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Top 10 Payment Processor Vendors in 2024


9 min read

In the modern world of digital technologies, web stores, and online payments, the role of payment processing vendors is significant. Such service providers handle various forms of electronic payments, including credit and debit card transactions, offering secure and efficient processing services.

The transaction value in the digital processing market is projected to reach $11.55 trillion in 2024, meaning that the volume of digital transactions is huge, and businesses must have means to receive and conduct them. 

In this post, you’ll learn more about payment processing services, discover the value of having a seamless flow for receiving and sending payments, and review the 10 world-famous payment processors you can choose for your business. 

What Is Payment Processor Vendor?

A payment processor vendor is a company that handles transactions between a buyer and a seller, facilitating the transfer of funds.

The payment processor vendor plays a critical role in facilitating electronic transactions, acting as an intermediary between merchants, customers, and financial institutions. 

From the non-technical perspective, the payment processor vendor is like a diligent postman, efficiently and securely delivering messages (payments) between houses (merchant accounts and bank accounts). They ensure each message not only reaches the right destination quickly, but also that it’s handled safely and confidentially.

You can discover more about the part that a payment processor takes in the payment processing workflow in the infographic below.

Basically, the cardholder gives permission to the merchant to use their banking data to create a payment processing request. This request is passed through the payment gateway and then, in step 3, to the payment processor. In step 4, the payment processor connects to a card network, followed by an issuing bank (bank of a cardholder) sending the transaction to the acquiring bank *bank of the merchant) in step 7, and then it settles in the merchant account. Finally, the merchant receives confirmation of the successful payments and provides the cardholder with the receipt. 

If you’re interested in the technical aspects of payment processing workflow, read our post on the topic of developing a payment getaway

Business Advantages of Partnering with Payment Processor Vendors

To be successful, a business needs a clear strategy for receiving online credit card payments from its customers, whether they are individuals or other businesses. You also need means to pay for consumables and other products and services should your venture require any. It can be achieved only by partnering with companies offering transaction processing services and capable of connecting you with your respective customers and partners.

A business can receive payments without being involved in a transaction processing flow with a payment processor. This method is called Direct Bank Transfers. Yet, it’s known for being constantly slow and not effective, especially for processing large amounts of small transactions. Other methods are cryptocurrency transactions and Peer-to-Peer transactions, which also have imitations.

At the same time, a business can develop its customer payment gateway and payment processor software solution. It’s not cost-effective for small and medium-sized businesses but can be advantageous for large-scale corporations. For the development, a company must have a network of banking service providers agreeing to conduct transactions through the custom gateway and processor. Building such financial software solutions also requires obtaining permits and licenses. 

So, if none of the listed really works for you, here are some additional core reasons why you need a trusted payment processor integrated into your digital products or joined as a part of your business environment and card network:

#1 Expanded payment options for end customers

Partnerships with payment processors enable businesses to offer a wide range of payment methods (credit/debit cards, e-wallets, online banking, etc.), catering to diverse customer preferences and increasing the likelihood of completed transactions.

#2 Operation on a global scale

Payment processors often support multiple currencies and local payment methods, allowing businesses to seamlessly expand their operations internationally without worrying about complex currency conversion and cross-border payment issues.

#3 Access to advanced marketing and technology capabilities

Payment processors provide tools and technologies that integrate with marketing efforts, such as targeted promotions based on purchasing behavior, enhancing customer engagement and sales opportunities.

#4 Access to new marketplaces

By using payment processing service, businesses can tap into new markets more easily, as these platforms are often already integrated with various marketplaces and e-commerce platforms worldwide.

#5 Scalability and flexibility

Payment processing partners offer scalable solutions that grow with your business, from handling small volumes to large-scale transactions, and provide the flexibility to adapt to changing business models and market demands.

#6 Data analytics and insights

These partnerships offer access to detailed transactional data and analytics, giving businesses valuable insights into customer behavior, payment trends, and potential areas for optimization.

#7 Compliance and regulatory support

Payment processors stay up-to-date with the latest compliance requirements and regulations in different regions, ensuring that businesses adhere to legal standards and reduce the risk of non-compliance penalties.

Let DashDevs team of qualified engineers modify your digital infrastructure, enabling you to send and accept payments.

Top 10 Payment Processor Vendors

Now, we got closer to the question of how exactly you can achieve the listed below business benefits and reach new heights with your business. Simply put, you need a reliable payment processor provider you can partner with. A vendor can offer you the integration and handle transaction processing on their side without your major involvement needed.

However, you cannot just opt for the very first payment processor whose website you spot on the web. Neither should you guide your decision with the advice of a person owning a different business. Payment processor vendors differ in their rates, offerings, capabilities, regions covered, and niche-specific features. 

Let’s review the top 10 best payment processors on the market for you to find out which one actually can present the best fit for your company.  

#1 Stripe: Best for Online and International Transactions

Stripe, founded in 2010 by Patrick and John Collison, is a technology company that builds economic infrastructure for the internet. It primarily offers payment processing software and application programming interfaces (APIs) for e-commerce websites and mobile applications.


  • In-person transaction fee: 2.7% + $0.05.
  • Online transaction fee: 2.9% + $0.30.
  • Monthly fee: $0.00.

Why we like Stripe:

Stripe is known for its developer-friendly platform, offering robust APIs and extensive documentation. It supports a wide range of payment methods and currencies, making it versatile for international transactions. The platform’s simplicity and integration capabilities are also highly praised, making it a preferred choice for tech-savvy businesses.

#2 PayPal Payments Pro: Best for Alternative Payment Methods and Trusted Brand Recognition.

PayPal, established in 1998, is a widely recognized online payment system. PayPal Payments Pro is a more advanced version of their standard service, offering customizable payment processing capabilities.


  • In-person transaction fees: 2.29% + $0.09.
  • Online transaction fees: 2.59% + $0.49.
  • Monthly fees: Standard — $0.00; Payments Advanced — $5; Payments Pro — $30.

Why we like PayPal Payments Pro:

This service provides a seamless checkout experience for customers, allowing businesses to accept credit card payments directly on their website. It’s also known for its strong security measures and widespread acceptance, making it a reliable choice for a broad range of businesses.

#3 Amazon Payments: Best for Integration with Amazon Services and Growing Customer Base

Amazon Payments, or Amazon Pay, provides payment solutions that allow customers to use their Amazon accounts to make purchases on third-party websites.


  • In-person transaction fees: 2.9% + $0.30; 4% + $0.30 for Alexa transactions. 
  • Online transaction fee: 3.9% + $0.30; 
  • Monthly fee: $0.00.

Why we like Amazon Payments:

It’s particularly advantageous for businesses that sell through Amazon or target customers familiar with the Amazon ecosystem. The trusted Amazon interface can help increase customer trust and potentially improve conversion rates for businesses.

#4 Shopify Payments: Best for E-Commerce Platform Integration

As an integral component of the Shopify e-commerce framework, Shopify Payments offers a streamlined, in-platform payment processing system experience for online merchants.


  • In-person transaction fee: 2.7% + $0.00.
  • Online transaction fee: 2.9% + $0.30.
  • Monthly fees: Basic plan — $29.00; Shopify plan — $29.00; Advanced plan — $299. 

Why we like Shopify Payments:

The key benefit lies in its seamless integration, eliminating the need for external payment gateways and simplifying the e-commerce process, making it ideal for businesses seeking a unified online store and payment management system.

#5 Payoneer: Best for International Transactions and Working with Freelancers

Founded in 2005, Payoneer specializes in cross-border payments and offers a range of services tailored to businesses engaging in international transactions and working with global freelancers.


  • In-person transaction fee: 1% + $0.00.
  • Online transaction fee: 3% + $0.30.
  • Annual fee: $29.95.

Why we like Payoneer:

Its strength is in handling diverse currencies and providing flexible, global payment options, which are essential for businesses operating on an international stage and simplify cross-border financial interactions.ут 

DashDevs integrated payment processors to 100 of our clients. Entrust us with your best project, and let us handle the rest!

#6 Square: Best for Small Businesses and In-Person Transactions

Founded in 2009, Square offers a comprehensive payment processing solution that caters to both in-person and online transactions, making it a versatile choice for small to medium-sized businesses.


  • In-person transaction fee: 2.6% + $0.10.
  • Online transaction fee: 2.9% + $0.30.
  • Monthly fee: $0.00.

Why we like Square:

The platform is user-friendly, offering inclusive hardware solutions for physical transactions, making it a preferred choice for smaller businesses seeking a straightforward and all-encompassing payment solution.

#7 Helcim: Best for Businesses Looking for Lower Fees

Helcim caters to the payment processing needs of small to medium businesses with a focus on cost-effectiveness. It’s one of the most affordable payment processing for small businesses on the market. 


  • In-person transaction fee: 0.4% + $0.08.
  • Online transaction fee: 0.5% + $0.25.
  • Monthly fee: $0.00.

Why we like Helcim:

Helcim is appreciated for its straightforward pricing structure and lower fee structure, making it an attractive option for businesses conscious of cost efficiency. Helcim’s range of merchant-oriented services is also a strong selling point.

#8 Melio: Best for Conducting B2B Payments

Melio is designed specifically for B2B payments, offering solutions that streamline the process of business-to-business transactions.


  • In-person transaction fees: 2.9% + $20.00.
  • Online transaction fee: $20.
  • Monthly fee: $0.00. Extra monthly payment processing fees may be imposed on some businesses. 

Why we like Melio:

Melio focuses on the unique needs of B2B transactions, such as payment scheduling and accounting software integration, making it a suitable choice for businesses that primarily engage in B2B operations.

#9 Chase Payment: Best for Direct Processing

Chase Payment, provided by JPMorgan Chase, offers direct processing services, making it a reliable option for businesses looking for stability and security in their payment processing.


  • In-person transaction fee: 2.6% + $0.10.
  • Online transaction fee: 2.9% + $0.25.
  • Monthly fee: $0.00. An extra monthly credit card processing costs may be imposed on some businesses. 

Why we like Chase Payment:

Its association with a major financial institution brings a level of security and reliability that can be crucial for businesses. The direct processing capability is also beneficial for those seeking efficient transaction handling.

#10 Clover: Best for Retail and HoReCa Seeking an All-In-One Solution

Clover provides an integrated payment and point-of-sale (POS) system that is especially beneficial for retail and hospitality businesses.


  • In-person transaction fee: 2.3% + $0.10.
  • Online transaction fee: 3.5% + $0.10.
  • Monthly fee: $14.95 and up.

Why we like Clover:

Its customizable POS solutions cater to the unique needs of the retail and hospitality sectors, making it a comprehensive choice for these industries. The system’s adaptability to various business operations is a significant advantage for businesses seeking an all-in-one payment provider and management solution.

Drop the DashDevs team a line should you need to consult with expert fintech providers on the matter of choosing a payment processor.  

Final Take

Payment service providers are integral to the process of receiving and sending funds. Business aiming to distribute their products and services on a large scale have to partner with one or several payment processors. With our list, it’s easy to pick. If you work with freelancers, your best choice is Payoneer. If you own an e-commerce business, you can go with either Amazon or Shopify, and so on. 

Once you’ve selected the right payment processor partner, you should integrate it into your digital infrastructure and your software solution to be able to send and accept payments. For this, you need substantial technical expertise and experience. If you don’t have in-house experts, the right call for you is to reach out to a fintech service provider with a payment processor integration request.

Let DashDevs team of expert dev engineers connect your digital product to payment processor capabilities. With our 12+ years of experience and over 500 projects completed, we’ll ensure a seamless transaction processing workflow as intended by your chosen payment processor. 

Contact us

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Table of contents
What is a payment processing company?
A payment processing company is a vendor handles financial transactions between buyers and sellers, typically for online purchases or services.
What does processing service mean?
Processing service refers to the procedures and technologies used by companies to handle financial transactions, including authorization, capture, and settlement.
Why are online payment services necessary?
Online payment services are necessary for facilitating secure, swift, and convenient financial transactions in the digital marketplace, enhancing e-commerce efficiency.
How do payment processing companies work?
Payment processing firms check transaction data, ensure fund availability, process payments, and provide settlement services to buyers and sellers.
How do I choose a payment processing company?
To pick a payment processing provider, analyze variables such as transaction costs, security features, and customer service and fit with your business's unique demands.
What are the top payment processing companies?
PayPal, Stripe, and Square are among the leading payment processing providers, known for their strong security, extensive feature set, and simplicity of integration. In its turn, Helcium is the best payment processor for small businesses, due to it offering the most affordable rates.