Online payment processing software for small businesses

Payment processing software helps businesses process all types of payments. It is primarily used to manage payments that involve customers, suppliers, and other stakeholders. It includes credit and debit card payments that are made with the help of point-of-sale (POS) systems and via the Internet. In the case of the latter, this software provides an interface between a business’ website and a client’s bank that needs to process the card-based payment in a secure way.

This type of software is a great way to move beyond the dependence on cash and it has pretty much become a payment standard today on account of its ability to accommodate payments made all over the world with a virtually non-existent risk of error.

Payment processing software is integrated with payment gateways as well as with accounting software, point-of-sale (POS) systems, and e-commerce interface. It supports all types of businesses of varying sizes.

There are several subjects that are served by the payment processing software and these include businesses and their banks, customers and their banks, a payment processor, and a payment gateway.

In essence, the customer first pays the business for the service or product provided. After this, the business will forward the payment request to a payment processor. The processor then forwards the authorization request to a customer’s bank. If the transaction is authorized, the customer’s account will be charged and the funds transferred to the acquirer i.e. to the bank that services the business in question.

Key features of quality payment processing software revolve around simplifying and streamlining an entire payment process. This means that credit card payments need to be processed wherever and whenever they are needed via an accessible interface and at no additional or hidden costs.

This software also supports easy transfers of funds directly into a business’ bank account or their PayPal or any other online payment account. An easy way to simplify payments is to offer payment processing on a business’ website itself or via social media payment services, including the upfront or after-sale payments as well as cash, telephone, offline and one-time payments.

Today, numerous payment methods are supported by various providers, which makes life easier for small and large businesses alike. Among the most popular ones are PayPal, Venmo,Stripe, and Square.

PayPal is probably the most popular one on the account of its track record, reputation, and technical stability. It features the highest number of payment options, including online invoicing and checkouts as well as in-person payments. Its transaction rates are also relatively low compared to its competitors and the platform operates a robust customer protection system.

Stripe is an online payment system that comes packaged with application programming interface (API) tools that allow for easy customization of a complete shopping experience. As such, it is useful for businesses with a solid background in tech (such as startups) or those that require apps, but it will serve all of those that need to support their e-commerce and B2B payment platforms with a quality payment system.

Square supports a variety of payments, including the online ones, those made online, remotely, in-person, or via phone, etc. It comes with a dedicated POS app.

At the moment, vcita supports all three most popular payment methods (PayPal, Venmo, Square, and Stripe).