Online Bill Pay Features Comparison
By: Bookkeeping GO
As a business, you’re going to have bills or need to accept payment from customers, and finding the right bill pay service to deal with those things can be a crucial element of your day-to-day operations. Business accounts and features often charge fees, for instance, and you’ll want to know that you’re getting the most for your money. Now, if you aren’t incorporated, are a sole proprietor, or don’t need a business account, there are ways around this, and we’ll talk a bit about that too.
PayPal is the obvious option. Everyone is familiar with PayPal, even if they don’t use it. Millions of people use PayPal to send each other money and pay for goods. PayPal is pretty much globally integrated and useful in a number of situations and stores. The current fee for transactions is 2.9%, with an additional thirty cents for debit or credit transactions. This is less than a lot of the competition. But you’re trading for transaction time, as it may take several days for the funds to hit your account or be removed. You can mitigate this by setting up recurring payments to clear before the due date, of course. Also consider that PayPal does not include buyer protection for digital goods and services and it imposes fees for chargebacks.
Stripe is much like PayPal in its fee structure, but has the additional bonus of having a customizable API, which means that you can incorporate it directly into a custom ecommerce environment on your website. If you know how, that is. Otherwise, you’ll likely need to pay for that kind of customization.
WePay can also be directly incorporated into your site, which is something that PayPal charges a monthly fee for. WePay also happens to be a site builder, and will build and maintain your entire website for you in exchange for a higher transaction fee structure. The regular fees are comparable to the other services listed. WePay will also drop funds into your bank automatically, unlike PayPal.
The web version of QuickBooks is a great solution for small businesses. The reason it’s so good is that it’s premium. You’re going to pay for ease of use and a stress-free accounting process. Of course, you’ll have a 30-day trial to figure out whether or not you want to keep paying. With QuickBooks Online, you can create unlimited invoices, pay and accept bills, create and manage budgets, and more. The options are practically unlimited because QuickBooks allows for third-party integration.
Other web services include Square, which is comparable to both PayPal and Stripe, and Authorize.net, which comes with a handy fraud detection suite, but also a monthly fee. If you’re a larger business that sees greater volume than these services can handle, you’re probably going to want to look into premium options like QuickBooks, or stick with the big banks and compare their features.
Bonus option for sole proprietors:
Harvest is a combination timesheet service plus client/customer management and invoicing web software. It boasts a good amount of features and is free up to a handful of clients/customers. You can use the “archive” feature to stay under the limit, though at a certain point it makes more sense to pay for premium access. Teams and companies will need premium to work together. Harvest allows you to incorporate several different kinds of payments directly into your invoicing services, and is a handy little tool overall. If you’re a sole proprietor, you can use Harvest very effectively to avoid paying for bill pay services.
Bookkeeping Go prepares your business for all ACCOUNTING • FINANCIAL • BOOKKEEPING needs. Its team is made up of diverse and unique consultants with expertise in many facets of accounting including business valuation, forensic accounting, and bookkeeping. Its entire team of advisors is available to you, delivering much more value than traditional accounting solutions.
DISCLAIMER: This article is provided for educational and informational purposes only. The views and opinions expressed on this website are those of the original authors. These views and opinions do not necessarily represent those of Kimberly Shin Law Firm PLLC or any of the contributors to this website. Kimberly Shin Law Firm PLLC disclaims all liability with regard to any and all actions taken or not taken as a result of information contained here.