8 Payment Processing Tools To Make The Shift To Online Selling 

Payment Processing Tools

Making the switch to online selling makes sense nowadays for various reasons. Over the years, there has been a change in customers’ shopping behavior. We can now see shoppers doing extensive research on their smartphones first before getting in touch with sales.  

Besides that, shoppers can directly buy from their smartphones, eliminating the need to step foot in a brick-and-mortar store. In 2021, global retail e-commerce sales amounted to $5.2 trillion and were amounted to $5.2 trillion and are expected to reach $8.1 trillion by 2026. 

Now, the pandemic further changed customers’ shopping preferences. Most customers are staying home and shopping from the comfort of their mobile devices. They no longer want to drive to a store and wander around to look for something to buy. The International Council of Shopping Centers survey says that only 45% of US consumers plan to shop in the mall this season, down from 64% last year.  

With most retail stores closed because of reduced foot traffic, online selling has become a viable option for businesses during COVID-19. 

Benefits of Online Selling  

First things first, let’s discuss the benefits of selling online. If you still haven’t considered jumping ship to e-commerce, maybe these benefits will help convince you to adapt to online selling.  

Increased Customer Reach 

When you sell online, your potential revenue will not be limited by the number of customers that buy from your physical store. You remove the geographical boundaries. This means you can sell across towns, states, and even across borders.  

Sell Your Products Anytime  

Unlike traditional brick-and-mortar stores with business hours, online selling allows you to cater to shoppers who find it more convenient to browse and buy beyond store hours. Thus, someone can buy from your store at 3 am, which they cannot do in a physical store.  

Access to Real-time Data and Analytics  

With online selling, you can see customer and product data in real-time. You can gain insight into customer interaction, what products interest them, what items were left in the cart, and the average purchase. These metrics will allow you to adjust your product offerings so that it meets customer needs.  

Boost Your Online Presence  

Having an e-commerce store allows buyers to discover your business. Data reveals from Socialtopiahq in 2021 that 92% of people read reviews before buying online. They could find products you might be offering. Who knows, your products might get their attention and entice them to order.  

Now that we know the advantages of selling online, let us identify your business’s different payment processing tools.  

Person using a tablet for online banking while holding a credit card in their hand.
Image Courtesy Tima Miroshnichenko

Best Payment Processing Tools Worldwide 

1. PayPal

PayPal is the largest and most used third-party payment provider for businesses, freelancers, shoppers, and individuals. It operates in 202 markets and allows customers to send, receive, and hold funds in 25 currencies. According to Fortunly, there are over 426 million active PayPal accounts as of the fourth quarter of 2021. Also, 87.5% of online buyers use the platform. 


  • Easy to use 
  • Records transactions 
  • Safely encrypted 
  • Mobile friendly 
  • Sending money to friends and family is free 
  • Discounts and rebates for loyal customers 


  • PayPal charges money 
  • It can freeze accounts 
  • Additional bank fees 
  • Subject to phishing and scams 

2. Payoneer

Payoneer is one of the biggest competitors of PayPal. One of the oldest online payment processing tools, it is available in more than 200 countries and accepts 150 currencies. It features a flexible application programming interface (API) that can scale your business.  


  • Collect or request payment for companies in the US and Europe 
  • You can earn more without losing out on the exchange rate 
  • You can receive a credit card 
  • You can choose when to exchange foreign to local currency 
  • No late or lost payment 
  • Link funding sources 
  • Exchange rate reflection 


  • Long approval process 
  • Extra step before getting money 

3. Stripe  

Stripe has grown in popularity over the years because of its powerful and flexible API. It can be customized to meet your growing business needs. Stripe allows easy integration with hundreds of other applications. One of its biggest advantages is that it does not involve setup, monthly, or additional hidden fees.  

Stripe comes with a Sigma service where you can easily view real-time sales data and analytics. It offers insights you can use to refine and improve your operations to increase effectiveness and growth.  

The platform offers two pricing options. For the Integrated, the transaction fee is 2.9% + $0.30 per successful charge. The Customized option allows for designing a package tailored for businesses.  


  • Affordable 
  • Total customization 


  • Your account can be frozen or canceled with little notice 
  • They use their discretion in declaring whether or not an account is risky 

4. Amazon Payments

Amazon Payments use the customer’s credentials to make checking out convenient and trustworthy. When a customer purchases on Amazon, it automatically goes through the checkout process. It has been streamlined and made secure for your customer, so they can safely use their payment information when making purchases.  


  • Established brand already 
  • Trusted name accessed by millions of people 
  • Employs a large team of data scientists for increased fraud protection 


  • Stringent verification procedure 
  • Long and tedious application process 

5. 2Checkout

2Checkout is a trusted payment processor accepting credit cards, debit cards, and PayPal globally. Available in 15 languages and 87 currencies, the platform comes with advanced fraud protection features. It can be easily integrated with hundreds of online shopping carts and allows customers’ automatic billing with recurrent billing.  

With 2Checkout, you can demo the customer’s buying experience using different settings to give you an idea of how the platform works before using it. You can easily integrate its API into your website to directly embed credit card processing. The processing fee will depend on your preferred plan.  


  • Predictable flat-rate pricing 
  • Month-to-month agreement 
  • Ideal for international merchants
  • Excellent website


  • Not suitable for card-present merchants 
  • Holds funds 
  • Risky for high-risk merchants 

6. Dwolla

Dwolla offers the same features as PayPal when it comes to funding transfers. However, it focuses more on bank transfers or automated clearing house payments. You can customize a payment solution based on your company’s needs. Dwolla accepts same-day payments and the transactions are free.  

Dwolla is considered the “Tesla of payment gateways.” It comprises online business features such as shopping cart plugins and website integration. It puts a premium on customer security using rigorous monitoring, strong cryptography, and constant refining.  

Dwolla offers three pricing options (Pay-As-You-Go, Scale, and Enterprise) ranging from $0 to $10,000. 


  • The cost is lower than the competition 
  • Easy to use interface 
  • Less risk for identity theft 


  • Not being used by many people yet 
  • No credit card option 
  • Slow transfers 
  • Currently available to US residents only 

7. Google Play

Google Pay is a digital wallet that works like a physical wallet. It is the result of the rebranding of Android Pay and Google Wallet. All of Google’s digital payments are now under Google Pay. Once installed on your phone, you can make contactless payments in-stores without using a card or cash. Google Pay is highly safe because it is part of a company that operates one of the world’s most advanced security systems.  


  • Secured 
  • You can travel light without carrying a physical wallet 
  • You can make in-store, within apps, and online purchases 
  • Can be used on Android devices 


  • Not compatible with iPhones 
  • Not accepted in banks yet 

8. Apple Pay

Apple Pay is designed for merchants. It uses touch ID confirmation. With this technology, you can use your fingerprint to pay for a transaction. Apple Pay features faster and more secure transactions.  

Although this online payment processing tool is relatively young, don’t be surprised if it can support older machines. Rumor has it that Apple Pay will soon add P2P payment within iMessage. When making purchases on Safari from an iPhone, iPad, or Mac, paying becomes a breeze without the need to create an account or fill out lengthy forms.  


  • Secured payment 
  • Offers a second device option for mobile users 
  • Easy to set up 


  • It hasn’t been adopted since it was launched in October 2014 
  • Your competition probably isn’t using it yet 
  • It can get expensive to set up 

Online Payment Processing Tools are a Game-Changer 

Selling online can be easy. You just need the right online payment processing tools to fit your business and provide seamless customer transactions. These online payment processing tools can help improve your customer experience and potentially grow your business. 

One CoreDev IT (CORE) is an employer of record company that provides solutions for startups and SMEs. Our trained and talented team aims to deliver exceptional service to tailor-fit your company’s needs. If you are looking to offshore payment processing, we provide excellent and industry-proven customer support that can help grow your business.

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