The current growth of digital payments has made sending and receiving money convenient, fast, and affordable. According to a recent study, digital payments are projected to hit more than 700 billion by 2020.
The booming of the industry has attracted several online payment providers that offer various payment solutions to customers. Furthermore, most of these companies have exposed their APIs (Application Programming Interfaces) to allow developers to integrate the payment services into their applications.
We assessed several online payment APIs based on the following four main criteria:
- API features: We looked at the various features that make each API to stand out in the competitive online payment industry.
- Price: We evaluated the cost of using each of the payment APIs.
- Pros: We reviewed the advantages that each of the APIs offers to developers.
- Cons: We scrutinized the disadvantages of every API, especially when compared to others.
Ultimately, we created the following list of the top 10 best online payment APIs.
TL;DR: Here’s a table summarizing our findings.
|API||API Features||Minimum Fees||Geographical Coverage||Pros||Cons|
|Stripe||Offers various methods for processing online payments||2.9% + $0.30 per transaction||Extensive||Offers developer-friendly documentation||Expensive pricing model|
|Square||Offers methods for managing online, in store, and mobile payments||2.75% per transaction||Limited||Suitable for handling both physical and online payments||Limited geographical coverage|
|PayPal||Offers methods for implementing secure online and credit card transactions||2.9% + $0.30 per transaction||Extensive||Highly popular around the world||High transaction fees in some countries|
|QuickBooks Accounting||Offers methods for automating various accounting tasks.||$5 per month||Extensive||Offers comprehensive documentation||Basic version has limited features|
|Authorize.Net||Offers methods for accepting electronic and credit card payments||$25 per month||Limited||Offers easy to follow documentation||Available only in some selected countries|
|WePay||Offers methods for collecting, sending, and managing payments||2.9% + $0.30 per transaction||Extensive||Offers well-written documentation||Some high-risk transactions are not allowed|
|Amazon Pay||Offers methods for identifying Amazon customers||2.9% + $0.30 per transaction||Extensive||Leverages Amazon brand to offer customers with best experiences||Other popular payment methods are not supported|
|Alipay||Offers methods for implementing cross-border transactions||1.6% per monthly transaction volume||Limited||Offers Chinese customers with a familiar shopping experience||Unsuitable for merchants outside China|
|LINE Pay||Offers methods for making mobile payments||2.45% per transaction||Limited||Offers documentation in various languages||Other popular payment methods are not supported|
|Venmo||Offers methods for making online, mobile, or in application payments||3% per credit card transaction||Limited||Leverages the confidence users have on PayPal||Only available for U.S. merchants|
Stripe is a company that processes payments for individuals and businesses over the Internet. It provides a meticulously designed suite of APIs to allow developers to incorporate payment processing capabilities into their web and mobile properties.
API features: Built with the needs of developers in mind, the Stripe REST API has a rich collection of tools to assist you comfortably handle online payments. With the API, you can access methods for receiving and sending payments, tracking user accounts, managing recurring subscriptions, blocking fraudulent transactions, and sending invoices. Furthermore, Stripe also supports a wide range of global payment methods, including ACH debits, Mastercard, Visa, and Google Pay.
Price: Stripe offers a pay-as-you-go pricing model that allows you to pay only for what you use. For example, credit or debit card payments are charged at 2.9% + $0.30 per transaction.
Pros: Stripe has developer-friendly documentation that is available in the major programming languages. Therefore, getting up and running with the API is easy.
Cons: Stripe’s pricing model is expensive and may be difficult to implement on applications.
Square is a U.S.-based financial services company that offers a wide range of software and hardware payment solutions. With its API, you can build custom products for sending and receiving payments online and in-person.
API features: The Square API allows you to create powerful products for managing online, in store, and on the go payments. With the API, you can process point of sale retail payments, accept mobile payments, and manage product catalogs and orders. Square supports offline debit and credit cards that integrate flawlessly with most point of sale software and online payment providers.
Price: Square charges varying fees based on the payment platform, geographical location where payment is processed, and the type of transaction carried out. For example, in the U.S., the fees start from 2.75%.
Pros: The Square API is suitable for handling payments for stores with both physical and online presence.
Cons: The Square service is only available in a few countries around the world.
PayPal is a popular online service that allows individuals and businesses to make payments, send money, and receive money over the Internet. The PayPal API allows you to integrate the functionality of the payment platform into your website and mobile applications.
API features: With the API, you can carry out secure PayPal and credit card transactions online or on mobile devices. Other functionality you can incorporate into your application includes recurring subscriptions, mass payouts, invoicing, reports, and bank payment transfers. The API supports several countries and currencies.
Price: For U.S. customers, PayPal charges 2.9% + $0.30 per transaction for using its services.
Pros: PayPal is a widely popular platform, which increases the confidence of using it for making online payments. Furthermore, it has helpful documentation, which makes it easy to implement in any application.
Cons: The transaction fees for using PayPal are relatively high in some countries.
QuickBooks is a popular accounting software that is designed to assist individuals and businesses manage their financial transactions. Intuit, the company that developed the software, has exposed its API to allow developers to access its web-based products.
API features: With the API, you can leverage the QuickBooks Online accounting features as well as other payment processing services and create awesome stuff. The QuickBooks API allows you to automate various standard bookkeeping tasks, carry out bank transactions reconciliations, calculate sales tax, track expenses, manage and pay bills, and create business reports. What’s more, you can create add-on QuickBooks programs and sell on the Intuit’s marketplace.
Price: Intuit charges a monthly price for using the accounting software. The charges start from $5 per month for individual users and $10 per month for small businesses.
Pros: Intuit has comprehensive documentation on how to start using QuickBooks within minutes. You can also integrate QuickBooks with other popular payment apps like Square, PayPal, and Shopify.
Cons: QuickBooks basic version has limited features that may not meet the needs of large businesses.
Authorize.Net is a type of payment gateway service that makes it easy and secure for merchants to accept electronic and credit card payments over the Internet, in person, or over the phone. For developers, the payment service offers an API and software development kits for mobile platforms.
API features: The Authorize.Net API is full of exciting features to assist you in building payment solutions for optimizing your cash flow. The API allows you to create products for processing card and ACH payments, transaction reporting, customer profiles management, recurring billing subscriptions, fraud protection, and simple checkout options. Authorize.Net also supports other popular payment methods such as PayPal, QuickBooks, and Apple Pay.
Price: Authorize.Net offers a varying pricing plan that starts from $25 per month. The price will depend on the products you choose.
Pros: Authorize.Net has an easy to follow documentation to help you set up your payment solution in minutes. The documentation is available in most of the popular programming languages. Furthermore, it offers free support 24/7 to assist you in getting over your hurdles.
Cons: The payment gateway service only processes transactions for merchants in some selected countries in the world.
WePay is a trusted web-based payment provider that enables individuals and businesses to collect, send, and manage financial transactions. It assists platforms experience customized and hassle-free payments through its robust APIs.
API features: The WePay API has everything you need to offer integrated payment services from within your application without compromising on trust and safety. Besides processing credit card and ACH payments, the API allows you to manage fraud risk, adhere to regulatory compliance, and provide customer support. It also supports other electronic payment options such as Android Pay and Android Pay.
Price: WePay charges 2.9% + $0.30 service fees for processing each transaction.
Pros: The API has well-written documentation to assist you in easily building products that can process payments between your users—such as merchants, payers, donors, buyers, and sellers.
Cons: WePay does not allow developers to use its service for creating products that accept payments for some high-risk activities such as Internet auction, currency exchanges, motor vehicle sales, and commodity trading.
7. Amazon Pay
Amazon Pay is an Amazon-owned online payment processing solution that allows users to make payments to external merchant products and services using the details stored in their Amazon accounts. The Amazon Pay API allows you to offer a frictionless and secure payment experience to your users.
API features: With the Amazon Pay API, you can recognize Amazon customers whenever they login into your application or website, which enables you to personalize their on-site activities. It provides inline checkout capabilities that do not require users to leave your site to provide payment information. Furthermore, the API enables you to automate payments, prevent fraud incidences, and refund payments.
Price: Amazon Pay charges a minimum processing fee of 2.9% as well as an authorization fee of $0.30 per transaction.
Pros: The API allows you to leverage the trust users have on the Amazon brand to provide them with an intuitive buying experience. Amazon also has a rich collection of integration guides and API resources to help you in integrating the API into your website without many hassles.
Cons: Amazon Pay does not support other popular online payment methods like PayPal, Stripe, or Square.
Alipay is a leading China-based mobile and online payment service that allows shoppers to securely and conveniently make purchases. The Alipay API enables you to implement cross-border payment solutions into your website or application, regardless of your store location around the world.
API features: The Alipay API allows you to provide Chinese customers with a familiar payment service, withdraw payments from the customers’ Alipay accounts in Chinese Yuan and make the conversion to your foreign currency (it supports 25 currencies), and easily track transactions information.
Price: Alipay charges merchants based on their total transaction volume. The price starts from 1.6% to 2.2% of the transaction volume realized each month.
Pros: The Alipay API is easy to use. It has extensive documentation that is full of examples on how to integrate the API into a website or mobile platform.
Cons: Alipay is not suitable for merchants with a predominant presence outside China. Also, it lacks a vibrant developer community, especially among English-speaking users.
9. LINE Pay
LINE is a cross-platform instant messaging application that was developed by a Tokyo-based company called LINE Corporation. LINE Pay is one of LINE’s products that provides a safe and simple way for people to make payments on mobile devices.
API features: The LINE Pay API allows you to incorporate the functionality of the payment platform into your application. With the API, you can power users to request and send money to people on their contact list as well as pay for purchases at LINE’s affiliated stores. Furthermore, it offers a credit card-supported payment feature that allows you to integrate the popular credit card brands for accepting international payments.
Price: LINE Pay employs a transaction-based pricing model, which starts from 2.45% per transaction.
Pros: The LINE Pay API allows you to use a payment service that is widely popular in some countries like Japan, Taiwan, and Indonesia. LINE also provides documentation in different languages to assist developers in making the most of the API.
Cons: LINE Pay does not support other popular payment methods like PayPal or Square.
Venmo is a PayPal-owned payment service for users with supported Android and iOS mobile devices. The Venmo API allows you to give customers a convenient and secure way to make payments over the Internet, mobile, or application.
API features: With the API, you can link debit cards and bank accounts, enable users to split expenses and share payments, and integrate fraud prevention measures. It assists you to delve into Venmo’s social commerce platform and enhance the penetration of your brand. The Venmo API supports other external payment services such as Android Pay, Apple Pay, and, of course, PayPal.
Price: Some of Venmo services are free, such as sending money using Venmo balance, making purchases in other apps, and receiving money. However, it applies a standard fee of 3% to credit card transactions.
Pros: Venmo leverages the confidence that users have on PayPal to provide a seamless mobile shopping experience. Furthermore, it has expansive documentation and guides to smoothen the developers’ learning curve.
Cons: Currently, Venmo processes payments only for U.S.-based businesses.
That’s Rakuten RapidAPI’s list of top 10 best online payment APIs. We hope you’ll find an API that you can integrate into your application and process payments seamlessly!
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