It’s hard to remember what life was like before mobile apps allowed us to pay friends or merchants with just a few taps. That’s because fintech payment processing companies have made it easier than ever to move money around, whether it’s by facilitating person-to-person payments or streamlining small business transactions.
Fintech Payment Processing Companies
To give you an idea of just how big this industry is, consider that the payment processing solutions market’s worth is on track to reach nearly $150 billion by 2030. With a market that size, there are lots of players out there.
Some of them specialize in offering buy-now pay-later integrations for e-commerce companies trying to attract younger consumers, while others are peer-to-peer payment platforms that everyday people use to split checks and pay monthly dues. In any case, the goals are largely the same: allowing people to make payments faster, simpler and more secure.
To help you get oriented, we rounded up the top payment processors and online payment processing services you should know.
Top Fintech Payment Processing Companies
Rent continues to be a major financial burden for many consumers, but Flex is providing another way to pay. The company covers rent payments and allows customers to pay back amounts on their own schedules, creating a more flexible payment experience. By downloading the Flex app and signing up, customers gain access to the financial platform, which they can use to break up rent into smaller payments on easier-to-manage timelines. As a result, Flex helps users avoid overdraft fees and late payments.
Developers shouldn’t have to track down customer transactions, so RevenueCat has constructed the ideal subscription platform. With RevenueCat’s in-app purchase server, businesses can track customer payments on Android, iOS and web formats. Never again do teams have to worry about customer payment information getting lost in the shuffle. RevenueCat’s technology provides revenue metrics, follows payments across platforms and keeps companies on top of their customer and financial situation.
Zone is giving companies access to NetSuite’s capabilities with a range of services, making it easier to implement and master elements of NetSuite’s cloud platform. In addition, customers can increase the pace even more with Zone applications that centralize data and keep financial information all in one place. Instead of juggling multiple platforms and wasting resources, companies can now streamline their workflows with Zone’s cloud services.
Verifi provides payment protection and e-commerce solutions for companies ranging in sizes and industries. The service helps businesses with e-commerce issues like online fraud and chargebacks. According to Verifi, the company services 25,000 accounts around the world and its solutions can stop up to 50 percent of chargebacks.
SpotOn is dedicated to helping small businesses streamline operations, connect with customers and increase revenue by providing them with an end-to-end solution for managing all of their payments needs. From point-of-sale hardware for businesses of all kinds to powerful software that makes payments, appointments, online ordering, delivery virtual terminals and more a breeze, SpotOn helps small businesses take a leap forward and build more revenue.
Billd is a payment solution for the construction industry that allows contractors to acquire the supplies they need to complete a job and pay suppliers over a period of time. Suppliers are paid upfront by Billd before shipping any products to contractors while builders have a 120-day term to pay their balance, making it so cashflow never gets in the way of accepting exceptional jobs.
Checkout.com provides a digital platform that empowers small businesses and global brands alike to grow to take their checkout process to the next level. The platform offers a convenient solution for both sending and receiving payments from most popular global payment methods, operating as a gateway, risk engine, acquirer and processor while featuring powerful fraud protection, convenient integrations and reporting data that helps raise conversions while lowering friction.
BillGO works with banks, fintech customers, billers and consumers to provide an optimized method of making bill payments in one centralized location, leading to less missed payments and more time saved. Consumers can integrate their personal expenses into BillGO through powerful APIs and widgets, while banks, fintech companies and billers can adapt BillGO’s technology to provide to customers to facilitate new revenue streams and generate more value from their investments.
BigCommerce is a platform that allows small businesses and e-commerce shops of all kinds to build powerful online marketplaces and maintain them with ease. The cloud-based design platform includes both responsive templates or the option to build a fully customizable site from scratch, with Wordpress integration, mobile optimization, digital wallets and additional capabilities included to boost shopping and payment experiences.
DailyPay allows for employees to decide when, and how often, they get paid. Employees build up an available balance for each hour they work. Then, they can choose to withdraw the money instantly at any time. When it becomes time for the official company payday, the amount the employees have already withdrawn is automatically reduced from their overall check. Companies, on average, have seen a 41% reduction in employee turnover with this fintech payment tool.
Circle introduced “Circle Pay” to facilitate payments between friends. The crypto investment and trading platform’s payment feature is available in 29 countries and allows for individuals to instantly exchange US dollars, Euros and British Pounds with each other through the app.
Flywire helps craft personalized fintech payment platforms for a variety of international industries, including travel, education and healthcare. It can sometimes be difficult to keep track of payments, especially when dealing with international entities and different currencies. Flywire’s global collection network fully reconciles global payments, and even allows for refunding, while keeping all involved parties up-to-date in real-time. Expedia, Boston Children’s Hospital and Hilton Hotels have all used Flywire to process their international payments.
Affirm offers e-commerce shoppers the ability to pay off their purchase over an extended period — up to 36 months. With different payment plan options, shoppers can buy everything from vacations to shoes and cars, and pay them off over a few months instead of all at once. Affirm is already used by a wide variety of well-known brands — like Peloton, Warby Parker, Expedia and Wayfair — to help customers craft payment options that work for them.
Remitly is a fintech company that aims to simplify international money transfers and payments. Through its thousands of global bank and cash-pickup partners, recipients can have money sent directly to a bank account or collect it in cash. Whether sending money online or through a simple mobile application, Remitly users benefit from tracking capabilities plus more choices for speed and price of transfer.
Q2ebanking builds fintech platforms for banks and credit unions. With these personalized platforms, banks are able to easily accept loan and credit card payments. Additionally, the company’s analytics dashboard helps banks get to know their customer’s payment habits, so they can craft personalized plans that benefit their members.
Billtrust is a payment cycle solution that automates the invoice to payment process. The company provides a range of solutions from credit management and invoicing to virtual payments and cash flow automation. Billtrust works largely with companies in the manufacturing, distribution, transportation, business services and machinery industries.
Ripple uses blockchain to process and secure their RippleNet payment network. With RippleNet, customers have access to a network of more than 200 banks — including American Express, BMO and PNC — and they can make cross-border payments instantaneously. The company’s blockchain helps to encrypt each payment and allows for each money transfer to be easily traceable.
Plastiq’s payment platform allows for businesses to pay almost any expense as a credit card transaction, even those payments that traditionally take checks (like rent). Business owners only need the information from their credit card, and the recipient payment info, in order for the platform to process a payment as credit. Hundreds of businesses have used Plastiq to pay everything from freelancers to mortgages and utilities.
Sila’s banking APIs allow fintech app developers to incorporate regulatory-compliant payment infrastructure into their products, whether it’s a bank account or digital wallet that needs to be linked. Many of Sila’s customers hail from historically complex spaces, such as insurtech and cryptocurrency, which require special functionality when it comes to payment processing. To date, the company has partnered with fintech players like Plaid and Alloy.
This Swedish fintech company makes a buy-now pay-later product that e-commerce companies use to cater to customers who prefer flexible payment options. With Klarna, shoppers can pay in four installments without interest or fees, and even arrange a financing plan that spans several months. The company’s Klarna Card can also be used to earn redeemable points, fostering customer loyalty over the long haul.
AffiniPay offers industry-specific payment platforms and gateways for professionals working in the law, accounting, psychology and associated industries. The platform features open APIs, unmatched security and in-house support to ensure a quality experience for all users, allowing them to schedule recurring payments, link payments to their website and dive into payment analytics to improve finances across the business.
As payment technology continues to rapidly evolve, Episode Six is providing solutions for financial institutions globally. Episode Six creates wallet management and API-based payment processing systems that are adaptable through the platform Tritium. The cloud-based platform serves as the foundation for institutions, so they can adjust to customer needs. From there, institutions can add the E6Issuing and E6Wallet products to enhance features like the transaction database and business reports.
EasyPayDirect gives online and brick-and-mortar merchants an easy way to accept payments, focusing on those in industries considered “high-risk” to bring more equity to the payments process. The company works hard to understand its clients’ businesses to provide the top level of specialized care possible.
Clover Network offers an all-in-one payments solution to small businesses that allows them to take payments, manage invoicing, take online orders and much more. The platform is available on a variety of Clover’s own all-in-one POS devices as well as software that can be run on laptops, phones or tablets, making it possible to do business virtually anywhere.
Aeropay is a payment solution that saves businesses money on credit card processing fees. While many banks charge a 5 percent fee, the company’s processing fees are only 1.25 percent of the total purchase and 1 percent of that is passed through to the customer as a cash back reward. All a customer needs to do to purchase their coffee or a new shirt with Aeropay is sync their bank account and the app will automatically connect when the customer enters a participating store.
Doxo is an all-in-one bill payment platform that enables its users to pay their bills from a single account. Instead of having separate accounts for each utility, insurance or city government expense, doxo users can login to its site and send their money through the secure platform to the more than 100,000 payable billers in their system. The platform is also available in an app and sends alerts to keep you on top of all your different bills.
Headnote is a fintech payment platform for the legal industry. The platform features several ways for lawyers to accept payments, including credit card, eCheck and portal payments, as well as an analytics dashboard that helps law firms automate their accounts receivable processes. On average, firms using Headnote get paid 70 percent faster than the industry average.
Bolt provides frictionless payment processing and fraud protection for e-commerce sites. With fewer form fields and a mobile-friendly interface and an analytics dashboard, Bolt’s payment processing can reduce a site’s cart abandonment rate by 10 to 20 percent on average.
Checkbook’s digital checks are a way for businesses and individuals to disburse and monitor payments digitally and in real-time. With instant payments, automatic reconciliation and the ability to disperse checks to multiple payees at once, large companies, like DHL, are cutting down on the time it takes to process and clear check-based payments.
INSTO is the world’s first P2P payment platform that enables buyers and sellers to schedule payments over time. Want to buy a bike from your friend or pay your rent to your roommate? With INSTO, both parties agree on payment plans that work for them and the app will automatically process each installment as scheduled.
BitPay creates tools for Bitcoin transactions and currently used by thousands of businesses. Founded in 2011, early in Bitcoin’s existence, the service makes it easier for businesses and consumers to use Bitcoin regularly. Using BitPay's technology, companies can accept payment by email, website or in person. Consumers can also manage and use their Bitcoin.
Braintree, a service of PayPal, is a payment platform for enterprises to accept and process mobile payments from apps and websites that helps decrease cart abandonment and drive conversion rates. Braintree’s payment and mobile tools let companies like Casper and Uber spend more time on important tasks and less on transactional needs.
Stripe provides financial and software services to companies with online businesses like subscription services, on-demand marketplaces and crowdfunding. Stripe helps companies grow quicker by providing foundational tools for starting and growing an online business. The cloud-based service allows companies to set up recurring billing for customers, accept payments or set up an entire marketplace.
Recharge has developed payment processing technology that integrates seamlessly with various products. Braintree by PayPal, Apple Pay, and other payment processors can sync with Recharge. As a result, customers can effortlessly access Recharge through digital formats. It becomes easier for companies to attract and retain customers with Recharge’s products. Not only does Recharge make setting up subscriptions faster, but it also provides ways to swap out products and retry failed payment attempts. Cleaning up these usual issues reduces churn and improves customer experiences.
Veem is a service for international business payments using a network of companies around the world. Veem works with small businesses, allowing them to make transactions in local currency. The company uses proprietary technology, combining blockchain, treasury and existing rails to provide safe, trackable payments.
Also a service of PayPal, Venmo is a mobile payment platform for users to digitally send money to one another and make purchases. The platform allows users to link cards or bank accounts so money can be transferred quickly to other users or merchants. Venmo is now accepted at many destinations like Poshmark, J Crew, Forever21, Lululemon and Seamless.
Owned by Early Warning Services, a financial services company, Zelle is a person-to-person payment application that sends money quickly. The application enables users to send money with an email address or phone number regardless of the sender or recipient’s banks. Partnering with banks and credit unions across the country, Zelle transfers payments straight to bank accounts in minutes, instead of waiting days.