5 Best Payment System Options for Your Small Business

August 17, 2021

best payment system for small business

As a small business owner, you need to find the right payment system for your business. Unfortunately, there are so many different options out there it can be difficult to determine which one is best. That’s why we’ve compiled a list of the top five best payment systems for small businesses.

We will cover what each option offers, pricing details, and the ideal business for each payment processing option.

What is a Payment Gateway?

A payment gateway or payment processing system is a merchant service that authorizes credit card or direct payment processing for businesses. Payment gateways accept and process online or in-person payments.

Customers can pay for your business’ goods or services with their credit card, and a payment gateway connects merchant accounts with payment processors. The payment gateway effectively transfers credit card information between the bank that issued the card and your business bank account.

Payment gateways make it possible for small businesses to accept credit cards or direct payments.

Best Payment Systems for Small Businesses

We have narrowed down the top five best payment gateways for small businesses to make the decision simpler. In no particular order, here are some of the best options you’ll want to consider for your small business.


Square is a well-known payment system founded in 2009. It started with a little white card reader and has become one of the biggest payment systems. With Square, you can take in-person, online, remote, and manually entered payments.

Price: no monthly cost with 2.6% +10¢ per transaction fee

Ideal Business: Small businesses looking for low fees and reliable service

Quickbooks Payment Online

We’re sure you’ve heard of Quickbooks before, and you might be using it for accounting functions, but did you know they also offer a payment gateway? Quickbooks Payments allows you to take contactless or in-person payments. In addition, they offer fast deposits and automatic bookkeeping if you use their program.

Price: no monthly cost with 1% (max $10) for ACH bank transfer with a 2.4%-3.4% + 25¢ per transaction fee

Ideal Business: Small businesses that already use Quickbooks to manage their business finances


As an online payment solution for small businesses, Veem is a great option because of its reasonable fees. Veem features 1099 forms, easy sync with Quickbooks, scheduled payments, payment tracking, and live support.

Price: no monthly cost with a 2.9% fee per credit card transaction and 1% fee for instant deposit to card

Ideal Business: Small businesses seeking a low-cost and simple payment system

Stax by Fattmerchant

Stax by Fattmerchant is an all-in-on subscription-style platform for payment processing. Stax has processed over $9 billion in transactions and has a 99.9% reliability rating. It offers instant invoicing, advanced reporting, customer management features, same-day funding, and syncs with Quickbooks.

Price: starting at $99 per month with 8¢ per swipe and 15¢ per keyed entry fees

Ideal Business: High-volume businesses who want low transaction fees

Clover Flex

The Clover Flex is an all-in-one handheld POS system that makes credit card transactions easy. Using the device, you can accept payments, track sales, and conduct business. Clover Flex accepts all payment types (chip, swipe, tap, NFC, etc.) and makes it simple. In addition, it boasts end-to-end encryption and data tokenization, integrated EMV chip sensors, and fingerprint logins.

Price: $499 for the physical POS system, starting at $30 per month with a 2.7% + 10¢ fee per transaction

Ideal Business: Small businesses wanting a functional physical POS device and payment system bundle

Hopefully, this guide helped you choose which payment system for small businesses you will go with. Evaluate your business volume, consider if you are using Quickbooks, and compare transaction fees.

If you are in the market for a loan to grow your small business, continue reading to learn about LendThrive’s fixed rate business loans.

LendThrive Wants To See Your Business Grow

Part of the AVANA Family of Companies, LendThrive wants to see your business grow. As a lending provider, we want to help you thrive and scale your business.

If you need a little extra boost to see your business grow, apply for a loan today or contact LendThrive for more information.

Go Back