Accounting & Finance

5 Payment Processing Tools With the Features Your Business Needs for 2022

Dec 1, 2021

These top 5 payment processing tools are ready to help retailers tackle 2022’s market trends.

Supriya DekaMarket Research Specialist
5 Payment Processing Tools With the Features Your Business Needs for 2022

Whatever kind of business you own or operate, you need to accept payments from your clients/customers.

Since the pandemic, businesses and customers alike prefer (or even require) using credit/debit cards or mobile wallets to pay for their purchases, rather than cash.

Payment processing software can help you process multiple payment types, whether the purchase is being made online or in-person via your POS.

Let's take a look at two market trends impacting the payment processing space before diving into the top five systems that will ensure you're ready to face them.

According to Gartner, as payment technology continues to evolve, the amount of global cash in circulation will reduce for the first time and mobile proximity payment users will number nearly 2 billion by 2024 (full content available to Gartner clients).

This continued change in payment behavior and preference will revolutionize the industry in terms of payment acceptance, authorization, and fraud detection. Here are some trends to keep an eye on:

  • Mobile payments/contactless payments: Limited physical interactions due to the pandemic have not only changed consumer attitudes toward cash payments but also increased use of contactless/touchless payments via smartphone. Scanning QR codes to pay with a digital wallet as well as mobile or card taps has led to faster, easier transactions.

  • Payment authentication: With the rise in virtual and contactless payments, the need for security has increased. Businesses need to fight identity theft, debit/credit card fraud, and account takeovers by implementing tech such as tokenization, 3D Secure (3DS), biometrics, and real-time fraud detection tools.

Here at GetApp, we want to help you find the right payment processing solution for your business. We took a look at our Category Leaders report to find the top five payment processing software options (based on their Category Leaders score) with features that will make sure you're ready for these trends in 2022 and beyond.

What is the Category Leaders report?

Category Leaders is GetApp’s annual ranking of top software tools, leveraging ratings from over 1 million user reviews on the following parameters: Ease of use, value for money, functionality, customer support, and likelihood to recommend.

Products are listed in descending order of their CL score below; you can read our full methodology at the bottom of this page.

1. HoneyBook

  • Category Leaders score: 99

HoneyBook is a client management tool that helps you manage and keep track of projects in one place. This software includes document management, client communication, booking, and payment features.

HoneyBook allows customers to pay via electronic check (ACH bank transfers), moving funds from client accounts to yours. Customers can also pay online with their debit cards through HoneyBook.

HoneyBook integrates with your business apps and can set automatic payment reminders for customers, schedule recurring payments, and create mobile invoices. Additionally, customers can download the HoneyBook app to pay with their bank account, set up auto-payments, sign contracts, and more.

Online-payment-capability-in-HoneyBook

Online payment capability in HoneyBook (Source)

2. Venmo

  • Category Leaders: 97

Venmo is a payment gateway solution that allows you to receive payments from customers and send money to others. It also allows you to move money between your Venmo account and your bank account.

Venmo’s digital wallet solution allows customers to pay using their mobile device while shopping on your website or in-store. Venmo QR codes at a checkout counter allow businesses to accept contactless payments; customers can scan the code in their Venmo app for touch-free transactions.

The PIN and touch ID feature of Venmo's app ensures that customers securely authorize payments each time a transaction is made. Authorization can be completed via fingerprint or through Face ID on an iPhone, helping users curtail fraudulent activity.

QR-code-payments-in-Venmo

QR code payments in Venmo (Source)

3. PayKickstart

  • Category Leaders score: 93

PayKickstart is a billing and affiliate management platform that allows online businesses to sell their products and receive payments with checkout, customer retention, and conversion tools.

PayKickstart's payment options include cards, digital wallets, bank debits, and PayPal.  It lets you add a “one touch” option to help customers speed up their digital wallet purchases. This software also offers real-time fraud detection tools to review abnormal purchase behavior, blocking purchases flagged as fraudulent.

Payment-processing-in-PayKickstart

Payment processing in PayKickstart (Source)

4. Square Payments

  • Category Leaders score: 92

Square Payments is an online payment processing tool that integrates with Square Point of Sale software and hardware, as well as other third-party applications. It allows users to accept payments whether selling in-person, online, or on the go.

With Square Payments, you can accept contactless cards, in-app payments, digital wallets, website payments, or payment via shareable checkout links.

Square Payments can help you set up an online store, sell through social media, or integrate with your existing online store or mobile app. It lets you accept remote payments and distribute digital invoices by sending customers a checkout link to pay via text, email, digital wallet, or bank account.

Additionally, Square provides the option to enable 3D Secure, multifactor authentication, or generate payment tokens for strong customer authentication (SCA). These are mostly implemented for online card payments using a verify buyer functionality within the app.

Contactless-payments-in-Square-Payments

Contactless payments in Square Payments (Source)

5. CSG Forte

  • Category Leaders score: 92

CSG Forte is a cloud-based payment management solution that supports payment processing, recurring billing, and translation monitoring to help you process payments and manage accounts in one place.

CSG Forte allows users to accept contactless payments online or via mobile device. The software can integrate with your website for ACH payments/online bank transfers, and offers point of sale solutions to accept contactless payments with EMV, near field communication (NFC)-enabled cards, and mobile wallets.

It also provides a pay-by-phone interactive voice response (IVR) solution so customer service representatives can automate payment processing over the phone.

CSG Forte provides real-time account validation for ACH payment processing and e-checks to help avoid identity theft and data breaches. The payment tokenization feature encrypts payment data and e-check data to protect account information. EMV technology generates a one-time transaction code to authenticate contactless payments through POS devices, all of which facilitate more secure transactions.

Mobile-payments-in-CSG-Forte

Mobile payments in CSG Forte (Source)

While these top-rated payment processing solutions work for many retailers, every business has different needs. It's important to choose software that will help you respond to customer demands and keep pace with market trends.

If these tools don’t have the features you’re looking for, check out our Payment Processing Category Leaders report, where you can compare other top-rated platforms based on ease of use, functionality, value for money, and customer support.

Methodology and note:

  • The products selected in this article have been obtained from GetApp Category Leaders reports accessed on October 29, 2021.

  • The five products with the highest scores in our Category Leaders report are featured in this article. 

  • Market definition for payment processing software:  Payment processing software enables organizations of varying sizes to process credit card payments via either the internet or traditional point of sale (POS) interfaces.  Credit card processing applications can be found as both hosted and desktop platforms.  Typical features of credit card processing solutions include payment processing, credit card authorizations, settlements and administrative functions.

Click here to understand the Category Leader report methodology.

Disclaimer:

At GetApp, we objectively select and rank products based on a methodology developed by our research team. Some vendors pay us when they receive web traffic, but this has no influence on our methodology.

We conducted this analysis based on reviews and ratings data as of October 29, 2021. In order to present the most up-to-date information, the product cards above show real-time ratings. Please note that this means the ratings value in the product card may not reflect the ratings value at the time of analysis.

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About the author

Supriya Deka

Market Research Specialist
Hey there, I’m Supriya. I’m a Market Research Specialist at GetApp. I bring you insights about software selection strategy and how small businesses can better use technology. I studied at New Delhi Institute of Management and have covered technology and software market dynamics since 2017. Home base: New Delhi; two things about me: I like anything that’s blue and enjoy reading novels: The tech trend I think you should keep an eye on: Artificial Intelligence!
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