Learn how to – Which are the best online payment services in 2022?

Learn how to – Which are the best online payment services in 2022?.

A new digital revolution is happening in 2022 due to the coronavirus crisis. Online payment services are being used more than ever before, with their flexibility a big tick in the box.

Indeed, research has shown that the vast majority of banks (88 per cent) were overwhelmed by online and mobile banking demand from the public during the COVID-19 pandemic.

Which online payment service you choose to use might depend on your specific requirements, with a variety of great options available to pick from.

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Here are some of the best online payment services to consider using in 2022.

PayPal

Ask a random person on the street which online payment service they use and the chances are it will be PayPal that they name.

Enjoying a brand recognition strong enough to result in jealousy across the industry, PayPal is a giant of its field and the company just keeps getting bigger. 

PayPal saw a record-breaking rise in digital payments earlier in the year as a direct result of the pandemic, so this is a rare brand that has seen a spike in demand because of COVID-19.

During the first quarter, PayPal added 10 million net new accounts so the platform is still growing at a rapid rate, with forecasts suggesting 15 million new accounts will have been created over the course of the second quarter.

451 Research – which is a part of S&P Global Market Intelligence – has also revealed that PayPal ranks top for customer trust among payment companies and financial institutions.

PayPal continues to innovate in the online payment services industry with the company recently launching a new tool that lets shoppers pay for goods like electronics in interest-free instalments.

The shift to online shopping due to the coronavirus crisis is very good news for PayPal indeed and there is no doubt that it is still up there with the best online payment services in 2022.

Dwolla

A direct competitor to PayPal can be seen in Dwolla, which has had a great 2020 but still lacks the brand recognition among the public that its major rival can enjoy.

Dwolla’s chief executive officer Brady Harris believes COVID-19 has persuaded even those companies that were previously reluctant to move online to do so in order to stay alive.

Speaking in a recent interview, Harris explained gross payment volume at Dwolla “took off like a rocket” in the early days of the pandemic across America.

“I think [companies] have realized they can run their businesses more efficiently using digital payments,” Harris said. “If I were a betting man, my money would be on seeing this continue to pick up steam. I think it’s here to stay.”

It is hard to argue with that assessment given the state of play during 2020.

WePay

Next up in our list of the best online payment services in 2022 is WePay, which was founded in Boston more than a decade ago.

Aiming to “businesses get paid easily in the software and apps they use every day” according to its mission statement, WePay is a part of JPMorgan Chase after its acquisition went through.

Being able to accept online credit cards and bank account payments is simple with WePay, which also offers same-day deposits to Chase bank accounts with no additional cost.

WePay’s State of Small Business Payments 2020 survey recently revealed that many entrepreneurs still spend hours dealing with payment issues.

“At WePay, we believe that payments and banking services should be seamlessly built into the software that businesses use every day,” said WePay’s chief executive officer Bill Clerico.

Authorize.Net

More than 430,000 merchants use Authorize.Net for their online payment services, which makes it a huge player in this industry.

Set up to guide businesses through the process of using online payments for the first time, Authorize.Net is a Visa solution that has proven to be priceless for a lot of companies.

Over a billion transactions have been handled by Authorize.Net since it was set up in 1996, so this service has a massive amount of experience within the sector.

Every year, some $149 billion in payments are handed by Authorize.Net, which means it is right up there with 2022’s best online payment services.