Between the major industry players reviewed above and the many smaller companies offering credit card processing services, it’s not easy to find the best option for your company. Between the major industry players reviewed above and the many smaller companies offering credit card processing services, it’s not easy to find the best option for your company. Elavon also has a reputation for slower access to recent payments, which can cause complications for some merchants. Between the major industry players reviewed above and the many smaller companies offering credit card processing services, it’s not easy to find the best option for your company.
Jeff’s holistic view of the financial services ecosystem, coupled with a strategic approach to business operations, has positioned him as a key figure in transforming traditional billing and payment processes. Specifically, multiple integration options make it easy for online merchants to start making sales. Businesses with low-volume transactions can save money on credit card processing fees by choosing a processing company with a low processing fee. However, it also requires business owners and staff without in-depth payment processing expertise to research, review, and narrow down a list of potential partners.
The team at Forbes Advisor analyzed dozens of the leading companies to determine the best credit card processing companies for small business. However, you can use a surcharging or cash discount program to pass processing fees onto customers where legally permitted. The team at Forbes Advisor analyzed dozens of the leading companies to determine the best credit card processing companies for small business. The potential negatives of Elavon include the lack of clarity in pricing due to its quote-based system for potential customers.
The team at Forbes Advisor analyzed dozens of the leading companies to determine the best credit card processing companies for small business. Square is a top company in the world of credit card processing. The team at Forbes Advisor analyzed dozens of the leading companies to determine the best credit card processing companies for small business. We specifically recommend Square for merchants with very little volume and small ticket sizes.
The team at Forbes Advisor analyzed dozens of the leading companies to determine the best credit card processing companies for small business. Its chargeback management tools and reporting features are also often cited as benefits for its customers. The team at Forbes Advisor analyzed dozens of the leading companies to determine the best credit card processing companies for small business. Elavon is well-known for offering a wide range of card payment solutions for ecommerce and brick-and-mortar businesses.
Some of the important features of a credit card processor that I considered in my rating are the availability of different payment methods, hardware availability and costs, deposit speed, and reporting and analytics tools. Some of the important features of a credit card processor that I considered in my rating are the availability of different payment methods, hardware availability and costs, deposit speed, and reporting and analytics tools. Stripe’s most well-known feature is likely its strong integration capabilities. Neither can Square’s prioritization of mobile payments and its easy options for set-up.
We rank 10 top players to help you choose. If you need a zero-cost credit card processing option, CardX can help by passing processing fees to customers, significantly reducing expenses for businesses in states where surcharging is allowed. Discover the cheapest credit card processing services, including Helcim, Stax, and Square. Offering near-instant provision of funds from completed transactions can also help merchants better manage their cash flow.
We specifically recommend Stripe for new SaaS businesses. The best credit card processing for small business should strike the right balance of cost, functionality and support. Finding the right credit card processing service is crucial to any e-commerce operation. Many factors go into the cost to accept credit cards, including industry, average transaction size, monthly volume, and more.
Swipesum is the best fit for all merchants, as you get a consultation to help Swipesum curate the best providers at the lowest cost for any business type. Like most high-risk merchant account providers, the application and setup process can take longer than that for low-risk businesses. Square can be effective for merchants with higher volumes and ticket sizes, but it’s certainly worth exploring other options. As a payment consulting firm dedicated to helping businesses identify and implement the most suitable payment processing solutions, the company has rapidly established itself as a trusted advisor in the payments industry.
To help, the team at Forbes Advisor analyzed dozens of the leading companies to determine the best credit card processing companies for small business. This provider’s pricing is notably expensive. With so many to choose from—and with varying fees, pricing structures, capabilities, ease of use, inclusions and support quality—choosing one for your business is no easy feat. The advantage of a processor that handles just about everything needed to accept card payments can’t be ignored.
But with a myriad of payment options hitting the market, deciding which service will serve you best is difficult. That makes this credit card processing provider a popular choice for ecommerce merchants. Providers with no setup costs, transparent pricing, and low processing fees received the highest scores. Credit card processors are a critical component in processing transactions, whether online, in-store or over the phone.
Many options mean plenty of opportunities to find an exceptional combination of support, pricing, tech, and overall service. If that description matches your business, you will have the best experience with Square’s pricing structure.
Who has the best credit card processing fees?
The average credit card processing fees range from 1,5 percent to 3,5 percent of each transaction, according to industry analysts, although the final percentage depends on a host of factors. Most payment processing companies provide a virtual terminal and some support card readers for physically swiping cards as well. It gives users a great deal of flexibility with its wide variety of card readers and terminals that integrate with its Zettle POS system, which I have found to be a reliable and comprehensive POS solution. Note that the unique factors that influence these pricing models are the reason you might pay different fees to accept an American Express card or a Visa-backed card.
Stripe’s credit card readers integrate with popular e-commerce and accounting software, including Shopify, WooCommerce and Xero. Elavon is a secure and reliable credit card processing company that offers all of the key features a business would expect, such as the ability to accept payments in a number of ways and various payment gateways, including CenPOS, a go-to gateway for those in the automotive, supply chain, distribution, heavy equipment, and manufacturing industries. I also appreciate that it’s one of the more modern and user-friendly processors in the market, alongside Stripe and PayPal. It has a 4 out of 5-star rating on Trustpilot from over 4,400 users of which nearly 85% gave it a 5-star rating.
The NerdUp by NerdWallet Credit Card is issued by Evolve Bank & Trust pursuant to a license from MasterCard International Inc. If that description matches your business, you will have the best experience with Square’s pricing structure. Where other banks can issue Visa or Mastercard credit cards, American Express is a closed network, meaning only American Express can issue American Express cards. Cheapest credit card processing compared As one of the most recognizable names in payment processing, Square is a very popular choice across various industries and business sizes.
So, it makes sense to take advantage of Stripe’s many benefits with lower sales volume, then look at other options as volume grows. When selecting a payment processing company, transparency in fees and pricing structures is important. Sometimes an aggregate credit card processor is your best best, but they usually charge higher markups on transaction fees and a monthly fee. It has a solid reputation for its ease of use, which makes it easy for onboarding and training staff, and reliability, which enables businesses to accept payments no matter where their customers are or which payment method they prefer.
Next, the merchant’s card processing service and the consumer’s issuing bank initiate the transfer of funds. Its user-friendly interface allows me to process payments effortlessly, freeing up time to focus on other business areas.
What is the best card processing company?
Though Payment Depot is a good value for high-volume businesses, it is not the most popular payment processing provider, nor is it the most widely loved. However, it does not offer a wide variety of payment terminals like other providers, such as Square or Clover and it does not offer industry-specific features for those in food service. Payouts are typically available within two days but you can also choose instant payouts for an additional 1% (50 cent minimum). However, users in the past have had an issue with its lack of a support phone number, which is something it now offers.
Since Clover offers tools, features and plans designed specifically for retail as well as food, professional and home services, it is a great fit for those in said industries, such as restaurants, law firms or landscaping businesses. Several of the companies listed above, such as Square, double as website builders so that you can keep everything under one umbrella. Merchant One is a full-service provider that processes payments online, in-person and over the phone with a variety of payment terminals to suit nearly any need, from simple iPhone and Android mobile card readers to advanced terminal systems through Clover. Its plans work a bit differently than most of its competitors, with a custom monthly membership fee, per transaction fee and wholesale interchange rates based on sales volume.
Best Card provides credit card processing solutions for credit card payments processed in person, online and over the telephone. On Trustpilot, nearly 50% of its reviewers gave it a perfect 5-star rating, with a large majority of these users commenting that its support is top-notch. This amounts to 3,6% of their revenue, on average, going towards credit card processing fees and chargeback fees. What’s unique about it is that it is one of the few providers that includes a dedicated account manager who can help new users get set up in as little as 24 hours.
Meanwhile, on the other end of the spectrum, over 40% of reviewers gave it a 1 out of 5-star rating, with the vast majority experiencing the same issue that their account had been suspected or closed unexpectedly. Funds from transactions are available in one to two business days or instantly for a 1,5% fee per transfer. Formerly Fattmerchant, Stax is a payment processing company that offers a rare subscription-based model with low per-transaction fees added to the interchange rate. Helcim offers a great deal of flexibility and value to both online and brick-and-mortar merchants with a variety of built-in tools, including a POS, online store, customer relationship management (CRM) software and even an online food ordering tool.
Helcim also integrates with dozens of popular accounting software, billing systems and shopping carts, plus sells card readers that work on nearly any device. To meet the needs and budgets and businesses of all sizes, PayPal offers a variety of plans and payment terminal types. In general, Stax is a well-regarded credit carding processing company that’s recognized for its user-friendly platform and helpful support. Granted, where it stands out for me is that it does a good job of providing access to funds within 24 to 48 hours.
The cost of credit card processing depends on various types of fees and individual companies’ pricing structures. PayPal is a very versatile and modern payment processor, despite that it’s one of the bigger (and older) names in the industry. This all-in-one POS and payment processor designed specifically for retail and restaurants is known for its affordable pricing and free processing for US-based customers through a cash discount or credit surcharge. What I find advantageous about Square is that it keeps things simple for business owners with flat credit card processing rates based on the type of sale, regardless of the credit card used.
Depending on your type of business, you may need customer-facing hardware like a credit card reader and POS system, or a virtual terminal for online transactions. PayPal has grown into a payment powerhouse that supports all types of credit card processing and Venmo app payments, and it has a variety of POS terminals and card readers, giving users a good deal of flexibility. Of these users, 50% gave it a 5-star rating and just over 40% gave it a 1-star rating, revealing that while it’s a great payment processor, it’s not the best option for every business. A virtual terminal is an online dashboard that lets you securely key in credit card information and process payments without a card being present.
Credit card processing systems authorize and transfer of funds between a customer’s issuing bank and a business’s merchant bank to complete a sale. However, it is a quality solution that stands up to the competition especially for small businesses and niche industries. It’s also worth noting that Stax sells its own customizable countertop terminals and can seamlessly integrate its software with other terminals, as well as most POS systems and other business tools. Its user-friendly interface allows me to process payments effortlessly, freeing up time to focus on other business areas.
If you have a higher volume, a subscription-based model, such as Payment Depot where you pay a monthly fee in exchange for lower transaction rates may be a better fit. To help, the team at Forbes Advisor analyzed dozens of the leading companies to determine the best credit card processing companies for small business. Additionally, Payment Depot does not have payment by link like PayPal or invoicing tools like many other providers. If you process a low number of transactions on a monthly basis, you may want to choose a processor that charges a low transaction fee, such as Stripe or PayPal.
It offers a variety of payment terminals, giving businesses a good deal of flexibility and invoicing options. Ultimately, the best credit card processor for you will have the hardware and features you need at a competitive price–but not just price in terms of monthly subscription fees, but in terms of transaction fees. Stax On Stax’s Website Payment Depot On Payment Depot’s Website Stripe is a feature-packed credit card processing service that accepts nearly every payment type, including major payment networks such as Visa, MasterCard, Discover and American Express, as well as mobile payments via Apple Pay and Google Pay and even international payment providers. Credit card processing fees are applied to transactions based on the total sale amount, including sales tax.
Payments aside, it also comes with a user-friendly dashboard where users can easily manage payments, handle disputes and issue refunds. It also integrates with many e-commerce, accounting and POS apps, including Shopify, QuickBooks, BigCommerce and WooCommerce. Gravity Payments is a lesser-known credit card processing company, so it hasn’t built a widespread reputation like big names PayPal and Square. While Clover has a good reputation for its unique, industry-specific features that can make all the difference to many businesses, users tend to either love it or hate it.
Instead, it uses a subscription model with a flat monthly fee determined by sales volume and low transaction fees. While Stripe is widely revered as one of the best credit card processors on the market, there is a clear divide between users who either love it or hate it. On average, users can expect to pay around 1,93% plus 8 cents per transaction for in-person transactions and 2,49% plus 25 cents per online transaction. In addition to its standard membership options, Payment Depot also offers an interchange plus percentage model, which may be more suitable to certain types of businesses such as cyclical or seasonal businesses.
Most payment processing companies provide a virtual terminal and some support card readers for physically swiping cards as well. It has a solid 4,2 out of 5-star rating on Trustpilot from nearly 1,000 users 75% of whom gave it a 5-star rating. As one of the most recognizable names in payment processing, Square is a very popular choice across various industries and business sizes. While Helcim offers competitive pricing with no monthly fees and low fees, pricing varies based on factors such as your total monthly volume and average transaction amount.
Some website builders include their own payment gateways, while others allow you to connect with third-party providers. Though Payment Depot claims to have transparent pricing, users must speak with a sales representative for membership and pricing information as it is custom-quoted. It also has a variety of payment options, each with its own payment processing fees, so it’s worth being aware of how much each payment type costs. On Stax’s Website On Payment Depot’s Website If you primarily operate an e-commerce business, you’ll need to make sure that you select a credit card processor that is compatible with your website.
Additionally, users can accept payments in installments, create custom invoices, or send a payment link so that they can get paid online without processing it via a website. It has a meager 3,7 out of 5-star rating on Trustpilot despite that nearly 90% of its users gave it a perfect 5-star rating. However, one issue I have found with Clover is that while it claims most funds will be available the next day, in reality, funds are generally available within one to three business days.
How to choose a credit card processing company?
To complete a transaction between a buyer and a merchant, think of the payment processor as the middleman. Look for processors that can support a high volume of transactions, offer customized payment solutions, and integrate with additional tools or platforms as you expand. The most efficient way to choose a merchant services provider is to partner with a payments consultant like Swipesum. A credit card processor is the go-between running the transaction data between the merchant, the customer’s bank, and the merchant’s bank.
This careful evaluation ensures you select a partner that enhances your payment processing capabilities and contributes to your overall success. Look for a payment processor that offers built-in features within their platform that can help you reduce your time spent to manage PCI compliance. Understanding how payment processing works, components, and types will help consumers and businesses make informed decisions about their preferred payment methods. That’s why we’ve put together this handy checklist of the top ten things to consider when choosing a payment processor.
A 2024 report noted that Worldpay continues to be a preferred choice for large enterprises and global companies, thanks to its international reach and multi-currency processing capabilities. With reliable customer service and a user-friendly platform, your merchant services provider becomes a partner. Additionally, you’ll want to consider the processor’s hold policy- how long the payment processor holds onto your funds before depositing them into your account. Unlike traditional merchant service providers, Swipesum acts as an independent consultant, working with various processors to find the best fit for each business.
You should be suspicious of any credit card processor that cannot provide high quality information about their reputation. Unlike traditional merchant account providers that focus solely on setting up accounts for processing card payments, Swipesum provides expert advice tailored to your business. Swipesum has rapidly gained recognition as a leading payments consulting firm, particularly for businesses that need a tailored solution. They can audit your current payment setup, negotiate lower fees, and match you with the best provider based on your unique needs, all while managing the implementation process for you.
With so many to choose from and with varying fees, pricing structures, capabilities, ease of use, inclusions and support quality choosing one for your business is no easy feat. Let’s take a closer look at some of the best payment processors currently available and help you identify which one could be the ideal fit for your business needs. Pricing is custom-quoted; however, rates average at 2,6% plus 10 cents per transaction for in-person processing. To help, the team at Forbes Advisor analyzed dozens of the leading companies to determine the best credit card processing companies for small business.
Swipesum’s unique approach includes providing fee audits, negotiating on behalf of businesses, and offering a full suite of AI-driven tools to reduce payment processing costs. Businesses that want an interchange-plus credit card processing company with built-in sales, customer and inventory management software. The company has recently invested heavily in expanding its capabilities for real-time payments and cryptocurrency processing, both of which are critical for businesses looking to stay ahead of the payment trends.
