# Best Payment Processing Software - Page 18 *By [Subhransu Sahu](https://research.g2.com/insights/author/subhransu-sahu)* Payment processing software helps businesses securely handle and track business-to-business (B2B) payments from customers and to suppliers. It supports any organization that accepts non-cash payments by ensuring transactions are timely, accurate, and integrated with downstream financial systems. ### Core Capabilities of Payment Processing Software To qualify for inclusion in the Payment Processing category, a product must: - Collect customer payment information and relay it to a bank for approval or denial - Transmit approval or denial of a transaction back to the customer or merchant - Support multiple payment methods such as credit card, ACH, or wire transfer - Define and track customizable payment rules, terms, and deadlines - Identify errors such as late payments, overpayments, or failed transactions - Integrate with ERP, accounting, or accounts receivable and accounts payable systems ### How Payment Processing Software Differs from Other Tools Payment processing software focuses on secure transaction handling and status verification, working closely with related tools such as [payment gateways](https://www.g2.com/categories/payment-gateways), [accounting software](https://www.g2.com/categories/accounting), [AP automation software](https://www.g2.com/categories/ap-automation), [e-commerce platforms](https://www.g2.com/categories/e-commerce-platforms), and [retail POS systems](https://www.g2.com/categories/retail-pos). Its distinguishing value lies in managing payment execution and error identification across diverse payment methods. ### Insights from G2 on Payment Processing Software Based on category trends on G2, the importance of reliable transaction approval, seamless integrations, and accurate detection of payment issues to maintain smooth financial operations. ## Best Payment Processing Software At A Glance - **Leader:** [PayPal Payments](https://www.g2.com/products/paypal/reviews) - **Highest Performer:** [Skyline Payments](https://www.g2.com/products/skyline-payments/reviews) - **Easiest to Use:** [Nickel](https://www.g2.com/products/nickel/reviews) - **Top Trending:** [Nickel](https://www.g2.com/products/nickel/reviews) - **Best Free Software:** [BILL AP/AR](https://www.g2.com/products/bill-ap-ar/reviews) --- **Sponsored** ### Paysafe Paysafe is a global payments platform delivering high‑performance infrastructure for growing businesses. With over 30 years of experience, Paysafe enables secure, seamless transactions across card payments, digital wallets, local payment methods, and e-cash solutions. Our flexible, scalable platform connects digital and physical commerce, helping businesses operate confidently across markets, currencies and risk profiles. By adapting around your business, Paysafe lifts performance, resilience, and reliability, supporting growth where it matters most. [Visit company website](https://www.g2.com/external_clickthroughs/record?secure%5Bad_program%5D=ppc&secure%5Bad_slot%5D=category_product_list&secure%5Bcategory_id%5D=1975&secure%5Bdisplayable_resource_id%5D=1975&secure%5Bdisplayable_resource_type%5D=Category&secure%5Bmedium%5D=sponsored&secure%5Bplacement_reason%5D=page_category&secure%5Bplacement_resource_ids%5D%5B%5D=1975&secure%5Bprioritized%5D=false&secure%5Bproduct_id%5D=16798&secure%5Bresource_id%5D=1975&secure%5Bresource_type%5D=Category&secure%5Bsource_type%5D=category_page&secure%5Bsource_url%5D=https%3A%2F%2Fwww.g2.com%2Fcategories%2Fpayment-processing%3Flocale%3Des%26page%3D18&secure%5Btoken%5D=46cc479f61c60d47b6c03be2c65e194b3576fdb9f2584810dbb368d2fb665881&secure%5Burl%5D=https%3A%2F%2Fwww.paysafe.com%2Fen%2Fenterprise%2Fg2-contact-sales%2Fpaid%2F%3Futm_source%3Dg2%26utm_medium%3Ddisplay%26utm_campaign%3D2026-ent-clicks%26utm_content%3Dcategory&secure%5Burl_type%5D=custom_url) --- ## Top-Rated Products (Ranked by G2 Score) ### 1. [PayClix](https://www.g2.com/products/payclix/reviews) PayClix is a fully customizable payment processing solution for your business. **Seller Details:** - **Seller:** [The Clix Group](https://www.g2.com/sellers/the-clix-group-8e9e086f-f03f-435a-a1e5-b32ff2d683d9) - **Year Founded:** 2004 - **HQ Location:** Altamonte Springs, US - **Twitter:** @Payclix (29 Twitter followers) - **LinkedIn® Page:** https://www.linkedin.com/company/2101435 (2 employees on LinkedIn®) ### 2. [PayDock](https://www.g2.com/products/paydock/reviews) Paydock is a payments orchestration platform, that is leading the way in resolving numerous costly issues for merchants who navigate disparate, fast-moving & fragmented payment service (& related) providers. Our innovative API-first technology harmonises payment, fraud, identity & other vendors (such as PayPal, etc.) through a single interface, while satisfying compliance, security, technical & other functional needs. **Seller Details:** - **Seller:** [Paydock](https://www.g2.com/sellers/paydock) - **Year Founded:** 2015 - **HQ Location:** London, GB - **LinkedIn® Page:** https://www.linkedin.com/company/paydock/ (87 employees on LinkedIn®) ### 3. [Payen](https://www.g2.com/products/payen/reviews) Payen, an award winning technology company providing innovative payment and cross-border solutions to businesses **Seller Details:** - **Seller:** [Payen](https://www.g2.com/sellers/payen) - **HQ Location:** London, GB - **Twitter:** @payenuk (161 Twitter followers) - **LinkedIn® Page:** https://www.linkedin.com/company/payen-com/ (31 employees on LinkedIn®) ### 4. [PayFuture](https://www.g2.com/products/payfuture/reviews) PayFuture is a global fintech company specialising in cross-border payments and one of the top players in cross-border payments, payment gateway infrastructure, and payment processing services for emerging markets. The platform enables businesses to accept, process, and settle payments across multiple countries through a single integration. Founded more than seven years ago, PayFuture helps international merchants, platforms, and fintech companies expand into high-growth emerging markets across regions such as Africa, Southeast Asia, and the Indian subcontinent by connecting them to local payment methods and financial systems. Through its infrastructure, businesses can manage B2B cross-border payments, global payment acceptance, and international settlement workflows, while maintaining visibility over currency conversion, compliance requirements, and payment performance. PayFuture has grown into a recognised player in the global payments ecosystem, supporting online merchants and digital platforms that operate across international markets and require reliable payment infrastructure to scale globally. **Seller Details:** - **Seller:** [Payfuture](https://www.g2.com/sellers/payfuture) - **Year Founded:** 2019 - **HQ Location:** London Area, United Kingdom - **LinkedIn® Page:** https://www.linkedin.com/company/payfuture/ (93 employees on LinkedIn®) ### 5. [Paygasus](https://www.g2.com/products/paygasus/reviews) PayZang payment gateways are an essential part of the transaction process for e-businesses, brick and mortar stores and online retailers. **Seller Details:** - **Seller:** [PayZang](https://www.g2.com/sellers/payzang) - **HQ Location:** Salt Lake City, US - **LinkedIn® Page:** https://www.linkedin.com/company/paygasus (17 employees on LinkedIn®) ### 6. [PayGlocal](https://www.g2.com/products/payglocal/reviews) PayGlocal is a comprehensive international payments platform designed to empower Indian businesses to seamlessly accept and manage cross-border transactions. By offering multi-currency accounts and a suite of payment solutions, PayGlocal enables merchants to collect payments from global customers in over 33 currencies across 180+ countries. The platform emphasizes security, compliance, and user-friendly integration, ensuring businesses can expand their global reach without the complexities typically associated with international payments. Key Features and Functionality: - Multi-Currency Accounts: Facilitate local collection in major currencies such as USD, GBP, EUR, CAD, and AUD, streamlining the payment process for international clients. - Diverse Payment Methods: Support for over 30 global payment methods, including major debit and credit cards, enhancing flexibility for customers worldwide. - Advanced Security Measures: Implement end-to-end encryption, multi-factor authentication, and segregated data storage to safeguard sensitive information. - Comprehensive Dashboard: Monitor transactions, generate reports, and manage payments efficiently from a centralized platform. - Customizable User Roles: Assign specific access levels within the organization to maintain secure and controlled operations. - Effortless Compliance Management: Receive Foreign Inward Remittance Certificates (FIRC directly after settlement, ensuring regulatory adherence. Primary Value and Solutions Provided: PayGlocal addresses the challenges Indian businesses face in managing international payments by offering a unified platform that simplifies cross-border transactions. By reducing transaction and foreign exchange costs, providing faster settlements, and ensuring compliance with international standards, PayGlocal enables merchants to focus on growth and customer satisfaction. The platform's robust security features and diverse payment options enhance the customer experience, leading to higher approval rates and reduced payment failures. Ultimately, PayGlocal empowers businesses to expand globally with confidence and ease. **Seller Details:** - **Seller:** [PayGlocal Technologies](https://www.g2.com/sellers/payglocal-technologies) - **Year Founded:** 2021 - **HQ Location:** Bengaluru, IN - **LinkedIn® Page:** http://www.linkedin.com/company/payglocal (104 employees on LinkedIn®) ### 7. [Paylivre](https://www.g2.com/products/paylivre/reviews) Paylivre is a payments fintech, based in Brazil, that provides cross-border solutions, moving over 8 million dollars monthly and connecting our partners to their Brazilian audience through our payment APIs. **Seller Details:** - **Seller:** [Paylivre](https://www.g2.com/sellers/paylivre) - **Year Founded:** 2019 - **HQ Location:** Barueri, BR - **LinkedIn® Page:** https://www.linkedin.com/company/64264855 (8 employees on LinkedIn®) ### 8. [Payment Collection Solution](https://www.g2.com/products/payment-collection-solution/reviews) AOPAY Payment Collection Solution is a secure, enterprise-grade platform designed to help businesses collect payments faster, smarter, and more securely. Built for high-growth organizations and financial institutions, AOPAY solution simplifies digital payment collection while maximizing operational efficiency, visibility, and control. With support for multiple digital payment channels, businesses can offer customers a seamless and convenient payment experience while reducing friction in the payment journey. Real-time payment processing ensures instant confirmation and quicker settlements, allowing improved cash flow and faster revenue realization. Automated reconciliation removes the need for manual tracking, saving time and minimizing costly errors. Why Choose AOPAY Payment Collection Solution? - Unified payment collection platform for managing all inbound payments. - Faster settlements with real-time transaction processing. - Automated reconciliation for accurate and efficient financial management. - Centralized dashboards for complete visibility into collections and cash flow. - Enterprise-grade security with encryption, monitoring, and audit controls. Security and reliability are built into every layer of the platform. Advanced security mechanisms safeguard sensitive payment data and help organizations maintain compliance with industry and regulatory standards. This ensures uninterrupted, risk-free payment operations even at scale. Designed for flexibility and growth, AOPAY solution integrates easily with existing systems, accounting platforms, and financial infrastructure through powerful APIs. Whether you are a fast-growing business, a fintech platform, or an enterprise managing high transaction volumes, the platform adapts effortlessly to your needs. By accelerating payment collections, improving transparency, and reducing operational complexity, AOPAY Payment Collection Solution empowers businesses to unlock better financial control, deliver superior customer experiences, and scale payment operations with confidence. **Seller Details:** - **Seller:** [AOPAY Technology](https://www.g2.com/sellers/aopay-technology) - **Year Founded:** 2019 - **HQ Location:** Delhi, IN - **LinkedIn® Page:** https://www.linkedin.com/company/aopay-technology/ (1 employees on LinkedIn®) ### 9. [Payment Labs](https://www.g2.com/products/payment-labs/reviews) Payment Labs is a payment management platform for organizations that need to make global payouts and payins quick and low cost. It automates domestic and cross-border payments in 150+ currencies across 180+ countries. The platform handles onboarding, fund routing, currency exchange, taxes, and regulatory compliance, while offering professional 24/7 support. It is used by sports and esports organizations, creator and freelance platforms, collectives, and business service providers that deal with distributed talent and complex payment workflows. Key capabilities – Global payouts - distributes complex payouts at scale across currencies, countries, and payment methods. – Simple payins -accepts payments globally through a secure, customizable checkout experience. – Payee dashboard - allows payees to track income, manage payment methods, and generate tax documents. – Compliant onboarding - verifies and onboards users according to tax and regulatory requirements. – Integrations and API - integrates with your digital infrastructure and connects to ERPs (NetSuite, Microsoft 365, Sage), popular CRMs, accounting systems (QuickBooks, Xero, FreshBooks), and more. – Tax and compliance automation - supports tax handling and regulatory compliance across the US, Canada, Latin America, Europe, Asia and beyond. Whether you’re paying out prize money, contractor compensation, or royalties, Payment Labs has everything you need to make global payments simple. **Seller Details:** - **Seller:** [Payment Labs](https://www.g2.com/sellers/payment-labs) - **HQ Location:** Los Angeles, US - **Twitter:** @PaymentLabs_io (53 Twitter followers) - **LinkedIn® Page:** https://www.linkedin.com/company/paymentlabs/ (16 employees on LinkedIn®) ### 10. [Payment Processing](https://www.g2.com/products/payee-payment-processing/reviews) Payee is an Australian based electronic payment solutions provider, bridging the gap between traditional EFTPOS systems and modern eCommerce platforms. Since our establishment, we’ve been dedicated to creating seamless payment experiences for Australian businesses and their customers. Eftpos solutions include zero cost Eftpos and low cost Eftpos. Our Ecommerce solution supports WooCommerce and Magento. **Seller Details:** - **Seller:** [Payee](https://www.g2.com/sellers/payee) - **HQ Location:** N/A - **LinkedIn® Page:** https://www.linkedin.com/company/No-Linkedin-Presence-Added-Intentionally-By-DataOps (1 employees on LinkedIn®) ### 11. [Payment Savvy](https://www.g2.com/products/payment-savvy/reviews) Whatever problem you are facing, we will design a custom payment processing solution to help you get paid fast. **Seller Details:** - **Seller:** [Payment Savvy](https://www.g2.com/sellers/payment-savvy) - **HQ Location:** N/A - **Twitter:** @savvy_llc (33 Twitter followers) - **LinkedIn® Page:** https://www.linkedin.com/company/No-Linkedin-Presence-Added-Intentionally-By-DataOps (1 employees on LinkedIn®) ### 12. [Paymentus](https://www.g2.com/products/paymentus/reviews) Paymentus® (NYSE: PAY) is the leading provider of real-time, cloud-based billing, payment, and customer engagement solutions. Trusted by more than 2,500 clients across North America—including Fortune 500 companies, municipalities, healthcare providers, insurers, and financial institutions—Paymentus delivers secure, innovative, and effortless customer experiences that redefine how money moves in and out of households and businesses. **Average Rating:** 1.8/5.0 **Total Reviews:** 2 **Seller Details:** - **Seller:** [Paymentus](https://www.g2.com/sellers/paymentus) - **Year Founded:** 2004 - **HQ Location:** Charlotte, North Carolina, United States - **Twitter:** @PaymentusCorp (617 Twitter followers) - **LinkedIn® Page:** https://www.linkedin.com/company/paymentus (913 employees on LinkedIn®) - **Ownership:** NYSE: PAY **Reviewer Demographics:** - **Company Size:** 100% Mid-Market ### 13. [PaymentVision](https://www.g2.com/products/paymentvision/reviews) PaymentVision is an industry leading financial technology firm that offers a PCI Certified payment gateway that helps businesses accept electronic payments via their own call center, automated phone systems, web, or integrated software payment API. **Seller Details:** - **Seller:** [AutoScribe](https://www.g2.com/sellers/autoscribe-71cebc5b-11e5-433c-966e-ea8d581e9a31) - **Year Founded:** 1988 - **HQ Location:** Jacksonville, US - **Twitter:** @PaymentVision (2,284 Twitter followers) - **LinkedIn® Page:** https://www.linkedin.com/company/paymentvision (15 employees on LinkedIn®) ### 14. [Payment Vision](https://www.g2.com/products/payment-vision/reviews) Simplify how you bill and collect payments any method, anytime, anywhere. **Seller Details:** - **Seller:** [AutoScribe](https://www.g2.com/sellers/autoscribe-71cebc5b-11e5-433c-966e-ea8d581e9a31) - **Year Founded:** 1988 - **HQ Location:** Jacksonville, US - **Twitter:** @PaymentVision (2,284 Twitter followers) - **LinkedIn® Page:** https://www.linkedin.com/company/paymentvision (15 employees on LinkedIn®) ### 15. [Paymentwall Brick](https://www.g2.com/products/paymentwall-brick/reviews) Paymentwall provides in-app and fully customizable checkout for merchants. **Seller Details:** - **Seller:** [Paymentwall](https://www.g2.com/sellers/paymentwall-4ca62237-7eaf-4c75-a07a-d87d8b9f3aad) - **Year Founded:** 2010 - **HQ Location:** San Francisco, US - **LinkedIn® Page:** https://www.linkedin.com/company/paymentwall-inc- (88 employees on LinkedIn®) ### 16. [PayMeSwift](https://www.g2.com/products/paymeswift/reviews) PayMeSwift is a simple and efficient invoice reminder service that helps freelancers and businesses get paid faster. The platform automatically sends payment reminders to clients, reducing the time and effort needed to chase down overdue invoices. With easy setup and automated follow-ups, PayMeSwift ensures you never miss collecting a payment again. **Seller Details:** - **Seller:** [PayMeSwift](https://www.g2.com/sellers/paymeswift) - **HQ Location:** N/A - **LinkedIn® Page:** https://www.linkedin.com/company/No-Linkedin-Presence-Added-Intentionally-By-DataOps (1 employees on LinkedIn®) ### 17. [Paymid](https://www.g2.com/products/paymid/reviews) Paymid is a cutting-edge payment processing platform designed to simplify online transactions for businesses of all sizes. With robust security features, seamless integration capabilities, and support for multiple payment methods, Paymid enables businesses to accept payments quickly and securely. Whether you’re an eCommerce store, service provider, or subscription-based business, Paymid offers a scalable and flexible solution to manage payments effortlessly. Built for global commerce **Seller Details:** - **Seller:** [Paymid](https://www.g2.com/sellers/paymid) - **Year Founded:** 2021 - **HQ Location:** Limassol, CY - **LinkedIn® Page:** https://www.linkedin.com/company/paymid/ (8 employees on LinkedIn®) ### 18. [PayMongo](https://www.g2.com/products/paymongo/reviews) Paymongo enables businesses with the financial infrastructure to grow their revenue. Starting as a payment gateway, we have expanded our offerings to include a comprehensive digital financial service suite that enables SMEs to store, send, receive, save, and borrow money. Our mission is to empower these businesses to successfully digitalize, contributing to our country’s financial inclusion efforts and transforming the local economy. This strategic digital transformation facilitates SMEs’ access to mainstream financial services, streamlining their operations and fostering economic growth. **Seller Details:** - **Seller:** [PayMongo](https://www.g2.com/sellers/paymongo) - **Year Founded:** 2019 - **HQ Location:** Taguig, PH - **LinkedIn® Page:** https://www.linkedin.com/company/paymongo (147 employees on LinkedIn®) ### 19. [PayNow+](https://www.g2.com/products/paynow/reviews) Get paid faster. Offer your clients to pay by credit card (with no merchant fees), ACH / eCheck, or in monthly installments. **Seller Details:** - **Seller:** [QuickFee](https://www.g2.com/sellers/quickfee) - **Year Founded:** 2009 - **HQ Location:** Dallas, US - **LinkedIn® Page:** https://www.linkedin.com/company/quickfee/ (42 employees on LinkedIn®) ### 20. [PayOp](https://www.g2.com/products/payop/reviews) PayOp is a powerful terminal and payments operational system which comprises traditional terminal management functions, such as device firmware updates, along with advanced features including asset tracking, transaction analytics and providing operational insight. **Seller Details:** - **Seller:** [Smart Technology Solutions](https://www.g2.com/sellers/smart-technology-solutions) - **Year Founded:** 2003 - **HQ Location:** Coalville, GB - **LinkedIn® Page:** https://www.linkedin.com/company/smartpaytech (54 employees on LinkedIn®) ### 21. [Paypack](https://www.g2.com/products/paypack/reviews) Scale your business by using the power of Stripe right from within NetSuite **Seller Details:** - **Seller:** [Paypack](https://www.g2.com/sellers/paypack) - **HQ Location:** N/A - **LinkedIn® Page:** https://www.linkedin.com/company/No-Linkedin-Presence-Added-Intentionally-By-DataOps (1 employees on LinkedIn®) ### 22. [PayQuiq](https://www.g2.com/products/payquiq/reviews) PayQuiq services include Credit Card acceptance, Electronic Check (ACH) acceptance, Unlimited Customizable Forms, Email Billing Statements, Automatic Recurring Payments, Pre-Filled Forms Detailed Reporting Features, Seamless Integration of forms in to current websites and much more. **Seller Details:** - **Seller:** [PARKER Marketing Group](https://www.g2.com/sellers/parker-marketing-group) - **Year Founded:** 2006 - **HQ Location:** N/A - **Twitter:** @payquiq (11 Twitter followers) - **LinkedIn® Page:** http://www.linkedin.com/company/parker-marketing-group (2 employees on LinkedIn®) ### 23. [Payrails](https://www.g2.com/products/payrails/reviews) Payrails is a payment operating system that helps you manage and optimize all your payment operations in one place with a single integration. The Payrails platform enables seamless and cost-effective end-to-end payments management. The modular platform provides a single API to connect to a wide range of payment providers, including PSPs, fraud prevention providers, and alternative payment methods. Payrails offers different modules, including Payments, Payouts, and Automations, and has key features including dynamic payment routing, automatic payment retry, token vault, automated reconciliation, real-time and batch payouts, and much more. Get data-driven insights from transaction analytics, optimize acceptance rates, reduce customer churn, split payments into multiple ledgers, customize checkout pages and automate your financial processes all from one integration, tailored to your needs. **Seller Details:** - **Seller:** [Payrails](https://www.g2.com/sellers/payrails) - **Year Founded:** 2021 - **HQ Location:** Berlin, DE - **Twitter:** @Payrails_com (150 Twitter followers) - **LinkedIn® Page:** https://www.linkedin.com/company/payrails (49 employees on LinkedIn®) ### 24. [PayRetailers](https://www.g2.com/products/payretailers/reviews) PayRetailers is a payment gateway designed to handle mass online payments in Latin America. The company combines local markets expertise with its flexible, next-generation payment technology enabling global merchants to successfully expand their business into emerging markets while eliminating the many operational complexities of managing cross-border payments. **Seller Details:** - **Seller:** [PayRetailers](https://www.g2.com/sellers/payretailers) - **Year Founded:** 2017 - **HQ Location:** Barcelona, ES - **LinkedIn® Page:** https://www.linkedin.com/company/pay-retailers (305 employees on LinkedIn®) ### 25. [Payscout](https://www.g2.com/products/payscout/reviews) Payscout is a global payment processing provider connecting merchants and consumers via credit, debit, ATM, and alternative payment networks. **Seller Details:** - **Seller:** [Payscout](https://www.g2.com/sellers/payscout) - **Year Founded:** 2008 - **HQ Location:** Sherman Oaks, US - **Twitter:** @Payscout (4,174 Twitter followers) - **LinkedIn® Page:** https://www.linkedin.com/company/payscout-inc (49 employees on LinkedIn®) ## Parent Category [Payment Software](https://www.g2.com/categories/payment) ## Related Categories - [Payment Gateways](https://www.g2.com/categories/payment-gateways) - [Accounts Receivable Software](https://www.g2.com/categories/accounts-receivable) - [Enterprise Payment Software](https://www.g2.com/categories/enterprise-payment) --- ## Buyer Guide ### What You Should Know About Payment Processing Software ### What is Payment Processing Software? Payment processing software powers credit and debit card purchases. When customers make a purchase online, they enter their payment and shipping information into a payment gateway. The payment gateway gives that payment information to the payment processor, which then communicates with both the customer’s and merchant’s banks to complete the transaction. The transaction’s success or failure is reported back to the payment gateway and the customer. In a brick-and-mortar store, a customer’s credit or debit card is swiped into a point of sale (POS) system, which communicates with a payment processor to approve or deny the purchase. Many payment processors charge a fee for each transaction based on the size of the purchase. Some payment processors have an embedded payment gateway or POS system to create a seamless experience. Any time a credit or debit transaction is attempted, a payment processor is needed. With the rise of digital wallets, payment processors have expanded their functionality to include digital currency and the transfer of money from a source such as Venmo or PayPal to an e-commerce or brick-and-mortar store. Some can process an e-check or set up recurring payments. Key Benefits of Payment Processing Software - Processing payments made by credit, debit, and gift cards as well as digital wallets - Creating a seamless experience for customers - Determining whether or not payment is valid before fulfilling an order or completing a transaction - Communicating with a variety of banks to accept payment from anywhere in the world ### Why Use Payment Processing Software? **Security —** Payment information is extremely sensitive, so it needs protection. Payment processing software is held to high security standards to protect this sensitive information. **Scalability —** A small business can use the same payment processor as a large enterprise, with little difference in functionality. Payment processors operate behind the scenes, and companies pay fees to use them. If a small business picks the right payment processor when it starts out, it may never need to change payment processors as their needs increase. Some payment processors handle billing and invoicing, so some internal processes are covered. **Flexibility —** Most payment processors handle a wide variety of payments. All payment processors process credit and debit cards, but more are accepting payments from digital wallets, cryptocurrencies, and electronic checks. Some facilitate automatic payments to provide consumers and merchants an added convenience of regular payments. The more options provided to the consumer, the more opportunities a merchant has to make a sale, so it’s in a business’ best interest to utilize a payment processor with a variety of features. ### Who Uses Payment Processing Software? **E-commerce businesses —** E-commerce businesses rely on payment processing software because that is how they receive all payments. Payment processors integrate with the payment gateway an online business uses or the payment processor has its own payment gateway. Some e-commerce platforms have built-in gateways or processors, eliminating the need to choose a specific one.Because payment processors typically charge fees for each transaction, an e-commerce business needs to be mindful of the processor they choose because all their transactions are carried out by the payment processor. **Brick-and-mortar businesses —** Brick-and-mortar businesses use payment processors to process credit cards and other non-cash payments. Typically, a processor is integrated with the POS system used by the store, but an all-in-one POS system might include a payment processor. Since most shoppers use some kind of card to make purchases, a payment processor is a necessity. **Business to business businesses —** Every business collects payments in one form or another but businesses that cater to serving other businesses have a unique challenge. Some payment processors are equipped to accept e-checks and lines of credit, and integrate with billing and invoicing software to ensure payments are made and the proper documentation is created. Recurring and automatic payments are useful if a business functions on a subscription model. ### Payment Processing Software Features **Encryption —** Credit card and other payment information is extremely sensitive and must be protected from hackers and other threats. A good payment processor has strong encryption and likely more than one type of encryption to keep both customer and merchant data safe. If data is stolen the consequences can be dire for a business. **Reports and analytics —** Some payment processors provide regular reports based on activity. This helps financial management import payment into analytics software. Knowing how customers make payments and ensuring they match a business’ revenue is crucial. **Processing fees —** Many payment processors function by adding a small fee to each transaction. This is often a flat fee plus a percentage of the actual purchase. Some processors have different fee structures, but fees are nearly universal. Fee amounts vary slightly depending on the processor or based on the type of payment used. **E-commerce integration —** Payment processor integration into e-commerce stores creates a seamless experience for customers when shopping online. Shoppers input both their payment information and their shipping information at the same time, and the business receives payment and all relevant information to fulfill the order quickly. **POS integration —** For storefronts, payment processors integrated with a POS system create a seamless and quick checkout process so the stores receive payment on the spot and customers walk out with their purchase. **Payment methods —** More payment methods accepted by a payment processor, means more customers. This includes mobile payments and cryptocurrencies like Bitcoin. Many payment processors accept certain credit cards or work with specific currencies. #### Additional Payment Processing Features **E-signatures —** Some payment processors allow users to digitally sign (usually using a finger to write) their credit card purchase. This provides added security measures and prevents fraud. This is typically a feature of mobile and tablet-based POS systems integrated with a payment processor. E-commerce purchases do not typically require a signature because they cross-check billing addresses and the security code on the credit card. **Receipts —** Some POS systems generate digital or physical receipts. This allows both the merchant and the customer to maintain records. Online purchases use email receipts that can be printed if necessary. For in-store purchases, digital receipts can be emailed or texted. **Card readers —** For physical purchases using a credit card, a card reader is important for streamlining the process. It’s much faster to swipe a card or read the chip than manually input the credit card information. Many tablet-based POS systems have a stand that includes a card reader, but for those using a mobile phone, some kind of mobile reader is required. These may plug directly into the phone or connect via Bluetooth. ### Trends Related to Payment Processing Software **Mobile payments —** Today, many customers use their phones as their primary payment method. While there are some security risks and not all stores accept mobile payments, many customers will take advantage of this option. **Cryptocurrencies —** Businesses and customers alike are looking into the possibility of using cryptocurrencies, despite many issues. The added security is attractive across the board, but requires additional technology to be user-friendly. **Digital wallets —** Similar to mobile payments, digital wallets make it easier to pay without using a credit or debit card. These services send money between friends, but can easily send money to businesses as well. ### Software and Services Related to Payment Processing Software **Payment gateways —** [Payment gateways](https://www.g2.com/categories/payment-gateways) are the first step to using a payment processor since they collect and verify all the payment information. Some payment processors include a payment gateway, but many gateways work with a variety of unaffiliated processors. **E-commerce platforms —** [E-commerce platforms](https://www.g2.com/categories/e-commerce-platforms) require a payment processor to complete online purchases since cash is not possible. Some e-commerce platforms come with built-in payment gateways and processors, but some require choosing one to integrate with the e-commerce platform. A well-integrated payment gateway or payment processor creates a seamless purchasing experience for customers. **POS systems —** [POS systems](https://www.g2.com/categories/pos) require a payment processor to complete any transaction made using a credit or debit card. Some POS systems come with an integrated payment processor but can choose their own depending on the POS system they use. **Payment analytics —** [Payment analytics software](https://www.g2.com/categories/payment-analytics) integrates with payment gateways and payment processors to analyze payment data. These analytics provide real-time insight into business performance to make informed business decisions.