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2021 Rankings

Best Online Payment Services

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Say hello to a hassle-free and simple way of making payments online! All you need is the right online payment service to experience seamless, secured, and speedy transactions wherever you are. Try one of the services today!

Frequently Asked Questions on Online Payment Services

Are there free online payment services? 

Yes, there are. Although online payment services usually have transaction fees and other additional costs, there are some online payment services that you can use for free. An example of this is free mobile wallet apps, which you can simply download on your device and make transactions online.

What is the difference between a debit card and a credit card? 

A debit card is linked to your checking account and is generally accepted as a payment method along with credit cards. Since you’re taking from your own money, there’s no interest associated with paying using your debit card.

Meanwhile, a credit card allows you to borrow money from lenders and use that to pay for your transactions. Unlike debits, a credit card has added charges per transaction, and you may be charged with interest if you have a balance on your account. Take note that there is a credit limit, which varies among customers. 

How does a merchant account work? 

These accounts allow you to accept online payment. Merchant services are paid by the customer through different payment methods, like e-Checks or digital wallet. Then, it goes to the merchant’s accounts after it has been processed. There are a lot of acquiring banks that provide merchant accounts for small businesses. 

Can I get a refund once my ACH payment is already processed to the merchant’s account?

Since an ACH payment service processes payment by batch, it’s challenging to reverse a payment once the transaction is successful. It would be easier for merchants to refund a buyer’s purchase on their end. However, if your payment was made without your consent, you can contact the merchant and ask for a refund. 

How do merchants submit transactions for ACH payment processing? 

There are three ways for a merchant to submit transactions for processing. An API is used for transactions entered online. Meanwhile, orders that are manually taken can be sent using a virtual terminal. Lastly, you can also use the FTP batch file uploads to a secure site to submit transactions. 

What is the difference between ACH payment services and wire transfer services?

The differences between ACH payment services and wire transfers are the cost and the time it takes for completing a transaction. Wire transfers are usually available for withdrawal on the same day, as soon as the funds are credited to your account. ACH payment costs cheaper but takes a few days before it settles into your account. 

How much does wire transfer usually cost?

The cost of wire transfer can range from $0 to $50, depending on your financial institution. Although there are some transfers that you can do for free, you can be charged for each transaction depending if it’s an outgoing or an incoming transfer and whether the transaction is domestic or international. 

What are the types of digital wallets?

Digital wallets are divided into several types. Let’s take a look at each of them.


An online digital wallet is a payment service that allows you to make purchases through your device app. You can also store your cards, coupons, and tickets here.


A mobile digital wallet is usually accessible through an app that you can install on your device, and you can use it upon checking out of a store. The “tap to pay” option is also available in mobile wallets.


 A desktop wallet allows you to create a cryptocurrency address for sending and receiving your digital money and store your private key.


A hardware wallet is a type of cryptocurrency wallet that stores your private keys securely. 

What features does a cryptocurrency digital wallet usually have?

A reliable cryptocurrency wallet helps the buyer and seller send and receive cryptocurrencies from one wallet address to another. In choosing a cryptocurrency wallet, here are a few integrated features that you can look for.


Two-Factor Authentication 


Multi-Cryptocurrency Transaction


QR Code Scanner


Security


Transaction History 


Wallet Backup 

What are the key features of digital wallet mobile apps?

Mobile payment services are usually done through an app on your device. Some features that you can find are user registration, bank account authorization, adding and checking balance, transferring money, and online bills payment.

What are P2P payment services?

Person-to-person, also called peer-to-peer payment, are online services that allow you to send money to other people by searching for their email address, username, or phone number. Whether it’s to send your part of the bill to your family or pay back a friend for lunch, P2P transactions are fast and usually free. 

What are online credit card payment services?

These are services that offer consumers to use credit cards for payment transactions. Credit card payment services may solely accept credit card payments of various brands. They can also be offered as a payment method with other payment options, such as e-checks and digital currencies. 

How do I find the best online payment services for small businesses? 

There are several things you can do to find the right payment service for your business. Besides defining what you look for in a service, you must conduct a thorough online payment service comparison among the brands that offer it.

You can also study the top 5 online payment services for small businesses to get more specific results. Once you’ve found ideas on the services that are suitable for your business, you can now compare online payment services and look for one that falls under your budget and security needs.

In what types of businesses do you usually use payment gateway services?

Online gateway payment services can be used in many areas of business. They are commonly used by merchants involved in business activities such as e-commerce, video gaming, gambling, trading online, retail market, travel, food businesses, and even web hosting.

What are the integrations types that payment gateway services usually offer?

In choosing a payment gateway service, you have to be smart and choose the one of great value. Some standard integrations offered with payment gateway services are API, Hosted Payment Page (HPP), Virtual Terminal (VT), and Plug-ins to CMS, shopping carts, and payment tools.

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