The best seven payment processing companies and services in 2024

By David Beach•Updated on 2 December 2024•Published on 18 April 2024•5 minutes

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The best seven payment processing companies and services in 2024

In this article

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Key takeaways:
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What are payment processing companies and services?
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How does payment processing work?
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The top payment processing companies and services in 2024
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Top features to look for in a payment processing company
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Compare the top payment processing companies in 2024
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Compare payment processing company fees
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How to reduce payment processing fees
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Questions to ask when onboarding a payment processing company or service
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Why choose Airwallex for payment processing?
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FAQs about payment processing systems
•
Sources & References

Payment processing providers today offer distinct features, fee structures, and integration capabilities, so choosing the right fit for your company demands careful consideration. To simplify your decision-making process, this article compares seven leading payment processing providers in the UK, examining their features and fees. We’ll also share how Airwallex supports your business as an end-to-end payment solution, including your payment processing needs.

Key takeaways:

When assessing payment processing software, look for easy integration solutions, global coverage, and robust security features.
For smaller volumes, fixed-rate pricing can be more cost-effective, while larger businesses might benefit from interchange-plus or subscription models. Also look for like-for-like settlement, which can significantly reduce conversion costs.
Airwallex is a secure payment processing software that's easy to integrate. Compared to many other providers, it offers extensive global payment coverage with multi-currency support and end-to-end financial solutions.

What are payment processing companies and services?

Payment processing companies facilitate financial transactions between merchants and customers by offering software that lets businesses accept and process various payment methods, including credit cards, debit cards, electronic checks, and mobile payments.

With non-cash transactions in Europe projected to reach 467 billion by 2026¹, having secure and reliable payment processing software is crucial for businesses of all sizes, from small eCommerce ventures to large SaaS enterprises. The best payment processing companies make it easier for customers to pay. They also save businesses time and money by automating the payment process and reducing the risk of fraud.

How does payment processing work?

Payment processors transfer information from the customer's payment method, such as credit cards, digital wallets, or bank transfers — to both the customer's and merchant's banks to settle the transaction.

The process involves several steps: The customer provides payment details, which are transmitted through a secure payment gateway to the payment processor. Both the issuing and acquiring banks verify the transaction details, and the issuing bank will confirm the authenticity ‌of the transaction and availability of funds. Once the transaction is approved, the funds are transferred from the customer's bank to the merchant's account.

The top payment processing companies and services in 2024

The best payment processing provider for your business depends on your current stage of growth and unique operational needs.

Here’s a list of commonly used payment processing solutions (including ours!):

Airwallex: An end-to-end financial platform for modern businesses offering solutions for global payments, treasury, expense management, and embedded finance.
PayPal: A financial technology company that supports online money transfers, serving as an electronic alternative to traditional payment methods.
Stripe: A financial services and SaaS company that powers online and in-person payment processing and financial solutions for businesses.
Adyen: A multichannel payment company offering businesses an outsourced payment solution that enables merchants to accept payments from anywhere in the world.
Shopify: An eCommerce platform that allows businesses to create and manage online stores while offering payment, shipping, and marketing solutions.
Square: A fintech company that enables payment processing, point-of-sale systems, and financial services for both in-person and online transactions.
Revolut Business: A platform providing borderless payments solutions, corporate cards, expense management, and financial services.

Entrepreneurs or small businesses may prefer plug-and-play solutions that have affordable pricing models. However, larger businesses may prefer solutions that can integrate well with existing systems and support their growth ambitions. Large enterprises also often need a higher level of customisation and may value dedicated support teams more.

See how Airwallex's payment solution can help your business grow

Top features to look for in a payment processing company

Choosing the right payment processing software can be a critical business decision. Here are the top features to look out for:

Cost: The fee structure and length of contract differs between providers, so read the small print. Don’t forget about hidden fees when collecting money in multiple currencies, such as foreign currency settlement fees.
Ease of use: Look for a platform that’s easy to navigate for you and your customers. The best providers centralise all the information you need into one simplified dashboard.
Integration capabilities: Your provider should integrate easily (no code required) with other business systems like your accounting software or eCommerce platform. This automation will save you time on manual reconciliation.
Scalability: The processor you choose should be able to handle increased transaction volumes and expansion to new markets without compromising performance or user experience.
Ease of implementation: Setting up your provider should be straightforward, with clear documentation and the right support for everything to run smoothly.

Compare the top payment processing companies in 2024

There are several factors to consider when setting up a payment processing solution, and it’s important to think about long-term benefits and short-term convenience. Ideally, the software should be easy to implement and use, and grow with your company. Read on to explore how different providers compare.

In alphabetical order.

Provider	Ease of use	Ease of implementation	Scalability
Airwallex	Plug-and-play solutions available, plus a team of experts on hand for troubleshooting.	Good integration with the rest of your software stack and a single dashboard to manage expenses and transactions.	Multi-currency accounts, bank-beating FX rates, and local payment methods support global expansion.
PayPal	Strong on simplicity and familiarity.	Extensive integration with nearly all eCommerce platforms.	Wide range of supported currencies, but higher FX fees may eat into profits as transaction values grow.
Stripe	User-friendly interface, extensive documentation, intuitive dashboard, wide range of plugins and extensions.	Some technical knowledge is required to set up and customise, but powerful APIs simplify the process.	Built for businesses of all sizes, supports global payments, and offers features like recurring billing and subscription management.
Adyen	Slightly more complex than some competitors due to its wide array of features.	APIs offer extensive customisation, but require technical expertise to implement properly. Could be challenging for those without a dedicated tech team.	Adyen is designed for global enterprises and scales efficiently.
Shopify	Shopify Payments is integrated into the Shopify eCommerce platform, offering a smooth and intuitive user experience.	Effortless to implement; no coding needed.	In most locations, including the UK, payouts must be in the merchant’s local currency.
Square	A simple, all-in-one solution aimed at small to medium-sized businesses. Straightforward interface, and particularly strong for physical POS systems.	Plug-and-play hardware and software are similarly easy to set up. Online integration may require additional configuration.	Does not provide cross-border payment support. Limited scalability for larger businesses or those with complex needs. May not have the same level of advanced features as its competitors.
Revolut Business	Aimed at tech-savvy businesses that require customisation. A wide range of features may be overwhelming for less experienced users.	Relatively simple to set up for basic use, but more advanced functionalities may require technical expertise.	Multi-currency accounts help ease international expansion, although it’s not designed for complex, enterprise-level businesses.

Source: Airwallex, PayPal, Stripe, Adyen, Shopify, Square, and Revolut Business as of 1 Oct 2024

Airwallex distinguishes itself from other payment providers by offering an end-to-end payment solution that scales with businesses of all sizes. By integrating payment solutions with its Business Account and Spend Management offerings, Airwallex provides a comprehensive platform for companies looking to streamline their financial operations. This integration is particularly invaluable for businesses expanding into new markets, as it significantly reduces manual tasks, improves efficiency, and provides a unified view of global finances.

Cost is, of course, a key consideration when choosing a payment processing company. While many providers don't charge a setup fee, some charge a subscription or a payment acceptance fee, which vary by transaction type. There may also be some costs that might not be obvious upfront but are hidden in small print. This could include settlement fees, if your account currency differs from the currencies you collect from your customers. Here is our cost comparison.

Compare payment processing company fees

Provider	Subscription fee	Domestic payment acceptances	International payment acceptances	Like-for-like settlement?
Airwallex ²	Starting at £19/month	UK cards: 1.30%+£0.20	EEA cards: 2.40%+£0.20 International cards: 3.15%+ £0.20	Yes, in 14 currencies
Adyen ³ ⁴ ⁵	None	Fixed processing fee of €0.11 plus payment method fee, which varies by payment method	Fixed processing fee of €0.11 plus payment method fee, which varies by payment method	Yes, if the currency is also supported as a settlement currency by the payment method
PayPal ⁶ ⁷ ⁸	None	2.9% + £0.30 per commercial transaction within the UK Fee structure varies by transaction type.	Additional percentage-based fee applies for international commercial transactions:1.29% if the sender's region is EEA, 1.99% across all other markets	No – requires additional setup
Shopify Payments ⁹ ¹⁰ ¹¹ ¹² ¹³	Subscription fees start at £19 and card transaction fees depend on the plan.	1.5% to 2% (varies by plan) + £0.25 per UK online credit card transaction Custom rates for high-volume Shopify merchants	0.6%-2% for third-party payment providers Custom rates for high-volume Shopify merchants	No
Square ¹⁴ ¹⁵ ¹⁶ ¹⁷ ¹⁸	Free basic plan, with additional paid options: Plus (£29+ monthly); Premium (custom pricing).	1.4% + £0.25 for online UK card transactions	2.5% + £0.25 for international card transactions done online	No
Stripe ¹⁹ ²⁰ ²¹	Custom pricing for additional features	1.5% + £0.20 for standard UK cards, and 1.9% + £0.20 for premium UK cards. Pricing varies by transaction type	2.9% +$0.30 per successful charge + 1% for international cards +1% if currency conversion is necessary	Yes, with manual configuration
Revolut Business ²² ²³ ²⁴	Multiple plans available. The Basic plan is free.	UK Visa and Mastercard: 1% +£0.20 UK American Express card: 1.7% +£0.20	Commercial cards and commercial/consumer cards issued outside the UK: 2.8% +£0.20	Yes, in 25+ currencies

Source: Airwallex, Adyen, PayPal, Shopify Payments, Square, Stripe, and Revolut Business as of 1 Oct 2024. See Airwallex’s pricing plan and fee schedule in detail. Note: Some providers may charge additional payment processing fees, such as foreign currency settlement fees, not included in this table.

See how Airwallex's payment processing stacks up

How to reduce payment processing fees

Reducing payment processing fees is essential for businesses aiming to maximise their operating profits.

The good news is there are many ways you can save money. For example, you can choose the right pricing model, go for providers that are transparent with their fees, and leverage solutions like multicurrency accounts and like-for-like settlements to truly save on costs.

Even small reductions can result in significant savings due to the sheer volume of transactions. Here are some ways you can keep costs down:

Seek competitive fee structures that fit your needs: Begin by assessing the volume and type of transactions your business processes. Providers offer several pricing models, including fixed-rate, interchange-plus, and subscription-based models. For smaller transaction volumes, a fixed-rate provider might be more cost-effective.

Avoid forced currency conversions: Many businesses still convert currencies to match those of their clients or suppliers, leading to higher long-term costs. Certain providers now offer like-for-like settlements, allowing payments without currency conversion. Airwallex provides this feature, as well as low or no foreign transaction fees and competitive currency conversion rates to maximise savings on international transactions.

Be wary of long-term contracts: Some providers lock you into long-term contracts that may not always be favourable as your business evolves. Opting for providers that don't require long-term commitments ensures you have the flexibility to adapt your payment processing solutions as your needs change. This approach also means you pay only for the transactions you process.

Use payment gateways wisely: If you aren’t using an end-to-end payment processor, try integrating your payment processing with gateways that offer lower fees for certain types of transactions. Some gateways have special arrangements or lower fees for transactions processed through specific channels.

Questions to ask when onboarding a payment processing company or service

Before jumping in, it’s important you understand the payment processing system you’ve chosen and whether it’s right for your business’ operational needs, budget, and growth plans. Asking the right questions will help you build a clear picture of what to expect. We recommend getting the answers to these 10 questions to help you make an informed decision:

What are your transaction fees? Ask your potential new provider about all possible fees, including transaction fees, monthly fees, setup fees, conversion fees, and any hidden charges. Knowing exactly what you’ll be paying for each transaction and any additional costs can help you budget more effectively.
Are there any long-term contracts or early termination fees? Some providers may require you to commit to a long-term contract, which could include early termination fees if you decide to switch providers.
What types of payments can you process? Ensure the provider can process all the payment types your business requires, including international payments. This is particularly important if you operate globally or plan to expand.
How long does it take to settle funds? The settlement period can impact your cash flow, so ask how long it typically takes for funds from transactions to be deposited into your account.
What security measures and compliance standards do you have in place? Every time you take a credit card payment, you’re handling sensitive financial information. Ask about the provider’s security policies, protocols, fraud prevention measures, authorisation rates, and compliance with standards like PCI DSS to protect your customers' data. After all, a poor payment experience may damage your brand reputation.
Is your system compatible with our current business software? Seamless integration with your existing business software, such as your eCommerce platform, accounting software, or CRM system, is essential for efficient payment and streamlined operations.
What level of customer support do you offer? Customer support can make all the difference when dealing with payment issues. Ask what type of support is available (bots or agents, email or phone) and the availability of support and the response times.
Can you handle multi-currency transactions? If you accept payments from customers in different countries, you’ll need to know if the provider supports multi-currency transactions and what the fees are for currency conversion. Lots of providers charge unnecessary fees, whether it’s foreign transaction fees on cards, forced conversion fees, or high FX rates.
What is your policy on chargebacks? Understanding the provider’s process for dealing with chargebacks and whether they offer any support or protection can save you money in the future.
Do you offer any value-added services? Some providers offer additional services like analytics, reporting tools, or marketing insights. Knowing what’s available can help you get the most out of your payment processing solution.

Why choose Airwallex for payment processing?

Airwallex is an end-to-end payment solution. This means that it can help streamline your global financial stack and take care of your payment processing. Our solution lets you hold funds in multiple currencies, make payments to suppliers and employees, manage your expenses, and issue multi-currency corporate and employee cards, all on a single platform.

Here are some of the reasons why Airwallex stands out:

Eliminates costly FX fees: Improve your profit margin with like-for-like currency settlement in 14 currencies.
Easy to use: There’s just one centralised dashboard that’s easy to navigate, with a single login and no third parties to deal with.
Global reach, local experience: Process payments in 180+ countries with local payment methods that remove friction for overseas customers.
eCommerce integrations: Access plug-and-play integrations with Shopify, WooCommerce, and Magento.
Safe and reliable: Get best-in-class payment acceptance, safeguarded funds, and fraud protection that’s PCI DSS compliant.

FAQs about payment processing systems

What is payment processing software?

Any programme that helps businesses accept online payments. These tools are usually cloud-based and send financial information from your customer’s card to your bank and the customer’s bank.

What important factors to choose when selecting a payment processing solution?

There are lots of factors worth considering, including security credentials, cost, flexibility, which payment methods are supported, integration capabilities and how easy it is to use.

How much does it cost to onboard a payment processing software?

Pricing varies between providers and the type of transaction. Some offer subscription plans, while others operate on a flat-rate model. Don’t forget there are often hidden fees for international payments.

How safe are payment processing services?

Secure payment processing software should include fraud prevention systems, end-to-end data encryption and be compliant with PCI DSS (the global security standard for organisations that store and process sensitive data).

Sources & References

¹https://www.statista.com/statistics/265767/number-of-cashless-transactions-worldwide-by-region/

²https://www.airwallex.com/uk/terms/fee-schedule

³ https://www.adyen.com/en_GB/pricing

⁴https://docs.adyen.com/account/getting-paid/

⁵ https://docs.adyen.com/account/supported-currencies/

⁶ https://www.paypal.com/uk/webapps/mpp/merchant-fees

⁷ https://www.paypal-community.com/t5/Security-and-Fraud/12-Dispute-Fees/td-p/3092736

⁸ https://www.paypal.com/uk/cshelp/article/how-do-i-manage-my-currencies-with-paypal-help116

⁹https://www.shopify.com/uk/pricing

¹⁰https://help.shopify.com/en/manual/payments/shopify-payments/getting-paid-with-shopify-payments/view-payouts/pay-periods-and-fees#payout-fees

¹¹ https://help.shopify.com/en/manual/intro-to-shopify/pricing-plans/pricing-overview

¹² https://help.shopify.com/en/manual/payments/shopify-payments/store-currency/selling-and-getting-paid-in-different-currencies

¹³ https://help.shopify.com/en/manual/payments/shopify-payments/faq#location-and-currency

¹⁴ https://squareup.com/gb/en/pricing

¹⁵ https://squareup.com/help/gb/en/article/5415-can-i-accept-multiple-currencies-with-square

¹⁶ https://squareup.com/us/en/compare/square-vs-stripe

¹⁷ https://squareup.com/us/en/payments/payment-platform

¹⁸ https://developer.squareup.com/us/en/online-payment-apis

¹⁹ https://stripe.com/gb/pricing

²⁰ https://docs.stripe.com/payouts/multicurrency-settlement

²¹ https://www.forbes.com/advisor/business/services/stripe-pricing-fees/

²² https://help.revolut.com/business/help/merchant-accounts/fees/how-much-does-it-cost-to-accept-card-payments/

²³ https://www.revolut.com/business/business-account-plans/

²⁴ https://www.revolut.com/business/accept-payments/

Disclaimer: We updated this article in Q1 2024. The information was based on our own online research and we were not able to manually test each tool or provider. The information is provided for educational purposes only and a reader should consider the specific requirements of their business when evaluating providers. If you would like to request an update, feel free to contact us at [email protected].

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