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.

Page 6 | Best Payment Processing Software: User Reviews from September 2026

Airwallex

Airwallex is an AI native financial operating system for modern businesses. We are building the future of global banking for a borderless, real-time, intelligent economy. We serve more than 676,000 businesses worldwide, either directly or through our platform customers. From startups to public enterprises, our customers use Airwallex to manage their global banking and financial operations, or to build and monetise their own financial products. Founded in Melbourne in 2015, Airwallex holds 85+ licenses across North America, Europe, the Middle East, and Asia-Pacific, forming one of the most comprehensive financial infrastructures in the world. This regulated backbone powers Airwallex products at global scale, including payment acceptance, billing, global accounts, corporate cards, and spend management. The company is co-headquartered in San Francisco and Singapore with over 2,300 employees across 27 offices. Learn more at www.airwallex.com.

Average Rating: 4.1/5.0

Total Reviews: 54

How Do G2 Users Rate Airwallex?

Has the product been a good partner in doing business?: 8.1/10 (Category avg: 8.8/10)
Self Service Portal: 7.4/10 (Category avg: 8.6/10)
Level 3: 7.2/10 (Category avg: 7.8/10)
Accounting integration: 7.9/10 (Category avg: 8.4/10)

Who Is the Company Behind Airwallex?

Seller: Airwallex
Company Website:
Year Founded: 2015
HQ Location: San Francisco
Twitter: @airwallex
15,482 Twitter followers
LinkedIn® Page: www.linkedin.com
2,795 employees on LinkedIn®

Who Uses This Product?

Who Uses This: CEO
Top Industries: Financial Services, Computer Software
Company Size: 73% Small, 22% Medium

What Do G2 Reviewers Say About Airwallex?

AI-generated summary from verified user reviews

Pros

Users appreciate the ease of use of Airwallex, streamlining global banking and simplifying account management.
Users value the easy integrations offered by Airwallex, simplifying cross-border payments and multi-currency management.
Users appreciate the efficiency of Airwallex, enabling quick international payments without delays or high fees.
Users praise the outstanding customer support from Airwallex, enabling smooth onboarding and quick, responsive assistance.
Users value the easy integrations with Airwallex, enjoying seamless workflows and a straightforward setup process.

Cons

Users note some missing features, including limited subscription tracking and no rewards for card spending.
Users express concerns over poor customer support, noting slow responses during urgent compliance or fund issues.
Users report approval issues with Airwallex, citing unresponsive support and unexpected account deactivations.
Users find the approval process frustrating due to delays and lack of clear communication during onboarding.
Users find the limited features of Airwallex restrictive, especially regarding transaction visibility and app functionality.

What Are Recent G2 Reviews of Airwallex?

"A strong global payment and spend management platform for businesses"

Rating: 4.0/5.0 stars

— Verified User in Oil & Energy

Best Payment Processing Software - Page 6

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Category Stats (Sep 2026)

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G2 Grid® for Payment Processing Software

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