Payment Processing



When you're planning your business, you'll have to decide how you're going to accept payment from your customers.

There are many factors that go into payment processing, and it’s important to have a clear understanding of what payment methods you accept, who is going to use and process them, and what it will cost you.  


There are a few methods through which merchants can be paid for their goods and services.


Cash is the simplest form, as it requires no merchant account to process the sale and has no associated fees.

Paper checks are also free of fees, though they require a trip to the bank and have a risk of bouncing.

Choices and fees

That’s why most businesses choose to accept credit and debit cards, as well as mobile payment methods such as Apple Pay or Google Pay Send

Paying for Groceries

Service-based businesses that send invoices to clients may also offer the option for direct bank payments.  All of these methods require the assistance of a payment processor.

When you process a transaction, there are a few different types of fees involved, including an interchange, merchant bank fee, authorization fee, and others. The fees you pay will depend on the payment processor you choose and the amount of each transaction.

Explore your Options

To learn more about payment processing and to discover which method is best for you, here are some additional resources.

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Best for: 

  • Smaller, online-only businesses.

  • Adding an option to existing eCommerce platform or credit card processor.

  • Easy to set up, easy to use.


  • Name brand recognition, widely used.

  • Security; customers redirected to PayPal site to complete transaction. 

  • Integrates with multiple apps and software.

  • Merchant advances and loan tools are superior.

  • Digital wallet signature service available.


Best for: 

  • Brick-and-mortar businesses.

  • Mobile businesses with POS systems.

  • Small businesses, solopreneurs.

  • Business interested in adding online feature to brick and mortar presence.


  • Square Online for setting up ecommerce store

  • Hardware available (card readers, register, terminal, stand) depending on what you need.

  • Multiple payment options available, depending on usage and need.

  • Integrates with multiple software and applications.


Best for: 

  • Online-only businesses.

  • Business with higher transaction volume, and more complex needs.

  • Larger companies with developers that can customize the software.


  • Pay-as-you-go, no monthly fees.

  • Supports credit card payments.

  • Easily customizable.

  • Receive payment from more sources than competitors.

  • Integrates with multiple accounting software.