The Best Payment Apps for 2024 (2024)

• Our Top Picks
• PayPal
• Wise
• Stripe
• FreshBooks
• QuickBooks Online Mobile
• Venmo
• See More (3)

• Final Verdict

• Compare Providers

• How Do Payment Apps Work?

• Are Payment Apps Safe to Use?

• What Types of Payments Can Be Processed With an App?

• Methodology

We chose PayPal due to its convenient payment options, powerful brand-name recognition, and robust tools. In addition, you can send up to $60,000, depending on the currency, and can use PayPal Balance, which offers more features.

The PayPal app also made our list based on its seamless payment options between parties. Register your credit card or bank account with your PayPal account. You can then swiftly send payments by tapping "Send" or request money by tapping "Request Money." You can use PayPal Instant Transfer for a 2.5% fee (up to $25) or tap into its standard service, though it will take a couple of days to funnel into your bank account.

Users pay 2.90% to send money via a credit card or debit card. PayPal charges 5% to send international personal transactions using a PayPal balance, bank account, cards, or through an Amex Send account.

You'll feel secure with PayPal's encryption standards and 24/7 monitoring. The PayPal Security Key will also send you a temporary security code through SMS when you log in. If you accidentally send money to the wrong person, request a refund. If the individual doesn't respond, dispute the transaction with PayPal directly.

Read our full PayPal review.

Wise earned our top spot because it uses the standard exchange rate instead of bank rates. Anyone who transfers money internationally can use Wise. Its multi-currency account offers a cheaper alternative to the fixed fees and exchange-rate markups often charged by banks.

Wise took the top spot for best international payments because it doesn't charge overly large international transaction fees or exchange rates. You can send money to over 80 countries. However, you may send money to a country not on Wise's list if the recipient's account uses U.S. dollars, euros, or pounds.

Wise offers mobile apps for Apple and Android devices and enables robust security and encryption so you can protect your personal information. You can also choose two-factor authentication for extra security. Wise doesn't offer the same protection that the Financial Services Compensation Scheme (FSCS), the U.K.'s statutory deposit insurance and investors compensation organization, offers with a bank account.

Converting money can take a maximum of two working days, but often takes less time. It also depends on how quickly the recipient's bank can process deposits and the ways in which you can send money in that particular country.

For the personal accounts, the daily limit to receive funds is $1,000,000 and the annual limit is $5,000,000. For business accounts, the limits are $3,000,000 daily and $15,000,000 annually.

You can spend the money you keep with the Wise card.

If you accidentally send the wrong payment to the wrong person, try canceling the transfer yourself and set up a new transfer using the correct bank details. However, sometimes it’s too late to cancel. Once marked "complete," the money goes into the banking system. In that case, get in touch with the person you paid and ask them to contact their bank and find out whether their bank can send the money back to Wise.

Stripe, which incorporates software and APIs to help small businesses (including freelancers) get paid, takes our top spot because of its robust payment processing platform. Its powerful products also accept payments and send payouts. Customers can send money from their bank account through a credit or debit card transaction directly to your freelancers' business account.

We chose Stripe because it's easy for freelancers to take on its suite of payment products, including the ability to accept payments and send payouts globally. Stripe accepts all major debit and credit cards from customers in every country, so you don't need to limit your clients to the U.S.

Stripe’s products also prevent fraud, issue virtual and physical cards, and help freelancers manage how much they spend in their business.

Stripe offers mobile apps for iPhone and Android devices. You can gain access to its comprehensive dashboard from your mobile device. It also offers transparent, pay-as-you-go pricing. Stripe costs 2.9% plus 30 cents for each successful card charge. You can do what you need to from there without extra set-up fees, monthly fees, and other hidden fees.

As a freelancer, you'll feel secure knowing that Stripe meets PCI Service Provider Level 1 certification requirements, the highest level possible in the payments industry.

Freelancers often need to get paid quickly, and you can tap into Instant Payouts (for a 1% fee of the payout amount) to send earnings to a debit card within minutes. Daily payout limits may apply but this feature works 24/7 year-round.

Be aware that the first payout for every new Stripe account takes seven days after the first payment but can take up to 14 days for businesses in certain industries.

As long as you own or administer the Stripe account, you can invite anyone to access the account under Business Settings.

FreshBooks, a cloud-based small business accounting software, won our top spot for its comprehensive time-tracking and receipt and expense management options. It also creates, edits, delivers, tracks, and successfully follows up on invoices efficiently through FreshBooks Payments, powered by WePay.

FreshBooks wins for best for invoicing because it automatically sends payment reminders and offers invoicing functionality. You can accept credit card payments right away and clients can pay online so the money goes into your pockets faster. That way, you can focus on your business instead of having to bug customers to pay their invoices.

We also liked it due to its simple pricing. It charges 2.9% plus 30 cents on most credit card transactions (American Express costs more, at 3.5% plus 30 cents). Bank transfers (ACH) cost 1%.

FreshBooks' app on the Apple App Store and Google Play runs its mobile accounting app from any iPhone or iPad running iOS 13.0 or higher and any Android device running Android 7.0 or higher. Once you have the app up, go to online payments and add your bank information.

The app lets users either log time worked or use a timer to log work for a client or project. You can also track time for non-client work, and you can pair the timer with the invoices on the app. FreshBooks also allows you to respond to questions and seek feedback right from the app.

FreshBooks connects with banks through ACH payments and credit cards, so it can handle seamless invoice options and process transactions in approximately two business days. Freshbooks' firewalls safeguard your banking information traveling between your browser and FreshBooks with 256-bit SSL encryption.

The QuickBooks Online Mobile app swept the best for small businesses category due to the app's touch interaction and intuitive interface. The app lets small business owners pay invoices, accept credit cards, and make debit card payments online with low effort. It can also set recurring invoices and instantly pay online.

QuickBooks' Online Payments app took over this category because business owners can easily accept credit card payments and get paid quickly. QuickBooks stores customers' credit card information online and automatically processes it on the due date with recurring billing.

The app can also invoice, manage cash, catalog tax deductions, track travel miles, run reports, send estimates, manage bills, check expenses, and pay employees and 1099 contractors. The app also allows for real-time alerts and connects all bookkeeping.

You can also use GoPayment, a free mobile point-of-sale app that allows you to take payments on the go. All devices can connect to QuickBooks Online on the web with the QuickBooks Online mobile app. Funds arrive in your bank as soon as the next business day with the GoPayment app. In addition to the fees for QuickBooks online, costs include:

• ACH bank transfers: 1% (max $10)
• Card (Swiped): 2.4% plus $0.25
• Card (Invoiced): 2.9% plus $0.25
• Card (Keyed): 3.4% plus $0.25

QuickBooks Online embraces high-tech encryption and authentication technologies such as Secure Sockets Layer (SSL), digital certificates, and RSA encryption to protect your business's valuable information.

For QuickBooks Online Payments users, payments are typically deposited in two to three days while credit card payments made before 3 P.M. PT should be in the account the next business day.

QuickBooks makes it easy to correct errors if you accidentally send a payment to the wrong person or vendor. You must delete your payment and recreate it if you send payments to the wrong account.

We awarded Venmo our top peer-to-peer app designation for its instant transfer to a bank account or debit card, which arrives in about 30 minutes (for a 1.75% fee). Venmo works with all U.S.-based banks. You can send money for free through the app, although you'll pay 3% of the transfer total to send money via credit card.

We chose PayPal's Venmo as the best peer-to-peer app for your cash because you can spend, send, or transfer money to your bank account or to a friend's with ease. You can even personalize your communication with emojis or share animated stickers with friends and family.

You can send money using your iPhone or Android-based smartphone by choosing a sign-up method and creating a secure password. Venmo asks you to verify your phone number, email address, and bank account. In addition, you must also verify your bank account when accessing funds.

The standard bank transfer through the ACH network to a verified checking account typically takes one to three business days to arrive. You can keep money in Venmo or your bank account. Venmo requires a person-to-person spending limit of $299.99, but users can increase the weekly rolling limit up to $60,000 by verifying their identity.

You can add additional layers of security to your Venmo account by adding multi-factor authentication and a PIN.

If you accidentally send money to the wrong person, you can request a return for the money. If you don’t hear back or need help sending a charge request, contact Venmo's support team, though they don't offer a recovery guarantee.

Read our full Venmo review.