The best payment solutions for online businesses

There’s no doubt that various online markets and industries have evolved at a marked pace in recent times, especially in terms of how businesses conduct themselves and accept payment for goods and services.

To this end, a study carried out by research firm Markets and Markets has suggested that payment processing solutions are expected to grow to $120 billion by 2025, while becoming increasingly diverse in terms of the options available to users.

This is great news for online business owners and entrepreneurs, who can rely on a broader range of payment solutions to suit the needs and behaviours of their customers.

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

#1. PayPal

We’ll start with PayPal, which currently boasts in excess of 19 million active consumer and merchant accounts globally.

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

PayPal also happens to be one of the most accessible and widely payment solutions on the global market, both from the perspective of merchants and individual consumers.

This creates a genuine marriage of convenience for all parties, who can seamlessly leverage PayPal to optimise revenues and capitalise on concepts such as impulse purchasing online.

Interestingly, PayPal also offers access to alternative payment solutions in some industries and marketplaces.

For example, you’ll find a growing number of American Express online casino platforms in Canada, but these can only currently be accessed by using Amex through an online wallet such as PayPal (and selected others).

So, although you can’t use Amex to wager directly online, there are casinos that will enable you leverage 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 burgeoning iGaming space and universal e-commerce market.

#2. Authorize.net

Next up is the Visa backed solution Authorize.net, which is officially categorised as a payment gateway providers and one that’s widely used in the trillion dollar e-commerce market.

In simple terms, this solution is focused on enabling merchants and businesses to accept credit card and electronic check payments securely through e-commerce websites.

Although you may not have heard of this underrated platform, Authorize.net can lay claim to being a longstanding payments processor, and one that can boasts an extended list of customers and clients.

As a result of this and its standing as a trusted back-end payments processor, it offers a broad and reliable range of payment service options that rely on tried and trusted technologies.

Of course, it has also incorporated sophisticated fraud protection features into its platform of late, while offering continued support for recurring billing subscriptions and an increasingly simplified checkout process.

At the same time, this platform can now process payments for both physical and online merchants, notably using a single processing engine.

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

#3. Chargebee

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

This particular service specialises in providing scalable billing and revenue operations to clients, across a broad and diverse range of businesses too.

A key element 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 convenient feature, the type of which is ideal for small and fast-growing businesses that are scaling rapidly.

This automation features is also built on more than 480 recurring billing scenarios, making it the go-to option for virtually all types of potential billing workflows and models.

This platform is also marketed as an end-to-end payment solution, and one that can simultaneously manage your billing schedules and subscription payments while also aiding invoice and even tax management.

Along with more basic and universal payment processing solutions, Chargebee is a comprehensive 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’s another advantage here too; as Chargebee can effectively eliminate so-called “rounding” inaccuracies, simply by monitoring product usage in precise detail and reflecting this key dataset in associated tax and invoice 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.