10 Best Credit Card Processing Companies 2023

Use the Chase Mobile app and optional card reader to accept swipe, chip, and contactless payments on the go. Similarly, you can move the fee to your customers entirely by using cash discounts or surcharging. Many gas stations use this method, in which a gallon of gas is discounted if you pay with cash. Though this may cause potential customers to take their business elsewhere, it could encourage people who prefer paying with cash to frequent your store more often.

Payment Processing & Merchant Services For Small Business s can pay for your goods or services with their credit card or other accepted type of payment, and a gateway connects merchant accounts with payment processors. The system effectively transfers credit card information between the bank that issued the card and your business bank account. Choosing the right merchant account provider can save your business lots of money in fees each month. The best payment processors are also easy to use, offer good value with business solutions, and integrate with popular software. One non-negotiable charge is the interchange fee, which card-issuing banks charge on every transaction made with their credit cards. The amount charged is based on the type of credit card the customer uses, whether the transaction is in person or online, and the amount of the purchase. The riskier the payment method is, the more you pay in interchange fees.

More reasons to choose U.S. Bank as your payment processing provider.

Accept ACH and e-check payments, WeChat, Klarna, Apple Pay, Google Pay, and more. Configure subscriptions, recurring billing, or one-time payments for different checkout needs such as per-seat pricing, metered billing, coupons, free trials, prorates, overages, and usage-based fees. You can also update expired or renewed customer card information automatically.

• Square keeps costs low by aggregating accounts together rather than issuing each user a unique Merchant ID number.
• You don’t have to open a separate, pricey merchant account to accept credit card payments.
• The largest credit card processing companies in the United States are direct processors such as Fiserv , Global Payments, and FIS Worldpay.
• Stripe is a convenient option if you run multiple online businesses or brands because you can operate them all from one merchant account with separate reporting.

You probably already know Intuhttps://intuit-payroll.org/ popular QuickBooks accounting software. The company also offers its own credit card processing service called QuickBooks Payments that integrates seamlessly with its accounting and invoicing platforms. Small businesses with low monthly sales that want a simple credit card processing solution that also accepts Venmo and PayPal payments. National Processing’s platform integrates with popular software, including QuickBooks, BigCommerce and Shopify. The company does charge a termination fee but will waive it if your business is sold or closed. This credit card processing company will also pay you $500 if it can’t beat a competitor’s rates.

Dharma Merchant Services: Best For Nonprofits & Charitable Giving

Our fair and transparent pricing is designed for all merchants taking card-present transactions as well as those taking mail order / telephone order sales. Dharma also offers Retail and Small Business merchants low fees for high-volume credit card processing if you regularly process over $100,000 per month. Many other processors, including PayPal and Stax, charge extra monthly fees for access to features like virtual terminals, payment links, and card-on-file customer databases.

Keep in mind, though, that even if you use a different processor and want QuickBooks for accounting, you’ll still be paying this monthly QuickBooks fee. Aside from targeting larger businesses, Stax is also different from Payment Depot and other traditional merchant accounts on this list because of the proprietary software options it provides.

Things to Consider When Evaluating Merchant Services:

With Stripe Terminal, you can integrate in-person payments into your online payment setup. Transparent pricing and customizable features make it a good choice for online-first businesses looking to extend to in-person sales. However, many features — including connecting hardware to software — require coding experience or “no-code” integrations. Typically, merchant services charge between 2% and 3% per transaction. The customer’s bank will deposit the funds here, where they’ll wait before being sent to your business bank account. There’s usually a downtime of around 24 hours to seven days (known as the “settlement period”). Once you’ve chosen your provider, it’s time to actually create your merchant account.

• Traditionally, merchants set up a merchant account with an acquiring bank and link the point-of-sale system to an account.
• The customer’s bank will deposit the funds here, where they’ll wait before being sent to your business bank account.
• Merchant Maverick’s ratings are editorial in nature, and are not aggregated from user reviews.
• Most small businesses should avoid tiered credit card processor pricing, which bundles the interchange rate, assessment fees and markup into one pricing plan.
• While it has competitive pricing for businesses of all sizes, you’ll get the most value out of Stripe if you have developer resources to configure and maintain a custom checkout.

Square also recently made its entire suite of hardware, software, and services available in Spanish for the 14% of U.S. small businesses owned by Hispanics. This allows Spanish-speaking business owners to access payment solutions in their own language. Square has also translated its web pages and hired dedicated Spanish-speaking customer service reps. If you do any in-person business, you probably need a credit card reader. However, if you’re strictly e-commerce or phone sales, you only need a virtual terminal .

Offers an excellent customer support service and is easy to use but lacks hourly billing features. Square is a simple platform that is easy to use and is PCI compliant for data security. Online Credit Card Processing – Discover the best companies that will help you with accepting payments through your business website. Although cards are a popular payment method, they present several problems for small businesses. Chase offers a variety of business savings accounts including Total Savings, Premier Savings and a business CD.