The best payment solutions for online businesses — Retail Technology Innovation Hub

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There is no doubt that various online markets and industries have evolved at a rapid pace in recent times, especially with regards to the way businesses behave and accept payment for goods and services.

To that end, a study by research firm Markets and Markets suggested that payment processing solutions should reach $120 billion by 2025while becoming more and more diversified in terms of the options offered to users.

This is great news for business owners and online entrepreneurs, who can rely on a wider range of payment solutions to meet their customers’ needs and behaviors.

But what exactly are the best payment solutions for online businesses in 2022? Here are three of the best and most effective in the US market.

#1. PayPal

We’ll start with PayPal, which currently has over 19 million active consumer and merchant accounts globally.

At the same time, the platform processes some $340 billion in total payment volume, while employing around 1,391 employees globally.

PayPal also happens to be one of the most accessible and widely distributed payment solutions in the global market, both from the point of view of merchants and individual consumers.

This creates a true marriage of convenience for all parties, who can seamlessly leverage PayPal to maximize revenue and capitalize on concepts such as online impulse buying.

Interestingly, PayPal also offers access to alternative payment solutions in certain industries and markets.

For example, you will find an increasing number of American Express Online Casino platforms in Canada, but these are currently only accessible using Amex via an online wallet such as PayPal (and selected others).

So while you can’t use Amex to bet directly online, there are casinos that will allow you to take advantage of this resource through a connected PayPal account.

This adds to the convenience and flexibility offered by PayPal and an online payment solution, both in the booming iGaming space and in the universal e-commerce market.

#2. Authorize.net

Next is the Visa-backed Authorize.net solution, which is officially rated as a payment gateway provider and widely used in the trillion-dollar e-commerce market.

Simply put, this solution aims to enable merchants and businesses to accept credit card and e-check payments securely through e-commerce websites.

While you may not have heard of this underrated platform, Authorize.net can boast of being a long-standing payments processor, and boasting an extensive list of customers and clients.

Due to this and its position as a trusted back-end payments processor, it offers a wide and reliable range of payment service options that are backed by proven and trusted technologies.

Of course, it also recently integrated sophisticated fraud protection features into its platform, while offering continued support for recurring billing subscriptions and an increasingly streamlined checkout process.

At the same time, this platform can now process payments from physical and online merchants, thanks in particular to a single processing engine.

This includes a virtual terminal capable of accepting payments without an e-commerce website or card reader, increasing its reach and potential customer base in the process.

#3. Chargebee

For online businesses that offer subscription-based services, the Chargebee platform can be the ideal solution.

This particular service specializes in providing scalable billing and revenue operations to customers, across a wide range of businesses as well.

A key part of this is the platform’s ability to automate recurring billing, with this service primarily offered to Software as a Service (SaaS) customers. Still, it’s a neat and practical feature, the type of which is ideal for fast-growing small businesses that scale quickly.

This automation feature also leverages over 480 recurring billing scenarios, making it the go-to option for virtually any type of workflow and potential billing model.

This platform is also marketed as an end-to-end payment solution, capable of simultaneously managing your billing schedules and subscription payments while making it easier to manage bills and even taxes.

In addition to more basic and universal payment processing solutions, Chargebee is a complete and flexible solution that can be adjusted in real time and on a monthly or annual basis for as long as the need allows.

There is also another advantage here; as Chargebee can effectively eliminate so-called “rounding” inaccuracies, simply by accurately monitoring product usage and reflecting this set of key data in associated taxes and billing charges.

Ultimately, this is a platform that offers a very clear and focused niche; although it continues to evolve and provide significant value for a growing number of online businesses and genres.

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Elaine R. Knight