Fintech has given merchants and customers more options for making payments, thanks to the technology of payment processing companies.
Also known as payment processors, these payment companies allow customers to submit payment information through a payment gateway, such as a physical card reader, mobile phone reader or an online payment portal. They then verify payments with the customer’s card network, bank or other financial institution, initiating approved payment transfers into the merchant’s bank account. As a result, customers can complete payments with credit and debit cards, mobile wallets or Automated Clearing House (ACH) bank transfers, to name a few.
What Are Payment Processing Companies?
Fintech payment processing companies handle the logistics of accepting cashless payments for products and services. While they primarily provide software and back-end infrastructure, some payment processing companies also offer hardware, such as point-of-sale systems, credit card chip readers and screens.
While streamlined payments deliver a major boost to small businesses and merchants, larger organizations can also leverage payment companies’ technology to give their broad customer bases more flexibility when paying in person or online. Demand has only increased because of these competitive advantages payment processing tools offer.
To give you an idea of just how big this industry is, consider that the payment processing solutions market is on pace to reach over $314 billion by 2030. With a market that size, there are lots of players out there.
Some digital payment companies 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 goal for payment processing companies is largely the same: making transactions between customers and businesses 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
Founded: 2009
Headquarters: New York, New York
Platform Type: Payment Processor
What it does: Venmo, a PayPal subsidiary, is a mobile payment platform enabling peer-to-peer money transfers and merchant payments through linked cards or bank accounts. The company processes payments across more than 90 markets and offers business-focused features including Tap to Pay capabilities and enhanced payment tracking.
Founded: 2017
Headquarters: Scottsdale, Arizona
Platform Type: Payment Processor
What it does: Zelle, owned by Early Warning Services, is a real-time, person-to-person payment platform that enables users to send and receive money directly from their bank account using an email address or phone number. It is available through more than 2,300 financial institutions, reaching approximately 80 percent of U.S. bank and credit union accounts.
Founded: 2010
Headquarters: Dublin, Ireland
Platform Type: Payment Gateway
What it does: Stripe is a financial infrastructure platform that enables businesses to accept payments, offer financial services and implement custom revenue models. It often serves subscription services, on-demand marketplaces and crowdfunding platforms and supports over 130 currencies and payment methods.
Founded: 2005
Headquarters: Stockholm, Sweeden
Platform Type: Buy-Now-Pay-Later
What it does: Klarna is a payment processor that lets e-commerce companies offer flexible payment options for purchases. It provides multiple types of installment plans to shoppers (including interest-free Pay in 4 and Pay in 30 options) and integrates with over 100 certified e-commerce partners and payment service providers.
Founded: 2014
Headquarters: Austin, Texas
Platform Type: Payment Gateway
What it does: ePayPolicy is a fintech payment processor serving the insurance industry, enabling agencies, brokers, carriers and premium finance companies to accept online payments via credit card and ACH. The platform integrates with agency management and accounting systems through API and pre-built connectors, streamlining accounts receivable workflows.
Founded: 2012
Headquarters: San Francisco, California
Platform Type: International Payments
What it does: Ripple provides blockchain-based, cross-border payment solutions through its Ripple Payments platform, enabling real-time settlement of international transactions using stablecoins and digital assets. The platform connects over 300 financial institutions globally and processes payments across more than 60 markets, allowing banks, fintechs and payment service providers to move funds in seconds.
Founded: 2021
Headquarters: New York, New York
Platform Type: Payment Processor
What it does: Bilt is a payments and commerce network that enables renters and homeowners to earn rewards on housing payments. The platform processes rent and mortgage payments through multiple channels and allows users to earn Bilt Points redeemable for travel, everyday purchases, gift cards or toward rent credits and down payments.
Founded: 2012
Headquarters: San Francisco, California
Platform Type: Buy-Now-Pay-Later
What it does: Affirm is a buy now, pay later payment processor that enables e-commerce shoppers to split purchases into fixed-rate installment plans. Shoppers can choose from multiple payment options ranging from interest-free pay-in-4 plans to longer-term installments, paying for everything from fashion to travel and vehicles.
Founded: 2015
Headquarters: San Francisco, California, and Singapore
Platform type: Financial Infrastructure
What it does: Airwallex’s platform, which supports thousands of companies ranging from startups to public enterprises, delivers AI-native infrastructure to streamline global financial operations. Its technology is designed to make it easy for organizations to accept and move money across borders, offering a unified solution for online payments, managing multiple currencies and simplifying global transactions.
Founded: 1983
Headquarters: Chicago, Illinois
Platform Type: Payment Gateway
What it does: Applied Systems provides digital payment processing solutions for the insurance industry through Applied Pay, a cloud-based platform that enables insureds to pay premiums securely from any device. The platform features real-time dashboards for payment visibility, branded checkout pages, integrated lockbox services and AI-powered, quote-to-finance workflows that eliminate manual data entry.
Founded: 2013
Headquarters: New York, New York
Platform Type: Stablecoin Payments
What it does: Circle enables businesses to apply blockchain infrastructure for payments and financial applications. The company operates Circle Payments Network (CPN), a global network connecting financial institutions — including banks, payment service providers and digital wallets — to enable real-time, global settlement using USDC, EURC and other regulated stablecoins.
Founded: 2016
Headquarters: New York, New York
Platform Type: Payment Processor
What it does: LeafLink operates a wholesale cannabis marketplace and fintech platform connecting brands, distributors and retailers across more than 30 U.S. markets. It processes payments through digital solutions including ACH transfers and net terms, enabling faster transactions and cash flow for cannabis businesses.
Founded: 2021
Headquarters: New York, New York
Platform Type: Payment Processor and Business Financing
What it does: Gynger is an AI-powered embedded financing platform that enables buyers to spread technology expenses over time, while ensuring vendors receive immediate and upfront payment. The platform automates underwriting and streamlines payment processing, including invoicing and transactions, for both software buyers and sellers.
Founded: 2011
Headquarters: Seattle, Washington
Platform Type: International Payments
What it does: Remitly is a fintech company that aims to simplify international money transfers and payments. Through its thousands of global banks, mobile money and cash-pickup partners, Remitly enables recipients to 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.
Founded: 2009
Headquarters: Austin, Texas
Platform Type: Payment Gateway
What it does: Commerce is an open, intelligent software ecosystem and the parent company of BigCommerce, Feedonomics and Makeswift. The company operates an AI-driven platform designed to help merchants orchestrate digital commerce experiences, optimize product data and scale their businesses across various global B2B and B2C channels.
Founded: 2005
Headquarters: Austin, Texas
Platform Type: Payment Gateway
What it does: 8am (Formerly AffiniPay) provides industry-specific payment processing platforms and gateways for legal, accounting, medical and professional service firms, as well as associations and nonprofits. The platform allows users to accept payments, schedule recurring billing, integrate with websites and practice management systems and access real-time payment analytics and customizable reporting.
Founded: 2011
Headquarters: London, England
Platform Type: International Payments
What it does: Wise, a fintech company focused on innovating how individuals and businesses move and manage money, offers solutions for international money transfers, spending abroad and international business payments. Founded in 2011, Wise serves millions of customers, helping make global finance more transparent and convenient.
Founded: 2021
Headquarters: New York, New York
Platform Type: Stablecoin and International Payments
What it does: Rain is a stablecoin payments platform that enables enterprises to issue cards and move money globally on blockchain settlement rails. It also lets users use stablecoins wherever Visa and Mastercard are accepted. The company provides a unified API for companies to launch stablecoin-powered card programs, manage digital dollar accounts and facilitate cross-border payments.
Founded: 2019
Headquarters: London, England
Platform Type: Point-of-Sale
What it does: Teya is an integrated payments platform for small and medium-sized businesses, combining card machines, payment processing and a business account into one solution. The platform includes flexible funding options through cash advances and features next-day settlements, real-time transaction monitoring and integration with over 50 point-of-sale systems.
Founded: 2001
Headquarters: Nashville, Tennessee
Platform Type: Payment Processor
What it does: Billtrust is an AI-powered accounts receivable platform that automates the order-to-cash process, from invoice generation and payment processing to cash application and collections. The company provides integrated solutions for credit management, invoicing, B2B payments and cash flow automation, serving manufacturing, distribution, transportation, business services and equipment industries.
Founded: 2006
Headquarters: Amsterdam, Netherlands
Platform Type: Payment Gateway and Fraud Prevention
What it does: Adyen is a fintech platform that enables enterprises to accept payments across websites, mobile apps and in-person channels through a unified system. It supports over 150 currencies and over 200 local payment methods, plus provides risk management and authentication tools to help businesses prevent and detect fraud.
Founded: 2011
Headquarters: Boston, Massachusetts
Platform Type: International Payments
What it does: Flywire helps craft personalized fintech payment platforms for a variety of international industries, including travel, education and healthcare. 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. The University of Pittsburgh and UCLA health are customers who have benefitted from Flywire’s technology.
Founded: 2018
Headquarters: Cedar Falls, Iowa
Platform Type: Payment Processor
What it does: Moov Financial is a licensed payment processor that allows businesses to accept, store, send and spend money within their own products. It also provides SDKs, drop-in UI components and instant data syncing to data warehouses, enabling businesses to scale payment operations and maintain transparency across all money movement.
Founded: 2017
Headquarters: Austin, Texas
Platform Type: Fraud Prevention
What it does: Closinglock is a real estate fintech platform that secures digital payments and prevents fraud in home closings. It combines identity verification using non-public data sources and document checks, secure wire instructions, payoff verification, e-signatures and document exchange to protect earnest money deposits and cash-to-close payments.
Founded: 2006
Headquarters: Wellington, New Zealand
Platform Type: Payment Gateway
What it does: Xero is a global small business platform providing cloud-based accounting software with integrated payment processing capabilities. The company enables small businesses to accept online invoice payments, supporting credit cards, ACH transfers and digital wallets via partners like Stripe and GoCardless.
Frequently Asked Questions
What is a payment processing tool?
A payment processing tool is a software or hardware solution — such as an online checkout portal, mobile wallet integrator or physical card reader — that allows businesses to accept cashless payments. It acts as the bridge between a customer’s submitted financial information and the backend networks required to authorize a sale. Ultimately, these tools are designed to make transactions faster, simpler and more secure for both merchants and consumers.
How does payment processing work?
When a customer submits their card or digital wallet info at checkout, the payment processor securely routes that data through a payment gateway to the customer’s card network and bank to verify available funds. Once the financial institutions approve the transaction, the processor handles the logistics of securely transferring those approved funds into the merchant’s business account. This entire complex verification and communication loop happens automatically behind the scenes in just a few seconds.
What are payment processing fees?
Payment processing fees are the transactional costs that merchants pay to payment processors and financial institutions in exchange for safely handling and authorizing cashless sales. These costs typically combine a small flat fee per transaction with a percentage of the total purchase amount. The fees cover the backend tech infrastructure, data encryption and fraud prevention measures required to move money reliably.
