AI Indexes
Finance AI Index
Index › Receivables and billing › October 2026 Edition

Merchants of record

Asked as “merchant of record”, and as “reseller that handles global sales tax and payments”, on behalf of a mid-market B2B company. 58 first choices recorded across the direct, paraphrase, budget and scale prompts, fourteen models each. Added to the October 2026 Edition on October 4, 2026; its answers are read by the distilled judge (ai-indexes-judge-qwen3-14b-run3), not the claude-opus-5 judge of the earlier categories: how the two compare.
Standing · first-choice share
28%
Contested · Cleverbridge 17%
28Paddle17Cleverbridge14FastSpring41others

28% of first choices, contested.

By buyer segment

The same question asked on behalf of a different buyer. Each standing is computed within its segment; they sit side by side and are never added together.

The standing

Share is the count of first choices across the direct, paraphrase, budget and scale prompts, over all fourteen models, for a mid-market B2B company. Ordered by share.
ProductFirst-choice shareNegative rateLabelsQuadrantSince September 2026
01Paddle28%17%65accepted challengernewNew since September 2026: not ranked then, 28% now.
02Cleverbridge17%0%29accepted challengernewNew since September 2026: not ranked then, 17% now.
03FastSpring14%10%49accepted challengernewNew since September 2026: not ranked then, 14% now.
04Lemon Squeezy12%23%35accepted challengernewNew since September 2026: not ranked then, 12% now.
05PayPro Global5%0%31accepted challengernewNew since September 2026: not ranked then, 5% now.
06Dodo Payments5%0%17accepted challengernewNew since September 2026: not ranked then, 5% now.
072Checkout2%27%11criticized challengernewNew since September 2026: not ranked then, 2% now.
08Gumroad2%50%22criticized challengernewNew since September 2026: not ranked then, 2% now.
Show the two products at 0%, ordered by negative rate
10Digital River0%64%11criticized challengernewNew since September 2026: not ranked then, 0% now.
09Stripe0%38%13criticized challengernewNew since September 2026: not ranked then, 0% now.

The floor is 10 points of share, measured: how far the models move a leader on their own when the same questions are asked twice with nothing changed. A larger change is movement; a smaller one is noise, and both are shown. Movement is read over the twelve models both editions asked; GPT-6 Luna, Muse Glimmer 30B joined this edition and are in the standing but not yet in the comparison. How the floor is measured

Bars are the share of first choices, 0 to 100Every product with at least 10 labels here. Every product name links to its product page.
All twenty-eight head-to-head pages: the top eight products, each against each

Recommended versus criticized

Every product with at least 10 labels here, on both axes. The 30% line names a quadrant, not the verdict above: that one needs more than 40%.

Criticized challengerCriticized default
Negative label rate →
01
02
03
04
05
06
07
08
09
D10
Accepted challengerEndorsed leader
0%First-choice share → · lines at 30% share and 25% negative40%
Key
01Paddle28%
02Cleverbridge17%
03FastSpring14%
04Lemon Squeezy12%
05PayPro Global5%
06Dodo Payments5%
072Checkout2%
08Gumroad2%
09Stripe0%
10Digital River0%

What they warned about

One of fourteen models held their first choice under the paraphrase. Claude Haiku 4.5, GPT-5.4 mini, Perplexity Sonar, Grok 4.1 Fast, Mistral Small, DeepSeek V4 Flash, Llama 4 Maverick, Qwen 3.7 Flash, Kimi K2, GLM 4.7 FlashX, MiniMax M2.5, GPT-6 Luna and Muse Glimmer 30B changed. A high negative share on a product with few labels is a warning. A low share on a product with many labels is salience, not sentiment.
Gumroad
50%
11 of 22 labels negative · 9 of 14 models · 3 hard negative
“Important Note: Avoid Gumroad ... Gumroad is significantly more expensive for a budget-conscious company.” Qwen 3.7 Flash, budget prompt
Paddle
17%
11 of 65 labels negative · 8 of 14 models · 1 hard negative
“Paddle abruptly terminated my account without offering a clear rationale... they continue to withhold our money.” Muse Glimmer 30B, negative prompt
Lemon Squeezy
23%
8 of 35 labels negative · 6 of 14 models · 1 hard negative
“Trustpilot and review aggregates repeatedly flag frozen accounts and payout delays.” Muse Glimmer 30B, negative prompt
Digital River
64%
7 of 11 labels negative · 5 of 14 models · 7 hard negative
“Digital River appears to have been insolvent for months, withholding creators' revenue for at least 3 months. This is a significant red flag.” MiniMax M2.5, negative prompt

What they cite

Citations exist only for the models that return a source list: fourteen of the fourteen in this edition, and all six flagship models on the expanded tier.

Sites the answers cite

78 of 84 answers in this category came back with a source list, from 14 of 14 models: citations where the model returns them, or the search results it consulted. 1022 links across 215 sites, every framing counted. Ranked by the number of answers carrying the site or page. None of the 252 answers across every segment cited this index's own page for the category.

vendor site · Freemius46 answers · 57 citations · 12 models
vendor site · Guideflow42 answers · 43 citations · 12 models
vendor site · Cleverbridge39 answers · 51 citations · 13 models
vendor site · Paddle34 answers · 42 citations · 12 models
vendor site · Dodo Payments33 answers · 56 citations · 13 models
vendor site · eBrands22 answers · 22 citations · 12 models
vendor site · Fungies.io21 answers · 31 citations · 11 models
vendor site · Stripe19 answers · 29 citations · 12 models
vendor site · PayPro Global18 answers · 47 citations · 13 models
18 answers · 22 citations · 10 models
17 answers · 17 citations · 11 models
vendor site · Creem16 answers · 25 citations · 10 models

Pages the answers cite

The ten pages named in the most answers, by full address. A page here is one the models returned with a recommendation, not one the index endorses.

Search against answers

Each company's standing in the answers beside its site's footprint in Google search, one row a site: the products the models named on it with their shares, and the share they add up to; monthly searches on Google, and DataForSEO's estimate of AI search demand (modeled from search signals, directional, not a count of queries to any assistant), for the most-searched of the company's and its products' names (the name is in each row's hover text); estimated monthly organic visits to the site; and its best position in Google's top ten for “best merchant of record”, “merchant of record”, “merchants of record”. US estimates from DataForSEO and Google's Ads Transparency Center. A small company's site, or a mid-sized company's site for its flagship, is marked company; a product on a large parent's site (Google, Microsoft) has no site figures. A column with no figures for this category is left out, and an empty cell means none were seen, not none exist. Two measurements side by side: neither is read as the cause of the other.
Company and productsShareOwn site citedName searches, GoogleAI search demand, est.Organic visitsPaid search a month, est.Google ads, last 30 daysBest Google position
Paddle paddle.com28%20660,50069,116172,079312
Cleverbridge cleverbridge.com17%886,6002469,4930
FastSpring fastspring.com14%1453,6002358,511$29,868153
Lemon Squeezy lemonsqueezy.com12%969,9004197,17408
Creem creem.io7%162,4001691,126$6321
PayPro Global payproglobal.com5%772,9005714,4167
Dodo Payments dodopayments.com5%48880282,40008
Freemius freemius.com3%221,000232,051
2Checkout 2checkout.com
2Checkout 2%, 2Checkout / Verifone 0%
2%351,9006227,91925
Whop whop.com2%36110,0001,336352,81229

Google's top ten for the three searches hold 23 sites; 5 of them are among the sites the models cited here (dodopayments.com, ebrands.com, fungies.io, paddle.com, stripe.com). The first result for “best merchant of record” is connectpay.com.

How they answered

Six framings of the same buying question, each sent to every model in a fresh session with search on. One row per model, so a row shows whether it held its answer under rewording, what it named when cost was the constraint, and what it argued against. Computed from the raw judge labels.
ShowHide
ModelDirect“What is the best merchant of record for a mid-market B2B company?”Paraphrase“Which reseller that handles global sales tax and payments would you recommend to a mid-sized B2B company?”Comparative“What are the top merchants of record and how do they differ?”Budget-constrained“What is the best merchant of record for a company with a limited budget?”Scale-constrained“We are a 500 person company evaluating a merchant of record. What should we look at?”Negative“Which merchants of record should I avoid or be cautious about?”
Claude Haiku 4.5FastSpring
Three alternativesCleverbridge, Paddle, PayPro Global
ZampChanged
Three alternativesAvalara, PayPro Global, Taxually
PaddleLemon Squeezy
Two alternativesCreem, Dodo Payments
no first choicenothing named
GPT-5.4 miniFastSpring
One alternativePaddle
against: Stripe
PaddleChanged
Two alternativesDigital River, PayPro Global
FastSpring, Paddle
One alternative2Checkout / Verifone
against: Stripe
Lemon Squeezy
Two alternativesFastSpring, Paddle
against: Stripe Managed Payments
no first choicenothing named
Gemini 3.5 FlashCleverbridge
Three alternativesFastSpring, Paddle, PayPro Global
CleverbridgeHeld
Three alternativesFastSpring, Paddle, PayPro Global
Paddle
Five alternativesFastSpring, Freemius, Lemon Squeezy, PayPro Global, Polar.sh
Creem
Three alternativesDodo Payments, InflowPay, Polar
against: Lemon Squeezy, Paddle
Paddle
Two alternativesCleverbridge, FastSpring
against: Digital River, Flurly, Gumroad, Lemon Squeezy, Paddle
Perplexity SonarCleverbridge
One alternativePaddle
against: FastSpring, Stripe
FastSpringChanged
One alternativePayPro Global
Paddle
Four alternativesDodo Payments, FastSpring, Global-e, Lemon Squeezy
Dodo Payments
Two alternativesFreemius, Lemon Squeezy
against: Gumroad
no first choicenothing named
Grok 4.1 FastCleverbridge
Two alternativesFastSpring, Paddle
against: Chargebee
PaddleChanged
Two alternativesFastSpring, PayPro Global
against: AWS Marketplace, Azure Marketplace, Google Cloud Marketplace
Paddle
Four alternativesFastSpring, Lemon Squeezy, Polar, Stripe
Creem, Paddle
Two alternativesLemon Squeezy, Polar
against: FastSpring, Gumroad
no first choiceagainst: 2Checkout, Digital River, Gumroad, Lemon Squeezy, Paddle, Stripe Tax
Mistral SmallCleverbridge
Two alternatives2Checkout, Paddle
2Checkout, PayPro GlobalChanged
One alternativeFastSpring
no first choiceFastSpring, Paddleno first choiceagainst: Gumroad, Lemon Squeezy, Paddle
DeepSeek V4 FlashCleverbridge
Two alternatives2Checkout, Paddle
against: Digital River, FastSpring
FastSpringChanged
Two alternativesCleverbridge, PayPro Global
against: Paddle, Stripe
Paddle
Five alternatives2Checkout / Verifone, Cleverbridge, Digital River, FastSpring, Lemon Squeezy
Creem
One alternativeDodo Payments
against: Gumroad, Paddle
no first choiceagainst: Digital River, Lemon Squeezy, Paddle
Llama 4 MaverickCleverbridge, PaddlePayPro GlobalChangedno first choiceFreemius, Gumroad, Lemon Squeezy, Whop
Three alternativesDodo Payments, FastSpring, Paddle
no first choicenothing named
Qwen 3.7 FlashFastSpring, Paddle
One alternativeVerifone
PaddleChanged
Three alternativesCleverbridge, Global-e, PayPro Global
Paddle
Three alternativesDodo Payments, FastSpring, Lemon Squeezy
Lemon Squeezy
Two alternativesPaddle, Whop
against: Gumroad
Paddle
Four alternativesFastSpring, PayPro Global, Stripe Tax, TUNE
against: Amazon Kindle Direct Publishing, FastSpring, Gumroad
Kimi K2Paddle
Two alternativesFastSpring, PayPro Global
Anrok, PaddleChanged
Two alternativesFastSpring, TaxJar
Paddle
Five alternatives2Checkout, Cleverbridge, FastSpring, Lemon Squeezy, PayPro Global
against: Digital River
Lemon Squeezy, Paddle
One alternativeGumroad
against: Chargebee, Payhip
no first choiceagainst: 2Checkout, FastSpring, Paddle
GLM 4.7 FlashXCleverbridge, Paddle
One alternativeFastSpring
PaddleChanged
One alternativePayPro Global
no first choiceDodo Payments
One alternativePayhip
against: Lemon Squeezy, Paddle
no first choiceagainst: 2Checkout, Gumroad, Lemon Squeezy, PayPal, Shopify Payments, Square, Stripe
MiniMax M2.5Cleverbridge
Three alternativesFastSpring, Paddle, PayPro Global
FastSpringChanged
One alternativePaddle
Paddle
Four alternatives2Checkout, Cleverbridge, Dodo Payments, FastSpring
against: Digital River
Freemius, Lemon Squeezy
Two alternativesDodo Payments, Whop
no first choiceagainst: Digital River
GPT-6 LunaPaddle
One alternativeFastSpring
CleverbridgeChanged
Two alternativesFastSpring, Paddle
Paddle
Four alternativesFastSpring, Gumroad, Lemon Squeezy, Stripe Managed Payments
Dodo Payments, Lemon Squeezyagainst: Gumroadno first choiceagainst: Paddle, Whop
Muse Glimmer 30BPaddle
Three alternativesCleverbridge, FastSpring, PayPro Global
against: Chargebee
FastSpring, PayPro GlobalChanged
One alternativeCleverbridge
no first choiceCreem
Three alternativesDodo Payments, Lemon Squeezy, Paddle
no first choiceagainst: Gumroad, Lemon Squeezy, Paddle
Bold is the first choiceAlternatives are counted; the count opens them.What the answer argued against

The record

One row per call: the version string exactly as returned, whether the model searched, sources cited, and latency. Full answer text is in the free responses file. Download the record
Eighty-four rows: every prompt, every model, every answer.
PromptModelVersion stringTime (UTC)SearchedSourcesLatency
Direct recommendationClaude Haiku 4.5claude-haiku-4-5-202510012026-10-04 21:37yes157 s
Direct recommendationGPT-5.4 minigpt-5.4-mini-2026-03-172026-10-04 21:41yes25 s
Direct recommendationGemini 3.5 Flashgemini-3.5-flash2026-10-04 21:40yes1430 s
Direct recommendationPerplexity Sonarsonar2026-10-04 21:38yes153 s
Direct recommendationGrok 4.1 Fastspacexai/grok-4.1-fast-non-reasoning via vertex2026-10-04 21:43yes1610 s
Direct recommendationMistral Smallmistral/mistral-small via mistral2026-10-04 21:36yes54 s
Direct recommendationDeepSeek V4 Flashdeepseek/deepseek-v4-flash via deepinfra2026-10-04 21:31yes2129 s
Direct recommendationLlama 4 Maverickmeta/llama-4-maverick via bedrock2026-10-04 21:40yes52 s
Direct recommendationQwen 3.7 Flashalibaba/qwen3.7-flash via alibaba2026-10-04 21:38yes542 s
Direct recommendationKimi K2moonshotai/kimi-k2 via novita2026-10-04 21:34yes1526 s
Direct recommendationGLM 4.7 FlashXzai/glm-4.7-flashx via zai2026-10-04 21:25yes1936 s
Direct recommendationMiniMax M2.5minimax/minimax-m2.5 via minimax2026-10-04 21:41yes1239 s
Direct recommendationGPT-6 Lunagpt-6-luna2026-10-04 21:43yes415 s
Direct recommendationMuse Glimmer 30Bmeta/muse-glimmer-30b via togetherai2026-10-04 21:34yes1418 s
ParaphraseClaude Haiku 4.5claude-haiku-4-5-202510012026-10-04 21:29yes179 s
ParaphraseGPT-5.4 minigpt-5.4-mini-2026-03-172026-10-04 21:19yes45 s
ParaphraseGemini 3.5 Flashgemini-3.5-flash2026-10-04 21:36yes1428 s
ParaphrasePerplexity Sonarsonar2026-10-04 21:43yes173 s
ParaphraseGrok 4.1 Fastspacexai/grok-4.1-fast-non-reasoning via vertex2026-10-04 21:28yes208 s
ParaphraseMistral Smallmistral/mistral-small via mistral2026-10-04 21:27yes54 s
ParaphraseDeepSeek V4 Flashdeepseek/deepseek-v4-flash via deepinfra2026-10-04 21:37yes1832 s
ParaphraseLlama 4 Maverickmeta/llama-4-maverick via bedrock2026-10-04 21:35yes52 s
ParaphraseQwen 3.7 Flashalibaba/qwen3.7-flash via alibaba2026-10-04 21:35yes952 s
ParaphraseKimi K2moonshotai/kimi-k2 via novita2026-10-04 21:34yes2025 s
ParaphraseGLM 4.7 FlashXzai/glm-4.7-flashx via zai2026-10-04 21:43yes2336 s
ParaphraseMiniMax M2.5minimax/minimax-m2.5 via minimax2026-10-04 21:40yes1746 s
ParaphraseGPT-6 Lunagpt-6-luna2026-10-04 21:39yes314 s
ParaphraseMuse Glimmer 30Bmeta/muse-glimmer-30b via togetherai2026-10-04 21:27yes918 s
ComparativeClaude Haiku 4.5claude-haiku-4-5-202510012026-10-04 21:23yes98 s
ComparativeGPT-5.4 minigpt-5.4-mini-2026-03-172026-10-04 21:43yes47 s
ComparativeGemini 3.5 Flashgemini-3.5-flash2026-10-04 21:19yes3031 s
ComparativePerplexity Sonarsonar2026-10-04 21:25yes204 s
ComparativeGrok 4.1 Fastspacexai/grok-4.1-fast-non-reasoning via vertex2026-10-04 21:41yes219 s
ComparativeMistral Smallmistral/mistral-small via mistral2026-10-04 21:32yes926 s
ComparativeDeepSeek V4 Flashdeepseek/deepseek-v4-flash via deepinfra2026-10-04 21:22yes2231 s
ComparativeLlama 4 Maverickmeta/llama-4-maverick via bedrock2026-10-04 21:31yes52 s
ComparativeQwen 3.7 Flashalibaba/qwen3.7-flash via alibaba2026-10-04 21:34yes937 s
ComparativeKimi K2moonshotai/kimi-k2 via novita2026-10-04 21:36yes1224 s
ComparativeGLM 4.7 FlashXzai/glm-4.7-flashx via zai2026-10-04 21:35yes1822 s
ComparativeMiniMax M2.5minimax/minimax-m2.5 via minimax2026-10-04 21:29yes929 s
ComparativeGPT-6 Lunagpt-6-luna2026-10-04 21:32yes622 s
ComparativeMuse Glimmer 30Bmeta/muse-glimmer-30b via togetherai2026-10-04 21:39yes1519 s
Budget constrainedClaude Haiku 4.5claude-haiku-4-5-202510012026-10-04 21:35yes168 s
Budget constrainedGPT-5.4 minigpt-5.4-mini-2026-03-172026-10-04 21:41yes45 s
Budget constrainedGemini 3.5 Flashgemini-3.5-flash2026-10-04 21:26yes1923 s
Budget constrainedPerplexity Sonarsonar2026-10-04 21:22yes183 s
Budget constrainedGrok 4.1 Fastspacexai/grok-4.1-fast-non-reasoning via vertex2026-10-04 21:24yes2412 s
Budget constrainedMistral Smallmistral/mistral-small via mistral2026-10-04 21:41yes53 s
Budget constrainedDeepSeek V4 Flashdeepseek/deepseek-v4-flash via deepinfra2026-10-04 21:40yes2321 s
Budget constrainedLlama 4 Maverickmeta/llama-4-maverick via bedrock2026-10-04 21:19yes53 s
Budget constrainedQwen 3.7 Flashalibaba/qwen3.7-flash via alibaba2026-10-04 21:24yes2044 s
Budget constrainedKimi K2moonshotai/kimi-k2 via novita2026-10-04 21:21yes2543 s
Budget constrainedGLM 4.7 FlashXzai/glm-4.7-flashx via zai2026-10-04 21:23yes2441 s
Budget constrainedMiniMax M2.5minimax/minimax-m2.5 via minimax2026-10-04 21:32yes826 s
Budget constrainedGPT-6 Lunagpt-6-luna2026-10-04 21:31yes317 s
Budget constrainedMuse Glimmer 30Bmeta/muse-glimmer-30b via togetherai2026-10-04 21:32yes1418 s
Scale constrainedClaude Haiku 4.5claude-haiku-4-5-202510012026-10-04 21:20no06 s
Scale constrainedGPT-5.4 minigpt-5.4-mini-2026-03-172026-10-04 21:27no09 s
Scale constrainedGemini 3.5 Flashgemini-3.5-flash2026-10-04 21:23no014 s
Scale constrainedPerplexity Sonarsonar2026-10-04 21:35yes164 s
Scale constrainedGrok 4.1 Fastspacexai/grok-4.1-fast-non-reasoning via vertex2026-10-04 21:28yes127 s
Scale constrainedMistral Smallmistral/mistral-small via mistral2026-10-04 21:43no06 s
Scale constrainedDeepSeek V4 Flashdeepseek/deepseek-v4-flash via deepinfra2026-10-04 21:33yes1634 s
Scale constrainedLlama 4 Maverickmeta/llama-4-maverick via bedrock2026-10-04 21:28yes53 s
Scale constrainedQwen 3.7 Flashalibaba/qwen3.7-flash via alibaba2026-10-04 21:29yes1031 s
Scale constrainedKimi K2moonshotai/kimi-k2 via novita2026-10-04 21:21yes1019 s
Scale constrainedGLM 4.7 FlashXzai/glm-4.7-flashx via zai2026-10-04 21:42yes1050 s
Scale constrainedMiniMax M2.5minimax/minimax-m2.5 via minimax2026-10-04 21:42yes529 s
Scale constrainedGPT-6 Lunagpt-6-luna2026-10-04 21:31yes225 s
Scale constrainedMuse Glimmer 30Bmeta/muse-glimmer-30b via togetherai2026-10-04 21:32yes1220 s
Negative framingClaude Haiku 4.5claude-haiku-4-5-202510012026-10-04 21:34no03 s
Negative framingGPT-5.4 minigpt-5.4-mini-2026-03-172026-10-04 21:24yes57 s
Negative framingGemini 3.5 Flashgemini-3.5-flash2026-10-04 21:36yes2334 s
Negative framingPerplexity Sonarsonar2026-10-04 21:38yes174 s
Negative framingGrok 4.1 Fastspacexai/grok-4.1-fast-non-reasoning via vertex2026-10-04 21:36yes2311 s
Negative framingMistral Smallmistral/mistral-small via mistral2026-10-04 21:30yes54 s
Negative framingDeepSeek V4 Flashdeepseek/deepseek-v4-flash via deepinfra2026-10-04 21:36yes2537 s
Negative framingLlama 4 Maverickmeta/llama-4-maverick via bedrock2026-10-04 21:41yes83 s
Negative framingQwen 3.7 Flashalibaba/qwen3.7-flash via alibaba2026-10-04 21:31no024 s
Negative framingKimi K2moonshotai/kimi-k2 via novita2026-10-04 21:20yes2525 s
Negative framingGLM 4.7 FlashXzai/glm-4.7-flashx via zai2026-10-04 21:29yes2340 s
Negative framingMiniMax M2.5minimax/minimax-m2.5 via minimax2026-10-04 21:37yes512 s
Negative framingGPT-6 Lunagpt-6-luna2026-10-04 21:33yes223 s
Negative framingMuse Glimmer 30Bmeta/muse-glimmer-30b via togetherai2026-10-04 21:33yes2332 s

Normalization in this category

Every judgment call made between the raw labels and the numbers above, listed so it is visible and reversible.

ShowHide
Category-scoped readings
None. Every name in this category resolved on its own.
Unresolved, counted raw
AWS Marketplace
Amazon Kindle Direct Publishing (KDP)
Azure Marketplace
Google Cloud Marketplace
InflowPay
TUNE
Discontinued, still offered
No shut-down product was recommended here.

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