Payment processing software provides businesses with the means to process multiple types of business-to-business (B2B) payments. Companies use this type of software to manage payments received from business customers and made to suppliers. Any business that accepts payments in a method other than cash can benefit from payment processing software. This type of software is used mostly by accounting teams to ensure that payments are submitted on time and to avoid payment errors.
Payment processing software integrates with payment gateways, accounting software, as well as AP automation software. Also, payment processing software is often used in conjunction with e-commerce platforms and retail POS system.
To qualify for inclusion in the Payment Processing category, a product must:
Collect customer payment information and relay it to a bank for approval or denial
Transmit approval or denial of a transaction back to the customer or merchant
Support multiple payment methods such as credit card, ACH, or wire transfer
Define and track customizable payment rules, terms, and deadlines
Identify errors such as late payments, overpayments, or failed transactions
Integrate with ERP, accounting, or accounts receivable and accounts payable systems
