Online payment providers: What businesses should look for
- Last update:
An online payment provider is a platform that helps businesses accept and manage digital payments. It acts as the link between customers, businesses and banks, making it easier to pay securely with credit cards, debit cards, bank transfers and digital wallets.
In this guide, we’ll explain the key features businesses should look for in an online payment provider.
We’ll also introduce WorldFirst, a trusted global payment platform that easily connects to 30+ payment gateways and 100+ marketplaces.
With a World Account, businesses can send and receive 100+ currencies across 210+ countries and regions – with 90% of payments landing within one working day. You can also use the account to hold 20+ currencies in the same place.
We’ll cover:
- What is an online payment provider?
- Top features to look for in online payment providers
- How WorldFirst simplifies global business payments
- 4 online payment provider options
Sign up for a World Account and start online transactions with businesses all over the world.
What is an online payment provider?
An online payment provider is a platform that helps businesses accept, send and manage digital payments. Some of the best-known online payment providers include Stripe, PayPal and Adyen.
In simple terms, they act as the intermediary between customers, businesses and banks – making it possible to process payments securely and efficiently. This can include everything from credit and debit card payments to bank transfers and digital wallets.
But online payment providers do much more than just move money. They often handle the technology and infrastructure behind payments too, including:
- Payment processing and transaction authorisation
- Security checks and fraud prevention
- Domestic and international transfers
- Multi-currency account management
- Currency conversion and foreign exchange (FX)
- Invoice, ecommerce and checkout integrations
- Payment tracking and reporting
- Automated or recurring payments
For businesses, this means handling international payments in one place, instead of juggling multiple systems. This makes it easier to get paid, pay suppliers and manage day-to-day business transactions.
Top features to look for in online payment providers
When comparing online payment providers, focus on the features that will make managing payments easier, faster and more cost-effective for your business.
Here are some of the most important features to look for:
- Easy payment acceptance: A good provider should make it simple to accept payments in different ways, including card transactions, bank transfers and digital wallets – whether online, in person or through invoices.
- Clear, transparent fees: Payment costs can add up quickly, so it’s important to choose a provider with straightforward pricing and no hidden charges.
- Fast and reliable transfers: Delayed payments can affect cash flow and supplier relationships. Look for providers that offer reliable transfer speeds and strong payment networks, especially if your business works internationally.
- Fraud protection and security: Payment providers handle sensitive financial information, so strong security features like encryption, fraud monitoring and secure logins are essential.
- Easy account management: Managing payments should not feel complicated. Many providers offer one central dashboard where businesses can track payments, manage balances, monitor spending and connect accounting software.
- Multi-currency accounts and competitive exchange rates: If your business sends or receives international payments, look for providers that let you hold and manage multiple currencies in one account while offering competitive exchange rates and transparent FX fees.
- Marketplace and platform integrations: If you sell online, it helps to choose a provider that connects with the platforms you already use, such as Shopify, Amazon, eBay or Etsy. This can make it easier to manage payments, orders and reporting in one place.
Below, we share some of the top payment providers that boast these features. But first, we want to share details of a multi-currency business account that enables you to collect funds from your global sales all into one place.
How WorldFirst simplifies global business payments
One of the simplest and most versatile ways to receive cross-border payments and to pay international businesses is with a multi-currency World Account.
Since 2004, WorldFirst has been building global payment solutions designed specifically for international business. Today, the platform supports more than 1.5 million customers worldwide and has processed over US$500 billion in transaction volume.
From one platform, you can open 20+ currency accounts with local bank details to receive and hold global payments. You can also use your World Account to make same-day international payments and save on the cost of international transactions.
You can also collect money from 130+ marketplaces and payment platforms, such as Stripe and PayPal, making it easy to receive international sales revenue, keep funds in different currencies and manage marketplace payments from one place.
Here’s how a World Account can help simplify international payments for growing businesses.
Receive, hold and pay in 20+ currencies from one account
One of the biggest advantages of the World Account is the ability to hold and manage 20+ currencies from a single account.
Unlike many traditional banks, payments do not need to be automatically converted back into your home currency. Instead, you can hold balances in different currencies for as long as you need – then use those existing balances to pay suppliers, staff or partners in the same currency later on.
For example, if your business receives payments in USD, EUR or GBP, you can keep those funds in their original currencies and use them for future international payments. This way, you don’t have to convert currencies (or pay an FX fee).
Even when currency conversion is needed, you’ll always pay the mid-market rate with a low 0.5% markup on all major currencies (and 0.75% on all other currencies). And if you’re sending money to another World Account holder, it’s completely free.
90% of payments arrive in one day with local currency account details
Traditional SWIFT transfers often take 3–6 business days to arrive due to intermediary bank processing, security checks and international banking cut-off times. Even some online payment providers, like Venmo or Stripe, can take 1–3 days to clear.
For businesses managing suppliers, inventory or overseas operations, those delays can put unnecessary pressure on cash flow.
With a World Account, each of your 20+ currency accounts comes with local account details (such as IBANs, sort codes or local account numbers), allowing you to receive and pay through domestic payment networks instead of relying solely on international wire transfers.
This lets businesses send and receive payments like a local business in those countries, with 90% of payments arriving within one business day.
Read more: How to make same-day international money transfers as a cross-border business
Set up an account for free in under 15 minutes, without in-person visits or extensive documentation
With a World Account, businesses can apply completely online in as little as 10–15 minutes, with approval often completed within 1–2 business days. There’s no need for branch appointments, complex onboarding processes or large opening deposits.
Once approved, businesses can start receiving payments into their 20+ currency accounts, hold funds in those currencies and send payments globally – all from a single platform.
It’s also free to sign up, and there are no monthly fees or account maintenance fees simply to keep the account open. You can also hold multiple currencies at no additional cost, making it easier to manage international revenue and supplier payments without constantly moving funds between accounts.
4 online payment provider options
WorldFirst works alongside 30+ major payment gateways to make international business payments easier. If you accept payments through providers like Stripe, PayPal or Square, you can easily receive sales proceeds into your World Account to hold or spend.
Here are four popular online payment providers businesses commonly use.
1. PayPal
PayPal is a globally recognised online payments platform that allows businesses and consumers to send, receive and process payments digitally.
- Best suited for: Small businesses, freelancers and ecommerce brands looking for a simple, widely recognised payment solution
- Fees: Transaction and cross-border fees can be higher than some alternatives
- Transfer speeds: Transfers between PayPal accounts are instant, while withdrawals to bank accounts typically take 1–3 business days
2. Stripe
Stripe is a technology-focused payment processor that powers online payments for ecommerce stores, SaaS companies and digital platforms worldwide. It’s known for its flexible integrations and developer-friendly tools.
- Best suited for: Online businesses, SaaS companies and ecommerce brands that need scalable payment tools and custom integrations
- Fees: Transparent pay-as-you-go pricing structure, though additional features and international payments can increase costs
Transfer speeds: Payouts are usually sent on a rolling schedule, often arriving within 2–7 business days, depending on the region and account history
3. Square
Square is a payment platform that combines online payments, point-of-sale systems and business management tools in one ecosystem.
- Best suited for: Small retailers, cafés and service-based businesses that need both online and in-person payment solutions
- Fees: Flat-rate transaction pricing makes costs predictable for smaller businesses
- Transfer speeds: Standard bank transfers usually take 1–2 business days, with instant transfer options available for an extra fee
4. Adyen
Adyen is a global financial technology company that helps large businesses accept payments across multiple countries, currencies and sales channels.
- Best suited for: Larger businesses and international brands managing high transaction volumes across multiple markets
- Fees: Custom pricing based on transaction volume and business needs
- Transfer speeds: Settlement times vary by payment method and country, but many payouts are processed within a few business days
Start making international payments with a World Account
Whether your business operates globally or domestically, transactions should feel easy to manage, cost-effective and fast.
A World Account is designed specifically for that, helping businesses simplify payments by reducing unnecessary fees, avoiding delays and bringing everything together in one account.
Getting started is straightforward:
- Sign up for a WorldFirst account
- Enter your business and personal details
- Upload verification documents to complete onboarding requirements
- Set up your currencies and payment preferences
- Start sending and receiving international payments
Open your online World Account today and simplify all of your business transactions.
FAQs
What are online payment providers?
Online payment providers are secure payment systems that help businesses accept, send and manage digital payments. They act as payment links between customers, businesses and banks, making it possible to process in-store or contactless payments through credit cards, debit cards, digital wallets and bank transfers.
Many providers also support buy now, pay later (BNPL) options, recurring billing and international payments to help streamline the business and customer experience.
What’s the difference between a payment gateway and an online payment provider?
A payment gateway is the technology that securely captures and sends payment information during a transaction, such as when a customer enters their card details online.
An online payment provider is the broader platform that manages the payment process, including processing transactions, transferring funds, handling security and sometimes offering additional tools like invoicing, multi-currency accounts or international payments.
What should businesses look for in an online payment provider?
Businesses should look for an all-in-one platform that makes the payment experience simple, secure and cost-effective.
This can include functionality like easy payment acceptance, transparent transaction fees, fast transfers, fraud protection, integrations with ecommerce platforms and accounting software, and strong customer support. Businesses making international payments may also benefit from multi-currency accounts and competitive exchange rates.
Shawn Ma leads business development at WorldFirst UK, with a deep expertise in fintech, risk management and cross-border commerce.
Shawn Ma
Author
Continue reading
You might also like
Choose a product or service to find out more
