20 Best Payment Platforms for 2023

If you are an online business owner, choosing the best payment platforms or intermediary is one of the most critical decisions.


To provide your customer with the option to pay by credit, debit card, or alternative methods, every business owner needs a payment processor.

This organization acts as an intermediary, providing the payment infrastructure for the smooth processing of funds and their subsequent withdrawal to a bank account.

Below we have compiled a list of the most popular payment processors in the world, among which everyone will find a suitable solution.


Payment platforms are the first step in the online payment process, and they have been crucial in helping e-commerce companies and online payment providers more easily accept online transactions.

The best payment gateways serve as the online version of a payment terminal and front-end processor for online and mobile sellers.

They often sell bundled services that include payment acceptance, data reporting, and fraud management.

Payment platforms

Insider Intelligence expects that as global retail e-commerce volume continues to rise, revenue the companies processing these payments can collect as fees will increase from $82 billion in 2018 to $138 billion in 2024.

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What are Payment Platforms?

Also known as payment gateway, a payment platform is a third-party service that allows merchants to securely accept credit card payments from customers online or in person.

The best payment Platforms delivers secure and reliable service, superior support, and competitive transaction processing fees without a long-term contract.

Reasons Why People Use Payment Platforms?

1. Convenience

Paying for goods and services has never been more convenient than with using a mobile payment platform.

By using either Apple Pay, Samsung Pay or Google Pay, you can leave your cards and cash at home and use your phone to pay for the things you need.

Plus, mobile payment apps may help reduce the risk associated with carrying cash, which can be lost or stolen.

And paying with your mobile wallet is often easier and faster than swiping or inserting a card.

2. Security

Mobile payment apps allow you to use your cell phone to make in-store purchases. These apps use technology called Near-Field Communication (NFC) so you can tap or wave your phone to pay at the POS terminal.

Generally, the apps use either encryption or protected code to reduce the threat to your personal data.

Your real card number is never stored on your device or with the retailer. Instead, the system masks your card number by assigning a random number or token for each purchase.

This way if a criminal does gain access to store data or your device, they only get useless information.

This offers a greater level of security for your financial data.

Also, you can add fingerprint, password or PIN as an additional layer of security for your phone.

3. Speed

Simply tap, pay and go. With mobile pay systems, you simply wave or tap your phone in front of an NFC compatible terminal.

With this single action, you’ve approved the transaction. This results in a contactless, yet secure transaction since your card number is never revealed.

Plus, this process is often faster than inserting or swiping your physical card. Contact your wireless carrier, as data charges may apply if you’re using mobile pay.

4. Availability

Many retailers accept mobile pay, with more and more stores adding this technology daily.

Mobile payment researchers believe the number of stores is expected to grow significantly in the coming years.

5. Flexibility

The first card you add to the app becomes your default first payment option.

You can change your default card at any time. It’s a good idea to default to the one you use most, regardless whether it’s your LGFCU Visa Credit Card, LGFCU Visa Check Card or another card.

Since your default card is always available, using a mobile payment app means no more searching for cash or, worse, running out of cash when you’re ready to make a purchase.

Plus, by adding your credit card as the default card, you only have one credit card bill to pay each month, which can make it easier to manage your finances.

Payment platforms

How To Choose The Most Suitable Payment Platform

Choosing the right payment gateway for your business is an important decision. If you choose a gateway that doesn’t fit your business model, you might end up losing a lot of money and customers as well.

Here are the most important factors:

1. Cost

The most important thing you need to consider while choosing a payment gateway is the total cost that you’ll incur.

The costs involved in using payment gateway comes in three types: set-up fee, monthly fee, and transaction fee.

To find the most cost-effective choice for your business, both the volume and value of your transactions need to be considered.

Most payment gateways have a competitive transaction fee rate of 2.9% + 30ç. This might work well for businesses when the value of their transactions is often not that high; however, if they are, the transaction fees can increase your expenses significantly.

If your business deals primarily in high-value transactions, make sure you look for payment gateways that offer their services for a set monthly fee and a low transaction fee.

See Also: How to Get A Payoneer MasterCard in Nigeria

2. Types Of Cards Allowed

The most commonly used credit cards are Visa, MasterCard. All of these card types are accepted by most payment gateways.

However, if your customers usually pay you using other card types, such as a debit card or a Diners Club card, you need to make sure that your payment gateways support that card.

3. Mobile Payment Support

A majority of customers shop using mobile phones and tablets now, so it’s important to select a gateway that can support payments made from mobile devices as well.

This will give your customers the flexibility to pay you regardless of what device they use.

4. Recurring Billing

If you run a subscription-based business, you need to pick a payment gateway that’s equipped to handle all the moving parts that go into recurring billing.

Any provider you choose needs to be able to save and store customer details for future transactions, automatically charge credit cards on preset subscription schedules, and offer retry options for failed transactions.

Otherwise, you may have to do all this additional work manually.

5. Multiple Currency Support

If you do business internationally, you need to make sure that your payment gateway can handle payments in different currencies and from different countries.

It is of utmost importance to let your customers pay in their currency. You’ll also want to, check for fees involved in foreign currency transactions.

Types Of Payment Methods

1. Debit Card

There are three main types of debit cards:

  • Visa
  • Mastercard
  • Maestro

2. Credit Card

Credit cards are used in much the same way as a debit card but the key difference is customers are paying with credit i.e. money they’ll pay back at a later date.

When someone takes out a credit card they’ll be given a credit limit – how much they’re allowed to spend – and when they use it they’re agreeing to pay back the balance plus interest. The three most common credit card issuers are:

  • Visa
  • Mastercard
  • American Express

3. Pre-paid Card

Pre-paid cards are an alternative to carrying cash. They can be used in a similar way to debit and credit cards but the person doesn’t need an account to have one.

Instead, they’re loaded up with cash as and when needed – much like a pay-as-you-go mobile phone.

Pre-paid cards can be used to pay online, using chip & PIN or contactless, so they carry the flexibility of other plastic options without the risk of running up debts. However, there will be associated fees for the user.

4. Contactless

Contactless payments are on the up and they’re popular because of how quick and easy they are to complete.

Customers simply tap their card or phone on the card machine and bob’s your uncle, they’ve paid (using near field technology).

5. Online Banking

Online banking or internet banking can be used to make all sorts of payments. The user will need to sign up with their bank before they can get started but once they’re up and running, it can be used to transfer money to anyone they want, directly from their bank account.

With online banking, direct debits, standing orders or one-off payments to friends, family or businesses can be set-up.

Also read: How To Save Foreign Currency In A Nigerian Bank

6. Cheque

Cheques are becoming a dying breed and their prevalence’s dropping year on year.

They’re essentially a paper voucher linked to peoples’ current account and are typically used to pay bills or tradespeople.

Using them is pretty straightforward and free of charge, but it’s up to the person writing the cheque to ensure there’s enough money in their account to cover the cost, so you should never accept a cheque from someone you don’t trust.

7. Cash

Up until last year cash was still the most frequently used payment method and it’s most commonly used for everyday lower-value purchases – like that chocolate bar from the corner shop or a train ticket.

It’s quick to use and you get your money there and then, so you know exactly where you’re up to.

Payment platforms

20 Best Payment Platforms

1. Melio

First on our list is Melio, an easy account payable and receivable software for small businesses in the US.

This is a reliable digital bill payment solution that lets you pay all your suppliers, distributors, vendors, and any other businesses requesting payments for products or services.

Moreover, when you have bills to pay including utilities, rent, insurance, and advertising Melio lets you do it with simplicity and convenience. It also enables you to set recurring payments for bills like the internet and phone

2. Fondy

Fondy is an intuitive payment gateway system created for entrepreneurs to perform online business transactions in Europe.

From credit cards and e-wallets to direct payouts, this platform can simplify payment processing without compromising security.

It supports an extensive selection of currencies including USD, EUR, and GBP, and can handle both one-time and recurring payments.

It also allows you to automate refunds and perform online invoicing to further streamline transactions.

3. BlueSnap

Next on our list is BlueSnap, which enables payments for ecommerce, mobile and website development.

It comes with a dedicated payment processor for merchants and retailers. This means that you can integrate it with all leading marketplaces and shopping cart platforms and enable direct payments.

Likewise, you make use of it to build unique desktop and mobile applications for SaaS, gaming, and more.

Such a combination of the retailer and developer-friendly tools is unique in this industry.

4. 2CheckOut

2CheckOut. This global payment platform is trusted by over 50,000 merchants for its easy-to-use interface and extensive capabilities.

For one, it accepts online and mobile payments from anywhere across the globe.

Moreover, it localizes transactions by supporting different currencies and languages to simplify payment processing for buyers and sellers alike.

Additionally, 2CheckOut processes a wide variety of debit and credit cards to help you expand the payment methods you can support.

Moreover, it can even integrate with online shopping carts and invoicing systems to streamline your payment processing.

5. Vapulus

Vapulus is a reliable payment gateway software that’s primarily built to simplify mobile payments.

The platform enables ecommerce businesses and local store owners to accept payments without a struggle.

It brings all sales from your website, mobile app, and POS system in a single, easy-to-analyze interface.

This way, the solution allows users to sell goods and services anywhere in the world and receive payment in one place.

Additionally, Vapulus supports more than 135 currencies worldwide. In doing so, the platform enables you to establish footprints across the globe and charge clients in their local currency and receive payments in your currency.

Should you want to learn more about the product capabilities, you can do so at no cost thanks to the Vapulus free trial.

6. Stripe

Stripe is an online payment platform that was created by industry experts who have established partnerships with the wider payments industry.

These include expected partners like local banks and major card networks as well the unexpected ones such as the W3C and industry associations.

This developer-centric solution allows users to rapidly build production-ready integrations with modern tools, from React components to real-time webhooks.

Moreover, using Stripe’s developer platform means less maintenance for legacy systems and more focus on core customer and product experiences.

7. PayPal Payments Pro

PayPal Payments Pro is the online payment giant’s successful attempt to introduce a payment processing service for ecommerce users without a PayPal account.

Backed by today’s undisputed top payment gateway, the platform is designed to streamline business transactions.

These features make it a reasonable choice when deciding whom to entrust your money transfers.

Its end-to-end platform supports credit cards as well as PayPal and PayPal Credit payments.

It relies on an open API infrastructure to relate easily to any shopping cart/marketplace solution.

Moreover, it allows phone-based credit card payments and gives users a handy invoicing kit to charge consumers right away.

8. Amazon Payments

Amazon also offers a secure and streamlined payment service to its clients. The service is available to both merchants and shoppers to facilitate their online purchases.

Basically, it works by using a user’s Amazon account information, to complete check-ins and checkouts.

With a single login, the customer is immediately identified and enabled to complete a transaction, a possibility that is also available on mobile devices.

Amazon’s A-to-Z Guarantee makes these transactions 100% secure and charges no additional fees to do so.

As with most payment gateways, clients are only charged a fixed percentage of the amount they are transferring.

9. Braintree

Braintree is an all-in-one payment processing partner for businesses of all sizes and types.

It allows clients to accept, send, process, and split payments to maximize their business opportunities and increase their revenue.

All of its functions are backed by Braintree’s loyal partnership with PayPal. What Braintree is best known for is the seamless checkout experience it provides, creating an overall feeling of safety and confidence that inspires customers to return.

At the same time, Braintree equips you with sophisticated anti-fraud tools that can help you manage risk and fight current and next-gen fraudsters.

10. Authorise.Net

Authorize.Net is most needed in retail and service environments looking for a flexible solution that works in tune with their order management practices.

It was developed to help merchants sell more in both local and online stores. It covers for the work of full-time staff, stores and organizes data, and helps you fight fraud without making constant checks and reviews.

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11. WePay

WePay is an integrated payment gateway made especially to support the distinct omnichannel, POS and web-based requirements of software platforms.

Designed to allow for quick, seamless, and secure onboarding and processing, this payment solution provides software businesses the needed flexibility to optimize their operations based on their objectives.

For instance, it enables businesses to personalize their online platform using your brand and pricing structure to allow for native processing and promote your business model.

12. SecurionPay

SecurionPay is a highly recommended system for those who are looking to improve their conversions and cross-sales.

Basically, SecurionPay is one of the most reliable payment solutions on the market, as it is designed to boost conversions by offering a fast, simple and straightforward way for making transactions.

Its highly flexible API also allows businesses to tailor-suit the system for their specific needs.

13. Skrill

Skrill is a relatively new, yet very successful UK-based payment service designed both for businesses and individuals.

With the service, you can make international transactions and pay for products and services wherever you are in the world, and from the comfort of your mobile device with a dedicated application.

Within Europe, active users can submit a request for a prepaid Mastercard, and use it to withdraw funds/purchase goods wherever they may be.

14. PayU

PayU is the product of an Indian payment processing corporation, and one of the simplest payment solutions that were designed to fill in the gaps left by complex service providers.

The expert community is also fond of PayU because of its best conversion rates (acclaimed 12%), acceptance for over 45 payment methods (Net-Banking, 8+ bank EMI’s, 6 Wallets, Amex, Rupay, International Cards), and the PayuBiz’ API’s & SDKs which help connect this platform to any website, application, or related third-party system.

15. Zoho Checkout

Zoho Checkout is Zoho’s flagship one-time and recurring payment processing system, and one of the world’s leaders when it comes to processing innovations.

It won’t only help you streamline the purchasing experience of your customers, but also transform payment pages into personalized terminals customers know and trust.

Coding is not necessary to build a checkout page with Zoho. Hosting is also handled on behalf of the provider, all you have to do is to choose between one-time and recurring payments (or both) and configure the intervals, dates, and duration for each of them.

Zoho Checkout will even allow you to choose a collection amount (or let the customer handle that) and offer a variety of professional and ready-to-use templates to save you the trouble of creating a new page.

16. Bit Pay

BitPay owns a unique, leading position among gateways that enable such payments, being the founder and supporter of a whole new payment processing method.

If you belong to the ever-growing poll of businesses accepting bitcoin payments, you should definitely give it a look.

In short, BitPay lets you accept and send bitcoins, store and spend your bitcoin funds in a secure manner, or turn them into dollars using your unique BitPay card.

To make sure you can do this wherever you’re located in the world, BitPay adopted a mobile-first logic, and will now offer all the retail, ecommerce, billing, and donation tools you need to operate internationally.

17. Payoneer

Payoneer is an intuitive international payment gateway that allows small businesses and freelancers to become active participants of the worldwide marketplace.

Through its innovative mass payout platform, Payoneer helps businesses pay their contractors or remote workers easily, from any place they operate.

Using this platform, you can be sure of world-class payment services that are inexpensive, secure, client-friendly, and fast.

Through this kind of service that Payoneer provides, SMBs and freelancers can easily send and receive payments while at the same time sustain better markup earnings. You can also check out my article on How to Get A Payoneer MasterCard in Nigeria 2022

Aside from supporting a wide range of currencies, users can avail of free transactions for some selected currencies as well as full support provided in more than 35 languages.

18. CardinalCommerce

CardinalCommerce is a consumer authentication, mobile commerce, and payment processing platform that is unique in many ways.

To start with, its rules-based payment authentication technology helps prevent chargebacks, reduce fraud, and give customers the possibility to use a variety of leading alternative payment brands.

Cardinal will also be a faithful partner while building a successful selling strategy, as its experts help you choose the best online marketplaces, enable mobile payment technology, and secure setups.

19. Payza

Payza is one of the world’s fastest and simplest online money transfer solutions designed for private and professional use.

You can use it to send and receive payments worldwide, enable secure money transfers from mobile devices, and get robust protection for the payment data of your customers.

You can receive transfers from credit cards, bank accounts, and BitCoin accounts, process payments directly on your ecommerce websites, and shop online with the finances stored in your Payza wallet.

To further facilitate this process, Payza offers a dedicated card you can use to withdraw money or pay on spot.


ECOMMPAY is an online payment service provider catering to businesses of all sizes globally.

It is trusted by companies in online retail, education, hospitality, gaming, and other industries for facilitating reliable and secure transactions.

The scalable and user-friendly platform is equipped with robust transaction management and supports different payment channels plus over a hundred alternative payment methods.

Not that alone, it has a payment routing system that leverages artificial intelligence to ensure the success rate of all transactions.

Also Read: Top List Of All Local Airlines In Nigeria

How To Choose The Right Best Payment Platforms For 2022

Before making any decision to choose a payment gateway provider, depending upon the business and functional requirements for your business, given below are the factors which should be considered:

1. Choose an Appropriate Payment Flow

As the business grows, the eCommerce payment gateway should be able to scale along effortlessly.

Retailers need to select the most appropriate payment flow for their business to add a payment gateway to a website.

2. Choosing the Correct Product

When it comes to selling products and services online, a payment gateway provider is required on every website.

It allows customers to buy a product or service, while business owners receive these payments hassle-free.

To choose the right product, retailers should consider how adaptable their payment solution is while keeping its security in mind.

3. Make Customers Feel Safe and Secure

Big companies have taken the online shopping experience above and beyond – raising customer expectations from all eCommerce websites.

Even if websites are running a small business, their customers will expect a high-quality website that runs on the most secure payment options.

4. Consider Fees and Service Agreement Requirements

Pricing’s for payment gateways is commonly based on the type of transactions a business conducts (online or in-person), and even business sales, revenue consistency, transaction frequency, and the markets served.

It’s crucial to compare how the business model coincides with the payment provider, or a gateway’s fee structure.

A few services may require setup fees and contracts, or they may charge transaction fees if a certain order and transaction volume isn’t met.

5. Ensure Effective Transactions

According to a survey conducted, more than 25 percent of customers will abandon a purchase if they are compelled to register for an account to complete it.

If the checkout procedure uses a third-party shopping cart with an enrollment procedure built into the cart, ensure that retailers can make it an optional factor that allows for a “guest” checkout.

6. 24×7 Customer Support

Several payment gateway services limit their support to tickets or emails. In this situation, users need to follow manual instructions to fix a problem.

If the website owners feel more comfortable talking to a person instead of sending emails, check whether the provider offers live technical support, at least within standard working hours so that they can quickly resolve any technical problems.


Selecting and integrating the right payment gateway provider isn’t that tough or cost-restrictive if retailers understand the business needs.

By doing it right, they can have an immediate and positive impact on their brand’s customer experience and profitability. All they need is to consider the above-discussed factors before choosing and implementing the right payment gateway provider.

Another good case practice is to hire an expert and let them deal with all the technical aspects of integrating a payment gateway.

This is all about the best payment platforms in 2022. Leave your opinion in the comment section below.


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