Whether you’re starting up a new company, growing an eCommerce shop, or operating a brick-and-mortar store, it’s completely vital that you know your Lowest Payment Processing Fees. The power to accept payments online, in person, or across borders is crucial to any company, but it tends to cost money. Selecting the most suitable payment solutions for small businesses involves delving into specifics such as credit card processing fees, features of the platform, equipment costs, and customer support. remain lean and profitable.
With dozens of merchant credit card processing providers available, it can be daunting to find the cheapest payment processing solutions without compromising on reliability or functionality. This in-depth guide will deconstruct the top payment solutions, such as online payment software, virtual payment solutions, and alternative payment solutions. We will also examine how Wise money transfer fee calculators, PayPal payment processing, and mobile card reader devices.
What Are Online Payment Systems?
Online payment systems consist of the components necessary for accepting online payments for services and goods. An online payment system will typically consist of 3 principal components:
- Payment gateway
- Payment processor online
- Merchant acquirer (merchant bank account)
These individual components may come from three separate providers or bundled as one online payment system from a single company. At a high level, a payment gateway is a type of software that safely transfers data from the card network to the payment processor online. Companies will also require a merchant bank account enabling them to receive credit and debit card payments, usually offered by the payment processor. We detail the best online payment systems below, but you might also be interested in our hosted and self-hosted merchant payment gateway round-up.
Stripe
Stripe is a large global payments platform that has gained popularity among start-ups and small businesses. Although it is complicated to implement using its API, Stripe has high levels of customisation.
- Fees: 1.4% + 20p (EU cards), 2.9% + 20p (non-EU cards), 2% currency conversion fee
- Best Suited To: SaaS, marketplaces, and other digital-first platforms with development resources
- Supports: Recurring payments, invoicing, virtual terminal
Ayden
A global player used by Netflix and Uber, Ayden is a sophisticated payment processor online with support for multiple international payment solutions.
- Fees: Transparent, similar to Stripe; custom pricing available
- Supports: Recurring payments, credit card processing, e-wallets, foreign exchange rate Visa
GoCardless
specialize in direct debit and recurring payments. Known for excellent integration with accounting platforms and Wise exchange rate usage.
- Fees: 1% + £0.20 for UK/EU transactions; 2% + £0.20 for international
- Best For: SMEs with a regular payment model
- Foreign exchange powered by: Wise
Trust Payments
Offers both online and in-person POS solutions. Ideal for merchants who want an all-in-one payment processing experience.
- Supports: Portable card reader, payment tracking, global currencies
- Fees: Bespoke pricing
Checkout.com
An enterprise-level payment solution with rich data analytics and global reach.
- Fees: Customized
- Best For: Large volume businesses
- Supports: More than 150 currencies, sophisticated anti-fraud features
PayPal
PayPal is synonymous with online payments and fast implementation. Great for getting started but can be more costly long-term.
- Fees: 2.9% + 30p domestic; up to 2% cross-border fee, 2.5% currency conversion fee
- Tools: PayPal payment processing, paypal fee calculator, virtual terminal, invoicing
- Best For: Broad market reach and fast setup
Worldpay
A legacy payment processor with strong UK presence. Offers end-to-end merchant credit card processing.
- Supports: Recurring payments, virtual terminal, buy buttons
- Fees: Custom pricing
Opayo
Formerly Sage Pay, Opayo provides solid service, good support, and fast remittance.
- Supports: Payroll integration, accounting tools
- Fees: Tailored
- Best For: Businesses seeking a complete financial tool suite
Square
Square is known for using Square for payments in both mobile card reader and online settings.
- Fees: 1.9% (EU cards), 2.9% (non-EU), 2.5% (virtual terminal), 2% currency conversion fee
- Tools: Buy buttons, click & collect, inventory management
- Best For: Low-volume merchants
Shopify
A complete eCommerce platform offering its own payment processing and gateway.
- Fees: Vary by plan; 1.6%–2.2% + 20p for credit card processing, extra 2% for third-party payment processor online
- Monthly Plan: $29–$299
Big Commerce
Enables integration with 100+ payment processors including PayPal, Klarna, and Barclaycard.
- Fees: Based on chosen gateway
- Supports: Advanced store design, full eCommerce tools
WooCommerce
Popular among developers, WooCommerce integrates with 100+ payment solutions, including its own.
- Fees: Depends on chosen payment gateway
- Best For: Developers and custom-built sites
Magento
Enterprise-grade eCommerce platform supporting custom gateway integration, including PayPal, Braintree, and more.
- Best For: Retailers needing full flexibility and scale
- Fees: Varies depending on selected merchant payment gateway
Verifone
Strong global reach with support for 87 currencies and advanced fraud tools.
- Fees: 3.5% + 0.25p per transaction (2Sell), 4.5% + 0.35p (2Subscribe), 6.0% + 0.45p (2Monetize)
- Best For: International sellers needing cheapest credit card processing tools with flexibility
Authorize.net
One of the oldest and most reliable merchant credit card processing services, supporting high volumes and many international currencies.
- Fees: $25/month, 2.9% + $0.30/transaction or $0.10/transaction + daily batch fee
- Best For: High-volume international businesses.
Card Fees, Interchange Rates & Security
Understanding credit card fees, Mastercard interchange fees, and Visa transaction fee structures is crucial. These fees vary depending on card type, transaction method (e.g., in-person vs. online), and region. For example, foreign exchange rate Visa and Mastercard fees often include an additional markup over mid-market rates, making Wise exchange rate and Wise money transfer fee more appealing to cost-conscious merchants. Finally, every business must consider online payment security. Fraud detection, PCI compliance, and data encryption are standard in leading platforms.
Conclusion
With so many merchant payment gateway and Lowest Payment Processing online options, choosing the cheapest card machines or portable card reader depends on your business size, structure, and technical capacity. Whether you’re building your eCommerce empire, expanding your local shop, or testing new markets, focus on security, transparency, and value. By analysing your needs through tools like a PayPal fee calculator, leveraging the low fees of services like Wise, and choosing trusted online payment software, you’ll set your business up with the best payment solutions to grow sustainably.
FAQs
What is payment processing and why is it significant for small businesses?
Payment processing is the processing of electronic transactions between a business and a customer. It’s important because it allows secure, quick, and convenient acceptance of payments both in-person, online, and mobile improving customer satisfaction and management of cash flow.
What’s the most affordable payment processor for small businesses?
The most affordable option will vary based on your volume and transaction types. Square and Stripe have competitive rates and no monthly fees, and Helcim is famous for clear pricing with lower costs for larger-volume businesses. Compare your particular requirements using a fee calculator.
Are international payments on the table with these options?
Yes, they do, including PayPal, Stripe, and 2Checkout (now Verifone). Be aware of cross-border and currency conversion fees that can eat into your bottom line.
What’s the difference between a payment gateway and a merchant account?
A payment gateway is the technology that gets and passes your customer’s payment information to the payment processor. A merchant account is a sort of bank account where payments are deposited first and then sent to your business bank account. Some companies such as PayPal and Square put both into one product.
Are there any surprise fees I should be on the lookout for?
Yes. Search for charges associated with:
- Chargebacks and disputes
- Currency conversions
- Cross-border transactions
- PCI compliance
- Early termination or monthly minimums
- Always read the fine print or ask the provider directly.
What is PCI compliance, and do I need it?
PCI compliance is adhering to the Payment Card Industry Data Security Standard (PCI DSS) to secure cardholder data. If you take credit card payments, yes you must be PCI compliant. Several providers assist you in staying compliant as part of their service.
Can I include payment solutions on my eCommerce site?
Yes, Most of the providers provide APIs, plugins, or no-code solutions for mainstream platforms such as Shopify, WooCommerce, and BigCommerce. Stripe, Authorize.Net, and PayPal are the most integratable.