Online payment systems revolutionized the way that individuals and businesses can accept payments. They are another example of the way that the internet has revolutionized the way that people do business.
Many online payment systems are available to UK businesses and individuals, ranging from low-cost options to more comprehensive payment gateways. Some of the UK's most popular and widely used low-cost online payment systems include Stripe, Paypal, and Square.
Whether a business owner or a private individual, online payment systems can help make your life easier, but you will also want to find the one that saves you the most money. Keep reading to learn about low-cost online payment systems in the UK so you can pick the best one for your needs.
What Is an Online Payment System, and What Are Its Advantages?
An online payment system is a software program that allows users to accept and process payments online. Depending on the system you choose, you may also be able to manage inventory, process refunds, and more.
Some key advantages of using an online payment system include ease of use, low fees, and the ability to accept payments from a wide range of customers. Whether you are a small business owner, an online retailer, or need a low-cost alternative to traditional payment methods, an online payment system can help streamline your business and make your life much easier.
The 8 Best and Cheapest Online Payment Systems in the UK
So, which online payment system is the best for you? Here are a few of the low-cost options available in the UK today.
The transaction fees are transparent and apply each time you make a transaction. There are no other fees. The set-up time is minimal, and the customer support is excellent. You can accept payments in person through a Square Terminal, online through integration on your website, or manually if you’re receiving payments over the phone, for example. Square has everything you need to run your business effectively.
Stripe is a low-cost online payment system that has rapidly risen to the top of the industry. This intuitive platform is ideal for businesses that need an online payment solution with low fees and minimal hassle.
The pricing system that Stripe uses is straightforward. There are low transaction fees; you only get charged when you have an actual sale. Stripe also features powerful analytics tools that can help you track and monitor your sales in real-time. Whether running a small business or a large e-commerce store, Stripe is a low-cost online payment system that can help you save money and streamline your payments.
Related: Top 10 Stripe Alternatives in the UK
As one of the UK's leading online payment systems, Worldpay will quickly transfer the funds to your account. You can set up recurring payments, and their robust platform will not leave you stranded. The platform is simple to use and can manage a wide variety of online transactions, making it ideal for businesses of all sizes.
One of the advantages of Worldpay is that you can use it even if you don't have a website. This feature is a huge advantage for businesses operating in person rather than digitally. Plus, Worldpay offers various subscription plans so you can pick the service that your business needs.
Klarna is another low-cost online payment system in the UK. This Swedish company is cutting-edge and constantly introduces new features to its low-cost online payment platform.
Whether you need simple integration or something more complex, Klarna is an excellent option. Klarna offers your customers both "pay now" and "pay later" options. Additionally, the company can provide financing options to your customers if they make larger purchases. Klarna charges transaction fees on each purchase.
SumUp is recommended for small businesses. You can build your website for free using their platform and integrate their payment system. There are no monthly fees, only a fixed percentage per transaction. SumUp provides several card-reader options and POS systems if you have a brick-and-mortar business. It’s also possible to receive payment by sending a link to the client.
Shopify is well known as one of the most widely used e-commerce platforms. Many businesses use Shopify to build their websites and create online stores. However, Shopify also offers online payment options for companies that want to process payments online.
Whether you need a simple processing gateway or something more comprehensive, Shopify is a low-cost online payment system that will meet your needs. Shopify is an excellent option for business owners who want a one-stop shop or to run an e-commerce store. Given the wide variety of other services that Shopify offers, the platform can make it easy to streamline your organization and payment processing.
SagePay is an online payment gateway UK residents will find interesting. Unlike many other payment processors, SagePay does not charge by the transaction. Instead, they offer monthly subscriptions that allow you to handle a certain number of monthly transactions.
The transactions can be in various European currencies, and the lack of transaction fees makes it an appealing option for smaller businesses. The only downside is that SagePay requires more technical knowledge on your website, and the customer service is not as highly reviewed as other payment systems.
PayPal is one of the first online payment systems and continues to be one of the most widely used. With low transaction fees and excellent customer support, it is not surprising that Paypal has over 20 million UK users and that over 7 million businesses worldwide use the platform.
One of the most significant advantages of Paypal is that you can easily create a business account if you already have a personal account. Like many other payment processors, Paypal charges a transaction fee plus a small amount per transaction. Also, the security that Paypal builds into their platform is second to none.
If you want to streamline your business and save money on low-cost online payment systems, consider using one of these UK options. With low transaction fees, fast and easy integration, and other valuable features, these low-cost online payment systems in the UK can help your business run more smoothly.