Are you looking for the best way to pay your employees, freelancers, suppliers, and contractors? Read this article to discover different online payment services that might be just what you are looking for.
Utilizing an easy and fast payment service is essential to running a small business. Your business could not survive without an easy flow of cash to pay your employees, get office supplies, or receive payments for your goods or services. Luckily, with the popularity of online payment services, it is easy to make these transactions. However, it is important that you pick the online payment service that works best for you and your company.
The most popular online payment service is PayPal. PayPal is a multi-service platform that was founded in 1998. It reaches across 200 countries. You can easily navigate PayPal’s user-friendly interface for both desktop and mobile devices. PayPal also records your transactions and browser history, which eliminates paperwork for you. With PayPal you can easily copy and paste your financial data and send e-checks. For business transactions, PayPal will charge you a fee of 2.9% and $0.30 for goods and services. However, exchanging money with friends and family members is free. Most importantly, you can trust PayPal with their high security encryption code, which makes it hard for anyone to hack your account. However, as part of PayPal’s security, PayPal can freeze your account without your permission if they suspect any suspicious behavior. You want to be able to run your business with the comfort of a secure payment method, but some people don't like that PayPal can freeze your account without notice.
Google Pay is another popular service for transferring money and making purchases. With Google Pay you can send and receive money from anywhere, free of charge if it is linked directly to your bank account. However, there is a fee of 2.9% to use Google Pay with your credit card. Google Pay allows you to send up to $10,000 in one transaction. What makes Google Pay unique is that you can send money through an email or other Google apps and the receiver doesn’t need Google Pay to accept your money. You don’t want to limit your customers by the applications they use. Google Pay is available on iOS or Android and can be used on the go while you are commuting from your office to your home. When you use Google Pay money can go directly into your bank account or on your card so that it is there for you to use right away. Giving you the money you need to run a successful business at your fingertips.
However, freelancers tend to prefer Paynoneer for online service payments. Payoneer is a transaction application that is used by popular freelance sites such as fiverr, Upwork, Shutterstock, and more. Payoneer is for entrepreneurs who are looking to grow their business globally. It allows you to securely make mass payments internationally. The downside to Payoneer is that their transaction fees vary from 0% to 3%. Payoneer has relationships across 200 countries and transfers are free from Payoneer to Payoneer account. Payoneer also gives you the option to withdraw your funds via ATM. Payoneer makes it easy to pay your suppliers and contractors with minimum fees.
On the other hand, Stripe is primarily used for online businesses such as Lyft and Amazon. Stripe’s focus is store cards and online subscriptions. Stripe is known for its security and customization features. Stripe’s radar blocks most fraud payments and securely holds your customers’ payment information. Stripe is extremely customizable, which means its interface isn’t as user-friendly as some of its competitors because it is made for web designers. However, it also means that you can make Stripe specifically fit your needs.
Each online transaction services emphasizes different services that will fulfill your company’s needs. While it may not be instantly clear which application is the perfect fit for your company, it is certain that to grow your company it is necessary to have access to an online transaction service. Not only will you get paid faster, but you can pay your suppliers and contractors with just one click.