Note (September 2026): This article dates from 2021. Vend was acquired by Lightspeed in 2021 and is now sold as Lightspeed Retail (X-Series), and the card-processing fees quoted below have changed for every provider, so check current pricing before you choose.
With so many payment methods available today, the payment processing tools of tomorrow will be more advanced, quicker, and more secure.
Right now, there are dozens of ways to pay and accept payments, but some businesses are still stuck in the past with traditional credit card machines or cash registers. It’s time to get updated with the future of payment processing by learning about these five payment processing options.
Each option is perfect for small and medium-sized businesses, and offers a simple yet versatile tool to help you grow your operation and accept various payment methods. Keep reading to see our list!
1] Vend HQ POS
If you want to find a POS software that can do it all, look no further than Vend HQ’s cloud-based POS system. An industry leader in payment processing, Vend takes payment processing and makes it simple but powerful; combining security with ease-of-use and plenty of features to assist with other aspects of your business.
You’ll get inventory management software that you can rely on, multi-outlet functionality, real-time reporting, and the confidence of over 25,000 happy customers to date. Vend can also handle your eCommerce needs, so if you need payment processing for your website, you’ll get the same great service.
Vend is continuously voted as one of the top providers in the POS space, but it’s not only due to the company’s great software. The customer service you’ll get from Vend is the standard in the POS industry, and the company offers 24/7 support for any issues you might experience with its products.
2] PayPal
PayPal is one of the oldest and most widely-used payment processing tools on the planet. Originally strictly an online payment tool that helped reduce the risk of paying with credit cards online, PayPal has since entered the mobile payment space with much success. PayPal Here is the company’s POS option.
You can process credit, debit, and even send invoices with PayPal Here, and the fee is only 2.7% per swipe or 3.5% +$0.15 to key-in a card number. PayPal also works with your eCommerce site if you want to keep everything synchronized.
3] Square POS
Square POS is one of the most popular POS options for its simplicity and the fact that you get a free card reader when you sign up.
The Square offers a great inventory management system, an affordable fee structure (2.6% + $0.10/swipe), and great customer service. The POS is trusted by thousands of businesses all over the world, and thousands of eCommerce sites on the web.
With no monthly fee and free starting equipment, Square makes it easy to get your new business set up quickly with a reliable POS option. The company also offers its own hardware besides the card reader, but, of course, that will cost you extra.
4] Merchant Accounts
If you don’t want to use a POS system, you can always open a merchant account with a bank or financial institution. Merchant account providers give businesses the ability to accept credit and debit cards in payment for goods and services. The bank will act as a sort of “middle-man” between your business and the credit card companies, providing authentication for payment approval and processing.
Many merchant banks require you to pay per-transaction fees and monthly fees, and may also require you to sign a long-term contract in order to work with them. While this is the traditional way of processing payments, it’s becoming less popular as more simple methods like POS systems evolve.
If you want to open a merchant account, you’ll need to find a merchant bank and decide which credit card companies you want to work with. Visa and Mastercard are of some of the most widely-used options on the planet, so start there.
5] Touchless Payments
Touchless payments are becoming a popular option, especially amongst the younger crowd. Millennials and Gen Z use their smartphones for things like exchanging currency through different apps and programs like Apple or Android Pay.
You’ll need a special card reader in order to accept mobile payments, which is why it’s a good idea to just get a POS system that can process any modern payment method.
With touchless payments becoming more and more popular, if you’re not able to accept them, your business will quickly fall behind the curve. Make sure your competitors don’t get a leg-up on you over something as simple and easy to solve as payment processing!
Final Thoughts
Payment processing is an important part of modern retail operations, and if you’re not using current tools, you’re going to get left behind.
Whether you choose to work with a POS company, merchant bank, or another service, be certain you’re able to accept as many payment methods as possible so you can appeal to the maximum number of customers/potentials.
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