Best Payment Apps

Payment apps enable business owners to process payments directly from their smartphones, eliminating the need for traditional payroll methods. These apps also allow you to connect your credit cards or bank accounts seamlessly.

The most effective payment apps provide broad compatibility with various credit and debit cards, fast transfer speeds, and support across multiple devices. We have assessed factors such as ease of use, payment flexibility, fund transfers, and consumer incentives. Explore our analysis to identify the best option for your business needs.

PayPal

PayPal is favored for its convenient payment options, strong brand recognition, and robust tools. It allows users to send up to $60,000 depending on the currency and offers features through PayPal Balance. Key advantages include ease of use, secure encryption, and free payments to friends and family.

However, business accounts incur fees, and there can be confusion with the variety of services. PayPal charges 2.9% for card transactions and 5% for international personal transactions. Users can opt for Instant Transfer with a 2.5% fee or standard transfer, which takes a few days.

PayPal provides strong security measures and a Security Key for additional protection. If money is sent in error, users can request a refund or dispute the transaction with PayPal.

Read full PayPal review.

Wise

Wise is a top choice for international payments because it uses standard exchange rates instead of the higher rates often charged by banks, making it a more affordable option for transferring money globally.

Wise supports sending money to over 80 countries and offers a multi-currency account, allowing payments in local currencies with instant notifications. It provides strong security features, including two-factor authentication, but lacks protection from financial schemes like the UK's FSCS. Although transfers can take up to two days, they are usually faster, depending on the recipient's bank.

Wise has daily and annual limits for personal and business accounts and offers a card for spending. If a payment is sent to the wrong person, users can attempt to cancel it or contact the recipient for a refund.

QuickBooks Online Mobile

The QuickBooks Online Mobile app is highly regarded for its user-friendly interface and efficient touch interaction, making it ideal for small businesses. It allows users to easily manage invoices, accept credit and debit card payments, set up recurring invoices, and make payments online.

The app also offers features like invoicing, cash management, tax deduction tracking, and more, with real-time alerts and connectivity across devices. The GoPayment app, a free mobile point-of-sale solution, integrates seamlessly with QuickBooks Online.

QuickBooks uses advanced encryption to secure data, and payments are typically deposited within a few days. If a payment is sent to the wrong recipient, it can be corrected by deleting and recreating the payment.

Stripe

Stripe is a top choice for freelancers and small businesses due to its robust payment processing platform, which includes software and APIs that make it easy to accept payments and send payouts globally. Stripe supports all major credit and debit cards from customers worldwide, preventing fraud and offering virtual and physical card issuance. It provides a transparent pricing model of 2.9% plus 30 cents per transaction, with no hidden fees.

Stripe also offers mobile apps for iPhone and Android, with a comprehensive dashboard for easy management. Freelancers can use Instant Payouts for quick access to earnings, though the first payout may take up to seven days (or 14 days for certain industries). Stripe meets the highest industry security standards with PCI Service Provider Level 1 certification.

FreshBooks

FreshBooks, a cloud-based accounting software for small businesses, is praised for its comprehensive time-tracking, receipt, and expense management features. It excels in invoicing, automatically sending payment reminders and allowing clients to pay online quickly.

FreshBooks offers a free 30-day trial and is ideal for freelancers and small businesses, though it has client limits and lacks payroll services. The app charges 2.9% plus 30 cents for most credit card transactions and 1% for ACH transfers. It supports mobile use on iOS and Android devices, provides time-tracking tools, and ensures secure transactions with 256-bit SSL encryption.

Venmo

Venmo is recognized as the best peer-to-peer app due to its quick transfer options, allowing funds to reach a bank account or debit card in about 30 minutes for a 1.75% fee. It works with all U.S. banks and enables free money transfers, though there is a 3% fee for credit card transactions. Venmo offers easy-to-use features and the ability to personalize messages with emojis and stickers.

Users can send money via iPhone or Android after verifying their phone number, email, and bank account. Standard ACH transfers take 1-3 business days. Venmo has a $299.99 spending limit per transaction, but users can increase this to $60,000 weekly by verifying their identity. Additional security options include multi-factor authentication and a PIN. If money is sent incorrectly, users can request a return or contact Venmo's support team, though recovery isn't guaranteed.

Read full Venmo review.

The best payment app depends on your needs. Stripe is ideal for freelancers needing business services, while PayPal offers ease of use, fast processing, and robust features, making it a great choice for individuals, small businesses, and larger companies alike.