With these top digital payment companies, you can create simple and convenient shopping experiences for your customers
Anyone who still has to enter their bank details and card numbers when shopping online these days will probably be surprised and cancel the purchase as soon as possible. After all, we are becoming more and more sensitive when dealing with personal data and are very reluctant to just give it out. So that you as a retailer and online shop operator do not lose your customers and ensure fewer shopping cart abandonments, you should definitely offer your customers alternative payment options! We will show you the best payment companies and how you can create a simple and convenient shopping experience for your customers.
What is a payment provider?
Payment providers, payment companies or payment providers enable you to connect online payment methods in online shops. They offer you as an operator and merchant the opportunity to authorize payments and pass on transaction information to banks. The focus is on the idea of processing a mutually secure payment process and giving customers the flexibility to choose their preferred payment method themselves.
Why is a payment provider important for online retailers?
By integrating payment providers in your online shop, you have the opportunity to offer your buyers other payment options in addition to credit card payment or purchase on account. So your customers are not limited to a certain method, but can freely choose which one they like best at that moment. This flexibility can therefore also ensure higher sales, since there are fewer purchase cancellations from people who do not want to enter all their bank details right away, but prefer to process the payment via a trusted payment company. You can also offer your customers the option of paying in installments and still receive the full amount at the time of purchase.
Many shop systems and web shop tools already have interfaces to payment providers. Thus, the integration into your online shop is very easy and you can offer your customers the perfect service!
What are the advantages of having a Digital payment company?
The integration of payment providers in your shops brings the following advantages:
- Customers can have payments made securely using a method of their choice
- Offering reputable and well-known payment providers strengthens the branding and reputation of your own shop
- Reduced workload through automated processes
- Payment companies assume the risk of non-payment because they are the direct contractual partner for the customer
- Goods can be shipped faster because payment security is guaranteed
- Many shop systems already offer integrated interfaces to payment companies
What should you consider when choosing a payment company?
If you decide on one or more payment providers in your online shop, you should pay attention to a few things and take them into account when making your selection. The most important criterion is safety. Above all, this includes sufficient encryption so that sensitive data does not fall into the wrong hands. Many payment providers are already required by law to comply with certain guidelines. So you don’t have to worry about the big providers.
In addition, you should deal with the questions of how high the fees are for you and how quickly you will ultimately get your money. You may also want to offer the option of recurring payments, so-called recurring payments. This can be particularly useful for subscription-based products or services and should therefore be checked beforehand.
These are the top digital payment companies
Here are the seven most popular online payment processors, based on verified reviews and experiences from different communities
We will now show you what the individual payment service providers can do. You can find more helpful information and user reviews on the various payment providers in the Payment Software & Tools category.
PayPal is one of the best-known and most popular and largest payment companies and describes itself as an “open digital payment platform” that enables around 325 million users worldwide to do business. Both private individuals and business customers can accept and make payments. The business customer area is particularly interesting for you if you want to integrate PayPal as a payment provider in your online shop. PayPal offers you solutions for small and medium-sized companies, large companies as well as partners and marketplaces. Developers can also integrate PayPal into their own solutions using the tools and support materials provided.
PayPal functions and features
- Accept payments: Business customers can accept payments with PayPal both online and in store or by email. With PayPal Plus, you can even do this by direct debit, credit card or on account. In the store, payment can be made using a QR code or a card reader. You can also send your customers cost estimates and invoices.
- Make payments: In addition to accepting payments, you can make payments yourself as a PayPal business customer. With the PayPal Business Debit Mastercard, you receive cashback with every purchase and can spend money from your PayPal account immediately and anywhere. Also, you can send payments to different people in different markets with different currencies at the same time.
- Manage Risk: PayPal automatically detects fraud, minimizing your business risk. PayPal also helps minimize buyer protection claims and chargebacks.
- Accelerate Growth: PayPal has financing options that can be repaid with proceeds from your PayPal sales. In addition, you can open up new sales channels through worldwide sales and accept payments in different currencies.
- Streamline processes: With the account management dashboards you get reports and analysis, conflict resolution and refundable return costs for your customers.
PayPal’s fees depend on the type of transaction and the destination country and currency.
If you are looking for a PayPal alternative, just check out OMR Reviews. There you can make your decision for a payment provider with the help of relevant and verified reviews.
Fintech Klarna was founded in 2005 and has around 200,000 active traders, 85 million end customers and around 1 million transactions per day. With Klarna you can make open payments quickly and easily. Klarna is one of the largest electronic payment companies. This can be done immediately, at a later date or in installments. In addition to the Klarna App, you as the end user also have a Klarna Card available with which you can make payments both online and in shops. As a business customer of Klarna, you enjoy the advantage of being paid in full in advance, while your customers can decide for themselves when they pay. Klarna offers you various checkout solutions and payment methods for this. In addition, Klarna set the goal of improving the overall sales experience and increasing traffic in your shops.
Klarna functions and properties
- Klarna App: In the app, private customers receive personalized shopping tips, sales alerts and exclusive deals from top brands. Purchases can be viewed and paid for directly in the app. An inspiration page will help you find shops where you can pay now, later or in installments.
- Klarna Card: With the Klarna Card, you as a private customer can use all Klarna advantages online and in shops where Visa cards are accepted.
- Checkout Solutions
- Checkout: A checkout solution with all major payment methods and shipping options to optimize conversion rate. Equipped with a pre-fill address module, choice of shipping options and various payment options.
- Instore: Flexible payment options for customers in stores. Possibility of paying on account or monthly installments. A payment link can be sent via SMS, email or QR code to the customer’s mobile phone at the checkout. The payment method can be selected by the customer as with an online purchase
- Automatic updates
- New customers
- Reliable support
- Seller Protection
- Buyer Protection
- Global enterprise solutions
- Advance payment
Business customers pay 1.99% + 0.35 euros per transaction with Klarna. Entry fees do not apply.
If you are looking for a Klarna alternative, just have a look at OMR Reviews. There you can make your decision for a payment provider with the help of relevant and verified reviews.
Amazon Pay Reviews
Amazon Pay is a payment solution that allows Amazon customers to pay in your own online shops using the information that is also stored in their Amazon account. This way you can give your customers the familiar Amazon shopping experience without them having to leave your site. This works for both instant and recurring payments, as well as refunds. Amazon Pay is intended to support you as a business customer in preventing shopping cart abandonment and optimizing your payment process. In addition, you can use the foreign currency function to charge your customers the exact amount in the currency that is displayed to them on the site. Amazon Pay are available for small to medium-sized companies, large companies and partners as part of the global partner program.
Amazon Pay functions and features
- Faster and easier purchase
- Reliable and secure payment process
- AZ Guarantee for certain purchases
- Shopping with the existing Amazon customer account
- Purchase by voice control
- Amazon Pay costs
- Potential increase in conversion rate
- Potential reduction in cart abandonment
- Customers trust the Amazon shopping experience
- Seamless payments across different sales channels
- Customer loyalty through voice commerce
Amazon Pay costs
Transactions within the European economic area start at 1.2% + 0.35 euros with Amazon Pay.
Amazon Pay alternatives
If you are looking for an Amazon Pay alternative, just have a look at OMR Reviews. There you can make your decision for a payment provider with the help of relevant and verified reviews.
4. Stripe Payments
Stripe Payments Reviews
The payment provider Stripe Payments offers you the possibility to accept and send payments worldwide via your website or app. The tool is suitable for companies of all sizes and especially for retailers who are active both online and in the stationary area. StripePayments offers various integration options: Stripe Checkout dynamically adapts to the devices and location of the users and ensures a locally relevant shopping experience, which helps you to increase the conversion rate. Stripe Elements, on the other hand, are ready-to-use UI components that you can use to design your own payment form on your website. In addition, you can share complete payment pages with your customers via link, create individually customizable invoices and accept payments via app.
Stripe Payments functions and properties
- Customer interfaces: With Stripe you can choose the right integration for you from a number of options. This includes, for example, a hosted payment page, embeddable components, an API-based integration, payment link or invoicing. Third-party integration is also possible with predefined e-commerce plugins.
- Payment options: As a Stripe user, you can offer your customers various payment options. These include, for example, card payments and bank transfers, but also wallets such as Apple Pay or Google Pay. You can also accept payments via Klarna or bank redirects.
- Mobile: You can accept payments from your iOS or Android app, as well as your mobile website.
- Application scenarios: Possible application scenarios for payment processing are, for example, online payments, omnichannel, recurring payments as well as platform and marketplace payments
- Revenue Optimization: Authentication mechanisms help you maximize conversions and improve user experience. Authorization ensures that transaction delays are prevented. To do this, Stripe works across regions with major card networks such as Visa, Mastercard and American Express.
- Fraud prevention and payment disputes: With the Stripe Radar, the Dynamic 3D Secure function and the dispute handling from Stripe, you are protected against fraud and can manage disputed payments.
Reconcile and settle
- Reconciliation: Get real-time information on charges, transaction fees, refunds, and transfers through the API and dashboard.
- Withdrawals: With Stripe, you can make consolidated withdrawals as well as multi-currency withdrawals. Past and upcoming payouts can be managed in Payout Management.
- Reports and insights: You can view all charges for different payment methods, countries and currencies in the Stripe dashboard or in the data from the API.
- Business Operations: Using the roles and permissions, you can share your Stripe account credentials with other team members. You can also provide notes and notes for other team members on payments or refunds.
- Third-party integrations and support: Your Stripe account can be extended and automated with tools. Stripe support is also available 24/7.
Stripe Payments costs
Stripe Payment follows a pay-as-you-go pricing model. For European cards, the cost is 1.4% + 0.25 euros. For payments with non-European cards, Stripe charges a fee of 2.9% + 0.25 euros.
Stripe Payments alternatives
If you are looking for a Stripe alternative, just check out OMR Reviews. There you can make your decision for a payment provider with the help of relevant and verified reviews.
Apple Pay Reviews
Apple has also been using Apple Pay as a payment company for a number of years, allowing you to make contactless payments in local shops with your iPhone or Apple Watch. On the other hand, you can also pay with Apple Pay via the Safari browser or in apps with Apple Pay. The principle is simple: As an end customer, you store your bank or credit card on your device. The card number is not saved on the servers or on the device used. If you as a retailer would like to offer Apple Pay as a payment option, you must integrate the software into your shop system. You can use the interfaces offered by Apple for this or you can integrate Apple Pay via an intermediate payment provider such as Stripe.
Apple Pay functions and features
- Contactless payments in stores: With Apple Pay on an iPhone or an Apple Watch you can pay in brick-and-mortar stores without touching buttons or cash.
- Payment in apps: In some apps you can pay with just one click via Apple Pay without filling out credit or debit card information.
- Pay on the web: With the Safari browser on iPhones, iPads or Macs, you can pay with Apple Pay without filling out any data or creating an account. On devices with Touch ID, you can even pay with just one touch.
- More functions:Payment by Face ID and Touch ID
Apple Pay costs
Apple Pay is not a separate payment provider per se, but merely a customer interface that converts the smartphone into a contactless credit card. Therefore, there are no additional costs for end customers or dealers. If you, as a retailer, want to integrate Apple Pay into your online shop, you pay the fees charged by the respective payment provider.
Apple Pay alternatives
If you are looking for an Apple Pay alternative, just check out OMR Reviews. There you can make your decision for a payment provider with the help of relevant and verified reviews.
6. Klarna Instant
Klarna Sofort Reviews
In contrast to Klarna Bank, with Klarna Sofort you can make instant transfers directly after the purchase and without specifying long card numbers or opening an account. The immediate transfer thus serves as a direct transfer method. Originally, the online payment method of Sofortüberweisung belonged to Sofort GmbH. However, the payment company Klarna took over Sofort GmbH and its payment option in 2014.
Klarna Sofort functions and properties
- Immediate transfer without creating an account
- Encrypted forwarding of online banking data
- Real-time transaction confirmations for merchants
- Summary of the transfer and order confirmation from the online shop
- Immediate transfer in 9 European countries
Klarna immediate costs
Klarna immediately charges 0.9% + 0.25 euros per transaction. There is also a monthly basic fee of EUR 4.90 and a one-time setup fee of EUR 59.90.
Klarna immediate alternatives
If you are looking for a Klarna Sofort alternative, just have a look at OMR Reviews. There you can make your decision for a payment provider with the help of relevant and verified reviews.
Google Pay Reviews
Google Pay enables contactless payment in local shops as well as payment in apps or web shops with Android smartphones and smartwatches. This is also one of the Top Digital Payment Companies. End customers store their bank or credit card in the app or link it to PayPal, for example. The card number is not saved, but used in an encrypted and virtual version. As a retailer, you can integrate Google Pay into your web shops or apps via an API.
Google Pay functions and features
- Pay contactless, quickly and securely in shops
- Payment online or in apps
- Encrypted virtual account number and minimized risk of fraud
- Partner Loyalty Points Programs
Google Pay costs
As a merchant, you will not incur any additional costs if you want to offer your customers Google Pay as a payment method.
Google Pay alternatives
If you are looking for a Google Pay alternative, just check out Reviews. There you can make your decision for a payment provider with the help of relevant and verified reviews.
More Top Digital Payment Companies Reviews
You can find and compare other software and tools for payment providers Reviews. In total, we have listed over 15 payment providers there that you can use to make payments in your shops. So stop by and compare the software using the authentic and verified user reviews:
- POS cash service
Also Read: PayPal Pre Approved Payment | All you need to know