The Largest Online Payment Processors in the US
Online payment processors are a necessity nowadays, but they vary significantly in their features and specifics. What’s more, there are numerous other fintech solutions out there that aren’t technically payment processors but cover some of the same functions. Flexepin is an excellent example of that, as it’s a secure and fast fintech solution in the form of a prepaid voucher that works for many anonymous payments and online casino deposits.
Another wrinkle is the fact that new payment processors emerge yearly, while many others change their key features almost monthly. All this makes researching and choosing a suitable payment processor for your needs as tricky as it is crucial. To help you out, here is a breakdown of the ten largest online payment processors in the US as of the start of 2024.
Authorize.net
Authorize.net is a Visa Inc. subsidiary and a massive payment service provider. It allows for various payment methods, including mobile payments, eCheck, ecommerce, billing, and virtual point-of-sale. As of the end of 2023, Authorize.net provided service to nearly half a million merchants and handled an annual transaction volume of over $149 billion. This provider has received the “Best API Integration” award from the Strawhecker Group for several consecutive years and offers excellent fraud detection through its Advanced Fraud Detection Suite™ (AFDS).
Stripe
This payment gateway has a wide global presence and processes hundreds of billions of dollars annually for startups and Fortune 500s alike. Stripe works with over 135 currencies and offers over 40 payment methods, a coupon system, customizable payment UI, sales tax and VAT automation, APIs, SDKs, libraries, and much more. However, some of Stripe’s other features are still in beta testing, so make sure to read the fine print before signing up.
Verifone
Formerly 2Checkout, Verifone is one of the leading all-in-one monetization platforms in the US and worldwide. This company processes over a billion transactions annually, supports over 100 currencies, and can be used in over 30 languages. Verifone can integrate over 100 online carts and systems, supports subscription billing, and has an excellent account updater and customizable checkout.
Payline
This Chicago-based payment gateway has received the Best Payment Facilitator Integration award from the Electronic Transactions Association. Payline has same-day approval, a built-in fraud protection feature, and shopping cart integration, allows the creation of recurring billing schedules, and supports the integration of the QuickBooks accounting software. However, there is no free trial, so ensure you’re okay with everything Payline offers (and doesn’t) before signing up.
WePay
WePay was created in 2008 and quickly became a favorite payment service provider of many small businesses. It was acquired by JPMorgan Chase in 2017 and now offers modern RESTful APIs, integrated payments for POS systems and SMB Saas, same-day deposits for Chase accounts, instant onboarding, a virtual terminal, and card-present solutions. There’s also an in-built fraud prevention feature, but the credit card fees are a deal breaker for some.
Skrill
Skrill is a highly secure payment processor thanks to its excellent two-step authentication procedure. This gateway also has an excellent business account management system, charges competitively low payment fees, and supports 40 currencies in over 100 countries. Skrill is also significantly faster than many payment processors, including some on this list, which is ideal if fast payments are important to you for your day-to-day transactions or even if you just enjoy playing on online casinos with instant withdrawals.
PaySimple Data
This cloud-based payment gateway offers automated billing, various customer marketing solutions, flexible payment capture, hosted web payment forms, and real-time performance. However, PaySimple Data only works in US dollars, which isn’t a problem for many US-based people and businesses but might be for others.
NETinfoPAY
NETinfoPay is widely considered one of the cheapest payment processors in the US, thanks to its low transaction fees. NETinfoPAY also offers impressive security features, enables instant money transfers, and has a bank account management feature. Implementing this payment gateway is quite easy and allows customers to view and control their transactions in real time 24/7.
PayPal
PayPal, with over 400 million users worldwide, is probably the most famous name on this list. PayPal for Business, in particular, offers a dedicated suite of services, various shipping and risk-management tools, and payment links for customers with no PayPal accounts. This processor works with 25 different currencies on over 200 markets, has an installment payment feature, a custom online checkout, and more. However, the fee system is a bit complex – not to mention expensive – and isn’t to everybody’s liking.
Adyen
If you’re looking for a unified solution for all forms and aspects of payment processing, Adyen might be your best bet. This processor works globally, accepts payments from all major digital wallets, credit and debit cards, and other processors, has a smart authentication feature for fast payments, and its Unified Commerce feature offers cross-channel data management.
Final Thoughts
As you can see, each of the ten online payment processors above works better for certain purposes than the others. Whichever you prefer, it’s essential that it functions as a secure and easy-to-use payment gateway for you and your customers. To that end, if neither of the ten options above is 100% to your liking, don’t hesitate to look around for alternatives, as there are dozens of other online payment processors available in the US right now.