Fintech has given merchants and customers more options for making payments, thanks to the wonders of payment processing companies.
Also known as payment processors, these payment companies allow customers to submit payment information through a payment gateway, such as a physical card reader, mobile phone reader or an online payment portal. They then verify payments with the customer’s card network, bank or other financial institution, initiating approved payment transfers into the merchant’s bank account. As a result, customers can complete payments with credit and debit cards, mobile wallets, or Automated Clearing House (ACH) bank transfers, to name a few.
Fintech Payment Processing Companies
While streamlined payments deliver a major boost to small businesses and merchants, larger organizations can also leverage payment companies’ technology to give their broad customer bases more flexibility when paying in person or online. Demand has only increased because of these competitive advantages payment processing tools offer.
To give you an idea of just how big this industry is, consider that the payment processing solutions market is on pace to reach over $190 billion by 2030. With a market that size, there are lots of players out there.
Some digital payment companies specialize in offering buy-now pay-later integrations for e-commerce companies trying to attract younger consumers, while others are peer-to-peer payment platforms that everyday people use to split checks and pay monthly dues. In any case, the goal for payment processing companies is largely the same: making transactions between customers and businesses faster, simpler and more secure.
To help you get oriented, we rounded up the top payment processors and online payment processing services you should know.
Top Fintech Payment Processing Companies
DailyPay allows for employees to decide when, and how often, they get paid. Employees build up an available balance for each hour they work. Then, they can choose to withdraw the money instantly at any time. When it becomes time for the official company payday, the amount the employees have already withdrawn is automatically reduced from their overall check. Industries have seen as high as a 73 percent improvement in employee turnover.
Checkout.com provides a digital platform that empowers small businesses and global brands alike to take their checkout process to the next level. The platform offers a convenient solution for both sending and receiving payments from popular global payment methods, operating as a gateway, risk engine, acquirer and processor while featuring powerful fraud protection, convenient integrations and reporting data that helps raise conversions while lowering friction.
Since 2009, more than $660 million has been donated to impoverished people through GiveDirectly’s giving payment platform. GiveDirectly delivers its donations in cash to allow people to choose how the money is spent. With the help of its live news feed, the company discovered that the cash was often spent on school fees, business funding and cows. Donors can choose between a range of programs that focus on basic income, emergency relief, large transfers and more.
With over a century-and-a-half of experience, Western Union is a multinational financial services company people rely on to send money, pick up cash and track wire transfers. The company has lots of physical locations, but it also has a mobile app that can be used to conveniently send money online, pay bills and view exchange rates.
Remitly is a fintech company that aims to simplify international money transfers and payments. Through its thousands of global bank, mobile money and cash-pickup partners, Remitly enables recipients to have money sent directly to a bank account or collect it in cash. Whether sending money online or through a simple mobile application, Remitly users benefit from tracking capabilities, plus more choices for speed and price of transfer.
Applied Systems’ tech solutions for the insurance industry include Applied Pay, a digital payments platform that offers flexible, secure payment options along with dashboards for viewing real-time data related to payment transactions. The technology is designed to integrate with Applied Systems’ other software products like Applied Epic and EZLynx.
Adyen has a fintech platform with payment processing capabilities. It enables businesses to accept payments via websites, mobile apps and in-person transactions. The company also offers features to protect businesses and their customers, including authentication to streamline user verification and tools for preventing, detecting and responding to fraud.
BigCommerce is a platform that allows small businesses and e-commerce shops of all kinds to build powerful online marketplaces and maintain them with ease. The cloud-based design platform includes both responsive templates or the option to build a fully customizable site from scratch, with WordPress integration, mobile optimization, digital wallets and additional capabilities, including the ability to process payments in over 100 currencies.
Fintech company ePayPolicy serves businesses in the insurance industry, providing them with a solution for accepting online payments. Its technology is designed to be mobile friendly and can integrate with agency management and accounting systems. The company’s CheckMate feature also streamlines processing for paper checks.
OTR Solutions is a factoring, fuel and business management company that makes financial technology tools like payment processing software for the trucking industry. Factoring companies can buy unpaid or slow-to-pay invoices from merchants, taking on the risk and responsibility of securing the payment and providing the merchant with cash flow. OTR describes itself as a tech-forward organization, relying on its carrier payments platform to manage and process payments for the invoices it purchases.
LeafLink operates a software marketplace platform for wholesale cannabis purveyors, including brands, distributors and retailers. These purveyors rely on LeafLink to conduct wholesale transactions, ship goods, process payments, track orders, market products and perform other critical business functions. The company has processed more than $1 billion in payments and offers fast digital payment options with an array of terms.
Financial services company JPMorgan Chase serves consumers, corporations and government entities in more than 100 global markets. J.P. Morgan Payments’ offerings cover online and app-based payments, for example, and embedding banking services into a client’s platform. Its technology solutions are responsible for processing trillions of dollars in payments each day across 120-plus currencies.
Flywire helps craft personalized fintech payment platforms for a variety of international industries, including travel, education and healthcare. Flywire’s global collection network fully reconciles global payments, and even allows for refunding, while keeping all involved parties up-to-date in real time. The University of Pittsburgh and UCLA health are customers who have benefitted from Flywire’s technology.
MineralTree makes software for automated payments. As an accounts payable company, MineralTree’s platform takes a client’s regular expenditures and sets them up as automatic transactions, such that payments go out on time without spending staffing hours on them. The platform supports cloud-based digital workflows that allow for real-time tracking and collaboration.
Moov Financial oversees the entire money movement process through its all-in-one payment processor. With the processor, businesses can add the API to accelerate process tools and efficiently scale with cloud-native features. The company also offers Moov Wallets for automatic ledger movement in real time. The feature supports instant transfers, card disputes, payment history and more.
Also a service of PayPal, Venmo is a mobile payment platform for users to digitally send money to one another and make purchases. The platform allows users to link cards or bank accounts so money can be transferred quickly to other users or merchants. Venmo even offers its own credit and debit cards, which come with perks like free ATM withdrawals, unlimited cash back and contactless shopping.
Ripple uses blockchain technology to process and secure their RippleNet payment network. With RippleNet, customers have access to a global network of banks and financial institutions, and they can make cross-border payments instantaneously. The company’s blockchain helps to encrypt each payment and allows for each money transfer to be easily traceable.
Constrafor offers a payment automation module that enables general contractors to send and receive secure electronic payments. Additionally, the company’s early pay program lets contractors offer an alternative financing option to everyone in their subcontractor network at no added cost. This solution works to help reduce overall project risk and allows contractors to benefit from expedited payments.
Everyware is a payment engagement platform that helps businesses strengthen customer loyalty through seamless payment experiences. The platform can be integrated with existing accounting and management software, allowing for simplified invoicing, two-way messaging and payments. The company also makes in-person POS systems.
Circle works with the digital currencies USD Coin and Euro Coin, so businesses can tap into the capabilities of blockchain. As a result, companies can settle transactions almost instantly, add an extra layer of protection to payments and invest funds outside of typical banking hours. Businesses can also compile transaction and treasury reports, making it easy to manage digital assets and keep track of expenses.
Braintree, a service of PayPal, is a payment platform for enterprises to accept and process mobile payments from apps and websites that helps decrease cart abandonment and drive conversion rates. Braintree’s payment and mobile tools let companies like Casper and StubHub spend more time on important tasks and less time on transactional needs.
AffiniPay offers industry-specific payment platforms and gateways for professionals working in law, accounting, medical care and associated industries. The platform features open APIs, cybersecurity measures and in-house support to ensure a quality experience for all users, allowing them to schedule recurring payments, link payments to their website and dive into payment analytics to improve finances across the business.
Zone gives companies access to NetSuite’s capabilities with a range of services, making it easier to implement and master elements of NetSuite’s cloud platform. In addition, customers can increase the pace even more with Zone applications that centralize data and keep financial information all in one place. With native, integrated and hybrid technology suites, Zone allows customers to tailor the company’s products to their business’ needs.
Procare Solutions offers childcare management software for day care centers, afterschool programs and youth organizations. Payment processing for childcare can be complex, with funds coming from parents as well as from agencies like DHS and Head Start, so Procare handles tuition payments with its daycare billing software, which includes a mobile app with an electronic funds transfer option.
Check offers embedded payroll infrastructure and employee benefits through SimplyInsured to software companies with an aim to get money to workers on time and ensure accurate tax calculations and payroll. Its payroll products have customizable components to serve its client companies’ specific business strategies. The company’s integrated system generates tax forms, transforms funds and calculates taxes.
Stripe provides financial and software services to companies with online businesses like subscription services, on-demand marketplaces and crowdfunding. Businesses can accept fast online payments, design user-friendly payment forms or adopt Stripe Terminal for POS transactions. With the ability to detect online threats via machine learning and transfer data into a company’s preferred data warehouse, Stripe gives clients a clear view of their operations as well.
Billtrust is a payment cycle solution that automates the invoice-to-payment process. The company provides a range of solutions from credit management and invoicing to virtual payments and cash flow automation. Billtrust works largely with companies in the manufacturing, distribution, transportation, business services and machinery industries.
Affirm offers e-commerce shoppers the ability to pay off their purchases over an extended period. With different payment plan options, shoppers can buy everything from vacations to shoes and cars, and pay them off over a few weeks or months instead of all at once. Affirm also lets customers know upfront the total amount they’ll owe and includes no late fees, keeping plans transparent and more affordable.
Tarro offers a restaurant management platform that helps independent restaurants handle in-person and over-the-phone payment processing, support staffing and enable marketing campaigns. It aims to simplify its client companies’ operations and improve their profit margins at the scale of which large chains have access. The company boasts sales increases and operating cost reductions throughout its client base.
Closinglock offers real estate fintech that prevents fraudulent transactions by securely processing payments and deposits. It specializes in collecting earnest money, which is a good-faith deposit that a prospective home buyer puts down to essentially reserve a property while they are being vetted for a mortgage. This money then goes toward the buyer’s down payment. Closinglock also provides identity verification, payment securing, payoff verification, e-signatures, document exchange and wire transfer facilitation.
Stem Disintermedia is a distribution and payments agency for artists in the music business. It offers royalty services, distribution, scaling and financial tools for independent artists, talent managers and labels. When an artist, manager or label signs on with Stem, they get payment processing tools that allow them to track and recoup expenses and to distribute earnings across their team with automated monthly payments made to each collaborator.
Klarna makes a buy-now-pay-later product that e-commerce companies use to cater to customers who prefer flexible payment options. With Klarna, shoppers can pay in four installments without interest or fees, and even arrange a financing plan that spans up to 24 months. The company’s Klarna Card can also be used to earn redeemable points, fostering customer loyalty over the long haul.
Owned by the financial services company Early Warning Services, Zelle is a person-to-person payment application that sends money quickly. The application enables users to send money with an email address or phone number, even if the sender and recipient use different banks. More than 1,700 financial institutions have integrated Zelle into their mobile banking apps, so customers don’t need to download a separate app for Zelle.
Sunbit is a third-party, buy-now-pay-later payment processor that targets large urgent expenses like dental work, medical treatment, auto repair, home improvements and veterinary care. With a 90 percent approval rate and no fees or penalties, necessary expenses are made immediately accessible for consumers who would otherwise defer them. Merchants can offer access to an application at their point-of-sale or can offer co-branded credit cards to their clients.
