Learn why GetApp is free
191 software options
Read more about Square Payments
Read more about Stripe
Read more about Tipalti
Read more about AvidXchange
Read more about HoneyBook
Read more about Marketing 360
Read more about Bill.com
Read more about LawPay
Read more about Chargebee
Read more about Podium
Read more about FiveStars
Read more about SpotOn Restaurant
Read more about Upflow
Read more about Melio
Read more about PEX
Read more about Payment Depot
Read more about Zoho Subscriptions
Read more about MoonClerk
Read more about Sky Systemz
Read more about Plooto
Read more about eBizCharge
Read more about Fusebill Subscription Billing
Read more about Nvoicepay
Read more about sticky.io
Read more about Profituity
page 1 of 8
Whether you are the owner of a small clothing retail store or a manager with a law firm, ensuring all your products and services are paid for is integral to your business.
Managing payments for businesses goes beyond putting the money in the cash register. They need to keep track of all transactions and constantly tally them against invoices. Additionally, businesses need to process digital payments, whether it is via a card or a payment gateway on the website.
This is where a payment management suite of tools helps save hours by automating the tasks to streamline the finances.
To help you find a payment management tool, we have prepared this guide. Here’s what we’ll cover:
Payment management software is a suite of tools that help businesses generate and track invoices, process payments, and monitor their finances. The suite can be used to handle in-store as well as online transactions.
These tools include feature-intensive accounting software that supports anything from bookkeeping, payment tracking, invoice generation, to financial reporting. These also include feature-focused billing and invoicing software that help businesses record billable hours and create invoices for customers.
Additional types of tools in this suite include point of sale (POS) software that helps retailers generate receipts and process transactions, and subscription management software that helps track customers who sign-up to be served on weekly, monthly, or yearly intervals.
Industry-focused payment management tools are also available on the market. These include specialty tools for industries that have specific requirements, such as legal, hospitality, medical, or retail.
Payment management tools are typically available in one of the following two deployment models:
Cloud-based deployment: The tool is deployed on the vendor’s or a third-party server and you can access it via a browser or a desktop/mobile app. With this option, you are relieved of the responsibilities of hosting and maintaining the tool. Such tools are usually priced on a per-user-per-month basis.
On-premise deployment: The tool is deployed on your server/computer, and you need to shoulder the responsibility of maintaining its upkeep. While some vendors might provide additional support, you’re largely on your own if you run into trouble with the tool. Such tools are usually priced on a licensing model and require a higher upfront investment.
Key question to ask a vendor: What is the expected total cost of ownership of the tool, including implementation costs, data migration, and any additional equipment requirements?
Before choosing a payment management software, it is important to understand the features typically offered by such tools. To help you out, we’ve listed the most common features below:
Invoicing: Create invoices for customers. These can either be generated manually by putting in all the relevant information (as in invoicing tools) or automatically at the end of a billing and checkout process (as in POS tools).
Payment processing: Accept payments for generated invoices. While some tools (such as billing tools) allow you to embed the payment option on your website or webpage, others (such as POS tools) allow you to manually process payments from card or wallet transactions.
Receipt generation: Create receipts for all transactions. Either provide the receipts as printed copies to in-store customers or send them over email and SMS to customers doing online transactions.
Discounts and promotions: Provide customers discounts via vouchers, coupon codes, and other types of promotions online or in-store.
Record invoices and transactions: Manage outgoing and incoming invoices and record any payments made or received. Also, keep an eye on pending payments and be notified when the payment is due.
Reporting: Keep track of all incoming and pending payments on a reporting dashboard. Get a consolidated view of your finances on a single screen and track any significant changes in financial flow.
Key question to ask a vendor: Is the software compliant with the Payment Card Industry Data Security Standard* (PCI DSS)?
*PCI DSS provides benchmarks set for card (credit, debit, and cash cards) transactions. They help ensure the safety of sensitive customer information. While most payment management tools are built as PCI DSS compliant, a few may leave the responsibilities of compliance with the user.
Note: The applications selected in this article are examples to show a feature in context, and are not intended as endorsements or recommendations, obtained from sources believed to be reliable at the time of publication.
© 2010-2021 GetApp. All Rights Reserved.
GetApp® is a registered trademark of Nubera eBusiness S.L. Nubera eBusiness uses its own and third-party cookies. By using the website you are accepting the use of these cookies. To get more information about our cookies click here.