By Mariana Almeida Marques
Any business, no matter the size, needs efficient and modern payment software to meet customers’ expectations. For small businesses who are just starting out, the payment software is critical to gain fraction in the market and attract customers. For larger businesses, deploying modern technology means they can keep up with digitalisation and customer demand. In this article, we will discuss some of the best payment software for large businesses in 2021.
We have discussed how online payments systems work previously, should you be interested in understanding it in more detail. Essentially, online payment systems are platforms that enable merchants to take online transactions. A regular payment system is composed by a payment processor, a gateway and a merchant account. However, this is a broad term that can englobe more than just these technologies.
You can set your payment system in-house or outsource it to a third-party company. Doing everything in-house means that you will have to make your own single integrations with the providers of your choice and deploy technologies by yourself. It will likely require a team of professionals and take a few months to be completed. Companies partner with third-parties because they make it much easier and faster to set up a payments system.
Whilst payment system englobes more than one feature or technology in a platform, payment software can be just one single technology. For example, a payment processor and gateway are different software that you can integrate separately or together, should you select a company that offers both.
Each company has different needs. For large enterprises, the priority may be to ensure efficient customer service all over the world, to expand the business into new countries or to modernise a now outdated payments system. It is fundamental that you choose the type of payment software that best suits your company’s plans.
Payment software should help you simplify your payment system- never complicate it. Therefore, there are a few aspects to look out for when choosing a payment software for your business. Have in mind, for example, the countries you operate in and the currencies you need to support, the types of payments you would like to offer your customers and the security tools you need in order to comply with all regulations.
Imburse connects you to the entire payments ecosystem. By connecting to Imburse, your company can have access to all payment providers and technologies across the globe, including all of the payment software mentioned below. Choose as many PSP to integrate as you would like, and deploy technologies in a few minutes and at no additional costs. If you would like to know more about Imburse or gain access to a free demo, reach out to our team by clicking the contact button at the bottom of this page.
Particularly if you are a large business, there are quite a lot of elements to take into consideration when choosing payment software. These are just a few of the payment players and software that Imburse can instantly connect you to.
GoCardless specialises on recurring payments, so if recurring payments is a big part of your business, then you can consider partnering with them. GoCardless works with over 55,000 companies worldwide, including some recognisable brands like TripAdvisor, The Guardian and DocuSign. It aims at making direct debits easier and faster, reducing payment failure and helping to boost payment volume. However, note that you still need a payment gateway.
Previously TransferWise, this company is known for facilitating international transfers for both individuals and businesses. Wise enables businesses to pay 1,000 people at once in more than 70 countries- an appealing offer for large companies with offices spread across countries. There is a fixed fee of £16 for setting up international banking, which includes sending or taking payments globally.
Note that Wise is merely a money transfer service that you can connect to- not a payment software that you can deploy. You still need a payment processor, gateway and merchant account to take payments. However, you can use Wise to withdraw your funds from platforms like Shopify and Stripe. If you operate in various countries, Wise might be of help.
BlueSnap allows merchants to accept over 100 payment types including digital wallets and Click to Pay in the US. It also supports more than 100 currencies which, again, is a critical feature if you operate internationally. The platform comes with security and fraud prevention tools, reconciliation and reporting features and technical support. The pricing varies as it is tailored to each company, but generally there is a fee of 2.75% + $0.30 for each successful payment.
Global Payments offers payment processing services to enterprises worldwide. It is a well-known and established company that, similar to BlueSnap, supports a wide range of currencies and payment types. It also partners with over 1,300 financial institutions globally to facilitate cross-border payments and boost companies’ growth. Global Payments offers online payments processing, as well as payment infrastructure for businesses that operate physically.