Online payments are a necessity for any business that wants to thrive in the digital age.
According to Statista, the global e-commerce market is expected to reach a revenue of $4.1 trillion in 2023, with over 2.1 billion online shoppers worldwide.
That means lots of transactions and lots of payment options to choose from.
But how do you find the best online business payment solution for your business? What are the features you need to look for?
To help you answer these questions and more, we have compiled a list of 11 best online business payment solutions in 2023.
Suggested Read: 9 Best Vendor Payment Management Software
List of the best online business payment solutions
11 Best online business payment solutions
1. Happay EPIC
Happay is a leading online business payment solution in India.
EPIC is Happay’s corporate card platform that provides an enterprise-grade system and is one of the go-to solutions for large enterprises.
Built on AWS, companies can use Happay EPIC corporate credit cards that offer enterprise-level controls.
EPIC’s Corporate Credit Card is allotted without pledging any collateral and is issued faster than others in the market.
With Happay EPIC, powered by SMB Bank India, you can seamlessly control your spending with limit restrictions, whitelisted vendors, geography, and time validity.
You can create physical or virtual cards with a single click to pay for hosting charges, travel bookings, and more.
Here are a few ways you can use the EPIC card:
- Buy ad credits or make payments to ad platforms like Google, LinkedIn, or Facebook
- Pay for hosting charges on Amazon AWS or Google Cloud
- Book flights, hotels, cars, and more
- Manage subscriptions for various SaaS tools that require recurring payments
With functionalities such as analytics and integrations, companies get complete visibility into all spending with EPIC.
Also, Read: 10 Best Expense Management Software
Features of Happay EPIC
- Card enabling or disabling in a click
- Assign, track, and view budgets across different teams
- Card information protection
- PCI-DSS compliant
- Visa-based cards
- Plugins to auto-capture expense data
- Spend visibility on mobile
- Recurring billing support
- Fraud protection
- Rewards from partners
- Integrated finance apps
- Seamless online payments
- Manage digital marketing spends
Why should you select Happay EPIC online business payment solution?
Happay EPIC extensively improves visibility across stakeholders. Companies also get high credit limits (collateral-free), spend optimization functionalities, and valuable rewards. Most importantly, with Happay, you can easily control spending with preset limits, vendors, location, and time.
You can contact Happay’s sales team to learn more about their product and pricing.
RazorpayX helps take control of business banking needs by enabling you to open a current account, track invoices, schedule payments, pay taxes, and view financial reports, all from one dashboard.
This platform enables you to manage your finances seamlessly and gives you complete visibility and control over your company’s finances. In addition, RazorpayX helps automate your credit card usage, expenses, payments, and accounting Features of RazorpayX
Features of RazorpayX
- Payout scheduling
- Bulk payouts
- Invoice management
- Account statements
- Tax payments
Why should you select RazorpayX?
The RazorpayX platform lets you automate vendor payments, pay taxes, and set payroll and compliances in a single place.
You can contact the Razorpay team to learn more.
Volopay is an online payment service designed to simplify spending, streamline workflows, and save time and money. It consolidates all business expenses on one platform with corporate credit cards, multi-currency business accounts, and fast reimbursements.
The platform tracks, reviews, and verifies spending, empowering teams with complete control and transparency. In addition, it provides automation designed to reduce manual work and improves efficiency every step of the way.
Features of Volopay
- Business expense tracking
- Real-time spends tracking
- Subscription management
- Expense reporting
Why should you choose Volopay?
A good solution and customer support are two reasons to go with Volopay.
Contact Volopay directly to learn more about their pricing.
Also, Read: 5 Best Volopay Alternatives & Competitors
Finly helps finance teams with budget control, fraud detection and prevention, transaction breakdowns, cost savings, forecasts, and invoice management. It has been built in collaboration with finance consultants, CFOs, product designers, and ex-bankers. The solution makes finance teams productive and scalable. Over 500 businesses use the solution.
- Custom workflows and policies for approving expenses
- Real-time insights on business spend
- Multi-stage approvals for a streamlined approval process
- Accounting software integration
Why should you choose Finly?
Finly has been rated a “High Performer” in G2’s quarterly report and is built by finance experts.
Finly has not provided any pricing information. However, you can contact their team to know more.
Also, Read: 7 Best Finly Alternatives and Competitors
Karbon provides a corporate banking experience without fees, limits, or waiting time. Karbon replaces a conventional banking system by offering a cash management account, credit cards, controls, and reporting all in one place.
Karbon aims to make it easier for finance teams by enabling them to manage card spending and payments in one place for quick expense reviews and approvals.
- Quick account opening
- International transactions
- Dynamic credit limit
- Expense management
Why should you choose Karbon?
Karbon is easy to use, allows you to spend anywhere, and has high compliance and security standards.
Karbon has not provided any details about their pricing. However, you can contact them to know more.
Suggested Read: 5 Best Karbon Alternatives and Competitors
KODO offers limit-based cards with no collateral and interest-free credit on a daily, weekly, or 38-day basis. Additionally, monthly limits set on cards reset at the end of the calendar month.
Their service also provides access to both top-up and limit-based cards. The balance reduces either by utilizing it or reducing it on each card based on the usage patterns of employees.
- Visa-based cards
- Global payments
- Real-time card control
- Receipt management
- EMI conversion
Why should you choose KODO?
KODO has good customer support and provides an easy-to-use solution.
You can schedule a call with the KODO team to learn more about KODO and its pricing.
Also, Read: 5 Best Kodo Alternatives for Corporate Cards
EnKash offers a comprehensive commercial payments platform trusted by many next-gen businesses for a frictionless payments experience. As a result, it is one of the fastest-growing platforms in the B2B space, enabling businesses to digitize and simplify their commercial payments.
- Multiple card variants
- Card management
- Unlimited usage
- Subscription management
Why should you choose EnKash?
EnKash helps save time, control track of spending, and improve reconciliation times. The solution also requires minimal intervention from IT teams to set up and start using it.
EnKash has not listed its pricing options. However, you can contact them to know more.
Also, Read: 5 Best EnKash Alternatives, Pricings & Reviews
WildApricot Payments is powered by AffiniPay, a payment gateway specializing in association payment solutions. In addition, WildApricot Payments is entirely PCI compliant and built specifically for nonprofit transactions. This means that they support recurring donations and offer free support.
- Mobile app
- One-click checkout
Why should you choose Wildapricot?
You should choose Wildapricot because there is no monthly fee. The payment solution also provides support for one-click checkouts and recurring payments.
Wildapricot has different pricing models. You can get in touch with their team directly to know more.
Stripe has designed powerful APIs and software solutions to help companies capture more revenue by enabling them to accept payments and move money globally. Stripe’s complete payments platform is engineered for growth.
From e-commerce stores to subscription businesses to platforms and marketplaces, it offers a complete stack for all your payment needs across channels, including bank accounts.
- Custom workflows
- Shareable links
- Mobile app
- In-person payments
- Multi-currency support
Why should you choose Stripe?
Stripe has been rated one of the “Top 100 Fastest Growing Products” in the payments solutions category. Ease of use and budget-friendly are other factors to consider while choosing Stripe.
Stripe hasn’t provided pricing information. However, you can get in touch with them to learn more.
Recommended Read: 11 Best Billing Software in India
10. Square Payments
Square Payments makes accepting card payments a fast process, with no extra fees, no long-term contracts, and nothing else hidden, regardless of your business size. In addition, the payment processing platform helps ensure you don’t miss sales.
- Online payments
- In-person payments
- Buy now, pay later option
- Apple Pay and Google Pay support
Why should you choose Square?
Square is easy to set up and use and ensures high data security. There are also no hidden fees.
You can contact Square’s team directly to learn about their pricing.
Also, Read: 9 Best Accounting Software for Small Business
Brex provides corporate credit cards and cash management solutions for businesses. Brex offers credit cards with higher credit limits than traditional business credit cards. In addition, Brex’s credit cards do not require a personal guarantee, which means that the business owner’s personal credit history is not used to determine eligibility or credit limits.
- Expense management
- Mobile management
- ACH payments
- Globally accepted cards (Mastercard)
Why should you choose Brex?
Brex is easy to set up and start using. It also has a large customer base (including many startups).
Brex offers a free trial. You can contact them to learn more about different plans and how much it costs.
What are online payments solutions?
Online payment solutions are used for making and receiving payments. Customers enter payment details within an application or web page (or through a payment gateway) to initiate payment.
Open banking has become easier since the customer only needs to authenticate with their bank’s online platform to proceed.
Essentially, online payment gateways allow businesses (online stores, for example) to accept a wide range of payments on their websites, ensuring the safety of their money and sensitive information.
Various methods and technologies enable individuals and businesses to pay online.
These solutions, such as credit/debit card payments, e-wallets, and bank transfers, are secure and convenient money transfer methods between individuals or organizations without needing physical currency or checks.
Online payment solutions provide a fast, secure, and convenient way for businesses to accept payments and for customers to make purchases online.
Also, Read: 10 Best Accounts Payable (AP) Software
Why do you need online payment solutions for your business?
From sheer convenience to secure transactions, businesses need to use online payment solutions for several reasons.
Here are a few of them:
Online payment solutions provide a fast and convenient way for customers to make payments. With online payments, customers can easily purchase anytime and from anywhere without visiting a store or business.
2. Increased sales:
By accepting online payments, businesses reach a wider audience and increase sales. This is because online payments enable businesses to sell their products or services to customers globally.
Online payment solutions are designed with security in mind. Transactions are encrypted and protected by various security measures, such as firewalls and fraud detection systems, to ensure that customer data is safe.
4. Reduced costs:
Online payment solutions help businesses save money by reducing the need for manual processes, such as processing checks or handling cash.
5. Improved cash flow:
Online payment processing is typically done faster than traditional payment methods, which helps businesses improve their cash flow and reduce the time it takes to receive payments.
How does the online payment system work?
An online payment system enables individuals and businesses to make and receive payments electronically.
Here’s how it works:
1. Customer initiates a payment:
The customer selects a product or service from their shopping cart and proceeds to the checkout process. At this stage, the customer enters their payment details, such as their credit card number, into a secure form on the website.
2. Payment information transmission:
Once the customer submits their information on the payment page, the website encrypts and transmits it securely to the payment gateway.
3. Payment gateway authorization:
The payment gateway processes the transaction and verifies the customer’s information to ensure the transaction is legal and genuine. It acts as a payment processor, where If the transaction is approved, it sends a message to the website indicating payment validation.
4. Funds transfer:
The funds are transferred from the customer’s account to the merchant’s. This process can take a few seconds or days, depending on the payment method.
5. Transaction completion:
The website sends a confirmation message to the customer indicating that their payment has been processed and their order has been fulfilled.
Also, Read: Vendor Payments: Meaning and Process
How to choose the best online payment solutions?
Choosing the best online payment solutions for your business can be a daunting task, but here are six key factors to consider when making your decision:
Look for a payment solution that uses the latest security measures, such as encryption and fraud detection, to keep customer data safe.
2. Ease of use:
Choose an easy payment solution to integrate into your existing website or e-commerce platform and provides a simple and intuitive interface for customers to make payments.
3. Payment methods:
Make sure that the payment solution you choose supports a wide range of payment methods, such as credit/debit cards, e-wallets, bank transfers, and cryptocurrencies, to cater to the diverse needs of your customers.
Consider the fees charged by the payment solution provider, including transaction fees, setup fees, and monthly fees, and compare them to other providers to ensure that you get the best value for your money.
5. Customer support:
Look for a payment solution provider that offers excellent customer support, including 24/7 support, live chat, and phone support, to ensure that you can get help whenever you need it.
Research the payment solution provider’s reputation and customer reviews to ensure they have a track record of providing reliable, high-quality services.
How Happay EPIC online business payment solutions can help your business grow?
Happay, one of India’s leading expense management solutions, offers financial services ranging from T&E management software to commercial cards. EPIC is an enterprise-grade payment system that is a go-to solution for all business expenses.
With Happay’s EPIC, you get collateral-free credit with higher limits, controls to optimize spending and improve visibility, and the flexibility to choose rewards that work for your enterprise.
Why is Happay EPIC one of the best competitors?
Here are a few reasons why Happay EPIC is one of the best payment solutions in the market.
1. High credit limit
Happay EPIC offers more credit limits than other cards in the market and conventional bank-issued ones. Companies also have the option to request a higher credit limit.
2. Maximized savings
EPIC provides an overall savings of 12–14 percent by saving 2–4 percent on administrative overhead costs and 3 percent on forex charges.
3. Quick onboarding
Applying for the EPIC card is easy since it doesn’t take long to process and requires minimal documentation. In addition, Happay does not require companies to declare FDs as collateral.
4. Spend insights & analytics
Happay EPIC provides insights, analytics, and reports to help companies simplify expense reporting. Users can use the dashboard to oversee data and drill down to view specific information.
5. Long credit cycles
Happay’s EPIC card offers long credit periods of up to 45 days and provides companies with 14 days to clear their bills.
6. Mobile app
Companies can track and manage spending on the go with Happay’s mobile app. Android and iOS users can seamlessly use it to view transaction details and how money is spent for improved visibility.
The existence of many online payment solutions can make it difficult for you to single in on one for your business. It doesn’t have to be, though.
Simplicity and overall ease of use, without complications, should be your primary focus, and one that meets these requirements is Happay’s EPIC Corporate Cards. It is a highly scalable solution that does not require you to read between the lines, doesn’t impose hidden charges, and provides maximum ROI.
A payment solution enables individuals and businesses to make and receive payments electronically, usually online. Payment solutions include various methods, such as credit and debit cards, e-wallets, bank transfers, cryptocurrencies, and platforms and gateways that facilitate these transactions.
Popular payment solutions include credit and debit cards, e-wallets, bank transfers, cryptocurrencies, payment gateways, and point of sale (POS) systems. Customers can use these payment solutions at the point of sale.
The two methods of online payment are, push and pull payments. In the former, the customer initiates the payment, which authorizes funds to transfer from their account to the merchant’s account. Examples of push payments include bank transfers and e-wallet payments. In the latter, the merchant initiates the payment and requests authorization to pull the funds from the customer’s account. Examples of pull payment include debit and credit card transactions, where the merchant initiates the payment by swiping or tapping the customer’s card.
The three modes of online payment are:
a) Card-based payments involve using credit or debit cards to make online payments. Customers can enter their card details on the payment gateway to complete the transaction.
b) Bank-based payments use net or mobile banking to transfer funds from the customer’s bank account to the merchant’s account.
c) Wallet-based payments use digital wallets or e-wallets to make payments. Customers can add funds to their digital wallets and use the balance to make online payments. Examples of e-wallets include PayPal, Amazon Pay, and Google Pay.
Some examples of the latest payment methods include mobile, contactless, crypto-based, wearable, biometric, and instant payments.