5 payment solutions to help grow your small business

In today’s dynamic and ever-evolving business landscape, the importance of selecting the right payment solution cannot be overstated, especially for small businesses with aspirations of growth. The world of commerce has undergone a remarkable transformation, moving rapidly from traditional cash and check transactions to the digital realm. This shift has been accelerated by various factors, including changing consumer preferences, advancements in technology, and the global nature of business operations.

All five of the best platforms we’ve picked for growing your small business provide robust payment solutions. However, as they all offer unique features and advantages (cards, invoice software, comprehensive analytics), your choice should be based on your specific needs, existing technological infrastructure, and growth aspirations.

Without further ado, let’s dive in.

Navigating the payment landscape: Top picks for your business growth

01) Square Payments

• Plug-and-play benefits: For many small companies, the environment of digital payments may be overwhelming. Fortunately, Square’s simple setup and intuitive, user-friendly design are there to lower the barriers to entry. By using a third-party invoice software, you can easily create an online payment presence without requiring substantial technical expertise, ensuring your business doesn’t lose out on income possibilities.
• Holistic approach: Managing many systems for various corporate functions is often time-consuming and ineffective. But you can benefit from consolidated data thanks to Square’s all-in-one platform. 
• Transition from local to global: Even small and medium-sized businesses can access global markets as e-commerce expands. International sales are made simple with Square since it interfaces with several e-commerce platforms while supporting a wide range of currencies. 

This platform best suits your business if you want a complete, user-friendly solution. Square combines traditional and online sales, providing excellent scalability from regional to worldwide markets.

02) QuickBooks Payments

• Integrated financial view: Making strategic real-time decisions with financial information is extremely useful. While remaining a student of effective ways to improve business operations is certainly paramount, there’s no doubt this platform will make your life much easier. By integrating payments with accounting, you may rapidly analyze patterns, pinpoint profitable goods or services, and foresee prospective financial concerns.
• Time and effort savings: Every hour spent on manual input mistakes or account reconciliation takes time away from vital company operations. With QuickBooks Payments, you may refocus your attention on growth plans, product development, or customer interaction activities by automating many of these processes.
• Simple expense management: Juggling costs is as pivotal as tracking the revenue. With the panoramic vista of both inflows and outflows offered by Quickbooks Payments, enterprises can boost profitability, finesse their machinations, and remain confident that they’re squeezing every ounce of profit from their ventures.

In short, QuickBooks Payments is the perfect pick for enterprises going with the idea of intertwining their payments with their accounting—aiming for seamless financial tracking and management.

03) PayPal for Business

• Trust factor: Brand recognition and trust can significantly influence purchasing decisions. Businesses can alleviate consumer apprehension by offering a familiar and trusted payment method like PayPal, especially when expanding to new markets where the brand might still need to be well-known.
• Ready-made international expansion: Navigating the intricacies of international banking, currency conversion, and regional payment preferences can be challenging. PayPal greatly simplifies the process.
• Business loans are easily obtainable: Businesses may frequently need capital for growth, but traditional finance can take time and effort to come by for some organizations. Businesses may swiftly acquire cash when growth possibilities occur with the help of PayPal’s sales-based financing options, whether it’s short-term loans or some other means.

Paypal for Business is the right choice for those companies, particularly e-commerce firms, that seek rapid worldwide development and aim to leverage established trust.

04) Stripe Payments

• Thorough personalization: Making a statement is crucial in a crowded market. Together with a quality white label payment gateway, you can use the tools given by Stripe to design unique payment experiences specifically tailored to your target market.
• Future-proofing: Stasis may be deadly in our rapidly evolving IT industry. With Stripe, businesses can embrace anything from the newest mobile payment technologies to new trends in online transactions.
• Integration across several platforms: Websites, mobile applications, and third-party integrations are just a few platforms modern organizations use to function. Stripe guarantees a uniform payment experience across all these touchpoints by centralizing payment data and streamlining management.

Choose Stripe if you have an appropriate tech-savvy development staff, and you’re trying to keep on top of the latest tech integration while striving for a fully tailored payment experience.

05) GoCardless

• Regular cash flow: Financial predictability enables more effective strategic planning. Businesses can depend on a consistent cash stream thanks to GoCardless’ effective management of direct debits, making it easier to plan operations and invest in expansion prospects.
• Worldwide direct debit: Regarding direct debits, each nation has its unique set of laws and preferences. GoCardless manages these challenges so you can easily accept a preferred payment option in various marketplaces.
• Lower transaction costs: Margins matter, especially for small businesses. By offering a payment method with generally lower transaction fees than credit cards, businesses can retain more of their earnings, which can then be reinvested to fuel further growth.

If you have a recurring revenue model and are looking for consistent cash flow, GoCardless is your platform. Especially if you’re expanding internationally and aiming to reduce transaction costs.

In summary

Each of these five platforms has a distinct edge, and the right choice would align closely with the business’s strategic direction. 

Before deciding which one is the right fit for them, a business should assess its immediate needs, future growth plans, and available resources. So, pick wisely and take your time to carefully consider your position.

17/10/2023