10 Top-notch Online Payment Systems in Canada RIGHT NOW!

In this article, we’ll be carrying out a review of the top 10 systems for online payments on the web. A peculiar distinction of this list is that it combines both online payment systems that have been available to merchants for several years and new payment systems that are venturing into new areas of the online payment services such as social commerce and online card reader systems.

A Quick Pointer On Online Payment Systems There are some terms, concepts and systems to be familiar with before getting started with online payment systems.

ACH Payments simply refers to electronic debit and credit transfers which allows customers from any part of the world make payments directly from their bank accounts for mortgage loans, utility bills and generally any other type of bills.

Merchant Account is a bank account which usually allows a customer receive payments through either their debit or credit cards.

Payment Gateway allows different merchants to securely navigate credit card information between the customer and the merchant and then also between the merchant and payment processor.

Following immediately are the 10 top-notch online payment systems.

1. PayPal

PayPal is arguably the most widely used payment system in the world. PayPal has successfully processed over $4 billion in payment since 2011. Payments with PayPal are made using the existing account of a user or with a credit card.

Pricing: PayPal takes 2.9% + $0.30 as transaction fees. It has no set up or monthly fees. Source; PayPal.com