The Money Mustache Community
Learning, Sharing, and Teaching => Entrepreneurship => Topic started by: mustachedali on January 04, 2018, 10:30:02 AM
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What is your favorite payment processor for small online businesses and why?
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I don't use one directly. I sell software through Gumroad, which handles payment, delivery, VAT issues etc. for me. I needed a all-in-one solution and am pretty happy so far.
That said, I'm sure it's not the cheapest solution out there :-/
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I use Converge. You need to be a Costco business member to sign up. I've used them for years so I don't know how they stack up currently but I think they are competitive. You can sign up as a business member once or use someone else's membership if you want to save the fees. They don't check once you are signed up as a customer.
https://www.myvirtualmerchant.com/VirtualMerchant/login.do
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If you're building your own system or having someone build it for you, use Stripe (https://stripe.com). They're the only option worth considering. They give you all kinds of analytics tools, an awesome dashboard, and PCI compliance for 2.9% + $0.30, which is pretty competitive for the space. Gumroad as mentioned by GeorgeWood uses Stripe under the hood.