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Online payment processing services improve consumer satisfaction and boost revenue for businesses by streamlining the online shopping experience.
You’ve come to the right place if you’re searching for the top online payment systems of 2024. See our complete ranking of the best online payment services available this year!
5+ Best online payment systems
- Authorize.net — Best overall
- PayPal — Best for sending and receiving payments
- Google Pay — Best for storing multiple payment methods
- Amazon Pay — Best for a streamlined checkout
- Dwolla — Best for third-party integrations
- Stripe — Best for customization
Top 5 best online payment services and systems of 2024
Check out our table below and then keep reading for a breakdown of the best online payment systems for 2024!
| TOP ONLINE PAYMENT SERVICES | BEST FOR | PAYMENT PROCESSING FEES | PRICING |
|---|---|---|---|
| Authorize.net | Best overall | 2.9% + $0.30 per transaction | $25 per month |
| PayPal | Sending and receiving payments | 2 – 4% + $0.49 per transaction | Free |
| Google Pay | Storing multiple payment methods | No fees | Free |
| Amazon Pay | Streamlined checkout | 2.9% + $0.30 per transaction; 4% + $0.30 per Alexa payment | Free |
| Dwolla | Third-party integrations | 0.5% per transaction | Starting at $250 per month |
| Stripe | Customization | 2.9% + $0.30 per transaction | Free |
Authorize.net
Best for: The best total
Cost: $25 a month
Processing fees for payments: 2.9% plus $0.30 for each transaction
Authorize.net is one of the most popular payment gateways on the Internet, with over 445,000 merchants using it. Having been in operation since 1996, Visa’s payment solution currently processes over one billion transactions annually.
Authorize.net integrates with many popular e-commerce platforms with ease, including Volusion, X-Cart, and Magento.
PayPal
Best for: Sending and receiving payments
Cost: Free
Processing fees for payments: 2 – 4% + $0.49 for each transaction
PayPal is the most popular payment acquirer in the world, handling more than 25 billion payments in 2023. PayPal is used by 329 Million active customers and more than 30 million merchants.
Credit cards or the user’s current account are used to make payments. When money is transferred straight to an email address, users are prompted to create a new PayPal account.
Only a few online payment solutions offer PayPal’s users the ability to send money through the service in addition to receiving payments.
Google Pay
Best for: Storing multiple payment methods
Cost: Free
Processing fees for payments: No fees
Google’s response to PayPal is called Google Pay. With an account linked to their Google profile, users can use Google Pay to pay for goods and services.
Millions of Internet users use Google for other services, which simplifies the process of purchasing through Google Pay. This is one of Google Pay’s main advantages over its competitors.
Amazon Pay
Best for: A streamlined checkout
Cost: Free
Processing fees for payments: 2.9% + $0.30 for each transaction; 4% + $0.30 for each Alexa payment.
With Amazon Pay, customers can effortlessly make purchases online and through voice commands with Amazon Alexa, utilizing the payment methods that are stored in their Amazon account. A button for Amazon Pay can be added by merchants to their checkout procedures.
Dwolla
Best for: Third-party integrations
Cost: Starting at $250 a month
Processing fees for payments: 0.5% for each transaction
Another platform that prioritizes security and ease of use is Dwolla. Digital wallets, the capacity to send up to 5000 payments at once, real-time payments to banks taking part in the RTP® Network, and same-day ACH payments are just a few of the features it provides.
Stripe
Best for: Customization
Cost: Free
Processing fees for payments: 2.9% + $0.30 for each transaction
For web developers looking to use Stripe’s powerful API to incorporate a payment system into their projects, Stripe offers a great payment solution. Stripe handles all Payment Card Industry (PCI) compliance and merchant approvals by acting as a merchant account for its providers, doing away with the need for the conventional signup process.
Online payment services FAQs
What is an online payment system?
An online payment system is a system that facilitates electronic payment for goods and services.
It involves all processes that enable payment transfers — the payment gateway, payment processor, and merchant account.
Why are online payment systems necessary?
Online shopping is more popular than ever these days for goods and services. In fact, over 95% of all purchases will be made online by 2040.
Online payment solutions have several advantages for both customers and companies, such as:
1. A streamlined shopping experience
2. Keeping payment information secure
3. Organizing purchases and transactions
Choosing the right online payment solution for your needs
There are many online payment options available for you to use when conducting online business. Select the option that best aligns with your company’s goals.
Find out from your account manager what recommendations they have made based on their experience if you work with an e-commerce marketing agency like ours. To begin using our e-commerce services, give us a call at (+255) 783-957-836 or send us an online message.
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