducing the electronic person-to-person online payment system. This made online transactions easier not only for consumers, but also for business owners.
Today, practically everything can be paid online from renting a vacation house, a car and buying items from ebay. Thus it’s a smart move for small business owners to make use of an online payment system. The question is, which one?
There are many payment service providers available, each with their pros and cons. If you’re still torn on which to choose, this list was chosen based on user reviews collated throughout the web.
5 online payments you can consider:
You can’t complete a list of payment services without PayPal, the biggest in the industry with over 169 million users. A PayPal account is very easy to set up. All you need is an e-mail address, which you can link to your account, but you still need to connect your bank account in order to withdraw funds. Because PayPal is very accessible not to mention established, most of your potential consumers may already have existing accounts which is a win-win situation for both parties.
Since PayPal has so many users, it has been riddled with hundreds of–and sometimes mixed–reviews including comments on “crappy customer service”. There have also been cases of accounts suddenly being put on hold or set for termination. However, if you want a payment system that is widely used and known by many, then this one’s for you.
When it comes to online payment systems packed with the most serviceable features for business owners, Square is the obvious choice. It has plenty of services like inventory management, online ordering, and customer feedback management. It also has ipad-exclusive features such as receipt printing, kitchen ticket printing and kitchen display compatibility, to name a few. If you are a small business owner who wants to setup a payment account with an all-in-one service, Square is for you.
Flint is a more improved version of Square and other Square-like payment systems. Instead of attaching a chip card reader to your headphone jack to swipe your credit or debit card, Flint utilizes an existing hardware on Android and Apple phones, the camera. Payment can be done using the Flint application, which turns your camera into a scanner for your card numbers. Just make sure to align the numbers on your card on the boxes that appear on your screen when using the Flint app. You also have the option to key in the card numbers for the same charge. Flint is great for businesses as it makes transactions easier and faster.
4. PAYLINE DATA
Payline Data is not only a great merchant payment service provider, it is also a company that upholds honesty and transparency. It gives out 10% of its processing revenue to the charity of the user’s choice. It offers great plans with affordable fees suitable for small business owners. Moreover, it provides quality customer service support to accommodate any comments or complaints from customers. If you value honesty and transparency, excellent customer service, comprehensible plans and interchange-plus pricing, then Payline Data is the payment system for you.
Aside from the two major plans mentioned above, there are also Gateway, Pro plus, iPad POS, and Shop Professional plans. Check out their Payline Data’s site for a more detailed version. All of these plans don’t have monthly fees, termination fees, 1099 K reporting fees, although they do charge a PCI non-compliance fee.
This electronic payment system not only helps you save time in bookkeeping or keeping track of your business transactions, but also employs an environmentally friendly paperless system. PayJunction has a hardware system that immediately stores your transactions in your computer so papers are unnecessary. This includes PayJunction’s gateway or Trinity system, USB and headphone jack card reader, and signature capture. Apart from this, PayJunction has excellent customer service which rivals that of Payline Data’s. If you want to save time on accounting and conserve paper, then PayJunction will serve you well.
These five electronic payment systems, Flint, Payline Data, PayJunction, PayPal and Square basically provide the same services but with different specialties outlined above.
Flint excels when it comes to making transactions easier and faster. Payline provides the most affordable, honest and transparent plans. PayJunction is the best when it comes to making bookkeeping easier. PayPal is the most used and established payment system. Square holds all the features you need and more for your business.
As a business owner, your choice of online payment system should depend on your priorities. If you’re still undecided, the tables below should help you weigh the pros and cons.
Based on the table above, PayJunction wins the game with the most Pros and only one Con. You can also do your own research so you can read a more thorough review on each. Choose the payment system that best fits your priorities. Whatever you choose from this list, your money will end up in good hands.