The more options you offer your customers, the more convenient you make your business. You don’t want your customers opting for another competitor simply because you don’t have the right payment option.
Moreover, with the explosion of the digital and entrepreneurial world, there has been an explosion of options for small businesses and startups to use.
Present in over 120 countries, FreshBooks offers a cloud-based accounting solution for small business owners. It’s known to provide a quick set up and give customers quick and easy payment options. For a business owner who is still learning the digital and accounting world, FreshBooks offers a platform that is simple to use and easy to understand. The flexible invoice system and expense management makes it easy to handle customers.
The downside is that FreshBooks does not directly integrate with popular e-commerce sites, so you will be doing a lot of manual filling up of balance and order sheets.
The fee for FreshBooks is 2.9% flat rate.
Created in Vancouver, Payfirma is strategically tied up with CIBC. With Payfirma, you access multiplatform payment solutions from one account at a consistent rate. The fees are negotiable based on the volume of financial transactions.
Payfirma’s open API gives it plenty of customizable options that allow a business to develop a payment option around their existing system of shopping carts and e-commerce solutions.
Whether you are a big, small or medium sized business, Moneris will be able to fulfil your business’s payment needs. Moneris offers multichannel payment solutions. Created as a joint investment between RBC Royal Bank and BMO Bank of Montreal, Moneris has serious infrastructure for businesses.
The fee rate can start of at $19.95 per month with additional credit card fee of 2.75%.
Moneris is perfect for small businesses that are expanding quickly and need to handle large volumes of financial transactions.
TD Merchant Service
Rather than partner with other providers, TD Bank decided to offer their own merchant service in the form of TD Merchant Service. It comes along with a massive infrastructure and set up that TD Bank has across the country.
TD Merchant Service does not have a flat fee rate, rather it charges based on the client’s need, volume and relationship with the service.
The marriage of TD Merchant Service to TD Bank makes it perfect for businesses that are already using TD bank services.
Last but not least is PayPal. PayPal, over the years, has established itself as a trusted online payment gateway for both customers and business owners. There is a wide range of payment solutions that PayPal offers. The fee rate is largely depended on the service selected.
The biggest advantage, that PayPal has, is the credibility it brings to your payment solution. Additionally, since PayPal is responsible for storing payment and credit card information, the business does not have a security risk.
When you selected the payment solution, ensure you select the right one. An accountant from ATS Accounting will understand your business, its needs and future requirements to give you the best option.