Tips to choose the payment system best for you

Payment systems abound around the world, and many have very different systems, processing systems, and payment ability options. There are also differences in the amounts being charged as fees for different payment service providers and payment systems. These are all compared against each other below and will allow you to choose the best option for you, based on informed choice.

Payment systems providers that are among the top


This mobile application allows customers to attach their Chinese bank accounts to the mobile app, as well as adding gift cards, credit cards (Chinese only), and bank cards. The app can be used around the world, and the buyer needs to have an Alipay online account. Merchants are able to open Alipay merchant accounts anywhere in the world and can add Alipay to their list of approved payment service providers within the point-of-sale (POS) terminal. Transactions in Alipay can be made in fourteen different currencies.

Amazon Local Register

Amazingly, this has no chargeback or return and refund fees, as well as no international fees. The card reader costs ten dollars to buy – although this is credited to the merchant account after they have gone online – and is then attached to the seller’s mobile phone to make an accessible card reader connected to the network. Fees are charged to sellers as a percentage of the sale, and those amounts are subject to change. Bank account verification is required, and received funds may be held for up to 14 days after sale.

Apple Pay

Primarily used in the Apple Store, iTunes and for Apple-based services, it can also be used in many retail outlets that support Apple Pay, as well as anyone who has a Near Field Communication (NFC) enabled POS terminal. Apple charges are currently at around 15 percent, plus 15 cents for each transaction and the seller gets the rest. The bank fees are taken from Apple’s cut, so no other fees are charged.

Bitcoin Payment System

This payment processing service is mainly used by Bitcoin supported payment and trading services. While a few online and retail shops have added the option, it is not very popular, and the fees are larger percentages on higher amounts.

Capital One

Also known as SparkPay, Capital One is also getting in on the merchant services deal. There is no monthly fee, and all charges are percentage based. The mobile card reader is given and delivered free, and receipts can be sent via email or printed on a local network printer. Attachment to a mobile device is also required, and GPS location information has to be enabled. However, there is an issue on security, as the POS terminals are not EMV (EuroPay, MasterCard, Visa) enabled yet.

Google Pay

Also known as the Google Wallet, and now upgraded into Android Pay, this is the third-generation of Google Pay accounts. Used for both Google services and products, it can also be used anywhere that has NFC-enabled POS terminals. The app also allows payments from one user account to another as a money transfer service, and the Google Pay app can be loaded onto both Android and Apple devices. However, fees are high, with 30 percent being deducted from the seller’s payment. Another downside is that Google has removed the ability to add funds from bank accounts or debit cards. Only transfers from another wallet account are now permitted to increase the load balance.

National Processing

While they are not hugely popular, they do have a low monthly fee and no long-term contracts, which is attractive. Service fees for transactions are low, and there is a 2 dollar return fee to the user for returned payments.

North American Bancard

Fees are charged per transaction, and it has a rolling monthly contract with no termination fees. Free to start up, the system uses and they normally use NFC-enabled POS terminals.


Fees are charged to the sellers based on a percentage of each transaction. The system can fully be integrated with many other shopping cart systems to allow websites and retail stores manage their payment processing. It can also be used for personal money transfers between friends and family, for no fees. NFC-enabled POS terminals vary in cost from 149 US dollars, and a second terminal is available for just 14 US dollars. However, since the PayPal app forcibly accesses GPS location services, and collects a list of all other apps on the device as well as sensitive log data from the other apps, this could be a violation of the merchant’s privacy rights. PayPal also owns Braintree and Venmo, two other mobile wallet apps.

Samsung Pay

As a Samsung device-based service, the app and wallet are free for Samsung device owners. However, in some countries like Korea, it is already available free for non-Samsung users. When used on Samsung devices by both seller and buyer, there are no fees for both, and even for non-Samsung devices, the seller is no longer charged a fee for the transaction. Devices must be operating on Android 4.4 or above to be able to use the app and it is not available for some generic Android devices. If the merchant already has an NFC-enabled terminal then no other terminal is required.


The charges for using Stripe are based on a percentage, and each transaction has a maximum chargeable fee of 5 dollars. Chargebacks and return fees are charged at a set rate 15 dollar fee, and the system can be easily integrated into an existing POS terminal. Also available is an online shopping cart for e-commerce sellers, and there is no merchant account required. Stripe also offers their “Stripe Subscriptions” service for those recurring payments.

Total Merchant Services

With no long-term contracts, and monthly rolling contracts available, they offer free equipment, though it must be returned if the contract is canceled. There is a free online marketing tool available to merchants, and card payments are processed through Global Payments.


Related articles published in Mobile payment :

Source :

Image: Shutterstock