The 12 Best Payment Apps for Businesses in 2023

For any business that is operating in the digital realm, the ability to efficiently manage payments is crucial. Whether it is 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 2023, 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 $14.78 trillion by 2027 (Source). This impressive number is indicative of how popular payment apps are. Before diving into the best online payment apps for businesses in 2023, 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 it easy to send and receive payments, access transaction history, and manage 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 any 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 2023

Now that we've outlined what makes the best payment app let's list the best payment gateways that meet these criteria in 2023.

1. PayPal

PayPal is probably the most popular and the best platform for online payment. It offers a wide range of services, including payment processing, invoicing, and even a mobile card reader for in-person transactions.

Pros:
• Widely accepted globally.
• User-friendly interface.
• Integration with various e-commerce platforms.
• Excellent security features, including buyer and seller protection.
• Instant transfers to bank accounts.
• Option to accept multiple payment methods, including credit/debit cards, bank transfers, and PayPal balance.
Cons:
• Transaction fees can be high, especially for international transactions.
• Limited customization options for checkout pages.
• Account holds or freezes for suspicious activities can be disruptive.
Pricing: PayPal offers various pricing plans for businesses, including a standard plan with competitive transaction fees and a pro plan with additional features. Fees may vary by region.
2. Revolut

Revolut is a fintech company that offers a range of financial services, including business accounts and payment processing. It's known for its competitive exchange rates and global accessibility and is considered the best business payment platform.

Pros:
• Multi-currency accounts with competitive exchange rates.
• Real-time transaction notifications.
• Easy expense tracking and reporting.
• Integrations with accounting software.
• Virtual and physical debit cards for business expenses.
• Advanced security features, including card freezing and transaction categorization.
Cons:
• Limited availability in certain regions.
• Some features may require a paid subscription.
• May not be suitable for businesses with complex financial needs.
Pricing: Revolut offers free and premium business plans with additional features, such as higher monthly transaction limits and priority support. Transaction fees may apply for certain services.
3. Expensify

Expensify is primarily an expense management and reporting tool, but it also offers payment features through its Expensify Card. It's the best online payment platform for businesses looking to streamline expense tracking and payments.

Pros:
• Seamless integration with expense reporting.
• Virtual and physical Expensify Cards for employees.
• Receipt scanning and automatic expense categorization.
• Policy enforcement and approval workflows.
• Real-time expense tracking and reporting.
• Corporate card management.
Cons:
• Limited payment options compared to dedicated payment processors.
• May not be suitable for businesses focused solely on payment processing.
Pricing: Expensify's pricing varies based on the features you need, with a free plan available for basic expense tracking and reporting.
4. Stripe

Stripe is a developer-friendly payment gateway and processing platform that empowers businesses to accept online payments. It's known for its flexibility and robust developer tools.

Pros:
• Wide range of accepted payment methods, including credit cards, digital wallets, and ACH transfers.
• Developer-friendly API with extensive documentation.
• Support for subscription billing and recurring payments.
• Strong security features, including 3D Secure.
• Real-time reporting and analytics.
Cons:
• Limited in-person payment options.
• Requires technical knowledge for integration.
• Transaction fees can add up, especially for small businesses.
Pricing: Stripe's pricing structure includes transaction fees and additional charges for premium features. Custom pricing may be available for high-volume businesses.
5. Square

Square is a versatile payment processing solution that offers a range of hardware and software tools for businesses, including point-of-sale (POS) systems, payment processing, and e-commerce solutions.

Pros:
• Wide range of hardware options, including card readers and POS systems.
• Transparent pricing with no monthly fees.
• Integration with popular e-commerce platforms.
• Real-time sales and inventory tracking.
• Customizable loyalty programs.
• Contactless and mobile payment options.
Cons:
• Transaction fees for card-not-present transactions can be relatively high.
• Some advanced features may require add-ons or third-party integrations.
• Limited international availability.
Pricing: Square offers competitive transaction fees and various hardware options. Pricing may vary for different services and add-ons.
6. Braintree

Braintree, a subsidiary of PayPal, is a payment gateway platform designed to help businesses accept payments online and in-app. It focuses on providing a seamless payment experience for developers and customers.

Pros:
• Developer-friendly API and SDKs for multiple platforms.
• Support for a wide range of payment methods, including credit cards, digital wallets, and ACH.
• Advanced fraud protection and security features.
• Recurring billing and subscription support.
• Global availability.
Cons:
• Transaction fees can be relatively high for small businesses.
• Limited in-person payment options.
• Requires technical expertise for integration.
Pricing: Braintree's pricing structure includes transaction fees, with custom pricing available for high-volume businesses and enterprises.
7. Zoho Subscriptions

Zoho Subscriptions is a subscription billing and management software that helps businesses automate recurring billing, manage subscriptions, and accept online payments. It's part of the broader Zoho suite of business software.

Pros:
• Subscription billing automation and customization.
• Integration with various payment gateways.
• Dunning management and automatic retries for failed payments.
• Revenue recognition and analytics.
• Integration with other Zoho apps for comprehensive business management.
Cons:
• Primarily designed for subscription-based businesses.
• Limited support for in-person payments.
• May not be suitable for businesses with complex billing needs.
Pricing: Zoho Subscriptions offers tiered pricing based on the number of customers and features required, with a free plan available for limited usage.
8. Xendit

Xendit is a payment gateway and financial technology platform that serves businesses in Southeast Asia. It provides a range of payment solutions, including online payments, disbursements, and invoice issuing.

Pros:
• Comprehensive payment solutions for Southeast Asian businesses.
• Support for various payment methods, including bank transfers and digital wallets.
• Developer-friendly API with extensive documentation.
• Real-time transaction tracking and reporting.
• Strong security features.
Cons:
• Limited international availability.
• May not be suitable for businesses operating outside Southeast Asia.
• Transaction fees may vary by region.
Pricing: Xendit's pricing structure includes transaction fees, with custom pricing available for enterprise-level businesses.
9. Chargebee

hargebee is a subscription billing and revenue management platform designed for subscription-based businesses. It offers features for subscription billing, invoicing, and revenue optimization.

Pros:
• Subscription billing automation with flexible pricing models.
• Integration with various payment gateways and third-party apps.
• Dunning management and retries for failed payments.
• Revenue recognition and analytics.
• Customer self-service portal.
Cons:
• Focused on subscription billing, may not suit all business models.
• Transaction fees may add up for businesses with high transaction volumes.
• Limited in-person payment options.
Pricing: Chargebee's pricing depends on factors like the number of customers and the features you need, with custom pricing available for enterprise-level businesses.
10. Paddle

Paddle is an all-in-one software commerce platform that helps businesses sell digital products and subscriptions. It offers payment processing, subscription management, and software distribution features.

Pros:
• Unified platform for payment processing, subscription management, and software delivery.
• Global payment processing with support for multiple currencies.
• Revenue recognition and analytics.
• Dunning management for failed payments.
• Integration with various e-commerce platforms.
Cons:
• May not be suitable for physical product sales.
• Transaction fees may be higher than some dedicated payment processors.
• Requires adherence to Paddle's pricing structure.
Pricing: Paddle's pricing includes transaction fees and platform fees, with custom pricing available for high-volume businesses.
11. Coinbase Commerce

Coinbase Commerce is a cryptocurrency payment platform that allows businesses to accept payments in cryptocurrencies like Bitcoin, Ethereum, and Litecoin. It's designed for businesses looking to expand payment options.

Pros:
• Support for multiple cryptocurrencies.
• Simplified integration with e-commerce platforms.
• No fees for cryptocurrency transactions.
• Real-time payment tracking and reporting.
• Enhanced security features.
Cons:
• Limited to cryptocurrency payments.
• Cryptocurrency price volatility may pose risks for businesses.
• Limited adoption compared to traditional payment methods.
Pricing: Coinbase Commerce does not charge fees for cryptocurrency transactions, but businesses may incur network fees associated with cryptocurrency transfers.
12. Razorpay

Razorpay is a payment gateway and processing platform that focuses on serving businesses in India. It offers a range of payment solutions, including online payments, digital wallets, and more.

Pros:
• Comprehensive payment solutions for the Indian market.
• Integration with popular e-commerce platforms and website builders.
• Real-time transaction tracking and reporting.
• Support for multiple payment methods, including credit/debit cards and UPI.
• Strong security features.
Cons:
• Limited international availability.
• Transaction fees may vary by payment method and region.
• May not be suitable for businesses operating outside India.
Pricing: Razorpay's pricing includes transaction fees, with custom pricing available for enterprise-level businesses.

Conclusion

In 2023, businesses have a diverse array of payment apps to choose from, each catering to specific needs and preferences. The best payment app for your business depends on factors such as your industry, payment volume, geographic reach, and technical expertise. To select the right payment app, carefully consider your business requirements, budget, and growth trajectory.

Remember the key criteria that make the best payment app: security, ease of use, compatibility, transaction fees, scalability, customer support, and reporting capabilities. Analyze how each payment app aligns with these criteria to make an informed decision.

Whether you prioritize the global reach of PayPal or the developer-friendly features of Stripe, there's a payment app tailored to your business's unique needs. Choose wisely, and your payment app can become a valuable asset in your quest for financial efficiency and customer satisfaction in 2023 and beyond.

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