HomeBest Business Payment Apps

Best Business Payment Apps

Business payment apps allow companies to send and receive funds while on the go. They offer a flexible and customizable experience that is an extension of the work that you do in the office. We share the top factors you should consider when searching for a business payment app.

By the end of this guide, you will be equipped with enough options to start improving the financial infrastructure of your business.

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The Best Business Payment Apps for 2023

Here is an overview of the top business payment apps for different categories. Also, most apps offer the versatility to excel in multiple areas, so research each in more detail to figure out what works best for your business.

  • Overall Best Payment App: OFX

  • Best for Small Businesses: Wise

  • Best for International Payments: Xe

  • Best for Freelancers: PayPal

  • Best for Invoicing: TorFX

  • Best Peer-to-Peer App: Zelle

  • Best app for receiving payments: WorldRemit

  • Best for B2B payments: Stripe

  • Best for mobile payments: Venmo

  • Best for payment processing: Square

Overall best payment app: OFX

OFX provides an intuitive and user-friendly mobile app on iOS and Android platforms. The app allows transfers to over 190 countries, which is excellent for international businesses. Also, it uses a secure login process to protect your account from unwanted users if you accidentally left your smartphone unlocked.

You can also keep up with market trends so you can get the best FX rates. They charge around 0.4-1.5% markup for currency conversions, which is more competitive than banks. However, the app’s most significant benefit is fee-free transfers.


Customers can lock in an FX rate for 24 hours
Fee-free transfers
Wide range of currencies to choose from


High transfer thresholds
Limited payout options

OFX was chosen as the best payment app because it provides incredible value for money. The lack of fees and competitive FX rates that can be locked in is a fantastic deal for businesses. Also, their app is highly rated on the App Store and Google Play platforms.

Alternatives: PayPal, Wise, and TorFX

Best for small businesses: Wise

Wise is an excellent choice for small businesses because it has an easy-to-use platform that new owners can get to grips with from day 1. Furthermore, the app is highly rated on the iOS and Android operating systems, which indicates an excellent user experience.

The Financial Conduct Authority regulates the company, so small businesses have peace of mind that their money is stored following solid business practices. The app comes with strong security features that adequately protect accounts. Steps like fingerprint scanner and 2-factor authentication can be used to log in. Finally, the app provides the functionality of allowing users to authenticate payments completed on the desktop.


Transparent and widely recognized money transfer service
Matches the mid-market rate and no fee for balance transfers
The user interface is easy to understand


Limited to 61 countries
Business-orientated functionality could be added

Wise was chosen as the go-to app for small businesses because it is a good starting point. The ease of use and low cost are what businesses need to get started. Also, there are enough payment options to meet the needs of any small business.

Alternatives: TorFX, PayPal and OFX

Best for international payments: Xe

Xe is an excellent international payments service because of the competitive FX rates. Arguably, it is the authority on FX rates and always provides the most competitive deal given current market conditions. In addition, you can view the FX rates for yourself using their in-house tool, which is available to anyone on the website.

Xe also opens international money transfers to over 170 countries and 65 currencies. This is excellent for users that want to enjoy doing business with partners across the globe from one mobile app.


Provides access to 65 currencies and 170 countries
Proves some of the best currency conversion rates in the industry
Easy to use platform for beginners


African and Asian customers cannot use the mobile app
Limited payout options

We chose Xe as the best money transfer service for international payments because it provides a large network of countries and matches the mid-market rate for most currency conversions. This reduces the cost of doing business with international partners.

Alternatives: PayPal, OFX and TorFX

Best for freelancers: PayPal

PayPal is a widely-recognized money transfer app that offers services in over 200 countries and supports over 300 million users. They have been around for over a decade and have a good reputation, and can be trusted with your money. Their platform works as expected and provides quick transfer times.

Additionally, the company uses 2-factor authentication to protect user accounts and has an excellent customer service department in case anything goes wrong. PayPal is also integrated with many online stores and platforms, so the accessibility is impressive.


Many people use the platform
Excellent customer service team
Has a great reputation


Poor FX rates
Fees can be confusing and high

PayPal was chosen as the app of choice for freelancers because many online employers use it as a payment method. Therefore, freelancers will not need to create a new account when starting with a new client.

Alternatives: Venmo, Wise, and TorFX

Best for invoicing: TorFX

TorFX is packed with business-friendly features, which means it is ideal for invoicing customers and businesses. They provide competitive FX rates and charge no fee for money transfers. You can download the app on Google Play and iOS operating systems.

TorFX offers business-friendly features like mass payment and forward contracts. These can be utilized to get better FX rates and enjoy an automated way of sending money to a large group of people.


Business-friendly features
No transfer fees
Competitive FX rates


Costly smaller transactions
Limited transfer payment options

TorFX was chosen for invoicing because it provides excellent functionality to bill customers. Their transaction reporting tools and software help businesses complete payments and track missing ones.

Alternatives: PayPal, Wise, and TorFX

Best peer-to-peer app: Zelle

Zelle is widely used in the United States to enjoy low-cost transfers. The app is simple to use and provides an easy learning curve for beginners. Additionally, the transactions are fast and secure. This means that users can enjoy a hassle-free experience.

Also, you do not need the recipient’s banking information, which simplifies the money transfer process. There are no receiving limits so that users can collect large amounts from many customers for business reasons.


Widely used in the United States
Recipient banking details are not required
Fast and free transfers


Limited to US bank accounts
No fraud protection

Zelle was chosen as the top peer-to-peer payment app because it provides fast transfers without a charge. Also, the user interface is smooth, and no recipient banking details are required for a faster process.

Alternatives: PayPal, Venmo, WorldRemit

Best for receiving payments: WorldRemit

WorldRemit has a far-reaching global network of 130 countries and over 30,000 agent locations for physical pickup transfers. Their mobile platform is regarded as one of the easiest to use, and registration takes just a few minutes.

The flexible payment options ensure that users on WorldRemit provide several ways of receiving money. The payment options include mobile money, cash pick up, and bank deposits. Also, robust security protocols prevent the app from unwanted logins.

WorldRemit was chosen as the app for receiving payments because it has multiple cash-out options. You can use your favorite bank to withdraw funds or select one of the 20,000 agent locations worldwide.

Alternatives: TorFX, PayPal and OFX


Many payout options
A global network of over 130 countries
Has over 30,000 agent locations


No live chat option
Limits on large transfers

WorldRemit was chosen as the app for receiving payments because it has multiple cash-out options. You can use your favorite bank to withdraw funds or select one of the 20,000 agent locations worldwide.

Alternatives: TorFX, PayPal and OFX

Best for B2B payments: Stripe

Stripe is one of the best B2B payment solutions for mobiles because there are multiple payment types. These include wire transfers, e-checks, ACH, online cards, and international money transfers. In most cases, the transfer time should be around two business days.

Stripe provides over 135 currencies and 450 integration options with other platforms. Therefore, when you are not using the mobile app, you can take advantage of Stripe’s integrations to complete transactions with other software.


Many payment options
Over 135 currencies
Can handle recurring payments


Complicated to set up
Extra charges for faster deposits

Stripe was chosen because it provides businesses with the flexibility to set up automated and specific payments. Therefore, recurring and mass payments can be set up to help reduce the hours required to handle monthly transactions.

Alternatives: PayPal, OFX, and TorFX

Best for mobile payments: Venmo

Venmo is one of the best P2P apps and is owned by PayPal. They have grown considerably during the last few years because of how easy the platform is to use. Also, Venmo is added to many merchants in the United States for a fast checkout experience. Businesses that add Venmo to their platform can expect more sales.

Venmo provides a low fee for credit card payments and offers a debit/credit card. Also, users can send money from a bank account free of charge. There is also a social element to Venmo because users can attach a message filled with emojis.


Widely used and accepted
The low credit card fee
Free transfers from a linked bank account


No international transactions
Popular with scammers

Venmo was chosen as the best mobile payment app because it is widely accepted in the United States. Also, the fees are low or zero if you use a linked bank account.

Alternatives: PayPal, Zelle, and Wise

Best for payment processing: Square

Square is a user-friendly and optimized mobile solution for payment processing. Square has a vast ecosystem that allows businesses to integrate the tool into their platform. The free app allows the quick processing of business payments, which helps merchants sell goods online.

Square is considered a safe platform that also comes with a free invoicing tool. Therefore, online merchants can bill their customers efficiently and without needing to look for 3rd party tools.


Easy to use
The large ecosystem surrounding Square
Comes with free invoicing tools


Account stability issues
It can be expensive for high-volume transaction numbers

We chose Square as the top payment processing app because it offers all the features merchants need to process customer transactions. In addition, it is reliable and provides many integrations so that it can fit your current eCommerce platform.

Alternatives: SumUp, Shopify, and Intuit GoPayment

What are the benefits of business payment apps?

Now let us turn our attention to why you should consider using a business payment app first. There needs to be justification for switching business operations to another payment processor, and below, we will provide it.

  • Lower fees: competitive business payment apps like TorFX, OFX, and Wise provide free transfers that will offer savings for your business. Payment apps can eliminate the cost of sending money internationally compared to banks.

  • Competitive FX rates: Services like Xe offer some of the best FX rates you will find when sending money abroad. Businesses need currency conversions that match the mid-market rate to avoid paying extra.

  • Transfer speed: you can enjoy fast processing times with transfer apps. Some will even send the money to the recipient instantly. When receiving funds can be advantageous because it improves business cash flow. Completing payments quickly is also essential when buying suppliers during B2B transfers.

  • Convenience: mobile apps are a convenient way of handling financial matters. They allow operators to send funds while out and about. Also, most apps nowadays have a simple user interface with a minimalist design. Therefore, it takes a short period to figure out the process of making business payments.

  • Secure: mobile apps are a secure way of sending money. Firstly, login authentication protocols are provided to avoid unwanted users gaining access to your account. Also, 2-factor authentication is usually required when executing a transfer.

What to look for in a business payment app?

We understand that it can be challenging to choose a business payment app. Here is a list of significant factors you should consider to find a business payment app that meets your needs.

  • Cost: you need to find a service that matches the fee structure your business can deal with. Companies that provide a mixture of fixed-rate and percentage-based fees are a good choice. That is because they offer affordable fee structures for both small and big transfers. However, you can also find business payment apps that provide free transfers, including TorFX and Wise.

  • Transfer speed: businesses need fast processing speed when sending money. It can be an essential factor for cash flow. For instance, if there is a delay in paying a supplier, receiving the next batch of products could be delayed.

  • Security: pay attention to the security features available in a business app. The login protection mechanisms should include facial recognition, fingerprint, 2-factor authentication, and PIN.

  • Integrations: ideally, the mobile app service will have the functionality to be integrated with your current business setup. This means you do not need to overhaul your business systems to start using the app. Also, it streamlines processes such as accounting and payroll.

  • Support: you may face problems with the business payment app when you least expect it. Therefore, within the app, there should be functionality to contact customer support. Also, a variety of contact methods should be offered, which includes live chat, phone, and email.

  • Receiving payment methods: you may need to receive money from other businesses and customers. Therefore, the business app should provide a variety of ways that you can get paid. This reduces the friction of running a business and provides customers with more functionality.

  • App platforms and devices: modern apps should provide the functionality to run on several devices and operating systems. This includes iOS, Android, smartphones, tablets, and laptops. This enables the user to conduct their business in a way that matches their requirements.

  • Processing and monthly fees: some apps might come with added costs for using them. This could be in the form of a monthly fee or processing fees. Understanding the fee structure ensures that you can choose the most competitive app.

  • International support: the app should be provided to as many countries as possible. It would be limiting for international businesses if the app did not offer specific countries since that blocks them from those markets. Also, the number of currencies that are provided should be considered.

What is a business payments app?

Most money transfer services offer a mobile app that can be downloaded from Google Play or App Store. You should search these platforms to see if the money transfer service you are using offers an app. Also, note the user review scores to identify the top-performing business apps. Ideally, the app will have an overall user score of 4.0 out of 5 since this indicates excellent performance.

Mobile apps can run on more than just smartphones. They can also be used on tablets, laptops, and personal computers. This versatility can come in handy if the employees need to take advantage of app features while on the move.

Are Business Payment Apps Safe to Use?

Business apps are generally safe because of the many security protocols that businesses have implemented. For example, the login mechanism of most apps is robust. You can take advantage of security steps like facial recognition, fingerprint scanner, 2-factor authentication, and PIN. Additional verification is typically required for confirming a money transfer. This ensures that if an unwanted user got hold of the mobile device, they could not complete the payment without providing accurate verification details.

How Long Does It Take to Transfer Money With an App?

The transfer time of a money transfer app depends on the method used. Balance transfers provided by the app are typically instant. However, the recipient must also have an account with the same money transfer service. Credit card payments within the app are also usually instant.

The longest transfers include processing bank transfers from within the app. The same limitations apply as if you were using a bank in most cases. Therefore, the waiting time might be 2-7 business days, depending on the currencies and the amount sent.

What is the difference between a business payment app and a business money transfer app?

There is a lot of overlap between the two types of apps, so you may find that many of them perform both functions. However, business money transfer apps generally allow customers to send money to specific businesses by entering the recipient details manually.

On the other hand, business payment apps act as a gateway that enables customers to pay for goods when purchasing from digital platforms. PayPal is an excellent example of an app that provides both services.

Summary: Best business payment apps

Overall, there are many business payment apps to choose from, bringing something unique to the table. During our research, we found that OFX is one of the best business payment apps. The features you should look for in one of these apps are low fees, fast processing times, and FX rates that match the mid-market rate. Review our other guides on business money transfers to find out how you can red.

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Artiom Pucinskij
Artiom Pucinskij
Artiom is a marketing graduate from the University of Portsmouth, Artiom’s primary experience is in SEO but he has a broad knowledge of all facets of digital marketing. He optimises the organic experience on MoneyTransfers.com with the content team, manages and creates unique marketing tactics, and generally supports the overall growth of the website.