How to find the best Payment Processing Solution for my Startup Company

The purpose of most companies is to generate revenue in order to grow and become successful. Therefore, choosing a payment processing solution is one of the most first decisions a start-up company will need to make. How do they plan to process payments and what payment options they will make available?

Credit card processing is still the most commonly used payment types for customers. However, consumer trends over the past few years are shifting away from cash and card with pin payments toward contactless and smartphone payment options. Given the Corona Virus pandemic, it has now become somewhat of a health risk to use cash and pin numbers. With many shops forced to close during the lockdown, online shopping became essential for both businesses and consumers. Even businesses that do the majority of their business through a physical storefront are now forced to rethink their online presence and eCommerce platforms.

What Payment Processing Options Should my Busines Offer?

When it comes to choosing a payment processes a business should first answer the following questions:

• • Does the company need a card-present solution?
  • Does the company need a card-not-present (CNP) solution for online and recurring payments?
  • Does the company need to raise invoices and send payment requests to clients?
  • Does the company need to support payments in multiple currencies?

  In today’s business environment shop-front companies will want to have multiple payment options available including contactless credit card payments (Mastercard, Visa, Visa Debit), contactless smartphone payments. While online sales platforms will need to support credit card payments and more. Given the current consumer trends, many businesses are focusing on their online presence and digital payment solutions.

  What are the Best Payment Gateways & Solutions for Startups?

  There are numerous payment gateways, payment processors, and payment solutions on the market today and choosing the right payments partner can be critical to your bottom line. The following payment solutions are what we consider to be the top 3 options for startups and established businesses based on our experience.

  1. Elavon:

  Elavon is Ireland’s only independent payment processor offering a full range of Merchant Account Services. Elavon delivers one of the most powerful payment gateway solutions in the industry with data encryption, for secure payment processing that is fast and safe. Accepts payments from all major cards, contactless and mobile wallets (Apple Pay®, Samsung Pay® and Google Pay™)

  Payment services can be tailored to your specific business needs including next-day funding options. This function ensures payments are received quickly into your corporate bank account for improved cash flow.

  How Elavon fits your payment processing needs

  a). Physical storefront: Elavon’s Point of Sale (POS) solution uses an iPad-based electronic POS system which accepts all major cards, contactless and mobile wallets. This system will allow you to take customer card payments behind the counter, in the aisles, and over the phone. They also have stock management and reporting functions.

  b). E-commerce: Elavon’s eShop option can be used to build an ecommerce website to ingrate their flexible online solution. This options features easy integration and currency conversion so you can take payments from customers around the world. The secure payment gateway accepts all major cards, and mobile wallets to fulfill all your businesses payment processing needs.

  c). Invoicing: Elavon’s invoicing and recurring billing means you don’t need to work hard at getting paid. This solution allows you to quote orders or projects, invoice for products and services and collect and track payments. With converge Invoicing. You can give your customers the convenience of paying online and without risk.

  Elavon payment processing features

  • Elavon is highly rated for reliability and security.
  • Highspeed transactions with 100% network uptime from Elavon’s fully redundant systems.
  • Fast transaction processing with next-day funding options.
  • Features Built-in fraud monitoring and control.
  • Over one billion transactions are processed with Elavon annually for more than one million merchant locations.
  • Many features for use with; PC and Terminal Based POS Solutions, Wireless Payment Processing, Internet/e-Commerce, Debit, EBT, Fleet Cards, Purchasing/Corporate Cards, Electronic Check Services, Electronic Gift Cards, Dynamic Currency Conversion, Reporting Solutions.

  2. Stripe

  Stripe was founded by two Irish brothers who now run the business out of the US. This processor offers secure processing of credit card payments in more than 135 currencies, with funds received in your own currency. It is no surprise that Stripe has been recognized as one best online credit card processing options for worldwide businesses. Account set up is simple and the interface is user friendly so it can be easily integrated into a physical or online store.

  How Stripe fits your payment processing needs

  a). Physical storefront: Stripe offer integration with your mobile phone as well as a wide range of point of sale systems. This would be an ideal option for restaurants or bars that require a more complex point of sale system. Stripe also offer card readers for secure processing of chip cards and contactless payments, including Apple Pay and Google Pay.

  b). E-commerce: With Stripe software, you can start accepting credit, debit, and other payment methods for your online business in minutes. Stripe works eCommerce to process payments from your customers and makes sure you get paid fast through your website.

  c). Invoicing: The Stripe payment gateway offers invoice creation and management through its automatic collection workflow.

  Stripe payment processing features

  • Stripe has Flat-rate fees, competitive with top choices.
  • There are no additional fees for setup, cancellation, account maintenance, and so on.
  • You can sign up for an account online quickly and easily.
  • The Stripe payment gateway has highly customizable with many integration options.
  • A good option for international payments in multiple currencies.

  3. Paypal

• You are likely already familiar with PayPal and maybe already have an account of your own. PayPal is one of the best payment gateways for low-volume sales making it a great option for sole traders. This service has pay-as-you-go terms and comes with additional features like a basic point of sale integration with iOS and Android devices.
  

  How PayPal fits your payment processing needs

  a). Physical storefront: PayPal is partnered with a number of industry-leading point of sale providers to process the majority of payment preferences. You can also request a PayPal card reader which works fairly well but has received mixed reviews online from merchants.

  b). E-commerce: PayPal is best known by merchants and shoppers as an online payment processing solution. However, some users have reported issues when paying with credit cards as PayPal prompts account sign in or account creation upon payment. To avoid this limitation, it is recommended that businesses have the ability to accept PayPal payments online and use another merchant provider to process credit card payments.

  c). Invoicing: Is it simple to send customized invoices and you don’t even need a PayPal business account to do so. For this reason, PayPal is a great option for Sole traders or low-volume contractors. Customers can receive emails from PayPal linking the invoice or you can share the link in your own email.

  Paypal payment processing features

  • Receive payments in your PayPal account quickly
  • Transfer money to and from a bank account or Paypal accounts
  • Customers can apply for access to credit
  • Working capital loans based on PayPal sales history

  Conclusion

  Thank you for reading our article on how to find the best payment processing for your startup company. It is essential that your business is prepared to accept a variety of customer payment options across every channel. As you are well aware there are many options on the market to choose from. The payment solutions evaluated in this article are what we would consider to be the best options for small, medium, and large businesses in Ireland.

  Please Contact Us today for more information on how to set up a merchant account, online shop setup or eCommerce integration for your website. A member of our team would be happy to arrange a free consultation.