January 12, 2021

Best Payment Processor for Entrepreneurs

Posted in: Entrepreneurship

When you end a year around 50k and $1,300 of that went to PayPal in transaction fees, you begin searching for alternatives. The best option is getting your client to cut you a check, but let’s be honest. It is 2021, not many people are willing to do that anymore. SO here are some of the best payment processors on the market for small businesses:

Paypal:

  • PRO – Integrates well with many CRMS including Dubsado (which can be used as an invoicing system)
  • CON – 2.9% + 30 cents for every transaction
  • CON – doesn’t mesh well with QB

Stripe

  • PRO – Integrates well with many CRMS including Dubsado (which can be used as an invoicing system)
  • CON – 2.9% + 30 cents for cards then bank transfer is .8%
  • PRO – You can do ACH
  • CON – data that gets pulled into QB still needs to be coded properly

Venmo Business

  • CON – Need to use Business (currently only select people can get it) in order for it to be legal
  • PRO – 0 Transaction fees until April then 1.9% + 10 cents per transaction
  • CON – doesn’t integrate with CRMS/ invoicing systems yet

Bill.com

  • PRO – Good if you are an accountant because it has a lot of capabilities and allows for many users
  • CON – if you are just an entrepreneur with one business it is unnecessary

What do you use? Do you love it or are you looking to switch your payment processor in 2021?

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