The 11 Best Payment Apps for Businesses in 2024

For any business that is operating in the digital realm, the ability to efficiently manage payments is crucial. Whether a small startup or a large enterprise, the right payment app can make a significant difference in streamlining financial transactions, improving customer experience, and ultimately, boosting your bottom line. Yet another aspect that needs attention and consideration is workflow automation through app integration platforms like Appy Pie Connect.

As we step into 2024, the landscape of payment apps for businesses has evolved, with numerous options catering to various needs and preferences. In this blog, we'll explore the top payment apps for businesses, analyzing their features, pros, cons, and pricing to help you make an informed decision. We'll also delve into what makes the best payment app in today's competitive market.

What Makes the Best Payment App?

The digital payments market is expected to grow to $16.59 trillion by 2028 (Source). This impressive number is indicative of how popular payment apps are. Before diving into the best online payment apps for businesses in 2024, it's essential to understand the criteria that make an app the best choice for your business. Here are some key factors to consider:

1. Security: Data breaches and fraud are constant threats in the digital age. The best payment apps prioritize security by implementing robust encryption, fraud detection, and compliance with industry standards like PCI DSS (Payment Card Industry Data Security Standard).
2. Ease of Use: A user-friendly interface is critical for both your staff and customers. The best payment gateway platform should make sending and receiving payments easy, accessing transaction history, and managing accounts without a steep learning curve.
3. Compatibility: The app should seamlessly integrate with your existing systems and software. Compatibility ensures smooth data flow and reduces manual data entry, saving time and minimizing errors.
4. Transaction Fees: Consider the cost of using the payment app, including transaction fees, subscription fees, and hidden charges. Balance these costs against the features and benefits the app offers.
5. Scalability: As your business grows, your payment processing needs will evolve. The best payment apps should be scalable to accommodate increasing transaction volumes and expanding operations.
6. Customer Support: Reliable customer support is invaluable, especially when you encounter issues or have questions about the app's functionality. Look for payment providers with responsive customer service teams.
7. Reporting and Analytics: Access to detailed transaction reports and analytics can provide valuable insights into your business's financial health. The best payment apps offer robust reporting tools to help you make informed decisions.

Best Payment Apps for Businesses in 2024

Now that we've outlined what makes the best payment app let's list the best payment gateways that meet these criteria in 2024.

PayPal




PayPal is an online payment platform that allows merchants and individuals to send and receive money from all over the world. You just have to link your card(any) to transfer the money to any country. For any business transaction, you will have to pay a consumer fee as per PayPal’s country-wise norms. This is the reason why people love this platform so much.

Pros of Using PayPal

• Transactions are accepted worldwide.
• Strong safety guidelines to provide the safest payment platform.
• Conveniently perform the transactions, add cards, and many more.
• Experience international store shopping without worrying about currency conversion.
• Seamless PayPal integrations with third-party apps that you use daily.

Cons of Using PayPal

• Consumer fee distribution is too high to handle.
• Inconvenience while updating your card.

Pricing Plan

There are no pricing plans available on the PayPal platform. Individuals are free to experience the app's amazing features. The only place where a fee structure is present is when making business or personal transactions to a different country. There is a Consumer Fee Page, which adds the fee to your transactions.

Here is a complete PayPal Review.

Revolut




Revolut is a financial technology platform that aims to offer services to businesses and retail services. The platform claims to handle all things money, including spending, saving, investing, borrowing, managing, and many more. Revolut offers a feature for parent control, Revolut <18. Parents can create an account for their kids, which will teach them how to handle money.

Pros of Using Revolut

• The transactions are secure and seamless.
• Users have the option to open their savings accounts.
• There is a huge variety of rewards and offers.
• Revolut’s <18 accounts for kids with parent control.
• There are smooth Revolut integrations available for users.

Cons of Using Revolut

• Inconvenience while creating an account.
• Pricing plans are a bit high.

Pricing Plan

Revolut has two different pricing plans, ‘Personal’ and ‘Business’. In the Personal plan, they have ‘Standard Plan’, ‘Premium Plan’ at $9.99 per month, and ‘Metal Plan’ at $16.99 per month. In the Business plan, they have a ‘Basic Plan’, a ‘Grow Plan’ starts from $30 per month, a ‘Scale Plan’ starts from $199 per month, and an ‘Enterprise Plan’ is a customized plan.

Here is a complete Revolut Review.

Stripe




Stripe is an excellent tool to streamline your online payment process and take your business to the next level. With Stripe, you can easily accept payments for products, services, and subscriptions, and it integrates seamlessly with your existing tools. It is the ultimate online payment gateway for all kinds of businesses.

Pros of Using Stripe

• Seamless Stripe integrations with various tools.
• Advanced fraud protection using machine learning algorithms.
• Accepts payments worldwide and in multiple currencies.
• Competitive pricing with no hidden fees.
• Offers detailed analytics for valuable business insights.

Cons of Using Stripe

• Account suspensions for unsupported business activities can cause disruption.
• High processing fees, especially for international transactions.

Pricing Plan

Stripe offers two primary pricing plans: Standard and Custom. The Standard plan follows a pay-as-you-go model, with a straightforward fee structure. There are different percent charges for cards issued in different countries. The Custom plan offers a tailored pricing structure.

Here is a complete Stripe Review.

Braintree




Braintree is a platform that ensures a flexible and convenient payment process. It supports numerous payment methods, including credit/debit cards, PayPal, Venmo, Apple Pay, and cryptocurrencies. Braintree handles transactions in over 130 currencies and 45 countries, making it ideal for businesses with international operations.

Pros of Using Braintree

• The platform supports numerous payment methods, offering flexibility and convenience.
• Provides global reach with multi-currency support.
• Has a recurring feature that simplifies subscription management.
• Provides advanced fraud protection tools.
• Easy Braintree integrations with popular e-commerce platforms.

Cons of Using Braintree

• The dashboard complexity may require a learning curve for new users.
• Varying customer support response times could impact timely assistance.

Pricing Plan

Braintree offers a transparent and competitive pricing structure. It charges a flat rate for most payment methods, with no hidden fees or monthly charges. The platform’s pricing is in line with industry standards, making it an affordable and accessible option for businesses. With its focus on value, Braintree provides essential features like fraud protection and recurring billing at no additional cost.

Here is a complete Braintree Review.

Zoho Subscriptions




Zoho Subscriptions is a powerful billing solution. It is designed to streamline subscription management for growing businesses. This platform offers a comprehensive platform for managing recurring billing. With this, it also automates the entire process and provides a seamless experience for both businesses and customers.

Pros of Using Zoho Subscriptions

• Streamlined recurring billing process.
• Customizable subscription plans and promotional offers.
• Detailed analytics and subscription metrics.
• Secure and branded hosted payment pages.
• Seamless Zoho Subscriptions integrations with other Zoho tools and developer APIs.

Cons of Using Zoho Subscriptions

• There is no help guide to fully understand and utilize the platform’s features.
• Limited support for highly complex pricing models.

Pricing Plan

Zoho Subscriptions offers three pricing plans. The Standard Plan at $25 per month. The Premium Plan at $59 per month. And a Custom Plan that offers advanced billing, cohort charts, and personalized onboarding.

Here is a complete Zoho Subscriptions Review.

Xendit




Xendit is a digital payments platform tailored for businesses in Southeast Asia, offering a smooth and efficient payment experience. It provides a versatile payment solution with support for multiple payment methods. This includes credit cards, e-wallets, and direct bank transfers. Its easy API integration simplifies setup, while real-time reporting offers valuable insights for businesses.

Pros of Using Xendit

• Versatile payment options for diverse customer preferences.
• Easy Xendit integrations that simplify time, saving time and effort.
• Real-time reporting provides valuable insights for informed decision-making.
• Instant payouts ensure efficient cash flow management.
• Localized support and compliance with regional regulations offer peace of mind.

Cons of Using Xendit

• Limited customer support for complex queries.
• The platform’s focus on Southeast Asia may restrict its appeal to businesses targeting other regions.

Pricing Plan

Xendit offers a transparent and competitive pricing structure, with flat fees for transactions and no setup or monthly fees. Additionally, international transactions may incur higher fees. However, the overall pricing is well-suited for budgeting and cost management.

Here is a complete Xendit Review.

Chargebee




Chargebee is a powerful and user-friendly subscription management platform that can help businesses of all sizes streamline their billing and subscription processes. With its amazing feature set, excellent customer support, and scalability, it's an excellent choice for businesses looking to focus on their core operations while leaving the subscription management to the experts.

Pros of Using Chargebee

• It has a user-centric design.
• The support team is perfect in handling any issue a user has.
• The platform’s scalability ensures the expansion of your business.
• Chargebee has an excellent community.
• Smooth Chargebee integrations with third-party applications.

Cons of Using Chargebee

• Its customization is a bit restricted.
• Pricing plans can be a bit steep for small businesses with limited budgets.

Pricing Plan

Chargebee offers three main pricing plans: Growth, Pro, and Enterprise. The Growth plan is perfect for startups and small businesses, providing a cost-effective solution for those just starting. The Pro plan offers more advanced features and is ideal for growing businesses. For large-scale subscription businesses, the Enterprise plan is customizable and tailored to their unique needs.

Here is a complete Chargebee Review.

Paddle




Paddle offers an all-in-one infrastructure, making it a comprehensive and efficient choice for managing payments and related tasks. With its focus on subscription management, tax compliance, and fraud protection, Paddle simplifies the payment process. It allows you to scale your business globally without the hassle of managing gateways.

Pros of Using Paddle

• Strong fraud protection measures to safeguard your business and customers.
• Provides global tax compliance and remittance.
• All-in-one infrastructure that simplifies payment processing.
• Has a dedicated customer support team.
• Easy Paddle integrations with the apps you use daily.

Cons of Using Paddle

• Higher transaction fees compared to some alternatives.
• Less customizability.

Pricing Plan

Paddle offers a pay-as-you-go pricing model, an easy way to make payments without any upfront investment. In addition to this, there is a Custom pricing model, where the pricing is tailored according to your business needs.

Here is a complete Paddle Review.

Coinbase Commerce




Coinbase Commerce is a cryptocurrency payment solution. It is designed to simplify businesses' acceptance of digital currencies. Coinbase Commerce offers a smooth and user-friendly platform for businesses to accept cryptocurrency payments, including Bitcoin, Ethereum, and more.

Pros of Using Coinbase Commerce

• Seamless Coinbase Commerce integrations for cryptocurrency payments.
• Instant payment conversion mitigates price volatility risks.
• No transaction fees that allow businesses to maximize their revenue and reduce costs.
• Secure and transparent transactions.
• Multi-currency support caters to a global audience.

Cons of Using Coinbase Commerce

• Limited customer support options.
• The price volatility of cryptocurrencies can impact cash flow and transaction values.

Pricing Plan

Coinbase Commerce charges a 1% fee on all cryptocurrency payments received. This fee is deducted in the settlement currency of the transaction, ensuring a straightforward and transparent pricing structure. With no additional transaction fees, businesses can benefit from cost savings and maximize their profits.

Here is a complete Coinbase Commerce Review.

Razorpay




Razorpay is a comprehensive payment gateway solution designed to cater to businesses of all sizes. Razorpay offers several payment options, including credit/debit cards, net banking, UPI, and wallets. This ensures a flexible and convenient payment experience for customers. Its user-friendly dashboard simplifies payment tracking, refund management, and invoice generation.

Pros of Using Razorpay

• Comprehensive payment options with seamless Razorpay integrations.
• A user-friendly dashboard simplifies payment tracking.
• Strong security features and PCI DSS compliance.
• Instant or scheduled settlements.
• Global reach supports multiple currencies and languages.

Cons of Using Razorpay

• Integration challenges with niche software or custom-built systems.
• Occasional delays in customer support.

Pricing Plan

Razorpay offers a 2% fee on domestic transactions and higher fees for international transactions. Local tax charges are also applicable, adding to the overall cost. While the pricing is straightforward, the added local tax charges can impact small businesses. Despite this, Razorpay’s reliability and convenience make it a reasonable choice for businesses prioritizing multiple payment options and secure transactions.

Here is a complete Razorpay Review.

Venmo




Venmo is the popular digital wallet in the U.S. that has revolutionized the way people send and receive money. Initially, Venmo was a peer-to-peer payment app. In the growing years, it evolved into a comprehensive platform for managing personal and business finances. With its user-friendly interface and amazing features, Venmo has become a go-to choice for millions.

Pros of Using Venmo

• There are fun social features to make payment more engaging.
• A one-stop platform for financial management.
• Offer strong security measures.
• User-friendly interface with a straightforward design.
• Easy Venmo integrations for a smooth payment flow.

Cons of Using Venmo

• Instant transfer fees of 1.75% can be costly for frequent users.
• Limited international transactions.

Pricing Plan

Venmo offers a largely free service, with no fees for regular user transactions. However, there are some additional costs for certain features. Instant bank transfers have a 1.75% fee, and sending money via credit card incurs a 3% charge. For businesses, Venmo’s transaction fees are competitive and make it an attractive option.

Here is a complete Venmo Review.

Conclusion

All in all, choosing the right payment app for your business is crucial for efficient financial management and a seamless customer experience. With the evolving landscape of payment apps, it's essential to consider key factors such as security, ease of use, compatibility, transaction fees, scalability, and customer support.

The top payment apps for businesses in 2024, including PayPal, Revolut, Stripe, Braintree, Zoho Subscriptions, Xendit, Chargebee, Paddle, Coinbase Commerce, and Razorpay, each offer unique features and benefits. From global reach and versatile payment options to strong security measures and streamlined subscription management, these apps cater to diverse business needs.

When selecting a payment app, it's important to evaluate your specific requirements, assess the pros and cons of each platform, and consider the pricing plans that align with your budget and transaction volume. By doing so, you can make an informed decision and choose a payment app that not only meets your current needs but also supports your business's growth and evolution in the digital realm.

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