Top 8 Online Payment Methods to Consider for Your Business

Here is our list of finalists for the top 8 types of payment options you can use to jumpstart your business. Inside, we list different payment methods for business, popular online payment methods, and all your customers’ payment methods for online shopping.

This article is Part 2 of 3 in our guide to Guide to Popular Online Payment Methods to Simplify Your Sales Process.

Here is our list of finalists for the top 8 online payment methods you can use to jumpstart your business. Inside, we list different payment methods for business, popular online payment methods, and all your customers’ payment methods for online shopping. 

This article is Part 2 of 3 in our guide to Guide to Popular Online Payment Methods to Simplify Your Sales Process. Click the following links to access Part 1: What are Online Payment Gateways, or Part Three: What’s the difference between direct and third-party payment processing?

Alright, time to talk about small business payment methods that work for almost anyone on the market today!

As we mentioned before, there are quite a few payment methods you can adopt to accept payments online, but having been in the business of online sales as long as we have, we have our favorites.

8 Online Payment Methods for Small Businesses | Popular Online Payment Methods

To help you make the right decision for your business and customers, here is a detailed breakdown of the best payment methods businesses use for making online payment transactions every day:

• Stripe
• Apple Pay
• Dwolla
• Square
• PayPal
• Authorize.net
• Rotessa
• BrainTree

1. Stripe 

Stripe is one of the most popular online payment solutions for small businesses. It acts as an intermediary between buyers and sellers, and handles issues affiliated with credit card payments. Not only does it include data security, but also withdrawals and recurring payment options. It also includes the payment processing and payment gateway features you need.

Stripe also allows you to process refunds automatically, without having to take a ton of time out of your day to solve return of funds issues. This allows your business to be more productive as you don’t need to go back and forth making and receiving payments.

Best of all, it is a platform that is perfectly tailored for businesses who serve customers on a global scale, as it accepts payments in more than 155 international currencies and undergoes regular security and compliance checks.

For those concerned about security, Stripe is above the bar when it comes to encryption. They encrypt customer financial information and store decryption codes separately, which means Stripe never has direct access to credit card numbers or other payment info.

Together, the efficiency and security features of Stripe make it our personal favorite when it comes to preferred payment methods. Some sources (and general customer consensus) even mark Stripe as one of PayPal’s top competitors in the market.

What sets Stripe apart from other online payment methods?

Not only is Stripe fairly simple to set up (particularly if you have a WordPress website) and customize, but you do have the option to create payment forms from scratch–though for this option we recommend getting the help of a professional.

They also give you the option to host payment processing directly on your website, though the third party option is available through them as well.

A quick look at Stripe metrics also shows that it has no monthly fees, unless you decide to opt-in to additional features like subscription services. You do however pay a relatively low per-transaction cost of 2.9% + $0.30.

Here are a few other reasons you might want to consider Stripe for small business payment methods:

• Built-in APIs and developer tools
• Access to mobile payments on the go
• Easily integrates with existing eCommerce platforms including BigCommerce, Shopify, WooCommerce, Magento, and Spree Commerce
• Simple reporting for transaction management
• Exceptional customer service response, with access to an agent in five minutes or less, 24/7
• Flexible types of payment options and management of website subscriptions, which means you can change up your billing preferences whenever you need to without canceling.

All that said, there are some drawbacks to using Stripe that we think are important to note before you commit. Not only do you likely need the help of a developer to customize checkout pages to match your brand, but you are entering into a high-risk industry.

Stripe also serves about 40 countries across the globe, which means there is a small chance your country of service may not be supported.

Finally, you may face some limitations for functionality when it comes to in-person payments, although with WooCommerce for example you can include a point of sale plug-in, or a Stripe card reader. If you do require in-person payments most of the time, then Square may be better suited to your needs.

2. Apple Pay

As you may have guessed from the name, Apple Pay is a contactless payment method for Apple devices such as iPhone, Apple Watch and Mac. It was designed as a modern replacement for physical wallets, allowing people to pay from their Apple devices instead of using a physical debit or credit card.

Apple Pay enables users from more than 60 countries to make payments in retail stores. It also helps those who are making online payments through an NFC chip built into their iPhones. This functionality is not unique to Apple Pay, since most payment gateways like Stripe and Authorize.net are now Apple Pay inclusive.

Still, the convenience of paying for transactions using your Apple Pay account (whether in-person or online) does have its benefits. You don’t have to carry around a physical wallet, and can complete transactions in just a few clicks thanks to Apple Pay storing your financial and even your shipping information.

All payers need to do is verify their card information once, and then they are free to make purchases online. This adds a layer of convenience to the types of payment options your business can offer, ensuring customers get the support they need without having to re-enter their details repeatedly.

The main advantage of Apple Pay is simple, and is largely tied to security: The system generates a token of payment which reduces the chance that your credit or debit card information is accessible to hackers.

That said, while your information may be safe, the ease with which someone can make fraudulent transactions if they gain access to a customer’s phone can pose risks.

Still, the feature is free to use for customers, which makes it one of the most accessible and attractive types of payment options for your brand.

Some other considerations before choosing Apple Pay involve customer support and integration. While your customers can easily buy online, there is no direct support line if they run into issues making online payments. Stripe, by comparison, provides full-scale customer support you don’t have to manage on your own, making it a stronger option for businesses that value hands-on assistance.

3. Dwolla

While there are many different types of payment options available for businesses today, Dwolla is a lesser-known but highly effective solution. It markets itself as a white-label service meaning it is a fully supported product created by one company and sold by another.

The biggest advantage of using Dwolla is its integration with the ACH network which allows businesses to self-host their payments to send, receive, and facilitate bank-based transfers. This makes it particularly useful for B2B organizations, where making online payment through direct bank transfers is often more efficient than relying on credit cards.

ACH payments also offer stability since bank account numbers rarely change, unlike credit card details. Once a payee’s account information is collected, businesses can automate ACH transfers, making Dwolla an excellent choice for recurring transactions and large-scale payouts. This provides an advantage for companies that need more than just small business payment methods, allowing them to process bulk payments without the high costs of traditional merchant accounts.

Supported by platforms like WooCommerce, Shopify, Magento, and BigCommerce, Dwolla offers flexibility but is more commonly adopted outside the U.S. Users also have access to customization features, though some technical expertise or developer support may be required to set everything up.

On the downside, Dwolla does not support credit card transactions, and its processing times can be slower compared to other providers. Additionally, customers may be required to verify their banking details or provide full account numbers when making online payments, which can create friction for smaller retailers or businesses trying to streamline the checkout process.

4. Square

Square is an incredibly popular online payment platform that helps businesses manage online AND in-person payments without too much hassle. It allows credit card processing and mobile payments, and retailers can even purchase a card-reader to improve payment mobility for storefront sales.

For small businesses just getting started with making online payments a seamless process, Square provides an all-in-one solution. It not only enables smooth transactions but also helps boost an online sales presence and brand identity. Square sets up everything – from eCommerce storefronts to email marketing – so that businesses can grow and scale more efficiently.

There are no processing fees or monthly fees, and no merchant account provider sitting on those funds for verification. Basically, there is a lot less processing time needed to confirm payments, which reduces client and provider stress at every level of a transaction.

Finally, there is no application or approval process for Square, making it a great option for those who need basic payment functions without all the technicalities that come with getting approval. All clients get three primary functions for free, including payments, POS software, and the capacity for online ordering.

Knowing of course that Square is similarly supported by WooCommerce, Magento, BigCommerce, and OpenCart, user reports dictate that WooCommerce and Shopify users do have trouble syncing products to the site. There is also a record of poor customer service, which many of our in-house experts can attest to.

To best summarize the advantages and disadvantages of Square’s online payment system, here is a quick pros and cons list for your review:

Pros: 

• Great point of sale terminal – perfect for restaurants, new companies, small-transaction operations, and businesses on the go
• There is no monthly fee and flat rate options are available
• Customers can pay using their phones
• There is a low barrier to entry, since new coaches, consultants, and businesses typically get accepted, and can get the card reader fast
• No contracts and very user friendly
• Accepts payments offline, and has a quick deposit processing time of about two days
• Works for high-risk industries (such as the cannabis industry) which other payment gateways do not support

Cons: 

• Not ideal for large businesses with high transaction volumes
• Customer support is lacking
• Large businesses must pay higher-than-average fees per transaction
• Customization is somewhat limited

5. PayPal

PayPal is an ecommerce company that facilitates payments between parties through online transfers. It acts as a middleman between your bank and merchants, and keeps your payment information secure.

Getting started on PayPal is straightforward and easy. All you need to do is to link your bank account, credit, or debit card to your PayPal account, and you can start using it to make and accept online purchases. For many small businesses and individual creators, PayPal is one of the simplest ways to start making online payment transactions feel effortless for both buyers and sellers.

That’s the beauty of PayPal which is a direct competitor to Stripe. Not only can you use PayPal to transfer money to others with just an email address or phone number, but you can also create products in PayPal with a specific link. All your customer has to do is click the link and they can buy or send funds.

PayPal is admittedly an excellent online payment method for consultants, content providers, coaches, and many other types of business. Customers will see PayPal as an option in their checkout counter and can click to swiftly create a transaction through whatever payment method they have connected to their own account.

Transactions are also super-speedy. You can get paid and withdraw those payments almost instantly which means that as a small business payment method, your day-to-day operations can run a little faster and more smoothly.

Depending on the eCommerce platform your site uses you can use PayPal payment options for in-person transactions as well, even for credit and financing options pertaining to your products.

That said, PayPal’s flexibility when it comes to payment terms can also be confusing to some members. There are a ton of options including PayPal Checkout, Express Checkout, and more, and because each one is slightly different, it can get a little confusing when it comes time to choose which option is right for your products and business.

Of course PayPal has been around the longest of these payment options and it continues to be the safest way to pay online since neither the business nor the customer has to disclose any banking information or credit card details to make the purchase. It’s all automatic through PayPal which keeps your personal financial information safe behind closed doors.

In short, your money is super secure, customer privacy is protected, and with such a large customer base, transactions occur much faster than traditional small business payment methods that require credit card entries or shipping info.

Here are a few other reasons you should consider using PayPal when choosing online payment methods for your business: 

• Easy to use and set up
• Wide range of customization options, with flexibility for different product and payment options for online shopping
• Minimal fees per transaction
• Fair exchange rates to accept almost any currency on the market
• Businesses can create clickable payment links available throughout their website and sales funnels
• Invoice creation and delivery directly from your PayPal dashboard, including money management tools
• Works with a variety of third-party shopping cart programs
• Supported by platforms such as WooCommerce, Shopify, BigCommerce, Magento, and Spree Commerce

Disadvantages of PayPal for business:

• Customers must create a PayPal account before making a purchase
• May require discussion with a sales team to maximize ROI
• Limited flexibility to modify payment terms and subscription options after setup
• Risk of PayPal pausing subscriptions beyond 24 months without prior notice
• Disputes often resolved in favor of the customer
• High chargeback fees, sometimes leading to frozen assets
• Integration issues if email entries don’t match exactly, which can place transactions on hold
• Customer service can be difficult to reach and some buyers refuse to use PayPal at all which could impact sales

6. Authorize.net

Authorize.net is a payment gateway offered by Visa. Its primary job is to encrypt and securely authorize credit card transactions. Payment gateways like Authorize.net are essential when making online payments because they store and protect sensitive credit card data.

For high-risk businesses, Authorize.net provides essential tools to navigate eCommerce activities with confidence. It allows businesses to remain flexible by accepting payments on their own terms, laying the foundation for a more systematic high-risk payment processing system.

Unlike traditional processing methods, Authorize.net offers speed and reliability, making it one of the best types of payment options available for large-scale businesses. Its advanced processing technology can instantly approve or reject transactions which is a key advantage for companies handling a high volume of payments daily.

This efficiency also helps protect against fraudulent activity. If a card is detected as stolen, businesses can quickly reverse transactions ensuring both customer safety and operational security.
Beyond fraud protection, Authorize.net enables businesses to manage routing transactions without installing extra software. It also provides features such as transaction management, account settings configuration, report generation, and account statement viewing—all in one place.

Because Authorize.net supports safe and secure payments across popular platforms like WooCommerce, Shopify, BigCommerce, Magento, and Volusion, it is an excellent choice for businesses that require:

• Access to a merchant account for payments
• Support for credit cards and digital payments
• Increased fraud detection and prevention
• Monthly billing with no long-term contracts, or flat-rate pricing options
• Full access to customer support and services

However, it may not be the best fit for businesses that:

• Want to avoid additional expenses from using alternate providers simultaneously
• Prefer not to pay extra for plugins or software licenses
• Want a simpler and less technical setup
• Wish to avoid per-transaction fees on every purchase

7. Rotessa

We are including Rotessa here because this is a hybrid option we use at The Digital Navigator, and which we offer our clients as well. It does only work in the US and Canada which means you would need a bank account in that country but the fees are extremely low and you get the direct billing option straight to your existing website without a third party.

Rotessa is especially helpful for businesses where customers are making online payments for high-value products or services. Unlike many other providers, they offer plans on a fixed fee system as opposed to a percentage of your customer charges, which can save you significant money over time.

It also provides a user-friendly dashboard that makes it easy to track all incoming and outgoing transactions in one place. As long as your customer has a bank account, you can receive payments through Rotessa quickly and securely.

They also have a positive reputation for security and low per-transaction fees, plus you can send authorization requests to one or more emails at a time.

Add to that the ability to sync Rotessa with QuickBook and Xero integrations, and you’ll be all set to develop an online payment portal that serves all your accounting needs.

8. Braintree

While Braintree is highly integratable with PayPal and other modern small business payment methods like Venmo, it does stand alone as an online payment method that protects customers while offering a seamless and secure payment portal—one that is almost totally customizable!

There are no fixed monthly fees and it provides a wide range of compliance offerings that protect customers (and your business) against fraudulent transactions. This not only boosts security but also reduces cart abandonment, making online payments more reliable and user-friendly.

In our view, Braintree is a great option for businesses who want something a little fuller than Stripe, or who want to diversify their risk by offering alternate gateway solutions. Having different types of payment options available ensures that if one system experiences downtime, customers can still complete their purchases without interruption.

Users can also accept payments in over 130 currencies across more than 45 countries and they can quickly and easily sell products through partner platforms, even local ones giving businesses more flexibility in how they reach their customers.

This article is Part 2 of 3 in our guide to Popular Online Payment Methods to Simplify Your Sales Process. Click to read Part Three: What’s the difference between direct and third-party payment processing? , or to review Part 1: What are Online Payment Gateways

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