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Picking the best payment processor can make or break your checkout. The right choice can cut fees, lift conversion, speed up payouts, and open new markets. The wrong one quietly eats margins, blocks customers’ favorite ways to pay, and ties your team in support tickets.
What's the best merchant payment processor, then? Well, quite obviously, it depends on the type of your business. So, I’ve gathered a list of the top 7 options on the market for various types of businesses to help you choose the right one:
- Stripe - Best for Online and Global Businesses
- Square - Best for In-Person & POS-First Selling
- Helcim - Best for Budget-Friendly Payment Processing
- PayPal - Best for Adding a Familiar, One-Click Option
- Adyen - Best for Enterprise Omnichannel Payments
- Shopify Payments - Best for Shopify Stores
- Payment Depot - Best for Established USA SMBs
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Payment Gateway VS Payment Processor
Before we get into the list of the best payment processors, we must get one thing straight: What are payment processors? When businesses accept payments online or in-store, three key components often work together: the payment gateway, the payment processor, and the merchant account. While they sound similar, especially the first two, each plays a different role.
- Payment Gateway. Think of this as the digital “card reader” that the customer uses, or it can be a literal card reader, of course. It securely collects a customer’s card or wallet details online (or in-person) and passes them on for approval.
- Payment Processor. This is the middleman that moves information between the gateway, the customer’s bank, and the business’s bank. It checks if funds are available and completes the transaction.
- Merchant Account. This is a special type of bank account where payments are held before they’re transferred to the business’s regular bank account. Without it, businesses can’t receive card payments.
Most modern providers combine several (or all) of these roles into one service, so you don’t always need to set up a separate gateway, processor, and merchant account because you get them all in one place.
Payment processing is one of the many fields that have been influenced by AI,[1] which is why more and more payment processors are starting to use AI to streamline transactions, track customer behavior, and cut risks in real time.
1. Stripe - Best for Online and Global Businesses
Ranks #1 out of 7 Money Transfer Services
- + Strong developer tools & APIs
- + Supports many currencies & payment methods
- + No monthly fees
- + Advanced security features
- - Needs technical skills
- - Complex fee structures
Stripe is widely known as one of the best payment processors. It gives businesses the tools to accept payments online, in apps, or in person, but most importantly, it keeps the process simple for both the seller and the customer.
Subscription Costs | None |
|---|---|
Transaction Fees | 2.7% + $0.05 (in-person) 2.9% + $0.30 (online) 3.4% + $0.30 (manually keyed) 4.4% + $0.30 (international cards) Depends on the country, the fees above are USA-based |
Other Costs | POS software fees - $0-$10/mo Hardware prices - $59-$349 |
Key Features |
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Table: Stripe's costs and features
This payment processor works with almost every kind of business, which is why it’s one of the best online payment processors for small businesses and global marketplaces. It supports hundreds of currencies and various payment methods, including major credit/debit cards, digital wallets, bank-based methods, “Buy Now Pay Later”, and local payment methods.
Stripe is fully PCI compliant and uses strong encryption and fraud detection to protect both businesses and their customers.
Stripe is also easy to integrate as it offers simple plugins for popular e-commerce platforms and highly detailed APIs for developers looking for customization. On top of that, payouts are fast and reliable, with money usually arriving in a business’s account within a few days.
Its Standard plan uses flat rate pricing, which varies by region, but for larger or negotiated accounts, Stripe also offers interchange plus.
By the way, Stripe is often considered to be the best payment processor for subscription services, thanks to its robust Billing features like trials, proration, metered usage, and smart failed subscription payment management.
What about drawbacks? The two main ones are complexity and costs that add up. Stripe’s rich toolkit means that more time is needed for setup and upkeep. Additionally, it has relatively high fees (particularly for international transactions and chargebacks).
2. Square - Best for In-Person & POS-First Selling
Ranks #2 out of 7 Money Transfer Services
- + Low-cost/free entry-level options
- + Easy to setup
- + Offline mode
- + No long-term contracts
- - Higher transaction and add-on fees
- - Limited advanced features
- - Smaller international reach
Square is one of the best payment processors for small businesses and midsize ones, as it makes getting paid in person or online fast and easy. You can start with a free account, plug in a reader, and take your first payment in minutes. The types of businesses it focuses on include food & beverage, retail, beauty and various services (cleaning, transportation, etc.).
Subscription Costs | Free – $0/mo Plus – $29+/mo Premium – custom |
|---|---|
Transaction Fees | 2.6% + $0.15 (in-person) 2.9% + $0.30 (online) 3.5% + $0.15 (manual keyed) |
Other Costs | Invoices – 3.3% + $0.30 POS software fees – $0-$165/mo Hardware price – $0-$799 (can be paid out monthly in 12-24 months) |
Key Features |
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Table: Square's costs and features
Square’s biggest strength is that everything it offers works together seamlessly: the POS app, card readers, online checkout, invoices, and even appointments and inventory management. You don’t have to stitch tools from different vendors or worry about what integrates with what.
Pricing is straightforward and predictable, which helps with planning. You’ll see a clear flat rate for tapped, dipped, or swiped cards in person, and a separate, easy-to-understand rate for online payments.
If you need cash quickly, Square offers instant transfers for an extra fee (otherwise, you get next-business-day payouts). It’s also flexible about how customers pay. You can use physical terminals, mobile readers, QR codes, payment links, online checkout, or invoices.
For subscriptions or services, you can set up recurring invoices and automated reminders. The dashboard gives you clean reports on sales, taxes, and trends, and you can export data or connect to accounting software easily.
Security features like encryption, PCI compliance, and tools to help with fraud are built into Square as well.
However, it also has some trade-offs. Square employs flat rate pricing that can cost more than interchange plus at high volumes. Also, its international reach is narrower than that offered by some other best payment processors, and it has less developer flexibility.
3. Helcim - Best for Budget-Friendly Payment Processing
Ranks #3 out of 7 Money Transfer Services
- + Interchange-plus pricing model
- + No monthly fees
- + Free virtual terminal
- + All-in-one platform
- - Only available in the USA and Canada
- - Not ideal for low-volume businesses
- - Limited integrations
Helcim is a strong pick if you want interchange plus pricing without monthly fees. Pricing is Helcim’s main strength overall because its rates are tied to true card network costs with a clear markup, and automatic volume discounts kick in as you grow. That makes total costs easier to predict and often lower than flat rate plans at moderate to high volumes.
Subscription Costs | None |
|---|---|
Transaction Fees | From 1.83% + $0.08 to 2.61% + $0.08 (in-person in the US) From 2.27% + $0.25 to 3.01% + $0.25 (online in the US) From 1.67% + $0.08 to 2.32% + $0.08 (in-person in Canada) From 2.28% + $0.25 to 2.75% + $0.25 (online in Canada) These are the average costs you can expect |
Other Costs | POS software fees - $0 Hardware price - $99-$329 |
Key Features |
|
Table: Helcim's costs and features
On the product side, Helcim covers the essentials for card-present and online sales, which makes it one of the best online payment processors for small businesses. You get POS tools (app + compatible hardware), hosted checkout pages, payment links, invoices, saved cards/tokens, and basic subscriptions/recurring billing.
Security and compliance are handled with PCI support and tokenization (so it doesn’t store or send customers’ real card numbers during a transaction), and the dashboard offers straightforward reporting on fees, settlements, and disputes.
For integration, there are APIs and connections to popular platforms available. Payouts are made on a predictable schedule (typically a couple of business days).
It does lag a bit with scope and reach, though. Helcim primarily serves the US and Canada, so it’s not ideal for complex global stacks or extensive local payment methods. Also, its developer ecosystem and advanced orchestration options are simpler than those offered by code-first gateways.
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4. PayPal - Best for Adding a Familiar, One-Click Option
Ranks #4 out of 7 Money Transfer Services
- + Global presence
- + Trusted, reliable
- + Individual & Business accounts
- + Most transactions are instant
- - More business-oriented
- - Not many additional features
PayPal is generally known as an online money transfer service (like the soon-to-launch Ogvio). But it also provides services for businesses. Among the best online payment processors, it stands out specifically because buyers already know and trust it.
Subscription Costs | None |
|---|---|
Transaction Fees | 2.29% + $0.9 (in-person) 2.59%-2.99% + $0.49 (online) 3.49% + $0.49 (PayPal, Pay Later, Pay with Rewards, Venmo) |
Other Costs | POS software fees – $0-$30/mo Hardware price – $29-$239 |
Key Features |
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Table: PayPal's costs and features for businesses
For businesses, the PayPal Commerce platform offers quite a lot in one place – with a single integration and account, you can accept credit/debit cards, PayPal transfers, and select local methods. Also, you can view unified reports and settle funds in one place.
Beyond PCI responsibilities handled on-platform, PayPal offers risk tools and a Seller Protection program that can cover eligible transactions against certain “item not received” and “unauthorized payment” claims.
You can easily add PayPal as an additional wallet/button to boost conversion, or use the broader PayPal Enterprise stack (formerly Braintree) for full-stack processing. That gives you modern APIs, tokenization, and the ability to fine-tune routes as you scale.
With PayPal, money appears in your PayPal account balance almost instantly after a customer makes a payment. You can then move it to your bank – standard withdrawals usually take 1–3 business days, while instant transfers (if available) arrive within minutes for a small fee.
Enterprises can also use PayPal’s payout rails (Hyperwallet) to pay partners or sellers in 50+ currencies across 200+ markets with built-in compliance controls.
Generally, PayPal uses flat rates, but its enterprise stack also supports interchange plus pricing.
Of course, like any platform, PayPal Commerce is not perfect. Its fees are usually considered to be higher, especially with chargebacks. Some customers may dislike logging in or creating a PayPal account (if they don’t already use it), and for high-risk categories or operationally specific verticals (such as restaurants), its policies and features can feel limiting compared to other processors.
5. Adyen - Best for Enterprise Omnichannel Payments
Ranks #5 out of 7 Money Transfer Services
- + Supports payments in many countries
- + Unified platform
- + Interchange-plus pricing
- + Highly scalable
- - No self-service onboarding
- - Not for small businesses
- - Complex reporting
Adyen is known as one of the best payment processors for larger or fast-scaling companies because it runs acquiring, gateway, risk, and settlement on a single global platform. That “one stack” approach is its main focus – you connect once and get unified processing for online, in-app, and in-store payments across many countries and methods.
Subscription Costs | None |
|---|---|
Transaction Fees | $0.13 + payment method fee (e.g. interchange+ + 0.60% for Mastercards) |
Other Costs | POS software fees – generally $0 Hardware price – doesn't publicly list fixed prices |
Key Features |
|
Table: Adyen's costs and features
Adyen’s direct connections to card networks and broad coverage of local options help improve authorization rates and keep checkout familiar for international customers. For brands with multiple channels or regions, having the same risk logic and reporting everywhere reduces technical issues and makes expansion more predictable.
Risk management is built into the core of Adyen. It uses tools like network tokens to replace sensitive card data, 3D Secure for extra identity checks, and smart, data-driven routing to send each payment through the best possible path.
Operationally, finance teams get granular reconciliation and payout reporting, which matters at enterprise volumes. Pricing is typically interchange++ based with clear scheme fees and a markup.
However, Adyen is designed first for mid-market to enterprise needs, so smaller sellers may find onboarding, documentation, and pricing not to their liking. Implementation is straightforward if you stay close to the standard flows, but deeper customization and data integrations will require more time and developer skills.
That said, if you want a quick, plug-and-play wallet button, other providers might be a better choice. However, if your priority is a single, global system that aligns acquisition, risk, and omnichannel payments, Adyen might be an option to consider.
6. Shopify Payments - Best for Shopify Stores
Ranks #6 out of 7 Money Transfer Services
- + Seamless integration into Shopify stores
- + Unified reporting
- + Shop Pay for faster checkout
- + PCI compliance
- - Fewer advanced features
- - Lacks some local payment methods
- - Industry restrictions
Shopify Payments is one of the best payment processors for online businesses that run their stores on Shopify. Setup happens inside your admin account, so you don't need to use extra plugins or separate dashboards. You can take major cards, popular wallets, and enable Shop Pay, which speeds up repeat checkouts and usually helps conversion.
Subscription Costs | Shopify Payments are accessible for free with all Shopify plans: Basic – $39/month Grow – $105/month Advanced – $399/month You can get 25% off with yearly plans |
|---|---|
Transaction Fees | Basic – 2.9% + $0.30 online (2.6% + $0.10 in person) Grow – 2.7% + $0.30 online (2.5% + $0.10 in person) Advanced – 2.5% + $0.30 online (2.4% + $0.10 in person) |
Other Costs | POS software fees - $29-$299/mo Hardware price - $49-$459 |
Key Features |
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Table: Shopify Payments costs and features
Fees on Shopify Payments are typically a percentage plus a fixed amount per transaction, but they depend on your subscription plan. Payouts follow a set schedule based on your country, and you can manage refunds, disputes, and reports right alongside your products and orders.
Security basics (PCI scope reduction, 3D Secure support, and fraud tools) are built in, so you don’t need to piece together add-ons. For international customers, multi-currency support and some local payment methods are available. Plus, prices can be displayed in the shopper’s preferred currency.
It’s not perfect, though. Shopify Payments only works in supported countries, and available methods differ by region. If a significant portion of your sales is cross-border, the additional foreign exchange and international fees can add up.
Also, because it’s tied to Shopify, you can’t take the processor with you if you move platforms. And if you’re chasing the absolute lowest rates at very high volume, or you need niche payment methods or custom routing, another payment gateway may fit better.
7. Payment Depot - Best for Established USA SMBs
Ranks #7 out of 7 Money Transfer Services
- + Interchange plus pricing
- + No cancellation fees
- + Fast setup
- + Free modern Terminals
- - Only supports USA-based merchants
- - Higher cost for low-volume businesses
- - Limited software features
Payment Depot is a good fit for businesses in the USA that want lower processing costs through a simple, membership-style plan. Instead of paying a high, blended percentage on every transaction, you pay a monthly fee and then interchange rates with a small per-transaction markup. If your sales are steady or your average order is larger, this can be cheaper and easier to predict than flat rate pricing.
Subscription Costs | $59-$79 monthly charge, depending on transaction volume |
|---|---|
Transaction Fees | Interchange rate + 0.2%–1.95% |
Other Costs | POS software fees – third-party only Hardware price – third-party only |
Key Features |
|
Table: Payment Depot costs and features
Day to day, Payment Depot covers the basics you’d expect: card-present and online payments, a virtual terminal for keyed sales, invoicing, and common e-commerce integrations.
You can use countertop terminals or mobile readers for in-person checkout, and link an online gateway to your site so customers can pay without friction. Also, Payment Depot's reports are easy to follow, payouts arrive on a regular schedule, and pricing is clear, so you always know what you’re paying.
Regarding security, Payment Depot employs PCI-compliant processing with encryption/tokenization, EMV chip support for in-person payments, and basic fraud/chargeback tools.
That said, it's only available in the USA, and if you sell very little or only seasonally, the monthly fee may outweigh the savings. Also, international and niche payment options are limited compared to developer-heavy platforms.
In short, Payment Depot makes the most sense for established USA businesses with predictable sales that want interchange-plus style pricing without a lot of add-ons or complexity.
How to Choose the Right Processor for Your Business
You have your options at hand, but there are a few things you need to consider to find the best payment processor for online and in-person businesses:
- Fees & Pricing Structure. Every processor charges differently, but you’ll typically see transaction fees (like 2.9% + $0.30 per card payment), monthly subscription costs, cross-border or currency conversion fees, and chargeback fees. Some use flat rate pricing, while others use interchange plus.
Regulation II[2] caps debit card interchange fees for big banks at around $0.21 + 0.05% in the USA, saving merchants billions each year.
- Payment Method Support. Your customers want to pay the way they’re used to. At a minimum, you’ll need credit/debit card support, but many people now expect digital wallets like Apple Pay/Google Pay, too. Also, note that in some regions, local payment methods are more prevalent (e.g., iDEAL in the Netherlands or UPI in India).
- Security & Compliance. Look for PCI DSS compliance (the global payment security standard), strong data encryption, fraud detection, and tools like 3D Secure or two-factor authentication.
- Ease of Integration. Check if the processor offers pre-built plugins for platforms like Shopify, WooCommerce, or Magento, as well as flexible APIs and SDKs if you’re building a custom solution.
- Global Reach & Currencies. If you plan to expand beyond your home country, your processor should handle multiple currencies and support localized checkout experiences. Some processors even let you display prices in local currency and settle in your own.
If one checks all your boxes in these aspects, it’s safe to say that it’s the best online or in-house payment processor for you.
Conclusions
At the end of the day, there’s no best payment processor for everyone – there can only be the best one for your business model. How to choose, then? Well, you have to choose what matches your checkout flow, where your customers are, and how much you want to manage.
If you have a small business, for example, Square is a simple, POS-friendly choice that’s easy to set up and run. For a big, multi-country operation, Adyen’s single global stack scales well and lifts approval rates. Or maybe you’re looking for the best payment processor for subscription services, then Stripe stands out with flexible billing, trials, proration, and strong global coverage.
Whichever one you choose, revisit your setup every quarter. After all, volume grows, rates can be negotiated, and small changes (like enabling a local wallet) often increase conversion more than you’d expect.
If you're looking for a new person-to-person transfer service, enroll in the waitlist for Ogvio, a new generation money transfer platform that will make moving money instant, simple, and low-cost.
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Scientific References
1. Dodda A.: 'NextGen Payment Ecosystems: A Study on the Role of Generative AI in Automating Payment Processing and Enhancing Consumer Trust';
2. Radonic M.: 'Payment Processing in Web-Based Environments - Benchmark of the World’s Leading Payment Processors'.
About Article's Experts & Analysts
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