Top 15 Payment Processing Companies in 2020

 Top 15 Payment Processing Companies in 2020

As a lot of organizations are transforming into digital, numerous payment processing organizations are discovered online and online exchanges are conveyed safely from everywhere. All the new startups, private ventures, and enormous scope organizations are utilizing advanced exchange strategies (i.e.,) payment processing approaches to get payment from their customers. 

In particular, the eCommerce business assumes a significant role here. At whatever point the customers purchase online and start the online payment, the payment processing begins here. Prior to jumping into this cycle, you need to remember that, for a fruitful eCommerce business, two things are to be centered around accurately. 

-First, pick the best multi-vendor marketplace software like Smartstorez to construct your online store.

-Next, for the payment process, you need to pick the best organizations to coordinate your eCommerce platform with the payment processors to get payments from the customers. 

Payment Processor: 

A payment processor is an organization picked by the merchant to deal with their online exchanges with the customers. It incorporates a tool called payment gateway and these payment processors and gateways together control the most secure exchange between the vendor and customer account. It has front-end and back-end cycles and we will examine it now. 

Front-end measure: 

In the front-end, the payment processing organizations will give an intelligent UI/UX plan to the customer through their payment application. The customer will utilize his/her credit or debit card to make the payment. The payment will be handled and the necessary result is given to the customer. This is the thing that occurs in the front-end measure and is looking essentially. 

Back-end Process: 

This is where the significant process is completed. 

-When the customers stop at your eCommerce store and choose to purchase items, at that point they will be redirected to the payment cycle. In the event that the customer does the disconnected payment process, it is fine. In any case, in the event that they pick online payment mode, the huge payment processor steps are begun.

-The customer will make the payment through his Visa or check card by means of the device, (i.e.,) payment gateways. The payment gateways safely move this customer exchange data to the payment processor.

-The payment processor will examine whether the customer is qualified to make the payment and goes about as a bridge between the merchant’s bank account and customer payment account.

-Once the customer's payment details are discovered qualified, this reaction is moved to the payment gateways to acknowledge the customer's sum.

-Finally, the payment processor by means of the device, payment gateway, credits the shipper's bank balance with the customer's payment.

-Thus, in general, the payment processor is working alongside the payment gateway to finish the payment cycle; the payment processor will get a commission charge during each effective exchange between the merchant bank account and customer's record. (i.e.,) the vendor account needs to pay some add up to incorporate that payment preparing organization with their business. 

Presently, picking the ideal payment processors for your business is to be engaged, since, in such a case that you pick some unacceptable one, at that point, both you and your customers will suffer. From a ton of assets available for online exchanges, which organization do you decide for your payment cycle? Here, we will examine the best payment processing companies.

Top 15 Payment Processing Companies

You can pick the best one from these payment handling organizations list, that is appropriate for your business. We should begin. 

1.PayPal: 

Established Year: 2008 by Elon Musk and his group 

Headquarters: California, United States 

Worldwide Users: 305 million dynamic records toward the end of 2019. 

PayPal is one of the renowned payment processing organizations appropriate for all measured online organizations. On the off chance that you integrate PayPal into your business, at that point it will profit your customers a ton. You, the dealer can get customers’ payment just with their PayPal account number without getting their own credit/debit card details. Consequently, the customer will be content with this simple payment cycle and you can get an opportunity of picking up customer maintenance. 

2.Stripe: 

Established Year: 2009 by Patrick Collison and John Collison 

Headquarters: California, United States 

Supported Countries: Currently 31 nations like the United States, Australia, and so forth, are upheld by Stripe with 24 currencies. 

Close to PayPal, Stripe is likewise a main payment handling organization for online organizations. With Stripe, you can build up your payment API for your business. It is a little extreme UI for non-specialized customers however it isn't exceptionally troublesome. The favorable position in Stripe is, the customers are not diverted to another site while the payment cycle permits them to remain on the same wavelength. Stripe is well appropriate for the credit card processing system. 

3.Amazon Pay: 

Established Year: 2007 by the Amazon group 

Headquarters: Washington, United States 

Worldwide Users: 33 million 

Amazon dispatched this Amazon Pay, the online payment processing system. Since Amazon is a famous eCommerce business brand, Amazon users are additionally connected to this Amazon Pay framework. For the online payment, however a ton of different works like mobile recharges, bill payments are finished with this payment processing. Thus, you can utilize this alternative as this payment framework has immense traffic. 

4.Razor Pay:

Founded Year: 2014 by Harshil Mathur and Shashank Kumar

Headquarters: Bangalore, Karnataka

Company: Privately-held with 51-200 employees

Razor Pay is the budding payment preparation organization in India with a medium and organic customer community. Razor Pay supports all payment channels like debit cards, Mastercards, and it is the only mobile wallet in India that permits businesses to acknowledge payment through the product suite. Thus, with no uncertainty, on the off chance that you are maintaining a business inside India, Razor Pay will be the most ideal decision for you.

5.Google Pay: 

Established Year: 2015 by Google 

Headquarters: California, United States 

Worldwide Users: 55 million month to month dynamic users

In 2015, Google consolidated two separate services like Android Pay and Google Wallet into one brand as Google Pay. At present, Google Pay has countless traffic and encourages customers to finish a quick and secure payment exchange. Google Pay is mainstream because of its simple to-utilize interface which is simple for all customers. The merchant can get the payment from the customers just with their registered telephone numbers.

6.Apple Pay: 

Established Year: 2014 by Apple 

Headquarters: United States 

Worldwide Users: 382 million clients 

Dispatched in the US, Apple Pay is additionally spreading in various nations with its brilliant payment processing highlights. Like Google Pay and Amazon Pay, Apple Pay has confided in the network. Apple is a famous brand all around the globe because of its security highlights. Moreover, Apple Pay is likewise picked up traffic with its security highlight in payment processing frameworks. 

7.Checkout: 

Established Year: 2012 by Guillaume Paz 

Headquarters: London 

Workers: 500+ in 10 nations 

With 10 branches around the world, Checkout is handling its payment preparation framework in various districts. Checkout is incorporated with 100+ shopping carts and has pre-coordinated merchant accounts and payment gateways. It gives one combination that acknowledges various payment channels from the customers. It additionally underpins 150 monetary forms. 

8.Bit Pay: 

Established Year: 2011 by Tony Gallippi and Stephen Pair 

Headquarters: Arlington, Virginia 

Bitcoin Transaction: 200k every month 

Bitcoin is a well-known term where the cryptographic forms of money, an advanced resource, are moving into the Bitcoin network. In the event that you are taking care of a Bitcoin-related venture, at that point Bit Pay is the most secure payment handling framework for you. It generally gives high security to a Bitcoin wallet. As a Bitcoin user, you can utilize your BitPay visa and pre-loaded charge cards for exchanges. 

9.PhonePe:

Founded Year: 2015 by Sameer Nigam and Rahul Chari

Headquarters: Bangalore, Karnataka

PhonePe causes vendors to acknowledge payments through all UPI-based applications, debit, and Mastercards, just as wallets. Utilizing PhonePe, users can send and get cash, receive money, DTH, recharge mobile, make utility payments, pay at shops, put resources into tax-saving funds, liquid Funds, buy insurance, and mutual funds, and gold. Along these lines, with no uncertainty, on the off chance that you are maintaining a business inside India, PhonePe will be the most ideal decision for you.

10.GoCardless: 

Established Year: 2011 

Headquarters: United Kingdom 

GoCardless as the name sounds help the customers with online payment handling frameworks without the utilization of cards. It is refreshing as the best debit provider. The simple payment preparation arrangement as well as GoCardless helps in following the payment transaction process. For the merchant, GoCardless is discovered less expensive than PayPal to coordinate it with their business.

11.Square: 

Established by: Jack Dorsey and Jim McKelvey 

Headquarters: California, United States 

Arriving in various nations like London, United States, Canada, Japan, and so forth, Square is growing its payment handling frameworks to arrive at more customers. Square came to more than 2 million organizations with its highlights from Payment to the Payroll cycle. For all industry businesses, Square gives wonderful arrangements, and furthermore offers customer-friendly items like chip readers, to make the payment cycle simple and comfortable. 

12.Blue Pay: 

Established in: 2003 by John Rate 

Base camp: Naperville, Illinois 

Blue Pay is a helpful payment handling organization for merchants particularly in the United States and Canada. It offers payment services for business-to-business (B2B) and Business-to-Consumer (B2C) plans of action. Blue Pay is an omnichannel payment handling service organization. 

13.Card Connect: 

Established in: 2006 by Brian Shanahan 

Headquarters: King of Prussia, PA 

Card Connect is the first data company that encourages organizations to keep up the various bank accounts into a simple stage. They are useful for Mastercard preparing, Payment passage, Payment mix, and so forth, Another thing is Fiserv is a worldwide monetary innovation technology co-op and both Blue Pay and Card Connect are serving under this Fiserv. 

14.INSTAMOJO:

Founded in: 2012 by Sampad Swain, Aditya Sengupta  and Akash Gehani

Headquarters: Bangalore, Karnataka

Instamojo sells digital products and gathers payments online. Instamojo offers a payment gateway product. The organization professes to offer types of services to 100,000+ organizations across India to gather payments online and over 1.2 million individuals have made exchanges  

15.Samsung Pay

Delivered in: 2015 by Samsung Electronics 

Area: South Korea 

Worldwide users: 10 million dynamic clients

Samsung is an electronic global combination settled in South Korea. Being well known in India as Samsung India brand, it is having an Indian base camp at Haryana. As Samsung is as of now made the brand with its different hardware and home apparatuses items, it is additionally presented as the most secure payment handling framework as Samsung Pay. Samsung Pay is totally a versatile payment administration that acknowledges both Mastercards and debit cards.

This payment gateway stands apart with its secured payment services and productive services. 

You have to consider your business nature and functionalities given by the payment gateway suppliers with regards to the divinely selected individual payment entryway for your business needs. 

Furthermore, in case you're maintaining a business effectively and anticipating the coordinating payment gateway of your choice you can take a look at the blog A payment gateway  Integration Guide to thinking totally about the integration process. 

Final thoughts: 

I trust, one of these 15 payment processing companies will assist you with keeping up your online exchange quicker and secure with your customers. 

As stated, you can attempt Smartstorez, the best multi-vendor marketplace software to fabricate your SEO friendly online store. Smarstorez gives you different customized plans. 

The preferred position in Smartstorez is, it gives numerous payment gateway alternatives like PayPal, Stripe, 2checkout, cash-free, Razorpay, PayU, and so on, So, you can pick the best payment gateway and handling strategy for your eCommerce business. 

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