Whether you accept payments from your customers online, over the phone, in person or a combination of the three, it's important that you can seamlessly accept every brand and type of credit and debit card your customers present – which is why it's important to choose the right merchant services provider. Additionally, you want to work with a payment processing company that has transparent pricing, competitive rates and no lengthy contracts. With these qualities in mind, we researched merchant account service providers and payment gateways to help you find the best options for your business.
\r\nCheck out our recommendations for the best merchant service providers for different business types below. If you process less than $3,000 per month, see our mobile credit card processing reviews. Otherwise, read on to learn more about the features, pricing and contracts you should look for in your search for the right merchant account provider for your business.
\r\n\n"}},{"__typename":"SectionBestPicks","id":"best-picks","isInToc":true,"type":"bestpicks","megaBestPicksTopCardLimit":5,"bestpicks":[{"bullets":["Flat-rate pricing","Free full-featured mobile app","Pay-as-you-go service"],"description":"
Square is the best low-fee payment processing company because the only fee it charges for its basic credit card processing service is a flat rate for each transaction. There are no monthly, gateway, setup, annual, PCI compliance or early termination fees. It doesn't even have a chargeback fee, which is unusual. Square's lack of fees makes it an affordable option for small businesses that don't process enough transactions to justify paying account maintenance fees each month. Square also has the best mobile payment processing app. The app is free to use – all you pay for is processing.
\r\n\r\nJanuary 2020: Small businesses that rely on Square's additional services to manage other aspects of their daily operation have yet another tool at their disposal with the launch of Shift Scheduling. Touted by Square as \"a robust, consolidated labor management solution for employers,\" this new offering integrates with its Team Management services.\r\nWith Shift Scheduling, staff members can manage built-in timecards with clock-in and clock-out functionality, while managers have access to permission-based options for more granular labor optimization. They can create employee schedules and prevent employees from clocking in too early or for unscheduled shifts. A specialized report details scheduled hours versus the number of hours the employee worked, marking discrepancies for review.\r\nShift Scheduling is free in all Square markets, with additional features and functions available in the Team Plus package for $35 a month per location.
\r\n\r\n\r\nApril 2020: For existing merchants, Square is waiving its software subscription fees for the month of April and has refunded March subscription fees. Software applications included in this program are: Square Appointments, Loyalty, Marketing, Payroll, Restaurants, Retail, Square Online Store and Team Management. Additionally, the company has partnered with Skillshare to offer Square sellers a free three-month membership to Skillshare. Some of the learning tracks available include three designed for Square merchants: Sales & Marketing, Leadership & Management, and Business Operations.
\r\n\r\nOctober 2019: Square has announced a change to its pricing. In-person transactions accepted with a card reader or swiper now cost 2.6% + $0.10. For existing Square merchants, this rate change is effective Nov. 1, 2019. For new merchants, this rate change is effective upon signup. This pricing information will be considered as part of our evaluation when we next fully update our credit card processing reviews.
","descriptionTest":"","fullTitle":"Best Low-Fee Payment Processor","isFeaturedBestPick":false,"isJumpLink":false,"tabTitle":"Best Low-Fee Payment Processor","review":{"displayName":"Square","canonical":"https://staging.business.com/reviews/square-mobile-credit-card-processing/","id":"05ec4db2702d7f62249bec623ca96c6f","url":"https://businesscom.go2cloud.org/aff_c?offer_id=24&aff_id=1000&source=best-mobile-credit-card-processing&aff_sub=bestpick|best-mobile-app&aff_sub2=lineuprank|1&aff_sub3=deal|impact-radius&aff_sub4=revenue|qt&aff_sub5=pos|bbc&url_id=1","review":{"pros":["Square offers free and paid plans, with several customization options.","The retail POS plans come with a free online store."],"cons":["The Square Register POS hardware isn't compatible with third-party payment processors."],"fullReviewTest":"Square is one of the top companies in the POS industry, and for good reason. It offers POS options for restaurants, retail stores, and small businesses, as well as an appointment-scheduling POS system for customer-booking businesses.
\r\nSquare has several software capabilities that integrate with its POS system, which makes it a great one-stop shop for SMBs. The Square POS software is free to use; the only stipulation is that you have to process payments through Square (which charges 2.6% + $0.10 for in-person and invoice payments, and 2.9% + $0.30 for online payments). If you want more advanced features, Square offers the Plus plan for $60 per month per location (plus $40 a month per added POS device) and the Premium plan with custom pricing.
\r\nSquare has a 30-day free trial, so you can try it out before making a commitment. If you want to customize your plan, you can add on tools like team management ($35 per month), payroll ($29 plus $5 per employee each month), a customer loyalty program (starting at $45 a month per location), marketing (starting at $15 a month per location), and one-on-one implementation help ($599). Square also offers an appointment-booking POS (free for one calendar, $50 per month for 2-5 calendars, $90 per month for 6-10 calendars, and custom pricing for 11 or more calendars) with a processing fee of 2.5% or 2.6% + $0.10.
\r\nYou can pair your Square POS software with an iPad, or you can purchase POS hardware from the company. Square registers cost $799, or $39 per month for 24 months; terminals are $299, or $27 per month for 12 months; stands for contactless and chip payments are $169, or $16 per month for 12 months; and readers for contactless and chip payments are $49. The Square mobile app is compatible with iOS and Android mobile devices. This variety of hardware lets you develop a unique POS setup that fits your needs and budget.
\r\nYou can access a variety of features with Square, depending on the plan you choose. For example, you may be able to access inventory management features like in-store and curbside pickup. Retail plans have multi-location stock view, exchange capabilities, barcode label printing, purchase order and vendor management, and COGS (cost of goods sold) reporting. Restaurant plans offer features like table/course/item management, a Square kitchen display system, online menus, automatic gratuity capabilities, conversational modifiers, and remote device management. You can also manage your team with permissions and timecard functions.
\r\nEvery plan includes some level of sales and reporting features, based on what you are using the POS for and how much you are paying. Every Square customer has access to customer support, an online support center, blogs, and a seller community.
","fullReview":"We chose Square as the best credit card processing service for growing businesses because it doesn't charge any of the monthly or annual account maintenance fees that most companies charge, such as statement, payment gateway and PCI compliance fees. All you pay are its flat-rate transaction fees, which makes it affordable for even very small businesses to use. It doesn't have a chargeback fee either, which is unusual, even among mobile credit card processing companies.
\r\nWe also like that even though Square's app is free, it includes a full suite of point-of-sale (POS) features and can be augmented with add-on services and integrations, allowing you to add more features as your business grows. Also, it works on both Apple and Android phones and tablets, so you can use it with the devices you already own.
\r\nCheck out our recommendations to help you choose the best POS system for your business.
\r\nA big part of Square's appeal is that it makes credit card processing accessible for all businesses, even microbusinesses and individuals. It has an application that can be completed in minutes, a free app and a free credit card swiper for each account, no contract, and simple flat rates.
\r\nAlthough Square charges a couple of different rates, and the one you'll pay depends on how and what you use to accept payments, the flat-rate pricing makes it easy to estimate how much you'll pay the processor each month. It has transparent pricing, and you can find complete details about its processing fees on its website.
\r\nSquare doesn't distinguish between card types; it charges the same rate for debit, credit, rewards and corporate cards. Card brands are treated likewise, so you pay the same rate whether your customer pays using Visa, Mastercard, Discover or even American Express. If your customers prefer to pay using rewards, business, international or American Express cards, you may save money by using Square. Here's how its processing fees work.
\r\nFor credit cards, debit cards and contactless payments that you accept in person, you'll pay one of the following fees:
\r\nFor payments you accept without the card in hand, such as online, invoice and recurring payments, you'll pay one of the following transaction fees:
\r\nTo qualify, you must process more than $250,000 annually, and your average sales ticket must be larger than $15.
\r\nSquare has a user agreement instead of a traditional payment processing contract, which means there aren't any termination fees, and you can close your account at any time without penalty if the service isn't working out for your business.
\r\nYou only pay the processing costs with Square. You don't have to pay a monthly fee or a PCI compliance fee, nor must you meet any monthly minimums. If you opt to use Square's online store to create a website, you aren't responsible for payment gateway costs. Square's lack of fees makes it an attractive option if your company operates on tight margins and may not do enough in sales to justify the fees other companies charge.
\r\nHere's a list of fees you won't pay when you use Square as your processing company:
\r\nAlthough there are no additional fees for Square's regular processing plan, there are some optional services that cost extra. For example, if you choose to have funds instantly deposited into your account instead of waiting the standard one or two days, it costs an additional 1.5%. If you add extra services or third-party integrations to your system, there may be monthly subscription fees.
\r\nEven though it's primarily known as a mobile credit card processing company, Square offers processing solutions to brick-and-mortar and online businesses as well. Here are some of the features it offers.
\r\nIt only takes a few minutes to sign up online for Square's processing services. All it requires is some basic information about you and your business. There aren't any credit checks, and you don't have to submit any documentation, such as your previous processing statements or marketing material. It approves applications quickly, and you can start processing the same day you register, sometimes in as little as five minutes.
\r\nKeep in mind that until you receive your card reader, you pay the higher, keyed-in rate. It can take up to 10 days for your free Square card reader to arrive, but if you need it in a hurry, you can purchase one at a local electronics or office supply store.
\r\nThe company's payments app, Square Point of Sale (formerly Square Register), is compatible with both Apple and Android smartphones and tablets. It's free to download and includes a full suite of POS features to help you run your business.
\r\nHere are some of the things it can do:
\r\nSquare recently introduced a new QR code-based feature that allows dine-in customers to order food from their phones and pay their bills when they're done. Each code is linked to a specific table in the restaurant, so employees know where to bring the food, and wait times are reduced, since there's no longer a need to wait for staff to come around and take an order. This new self-serve ordering feature is available for Square merchants in the U.S., U.K., Canada and Australia who use Square Online.
\r\nYou can choose from several Square card reader models and purchase your processing hardware one piece at a time or as a bundle. At a minimum, you need a mobile device with the free Square POS app installed and the free card swiper to accept cards, but you should upgrade to an EMV-compliant reader that accepts chip cards to protect yourself from counterfeit fraud liability.
\r\nHere are the card readers Square offers:
\r\nFinancing is available for higher-priced items. The Square Register costs $39 per month on a 24-month installment plan, and the Square Terminal costs $27 per month on a 12-month plan.
\r\nSquare normally takes one or two days to transfer the money from your transactions into your bank account. However, it gives you the option of instantly depositing your funds for an additional 1.5%. Alternatively, you can schedule same-day deposits, which costs 1.5%.
\r\nSquare doesn't have a chargeback fee but will assist you in resolving the issue. If a customer initiates a chargeback, you must promptly respond to Square's information request with appropriate documentation. It will put a hold on the disputed funds, and it can take 90 days for your customer's bank to review the claim and issue a verdict.
\r\nYou can augment the Square Point of Sale mobile credit card processing app with additional business services. Third-party integrations are available through the App Marketplace, and the company offers several apps of its own as well.
\r\nHere are some of the ancillary services available from Square.
\r\nSquare has launched a pair of new features for its payroll service. The first update, Instant Payments, lets employers fund payroll nearly instantaneously with their Square Balance. This reduces the time between when the employer submits payroll and when the employee gets their paycheck. The other addition is On-Demand Pay, which lets eligible employees transfer up to $200 of their earnings to their Cash App each pay period. The funds may also be sent to a linked debit card for a 1% fee per transfer, at a maximum of $2. Payroll for the employer, however, stays the same.
\r\nFor Square's retail and restaurant merchants that need advanced, industry-specific solutions, it offers the following alternatives to its point of sale app.
\r\nIf you want to accept credit cards online, Square gives you multiple options.
\r\nOnce you've established a processing history with Square, it gives you access to Square Capital, which can provide your business with a merchant cash advance and fund it as soon as the next day.
\r\nSquare also offers a Mastercard business debit card called Square Card that makes it easy to access the money from your transactions. There are no signup fees, annual fees, monthly fees, minimum balance fees or overdraft fees. One nice perk is that you receive an instant discount of 2.75% when you use this card to shop with other Square sellers.
\r\nSquare merchants can call the company during extended business hours, from 6 a.m. to 6 p.m. PT, Monday through Friday. If you like to research solutions yourself, you'll find Square's website helpful, as it offers multiple resources. It has a searchable knowledgebase that provides detailed information with step-by-step instructions. It also has how-to guides, FAQs, articles on popular small business topics, a blog and a community forum.
\r\nSquare lacks some of the customer service features we looked for. It doesn't offer a dedicated rep or 24/7 phone support. If your business keeps irregular hours and you run into an issue, you'll have to email the company instead, which may be frustrating.
\r\nSome merchants report having their funds or accounts frozen. This is a fairly common complaint for mobile credit card processors that are merchant aggregators, since they tend to be more risk-averse than the full-service processors that provide merchant accounts. If the company deems something about a transaction suspicious, such as an abnormally large sales ticket, it may hold your funds. If your business offers items on Square's list of prohibited goods and services, your account may be closed without notice, as it violates the company's user agreement.
\r\nTo reduce your likelihood of experiencing these issues, read Square's terms of service before you sign up for an account to make sure the processor is a good fit for your business. Then, once you begin processing, follow its best practices for accepting credit and debit card payments.
Editor's note: Looking for the right POS system for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.
\r\n"},"pricing":{"isCapped":false,"isFeatured":false,"primary":false,"selected":"affiliate-widget","widgetId":"10134","widget":{"id":"10134","cta":"Compare Quotes","isExclusive":false},"affiliate":{"cta":"Visit Site","link":"https://businesscom.go2cloud.org/aff_c?offer_id=24&aff_id=1000&source=best-merchant-services&aff_sub4=revenue|QT&aff_sub3=deal|Impact-Radius&source=test&random_url=1","name":"ImpactRadius"}},"thumbnail":{"path":"https://staging.business.com/images/rz/5d4b15a59c658aa8558b4578/square-logo.png"}}},{"bullets":["Clear interchange-plus pricing","Rate-lock guarantee","Month-to-month service"],"description":"Helcim is the best merchant service provider for small businesses because it's very transparent with its pricing, posting its complete rates and fees online. This full-service merchant account provider offers interchange-plus pricing to all of its merchants, its retail rates are lower than average, and it has a rate-lock guarantee that promises not to raise its markup for the life of your account.
\r\n\r\nAlso, instead of charging a handful of standard fees like most full-service payment processing companies, it charges a single monthly fee, which includes statements, customer service, PCI compliance and access to Helcim Commerce, the company's all-in-one payment platform. Like other top payment processors, Helcim provides its services on a month-to-month basis, so there are no early termination fees if you close your account.
","descriptionTest":"","fullTitle":"Best For Small Business Overall","isFeaturedBestPick":false,"isJumpLink":false,"tabTitle":"Best For Small Business Overall","review":{"displayName":"Helcim","canonical":"https://staging.business.com/reviews/helcim-credit-card-processing/","id":"9f57d5306258395ebcccbf574e7d5001","url":"https://www.helcim.com/us/","review":{"pros":["Helcim is transparent about its rates and fees online, so you'll know what to expect on your bill. ","Its single monthly fee includes PCI compliance and access to the virtual terminal, online store, and more."],"cons":["You may be able to find lower rates elsewhere, particularly for online processing."],"fullReviewTest":"","fullReview":"Helcim is the best credit card processing company for small businesses because it's one of the most transparent processing services in the payments industry, with competitive interchange-plus pricing and a single monthly fee that gives you access to higher-end features that other processors charge more for. Its in-person processing rates are lower than average, and it's one of the few payment processing companies that has a rate guarantee and auto-pause billing. It has quality customer service and no lengthy contract or termination fees, as it provides its services on a month-to-month basis.
\r\nVisit our best picks page to see all our recommendations for credit card processing companies.
\r\nEvery credit card processor pays the same interchange rates and card brand fees. The only negotiable portion of processing rates is the margin, or markup, that the processor adds on top of these base costs.
\r\nIndustry experts favor interchange-plus pricing because you can clearly see how much you're paying the processor, whereas tiered pricing lumps costs and margins together. In addition to offering this pricing model, the best processors post their rates online and have no hidden fees, so you know what to expect when you get your bill.
\r\nHere's a breakdown of Helcim's pricing and terms.
\r\nHelcim is exceptionally transparent with its pricing. It doesn't just post its markup; it posts all of its rates and fees online. It also gives you examples of how much you'll pay when you accept different types of cards, adding its margin to interchange rates and card brand fees. Here are the interchange-plus fees you'll pay when you use Helcim to accept credit and debit card payments:
\r\nHelcim offers volume-based discounts, starting with businesses that process more than $25,000 per month, with deeper discounts available for higher-volume businesses. As your business grows and you process at a higher tier over three months, volume discounts are automatically applied to your account. You can see its full discount schedule on the pricing page of its website.
\r\nHelcim's transparent pricing extends to its fees, which it also posts in full online, a rarity among credit card processors. It charges a single monthly account fee.
\r\nYou'll notice that Helcim's monthly fee is higher than many, but it's also the only ongoing fee you pay. The monthly fee includes PCI compliance and access to multiple tools that many processors charge extra for, such as a virtual terminal, recurring payments, an online store and hosted payment pages, online food ordering, and online invoicing.
\r\nHere's a list of fees you won't pay with Helcim:
\r\nThere are just two instances when you may be charged other fees:
\r\nHelcim's card reader costs $199, with the stand costing $39. The card reader has EMV and NFC technology, so you can accept chip cards, contactless cards, and mobile card payments like Apple Pay and Google Pay. It also has a built-in swiper and PIN pad so you can accept magnetic stripe cards and PIN debit cards.
\r\nIf you want to add peripherals like a cash drawer, receipt printer and barcode scanner to your system to create a POS station, you can purchase them from third-party vendors.
\r\nWhen reviewing credit card processors, we looked for companies that don't tie you to long-term contracts. You pay monthly for Helcim's services and can cancel your account at any time without incurring an early termination or cancellation fee of any kind.
\r\nEven though there are no lengthy contractual obligations, you still want to read the application, terms of service, and program guide – as you would with any account provider – to ensure you understand what you're agreeing to, are aware of all possible fees, and know what the cancellation procedure entails.
\r\nHelcim doesn't work with high-risk businesses, so small business owners should read the company's acceptable use policy to make sure that your business type and the products or services you offer are not on the prohibited list.
\r\nHere are some of the features that are included with your account for no additional fees.
\r\nThis app makes it easy to check out customers and accept payments. It tracks inventory, stores customer information, records transaction history, displays sales trends and generates reports. You can use the web-based version of the app with your computer or use the mobile version with Apple and Android phones and tablets. It supports an unlimited number of user accounts and has access controls that allow you to limit employee access. You can add a cash drawer, card reader and barcode scanner to create a POS station.
\r\nYour account comes with a hosted online store that has a shopping cart, discount codes, shipping integrations, a content management system (CMS), a theme editor, SEO settings and an SSL certificate. If you already have a website, you can accept online transactions by adding Helcim's hosted payment pages to it or by using its API.
\r\nRestaurants can use Helcim's quick-order online store to create a menu, take orders and accept payments. If you already have a website, you can embed an ordering menu and payment form on your website.
\r\nYou can print and display your unique QR codes, which customers can then scan to pay.
\r\nWith this tool, you can use your computer to key in credit card transactions. You can also issue refunds, void transactions, preauthorize credit cards and accept payments made through ACH transfers.
\r\nYou can add contact information and notes to customer profiles, view purchase histories and store credit card details in Helcim's secure vault. You can also add your branding to Helcim's self-service customer portals, which is where your customers can update their contact and credit card information, view their order histories, and pay invoices online.
\r\nThis tool allows you to create and send an unlimited number of invoices, send automatic payment reminders, and accept online invoice payments. You can also text customers to request payment.
\r\nYou can manage subscriptions and recurring payments with this feature. It allows you to customize your subscription plans with trial periods, one-time fees, and metered and prorated billing.
\r\nHelcim integrates with several shopping carts, e-commerce platforms and accounting software. Options include QuickBooks, ECWID, Magento and WooCommerce. It also has an API available if you prefer to build a custom integration for your website or app.
\r\nHere are more details about Helcim to keep in mind as you choose a processing service for your business.
\r\nHelcim has streamlined its application process and says it only takes minutes to apply. After you fill out Helcim's online application, the company emails you requesting documentation, such as your business license, a utility bill or your driver's license, and a voided check. On average, it takes one or two business days for the underwriters to approve your application. Once you're approved, the company ships your card reader, which may take another three or four business days to arrive.
\r\nHelcim is a PCI Level 1 Service Provider, complying with the Payment Card Industry's highest standards. It secures payment data using encryption and tokenization technologies, and two-factor authentication is available to keep your account from being compromised. The company provides Helcim Fraud Defender as part of your account, which scores transactions for fraud risk and allows you to set a risk threshold – any transactions that score below this threshold are then automatically declined.
\r\nThe quality of a processor's customer service is an important consideration. Helcim has in-house customer service agents. The Helcim representative we spoke with was friendly and gave us precise information about rates, fees, and service terms. Phone support is available, and you can either call the company or schedule a call back. Helcim's website is also a valuable customer resource, with a searchable knowledgebase, how-to guides and a blog.
\r\nHelcim is the overall best credit card processor for small businesses because of its transparency, lower-than-average retail rates, single monthly fee that includes many premium processing features, quality customer service, month-to-month terms and lack of a termination fee. However, there are some limitations that you should consider before deciding if this is the right credit card processing company for your business.
\r\nFor starters, if you're looking for the lowest possible rates and don't need any of the extras Helcim includes, you can find that elsewhere, especially if you're primarily an online business. But, if you need a virtual terminal, subscription billing and some of the other nicer features, you should ask about those costs when you're shopping around as other processors may charge extra for them.
\r\nFinally, like many processors, Helcim doesn't work with high-risk businesses, so you'll want to check its acceptable use policy to make sure your type of business and the products and services you offer are supported.
"},"pricing":{"isCapped":false,"isFeatured":false,"primary":false,"selected":"affiliate-widget","widgetId":"10134","widget":{"id":"10134","cta":"Compare Quotes","isExclusive":false},"affiliate":{"cta":"Visit Site","link":"https://businesscom.go2cloud.org/aff_c?offer_id=23&aff_id=1000&source=best-merchant-services&aff_sub4=revenue|QT&aff_sub3=deal|Helcim&url_id=1","name":"QT Program"}},"thumbnail":{"path":"https://staging.business.com/images/rz/5efa04569c658aa1178b4570/Helcim-Logo-Monotone.png"}}},{"bullets":["Transparent pricing","One monthly fee","Month-to-month service"],"description":"Fattmerchant is the payment processing company with the best rates. It uses the interchange-plus pricing model but doesn't charge a markup percentage. Rather, it only adds a per-transaction fee to the published interchange fee – the rate set by the credit card companies (Visa, Mastercard, Discover and American Express) that everyone pays.
\r\n\r\nFor account fees, it charges a single monthly membership, or subscription, fee. There are no separate fees for statements, PCI compliance, customer support or account maintenance. Though the monthly membership fee is higher than what some of its competitors charge, its processing limits are less restrictive. The company notes that businesses need to process at least $7,000 per month for this to be a cost-effective credit card processing solution. Small businesses that process a high volume of transactions each month will see the most savings on their overall costs.
","descriptionTest":"","fullTitle":"Payment Processor With the Best Rates","isFeaturedBestPick":false,"isJumpLink":false,"tabTitle":"Payment Processor With the Best Rates","review":{"displayName":"Fattmerchant","canonical":"https://staging.business.com/reviews/fattmerchant-merchant-services/","id":"1e472a300d90cc50efe8eba4e1ed1e95","url":"https://www.fattmerchant.com/","review":{"pros":["There's no percentage markup on transactions, so in addition to a monthly fee, you only pay interchange and a flat per-transaction fee.","It has a merchant dashboard that you can use to analyze your sales."],"cons":["You need to process a minimum of $7,000 per month for this pricing model to save your business money."],"fullReviewTest":"Fattmerchant is an integrated payment technology platform that allows you to accept credit cards in store, on the go, over the phone, and online. It has real-time data analytics and integrations for accounting software, e-commerce platforms, and POS systems. Fattmerchant is transparent about its subscription-based pricing and has no hidden fees or long-term contract. Read Review
","fullReview":"Fattmerchant is a Florida-based company that offers credit card processing solutions to small businesses in many industries, including retail and e-commerce, spa and fitness, food and beverage, and professional services such as healthcare and legal services. It can be used to accept payments at a brick-and-mortar location, on the go, and online.
\r\nIts pricing varies based on your business's processing volume, and both membership-based wholesale pricing and a flat-rate plan are available.
\r\nVisit our best picks page to see all our recommendations for credit card processing companies.
\r\nFattmerchant posts some of its rates and fees on its website, but it isn't as transparent with its pricing as it used to be. Instead of detailing the plans it offers and what each costs, it lists a starting rate for its software packages. It doesn't post equipment prices or the fees for add-on services on its website either.
\r\nFattmerchant offers two pricing models: a flat rate and a subscription rate.
\r\nHere's how Fattmerchant's subscription-based pricing works:
\r\nYou then choose one of the company's Omni software packages to support your processing.
\r\nIf a customer initiates a chargeback by disputing a charge and requesting their money back, you pay a $25 chargeback fee. There's also a $19.95 monthly PCI noncompliance fee if you fail to establish compliance within three months of opening your account. You can avoid this fee by completing your PCI self-assessment after your account is set up and each year thereafter.
\r\nThe company offers add-on services, but it doesn't disclose the prices on its website. You'll need to call the company and speak with a sales representative to find out how much they will cost to add to your account. These are some of the add-ons:
\r\nOnce you begin processing, the company can clear the account and deposit the money from your transactions into your business bank account the next day, which is faster than the average two-day turnaround. Same-day funding is available, but it costs extra.
\r\nFattmerchant provides its services on a month-to-month basis. There are no cancellation fees, so you can cancel your account at any time without penalty, but you must submit written notice of your intent to cancel 30 days in advance.
\r\nAs you would with any credit card processing company, you'll want to read the application and contract before you sign anything. Verify that the prices, fees and terms you're quoted are consistent with those in the contract.
\r\nThe company posts the terms and conditions of its contract on its website, which is helpful, but you'll notice that it's the standard processing contract with the usual three-year, automatically renewing term that carries an early termination fee (the contract calls it an \"early deconversion fee\") with liquidated damages. For this reason, it's very important to confirm that the month-to-month terms with no cancellation fee are included in application or that you receive a written waiver.
\r\nFattmerchant sets you up with a merchant account, and with it you can accept American Express, Discover, Mastercard, and Visa credit and debit cards. Here are some of the other features available from Fattmerchant. (Access may vary, depending on your software subscription.)
\r\nThis credit card processing company gives you access to an analytics dashboard that shows you at-a-glance sales data, which you can use to gauge how your business is doing. You can see your annual gross and net sales, month-over-month sales trends, the dollar value of an average sale, how many customers you've served and transactions you've processed over the past 30 days, and your hourly sales activity. It also shows you how many of your customers are new or returning and calculates the lifetime value of your repeat customers.
\r\nIf you already own a credit card terminal, Fattmerchant might be able to reprogram it for you so you can continue using it. Otherwise, you can purchase a terminal from Fattmerchant that accepts chip cards and mobile wallets such as Apple Pay and Google Pay.
\r\nIf you need a mobile credit card reader, Fattmerchant sells one that connects via Bluetooth and is also compliant with EMV and NFC. The company doesn't post its equipment pricing online, so you'll need to speak with a sales rep for a quote. If you're an online merchant, Fattmerchant can integrate with your existing shopping cart and offers you a choice of payment gateways.
\r\nYou access the virtual terminal through Fattmerchant's dashboard using any computer, tablet or phone with internet access. With it, you can manually key in credit card information to process a transaction, invoice your customers, schedule recurring payments, track inventory and issue receipts.
\r\nFattmerchant integrates with multiple business applications, so you don't have to manually enter the details of your sales into your other systems. It also has an API available for businesses that want a custom solution. Here are some of its available integrations:
\r\nAs with most credit card processing companies, you should apply for a Fattmerchant account about two weeks before you need to begin accepting payments. Fattmerchant's application is online, and the rep we spoke with said it takes about five minutes to fill out. After you submit it, the company can review it and set up your merchant account within two days, which is standard for this industry.
\r\nYou'll need to submit some basic information, such as your business license, Social Security number and tax ID. You'll also need to provide a voided check and previous processing statements if you're switching to Fattmerchant from another processor. After it approves your application, Fattmerchant ships your equipment, which takes four or five days to arrive. The equipment is plug-and-play, meaning you can begin processing as soon as you receive it.
\r\nAlthough there's no separate PCI compliance fee with Fattmerchant, you're still required to comply with PCI data security standards and complete the self-assessment questionnaire each year. Some businesses also need to have quarterly vulnerability tests on their systems to maintain compliance. Fattmerchant ensures that the equipment it sells you is PCI compliant. It's also EMV compliant so you can accept chip cards properly and avoid counterfeit fraud liability.
\r\nWhen you need support, you can contact the company by live chat, email or the help ticket form on its website. Businesses using the Growth and Pro software plans work with a dedicated account manager.
\r\nOn the company's website, you can find a searchable knowledgebase that has articles and step-by-step instructions on topics such as product updates, chargebacks, PCI compliance, how to use various software features, and technical support issues. The company also has a blog that it regularly updates with articles about payment processing and other topics of interest to small businesses.
\r\nAlthough Fattmerchant has a unique pricing structure with some of the lowest rates we've seen, its monthly fee is high, so you'll need to calculate whether you'll save enough on processing fees for it to be a good deal for your business. If you process less than $80,000 per year, you'll use Fattmerchant's flat-rate plan, which has higher-than-average rates. You'll also pay extra for the company's software and for any add-on features you want.
\r\nFattmerchant isn't as transparent with its pricing as it used to be, as it only lists the starting rate for its processing plans. It doesn't disclose its fees, costs for add-on services or hardware prices.
\r\nFinally, the terms and conditions document that Fattmerchant uses is a standard three-year processing contract with an early cancellation fee and liquidated damages clause, so you need to make sure the advertised month-to-month terms with no cancellation fee are stated on the application before you sign it.
\r\n\r\n
Editor's note: Looking for the right credit card processor for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.
"},"pricing":{"isCapped":false,"isFeatured":false,"primary":false,"selected":"affiliate-widget","widgetId":"10134","widget":{"id":"10134","cta":"Compare Quotes","isExclusive":false},"affiliate":{"cta":"Visit Site","link":"https://businesscom.go2cloud.org/aff_c?offer_id=29&aff_id=1000&source=merchant-services&aff_sub4=revenue|QT&aff_sub3=deal|fattmerchant-inc&url_id=1","name":"QT Program"}},"thumbnail":{"path":"https://staging.business.com/images/rz/5d56d9967b43744a668b456d/Fattmerchant_logo_final.png"}}},{"bullets":["No application fees","No setup or gateway fees","Month-to-month service"],"description":"Flagship Merchant Services is the full-service payment processing company with the best contract, because it offers merchant account services to all of its customers on a month-to-month basis and doesn't charge a cancellation fee. By contrast, standard merchant processing contracts have three-year terms with a short cancellation window of 30 to 90 days before automatically renewing for additional one- or two-year terms. They also have early termination fees to discourage you from exiting your contract before the term expires, some with liquidated damages clauses that make it very expensive to cancel.
\r\n\r\nAdditionally, Flagship offers a choice of interchange-plus or tiered rates, allowing you to select the best pricing model for your business. If you're already processing, Flagship will negotiate with you to see if it can meet or beat your current pricing. It has a monthly minimum, and it charges a monthly fee, monthly payment gateway fee and PCI compliance fee. It doesn't charge application, setup or payment gateway setup fees, though.
","descriptionTest":"","fullTitle":"Merchant Service Provider With the Best Contract","isFeaturedBestPick":false,"isJumpLink":false,"tabTitle":"Merchant Service Provider With the Best Contract","review":{"displayName":"Flagship Merchant Services","canonical":"https://staging.business.com/reviews/flagship-merchant-services-credit-card-processing/","id":"1ac167a96c5ad799fdcac7312c89a22b","url":"http://flagshipcreditcardprocessing.com","review":{"pros":["Flagship offers month-to-month services to all of its customers and doesn't charge a cancellation fee.","It offers its merchants a choice of interchange-plus or tiered processing rates."],"cons":["It lacks pricing transparency, and its contract has a vague \"additional services\" clause that you must opt out of within 30 days to avoid a monthly fee for services you don't want."],"fullReviewTest":"Flagship Merchant Services can quickly set you up with a merchant account and everything you need to process credit cards on- and off-line. It has low rates, month-to-month terms and offers a choice of interchange-plus or tiered pricing plans. It sells processing equipment, such as the popular Clover POS systems, offers value-added services like gift cards and loyalty programs, and provides 24/7 customer support. Read Review
","fullReview":"Flagship Merchant Services is a full-service payment processor that offers its customers month-to-month service terms and doesn't charge an early termination fee. It gives you a choice of pricing models, so you can choose the one that saves your business the most money.
\r\nFlagship works with businesses of all sizes across many industries, and it can set you up with in-person, online, and mobile credit card processing. It's been in business for more than 15 years and provides payment processing for more than 25,000 small businesses.
Editor's note: Looking for information on credit card processing? Use the questionnaire below, and our vendor partners will contact you with the information you need:
\r\n\r\n\r\n
Visit our best picks page to see all our recommendations for credit card processing companies.
\r\nFlagship Merchant Services offers its credit card processing services to all its merchants on a month-to-month basis and doesn't charge a cancellation fee. This is notable because standard credit card processing contracts lock you in for three years and have short cancellation windows – usually 30 to 90 days – before automatically renewing for additional one- or two-year terms. They also have early termination fees to dissuade you from closing your account before the term expires, and some include liquidated damages clauses that make it prohibitively expensive to cancel. A monthly contract with no cancellation fees allows you to exit your account at any time without incurring a termination fee that costs you hundreds (or thousands) of dollars.
\r\nThe exception to these terms is if you accept free equipment. Like most processing companies, Flagship Merchant Services has a free equipment program, and you're required to sign a contract if you wish to participate. For instance, if you decide to accept a free Clover Mini credit card processing terminal, you have to sign a three-year contract. Although it's a tempting offer, we recommend purchasing your equipment so you can keep your month-to-month service terms.
\r\nWhen you're ready to sign up for a merchant account with Flagship, you'll call your sales rep, who will fill out the application with you over the phone. Before providing your Social Security or bank account number or signing the application, request the full contract (the application, the terms and conditions document, and the program guide) so you can read it and verify that you're aware of all fees and terms. Be aware that by signing the application, you're actually signing the contract.
\r\nOne clause to watch out for is Additional Services. It's mentioned briefly in the application or terms document, referring you to the program guide for information about what it is. You only have 30 days after setting up your account to opt out. You should ask your sales rep what these additional services entail, what fees come with them and if you can opt out before signing up (so you don't forget about it once you begin processing).
\r\nMost processing services use a single pricing model, but Flagship offers a choice of interchange-plus or tiered rates, allowing you to select the best pricing model for your business.
\r\nThe company doesn't post its rates or fees on its website, however, so you'll need to call the company and speak with a sales rep for a customized quote based on the amount your business processes monthly, your industry, and other factors. If you're already processing credit and debit cards, Flagship will see if it can meet or beat your current pricing.
\r\nIf the rep you speak with only gives you tiered rates, don't be afraid to ask for an interchange-plus rate quote.
\r\nMost businesses save money using the interchange-plus pricing model, and industry experts recommend it because it's more transparent than other models. The percentage and per-transaction fee you're quoted are the processor's markup, which is added to the card networks' published interchange rate for every transaction.
\r\nThis pricing model is best for businesses that accept a lot of PIN debit cards and regular debit and credit cards. Tiered rates are more expensive for businesses that accept rewards, corporate and international cards.
\r\nBe aware that with this pricing model, there are multiple tiers – you need to specifically ask how many tiers there are, what type of cards each applies to, and what each tier costs for both debit and credit cards. You also need to ask what might cause a transaction to be downgraded to a lower tier.
\r\nLike most full-service credit card processing companies that provide you with a merchant account, Flagship charges several fees in addition to the percentage rate and per-transaction fees. These include the following:
\r\nThis fee is for your statement, access to an online analytics tool, 24/7 tech support and a dedicated agent.
\r\nThe monthly minimum is the amount of processing costs (percentage rate plus per-transaction fee) you need to generate each month. If you don't process enough, you pay a fee to make up the difference. For example, if your monthly minimum is $25 and your monthly sales generate $23 in processing costs, you'd pay $2 to meet the minimum.
\r\nThis fee may be charged monthly or annually, and covers the cost of helping you achieve and maintain PCI compliance. If you fail to comply with PCI data security standards or forget to renew your compliance each year, you may be charged a PCI noncompliance fee each month until you remedy the situation.
\r\nYou'll only pay this fee if a customer disputes a charge.
\r\nFlagship doesn't charge application or setup fees, and some of the fees listed above may be negotiable.
\r\nThis provider advertises a low-rate guarantee, offering an American Express gift card if it can't offer you the lowest rates. However, it only applies to overall costs (not just rates); you must present a written competing offer, and the fine print notes that additional terms and conditions may apply.
\r\nFlagship Merchant Services provides multiple credit card processing solutions and sells a variety of processing hardware so you can accept credit card payments across every sales channel.
\r\nYou have several options for the credit card payments you accept in person at a physical location. You can use a simple credit card terminal with a built-in PIN pad and printer or, if you need a more comprehensive solution, a point-of-sale (POS) system. Flagship sells Verifone terminals and the popular Clover line of POS systems. Both options are EMV and NFC compliant, so you can accept chip cards and mobile wallets such as Apple Pay and Google Pay. You can also add mobile card readers to your system if you want to accept payments anywhere in the store, or tableside if your business is a restaurant.
\r\nFlagship sets you up with a payment gateway and a shopping cart so you can accept payments on your website. You can also set up automatic recurring billing.
\r\nMobile processing is ideal for service professionals with mobile businesses, companies that sell products or services at events, and sales teams that work with clients in various locations.
\r\nFlagship can set you up with a virtual terminal that allows you to process payments from your phone or mail-order sales by manually keying in credit card details on your computer.
\r\nIt's easy to set up an account with this merchant services provider. As soon as you're ready to apply, you call your account rep, who fills out the application with you over the phone. After you apply, the underwriting team reviews it, and if you're approved, your account can be set up the next business day. The services provider then ships your equipment, which takes three or four business days to arrive. When you begin processing, the company can clear the account and deposit the money from your transactions into your business bank account within the industry average of one or two business days. Same-day funding is available, but may cost extra.
\r\nFlagship assigns a dedicated account representative to your business, so when you need customer support, you have one point of contact with the account provider. If you need help with your account after hours, 24/7 technical support is available. Your account also includes an online reporting tool that you can use to analyze your sales data.
\r\nThis merchant services provider doesn't post its rates and fees on its website. Although it isn't uncommon for service providers to omit this information from their websites, it's inconvenient, as you must call the processor and speak with a sales rep to get a pricing quote.
\r\nWhile the company offers interchange-plus pricing, you may need to specifically ask for it. You may also need to specifically ask about the PCI compliance fee.
\r\nFinally, the contract contains a vague clause for \"additional services,\" and you must opt out of it within 30 days of account activation; otherwise, you're charged a monthly fee for services you don't necessarily want or need.
"},"pricing":{"isCapped":false,"isFeatured":false,"primary":false,"selected":"widget","widgetId":"10134","widget":{"id":"10134","cta":"Compare Quotes","isExclusive":false},"affiliate":{"cta":"Visit Site","link":"http://flagshipcreditcardprocessing.com","name":""}},"thumbnail":{"path":"https://staging.business.com/images/rz/5efa48f89c658a31078b4568/flagship_logo.png"}}},{"bullets":["Clover processing equipment","Incentives for veterans","Flat-rate pricing available"],"description":"Fiserv, formerly known as First Data, is one of the world's largest payment processors. It's also the best retail merchant services provider, because established merchants can negotiate competitive pricing and favorable terms, it offers Clover processing equipment and veteran perks, and it allows merchants to accept Alipay, a popular Chinese payment app.
\r\n\r\nThe company provides a full range of credit card processing solutions, so you can accept payments every way your customers want to pay: in-store, online, on the go and over the phone. You can also accept every type of payment: magnetic stripe and chip cards, credit and debit cards, mobile payments like Apple Pay and Google Pay, paper checks, ACH transfers, and gift cards. Fiserv has a program to offer loyalty rewards to your regular customers as well.
","descriptionTest":"","fullTitle":"Best Merchant Account Provider for Retail","isFeaturedBestPick":false,"isJumpLink":true,"tabTitle":"Best Merchant Account Provider for Retail","review":{"displayName":"Fiserv","canonical":"https://staging.business.com/reviews/first-data/","id":"8aa629b4b051c480503029f0e35284f9","url":"https://www.firstdata.com","review":{"pros":["Flat-rate pricing is available through its Clover website.","Experienced retail businesses that process a high monthly volume of sales can negotiate competitive interchange-plus pricing and favorable terms."],"cons":["Small businesses may be able to find better pricing elsewhere."],"fullReviewTest":"Small and midsize businesses in the retail sector often process a high volume of transactions each month and, therefore, have ample choices when it comes to credit card processing companies. Even large processors that typically work with corporations and financial institutions compete for this market segment and are willing to offer favorable terms and competitive pricing.
\r\nWe selected Fiserv, which was formerly known as First Data, as the best retail credit card processor. It's an industry leader that high-volume retailers can negotiate with to get a good deal, it offers incentives to veterans, and it allows retailers in tourist towns to accept payments via Alipay, a popular Chinese payment app.
\r\nBefore its merger with Fiserv this year, First Data was already one of the biggest credit card processing companies in the world. It provides its processing services to more than 6 million business locations in 118 countries. It processes more than 3,000 transactions per second, amounting to more than 33 billion transactions per year. Annually, these transactions are worth $2.6 trillion.
\r\nFiserv works with businesses of all sizes, from startups to multinational corporations, and across nearly every industry, including retail, food and beverage, and professional services. It also owns the Clover brand of point-of-sale systems, which is sold by more than 3,000 Fiserv resellers nationwide.
\r\nFiserv doesn't post its rates, fees and contract terms on its website, which is inconvenient for merchants wanting to shop around for a good deal online without calling companies. However, this is a fairly common practice among large, full-service processors, as many prefer to customize quotes to prospective merchants, considering factors such as industry, monthly processing volume, and sales ticket averages to calculate your rates.
\r\nThe company does post its flat-rate pricing on the Clover website, and those are the rates we were quoted when we reached out to the company, posing as a small business owner.
\r\nThis pricing model can be the best option for small businesses that have a lower monthly processing volume and new businesses that don't yet know what their processing average will be. Like other flat-rate plans, Fiserv's flat rate includes all fees – which can save you money if you don't process a high volume of credit card sales each month. The caveat is that Fiserv expects its small business customers to use Clover, so there is a fee for the Clover point-of-sale software.
\r\nThere are two flat-rate plans. The one you use depends on the Clover POS software you use.
\r\nClover Register POS
\r\nClover Register Lite POS
\r\nIndustry experts prefer this pricing model for its transparency, and for most businesses, this is the most cost-effective plan. The rep we spoke with said he could provide us with interchange-plus rates, but only if we could provide a statement. If you're currently processing and willing to provide the company with a statement, you may be able to receive an interchange-plus pricing quote and negotiate lower rates than we received in our testing, depending on the specifics of your business.
\r\nLike most full-service merchant account providers, Fiserv charges account service fees with its interchange-plus plans. You may be able to negotiate with your sales rep to waive some of them. Fees include the following:
\r\nWith the flat-rate plan, the terms of the contract depend on the Clover subscription you choose. Terms vary, so you should ask your sales rep about the availability of month-to-month terms. Be aware that if you decide to lease your processing equipment or POS hardware, you'll also have a noncancelable leasing contract. Leasing contracts are notorious in this industry; whenever possible, you should purchase processing equipment upfront to avoid them.
\r\nWith the interchange-plus plan, Fiserv's standard contract has lengthy terms that automatically renew and have an expensive termination fee if you choose to close your account before the term expires. However, better terms are available if you ask. When you call for a price quote, don't be afraid to ask for month-to-month terms with no cancellation fee.
\r\nThe rep will send you a pre-application form that asks for information about your business before providing you with the full contract to review. The rep we spoke with noted that we didn't need to sign it or provide our personal information (bank account and Social Security numbers).
\r\nWhen you receive the merchant application, be aware that this is part of the contract and by signing it, you're actually signing the contract. Make sure you receive the other parts of the contract as well – the terms and conditions and the program guide – and read them. You want to verify that the rates and fees you were quoted match those on the application, that you're aware of all possible fees, and that you understand the cancellation policy.
\r\nAlso make sure you have a written waiver or that the contract was updated to reflect reduced or waived fees that the rep promised you. As with any processing contract, you don't want to sign it or provide your bank account and Social Security numbers until you've read the full contract and understand your obligations.
\r\nAs a full-service payment processing company, Fiserv can help you accept credit and debit cards across multiple channels so you can sell your products in your brick-and-mortar store, on your website, over the phone, and on the go. You can also accept paper checks, ACH payments and gift cards. It offers loyalty programs that you can use to offer incentives to your regular customers.
\r\nFiserv offers its Clover line of processing equipment to its small business merchants. There are several options, ranging from Clover Go, a mobile credit card reader that plugs into your phone or tablet, to Clover Station, a full-featured POS system that includes a monitor, card reader and printer. Every option allows you to accept multiple types of credit and debit payments, including magnetic stripe, chip, and contactless cards as well as mobile wallets like Google Pay and Apple Pay.
\r\nAs with its processing fees, Fiserv doesn't post hardware pricing on its main website (the old First Data website now titled \"First Data is now Fiserv\") but is visible on the Clover website. As mentioned in the pricing section above, you can purchase processing equipment upfront or installment plans. Leasing is also available, but you should avoid this option, as it's more expensive over the long term and the contract is noncancelable.
\r\nEMV and PCI compliance are the two main security factors to look for in a credit card processor. No matter what type of processing hardware you choose, it should be EMV compliant so you can accept chip credit cards properly and avoid liability for counterfeit fraud occurring at the point of sale. All of Fiserv's Clover processing equipment is now EMV compliant.
\r\nIf you have a merchant account, you're required to be PCI compliant. Fiserv helps you establish PCI compliance using its TransArmor security software and charges a monthly fee for it. The software simplifies PCI compliance with its PCI Rapid Comply questionnaire wizard and prevents fraud using tokenization to encrypt each transaction, ensuring sensitive credit and debit card data is safely transmitted to the processor and never stored in your system. It also monitors your hardware and software for tampering and includes a $100,000 liability waiver against card association costs that could be incurred if your data is breached. As with any processing service, you need to keep your PCI compliance current to avoid expensive noncompliance fees.
\r\nFiserv's customer service team is available 24/7 by phone or over live chat during extended business hours. You can also email the company. If you prefer to find the information you're looking for online, you can search the company's knowledgebase. Fiserv also provides webinars, whitepapers, newsletters, videos and infographics, which are useful if you want to learn about Fiserv, Clover or processing topics like fraud prevention.
\r\nFiserv works with nearly every business type, and industry-specific solutions are available for businesses in healthcare, corporate billing, financial analysis, gambling and gaming, government, and education. Here are some of the programs it offers:
\r\nBecause it has millions of merchant customers, Fiserv – under the First Data name – has a lot of negative reviews. Many of the complaints are due to its equipment leasing division, First Data Global Leasing, which has lengthy, noncancelable contracts. Other complaints are from merchants who were surprised to see more fees on their bills than they bargained for, claiming that sales reps didn't disclose them.
\r\nYou can avoid these problems by purchasing your equipment rather than leasing it and reading the full contract before you sign up with Fiserv (or any other processing service). This is important, because it's the only way you can verify that the waivers you were promised are documented, that you're aware of all rates and fees, and that you know how long the term is and how to cancel without penalty if you choose to do so.
\r\nHere are some additional drawbacks to keep in mind before signing up with this company:
\r\n","fullReview":"
Small and midsize businesses in the retail sector often process a high volume of transactions each month and, therefore, have ample choices when it comes to credit card processing companies. Even large processors that typically work with corporations and financial institutions compete for this market segment and are willing to offer favorable terms and competitive pricing.
\r\nWe selected Fiserv, which was formerly known as First Data, as the best retail credit card processor. It's an industry leader that high-volume retailers can negotiate with to get a good deal, it offers incentives to veterans, and it allows retailers in tourist towns to accept payments via Alipay, a popular Chinese payment app.
\r\nBefore its merger with Fiserv this year, First Data was already one of the biggest credit card processing companies in the world. It provides its processing services to more than 6 million business locations in 118 countries. It processes more than 3,000 transactions per second, amounting to more than 33 billion transactions per year. Annually, these transactions are worth $2.6 trillion.
\r\nFiserv works with businesses of all sizes, from startups to multinational corporations, and across nearly every industry, including retail, food and beverage, and professional services. It also owns the Clover brand of point-of-sale systems, which is sold by more than 3,000 Fiserv resellers nationwide.
\r\nVisit our best picks page to see all our recommendations for credit card processing companies. If you're looking for the processor with the lowest overall pricing, see our pick for the best credit card processing company for small businesses.
\r\nFiserv doesn't post its rates, fees and contract terms on its website, which is inconvenient for merchants wanting to shop around for a good deal online without calling companies. However, this is a fairly common practice among large, full-service processors, as many prefer to customize quotes to prospective merchants, considering factors such as industry, monthly processing volume, and sales ticket averages to calculate your rates.
\r\nThe company does post its flat-rate pricing on the Clover website, and those are the rates we were quoted when we reached out to the company, posing as a small business owner.
\r\nThis pricing model can be the best option for small businesses that have a lower monthly processing volume and new businesses that don't yet know what their processing average will be. Like other flat-rate plans, Fiserv's flat rate includes all fees – which can save you money if you don't process a high volume of credit card sales each month. The caveat is that Fiserv expects its small business customers to use Clover, so there is a fee for the Clover point-of-sale software.
\r\nThere are two flat-rate plans. The one you use depends on the Clover POS software you use.
\r\nClover Register POS
\r\nClover Register Lite POS
\r\nIndustry experts prefer this pricing model for its transparency, and for most businesses, this is the most cost-effective plan. The rep we spoke with said he could provide us with interchange-plus rates, but only if we could provide a statement. If you're currently processing and willing to provide the company with a statement, you may be able to receive an interchange-plus pricing quote and negotiate lower rates than we received in our testing, depending on the specifics of your business.
\r\nLike most full-service merchant account providers, Fiserv charges account service fees with its interchange-plus plans. You may be able to negotiate with your sales rep to waive some of them. Fees include the following:
\r\nWith the flat-rate plan, the terms of the contract depend on the Clover subscription you choose. Terms vary, so you should ask your sales rep about the availability of month-to-month terms. Be aware that if you decide to lease your processing equipment or POS hardware, you'll also have a noncancelable leasing contract. Leasing contracts are notorious in this industry; whenever possible, you should purchase processing equipment upfront to avoid them.
\r\nWith the interchange-plus plan, Fiserv's standard contract has lengthy terms that automatically renew and have an expensive termination fee if you choose to close your account before the term expires. However, better terms are available if you ask. When you call for a price quote, don't be afraid to ask for month-to-month terms with no cancellation fee.
\r\nThe rep will send you a pre-application form that asks for information about your business before providing you with the full contract to review. The rep we spoke with noted that we didn't need to sign it or provide our personal information (bank account and Social Security numbers).
\r\nWhen you receive the merchant application, be aware that this is part of the contract and by signing it, you're actually signing the contract. Make sure you receive the other parts of the contract as well – the terms and conditions and the program guide – and read them. You want to verify that the rates and fees you were quoted match those on the application, that you're aware of all possible fees, and that you understand the cancellation policy.
\r\nAlso make sure you have a written waiver or that the contract was updated to reflect reduced or waived fees that the rep promised you. As with any processing contract, you don't want to sign it or provide your bank account and Social Security numbers until you've read the full contract and understand your obligations.
\r\nAs a full-service payment processing company, Fiserv can help you accept credit and debit cards across multiple channels so you can sell your products in your brick-and-mortar store, on your website, over the phone, and on the go. You can also accept paper checks, ACH payments and gift cards. It offers loyalty programs that you can use to offer incentives to your regular customers.
\r\nFiserv offers its Clover line of processing equipment to its small business merchants. There are several options, ranging from Clover Go, a mobile credit card reader that plugs into your phone or tablet, to Clover Station, a full-featured POS system that includes a monitor, card reader and printer. Every option allows you to accept multiple types of credit and debit payments, including magnetic stripe, chip, and contactless cards as well as mobile wallets like Google Pay and Apple Pay.
\r\nAs with its processing fees, Fiserv doesn't post hardware pricing on its main website (the old First Data website now titled \"First Data is now Fiserv\") but is visible on the Clover website. As mentioned in the pricing section above, you can purchase processing equipment upfront or installment plans. Leasing is also available, but you should avoid this option, as it's more expensive over the long term and the contract is noncancelable.
\r\nEMV and PCI compliance are the two main security factors to look for in a credit card processor. No matter what type of processing hardware you choose, it should be EMV compliant so you can accept chip credit cards properly and avoid liability for counterfeit fraud occurring at the point of sale. All of Fiserv's Clover processing equipment is now EMV compliant.
\r\nIf you have a merchant account, you're required to be PCI compliant. Fiserv helps you establish PCI compliance using its TransArmor security software and charges a monthly fee for it. The software simplifies PCI compliance with its PCI Rapid Comply questionnaire wizard and prevents fraud using tokenization to encrypt each transaction, ensuring sensitive credit and debit card data is safely transmitted to the processor and never stored in your system. It also monitors your hardware and software for tampering and includes a $100,000 liability waiver against card association costs that could be incurred if your data is breached. As with any processing service, you need to keep your PCI compliance current to avoid expensive noncompliance fees.
\r\nFiserv's customer service team is available 24/7 by phone or over live chat during extended business hours. You can also email the company. If you prefer to find the information you're looking for online, you can search the company's knowledgebase. Fiserv also provides webinars, whitepapers, newsletters, videos and infographics, which are useful if you want to learn about Fiserv, Clover or processing topics like fraud prevention.
\r\nFiserv works with nearly every business type, and industry-specific solutions are available for businesses in healthcare, corporate billing, financial analysis, gambling and gaming, government, and education. Here are some of the programs it offers:
\r\nBecause it has millions of merchant customers, Fiserv – under the First Data name – has a lot of negative reviews. Many of the complaints are due to its equipment leasing division, First Data Global Leasing, which has lengthy, noncancelable contracts. Other complaints are from merchants who were surprised to see more fees on their bills than they bargained for, claiming that sales reps didn't disclose them.
\r\nYou can avoid these problems by purchasing your equipment rather than leasing it and reading the full contract before you sign up with Fiserv (or any other processing service). This is important, because it's the only way you can verify that the waivers you were promised are documented, that you're aware of all rates and fees, and that you know how long the term is and how to cancel without penalty if you choose to do so.
\r\nHere are some additional drawbacks to keep in mind before signing up with this company:
\r\nEditor's note: Looking for the right credit card processor for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.
"},"pricing":{"isCapped":false,"isFeatured":false,"primary":false,"selected":"widget","widgetId":"10134","widget":{"id":"10134","cta":"Compare Quotes","isExclusive":false},"affiliate":{"cta":"Visit Site","link":"https://www.firstdata.com","name":""}},"thumbnail":{"path":"https://staging.business.com/images/rz/5d49cf979c658a12438b4568/fiserv-logo.png"}}},{"bullets":["Flat-rate pricing","No monthly minimum","Pay-as-you-go service"],"description":"PayPal is the best low-volume payment processing company because anyone can sign up for an account, making it an ideal choice for freelancers, solopreneurs, startups, and businesses that typically accept cash or check and only rarely accept credit card payments. It has flat rates, with no monthly processing minimum or lengthy contract, and you only pay for the processing you use. With it, you can accept credit, debit and PayPal payments from customers online and in person.
\r\n\r\nIt's also the best Android mobile payment processor. Its mobile payment app, PayPal Here, works equally well on Android and Apple phones and tablets, and both versions have all the same features. With this app and a card reader, you can use your phone or tablet to accept payments, manage your product list, send email or text receipts, and generate sales reports. You can add multiple users to your account and control what features they can access. You can also transfer money from your PayPal balance to your PayPal Business Debit Mastercard or your bank account.
","descriptionTest":"","fullTitle":"Best Low-Volume Payment Processor","isFeaturedBestPick":false,"isJumpLink":true,"tabTitle":"Best Low-Volume Payment Processor","review":{"displayName":"PayPal Credit Card Processing","canonical":"https://staging.business.com/reviews/paypal-here-mobile-credit-card-processing/","id":"ecaa9ea679bba24953e58cd5d4dfd41b","url":"https://www.paypal.com/us/webapps/mpp/merchant","review":{"pros":["As one of the best-known brand names in credit card processing, PayPal inspires customer confidence in your business.","It's one of the few processing services that can be used by individuals, making it a great option for freelancers and solopreneurs."],"cons":["Its chip and contactless card reader is more expensive than competitor card readers."],"fullReviewTest":"PayPal is one of the few processors that allows both businesses and individuals to accept payments, making it a popular choice for freelancers, consultants, solopreneurs, and other very small businesses. It has flat-rate pricing and no contract, so you only pay for the processing services you use, and you can close your account at any time without paying a penalty. For these reasons, it's our pick as the best credit card processor for businesses with low sales volume.
\r\nA huge name in the payments industry, PayPal serves 26 million merchants and 361 million consumers in more than 200 countries and regions. With a PayPal Business account and the PayPal Here app, small businesses can accept credit, debit, and PayPal payments online, in-store and on the go.
\r\nIf your business doesn't accept many credit card payments each month, you may find it expensive to work with a full-service processor that has a monthly minimum processing requirement and a handful of regular fees, such as monthly statement and gateway fees and an annual PCI compliance fee. Choosing a processor like PayPal that has flat-rate pricing and pay-as-you-go terms can save you money, since you'll only pay for the processing you use.
\r\nPayPal is very transparent with its pricing; you can find all of its rates and fees posted on its website. Here's what you'll pay when you accept credit cards using PayPal:
\r\nTo promote its QR code payments, PayPal is charging a reduced rate of 2.2% of each QR code transaction until March 31, 2021. After that, these transactions will cost 2.7% like other card-present transactions.
\r\nYou'll notice that PayPal's transaction fees are somewhat higher than those of full-service processors. However, it's still more cost-effective if your monthly processing volume is low, because you aren't paying account fees. If you use a full-service processor, you pay around $20 per month in account maintenance fees and have a monthly minimum of $25, which can be difficult to meet if you process less than $2,500 per month.
\r\nHere are the fees you won't pay using PayPal:
\r\nPayPal offers some additional services that cost extra. For example, if you need the money from your transactions immediately, you can pay 1% for an instant transfer from your PayPal balance to your bank account. Regular bank transfers are free and usually take one business day.
\r\nHere are some more optional services that carry fees:
\r\nSpecial pricing is available for certain business types:
\r\nThere's no long-term contract requirement with PayPal; you accept a user agreement instead of signing a contract. As your business grows and your processing volume increases to the point where the savings from lower rates would surpass the account fees, you can close your PayPal account and switch to a full-service processor at any time without penalty.
\r\nOne of the best things about PayPal is that you can accept various payment methods simultaneously – on the go and at brick-and-mortar locations using QR codes or a card reader and online using invoices, social media, and your website – and the money from all of your transactions goes into one PayPal account, making it easier to manage your finances.
\r\nHere are more features PayPal offers:
\r\nTo accept payments in person at your business or on the go, you install the PayPal Here app on your phone or tablet and attach a credit card reader. This mobile credit card processing app includes point-of-sale features that help you run your business. Here's what it can do:
\r\nPayPal has several card readers for you to choose from. They are all EMV compliant and connect to your phone or tablet via Bluetooth. PayPal also sells receipt printers, cash drawers, stands and cases.
\r\nOne of PayPal's strengths is that it integrates with many business systems and applications. Here's a small sampling of the business solutions PayPal integrates with:
\r\nPayPal makes it easy to accept credit, debit and PayPal payments online. It offers a few different ways to do this, including a payment gateway option.
\r\nYou can create and send invoices by logging in to PayPal's website with your business account credentials or by using the PayPal Business app on your phone or tablet. Your customer receives an email with a link, clicks the link to open the invoice, and can then choose to pay the invoice using their credit or debit card or their PayPal account. There's no cost to send invoices; when receiving payments from your customers, you pay 2.9% + $0.30 for each transaction.
\r\nIf your small business sells to customers in other countries, PayPal is a good processor for you. It accepts payments made in over 100 currencies around the world.
\r\nHere's some additional information about PayPal for you to keep in mind as you decide which payment processing company is the best fit for your business.
\r\nIf you run into an issue using PayPal, you can call or email the company 24/7 or use the self-help resources on its website, which include live chat, FAQs, a searchable knowledgebase, how-to guides, a community forum, and its Resolution Center that assists with customer disputes. Although the company lists extended phone hours on its website, a company rep told us that you can actually reach a customer service representative 24/7, though if you call after hours, your call may be routed to one of its international offices.
\r\nPayPal uses multiple security measures to keep your customers' payment data safe, including end-to-end encryption and 24/7 transaction monitoring. It complies with the data security standards established by the Payment Card Industry, and most of its card readers are EMV compliant, which deters counterfeit fraud. Your account is password-protected, and you can add a second authentication factor using PayPal Security Key, which sends a unique one-time PIN code to your phone via text.
\r\nUsing this card, you can spend your PayPal funds at any store and receive 1% cash back on qualified purchases. You can also withdraw cash from in-network ATMs. There's no annual fee for this business debit card.
\r\nEligible merchants can receive small business loans and working capital through PayPal.
\r\nPayPal is a great solution for low-volume businesses, as it allows you to accept credit, debit, and PayPal payments in person and online on a pay-as-you-go basis, with no monthly or annual account maintenance fees and no long-term contract. However, if you go beyond the basic credit card processing services, there are lots of little fees to keep track of, and they could add up quickly. To PayPal's credit, it lists these fees in full on its website.
\r\nAnother issue to be aware of is held funds and frozen accounts, which is the cause of many online complaints. This problem isn't exclusive to PayPal – you'll find similar complaints about other payment facilitators online – as this type of payment processor tends to be more wary of fraud than traditional processors, and irregular patterns in your processing, such as spikes in transaction amounts or frequency, can raise red flags.
\r\nFollowing PayPal's best practices for sellers reduces the likelihood of having your money held in a reserve account. Also make sure that the products or services your business provides are within PayPal's acceptable use policy; otherwise, your funds may be frozen or your account closed without notice.
","fullReview":"PayPal is a huge name in the payments industry, serving 23 million merchants and 246 million consumers in more than 200 countries and regions. With a PayPal Business account and the PayPal Here app, small businesses can accept credit, debit, and PayPal payments online, in-store and on the go.
\r\nPayPal is one of the few processors that allows both businesses and individuals to accept payments, making it a popular choice for freelancers, consultants, solopreneurs, and other very small businesses. It has flat-rate pricing and no contract, so you only pay for the processing services you use, and you can close your account at any time without paying a penalty. For these reasons, it's our pick as the best low-volume credit card processor.
\r\nPayPal is also our pick as the best Android mobile credit card processor. While some mobile credit card processing apps are platform-specific, the PayPal Here app works equally well on both Android and Apple phones and tablets, and its Android app includes all the same features as the Apple version.
\r\nVisit our best picks pages to see all of our recommendations for credit card processing companies and mobile credit card processors. If you want to learn more about PayPal's business loans and working capital, check out our small business loans review.
\r\nIf your business doesn't accept many credit card payments each month, you may find it expensive to work with a full-service processor that has a monthly minimum processing requirement and a handful of regular fees, such as monthly statement and gateway fees, and an annual PCI compliance fee. Choosing a processor like PayPal that has flat-rate pricing and pay-as-you-go terms can save you money since you only pay for the processing you use.
\r\nPayPal is very transparent with its pricing, and you can find all of its rates and fees posted on its website. Here's what you'll pay when you accept credit cards using PayPal.
\r\nAccepting credit card payments in-person using PayPal Here:
\r\nAccepting payments online or by invoice:
\r\nAccepting credit and debit card payments using a virtual terminal:
\r\nYou'll notice that PayPal's transaction fees are somewhat higher than those of full-service processors. However, it's still more cost-effective if your monthly processing volume is low, because you aren't paying account fees.
\r\nIf you use a full-service processor, you pay around $20 per month in account maintenance fees and have a monthly minimum of $25, which can be difficult to meet if you process less than $2,500 per month.
\r\nHere are the fees you won't pay using PayPal:
\r\nIncidental and optional fees. Some of PayPal's additional services cost extra. For example, if you need the money from your transactions immediately, you can pay 1% for an instant transfer from your PayPal balance to your bank account. Regular bank transfers are free and usually take one business day.
\r\nHere are some more examples of optional services that carry fees:
\r\nSpecial pricing is available for certain business types:
\r\nTerms. There's no long-term contract requirement with PayPal, as you accept a user agreement instead of signing a contract. As your business grows and your processing volume increases to the point where the savings from lower rates would surpass account fees and you want to close your PayPal account and switch to a full-service processor, you can do so at any time without penalty.
\r\nOne of the best things about PayPal is that you can accept various payment methods simultaneously – on the go, at a brick-and-mortar location and online, via invoice and website – and the money from all of your transactions goes into one PayPal account, making it easier to manage your finances.
\r\nHere are more features PayPal offers
\r\nFree basic POS software. To accept payments in person at your business or on the go, you install the PayPal Here app on your phone or tablet and attach a credit card reader. This mobile credit card processing app includes point of sale features that help you run your business.
\r\nHere's what it can do:
\r\nCard reader options. PayPal has several card readers for you to choose from. The basic Mobile Card Reader costs just $19.99, but it isn't EMV compliant as it only reads magstripe cards.
\r\nBecause there's a greater risk of counterfeit fraud when you use this card reader, PayPal will hold your funds in a reserve account if you use it to process more than $500 of sales in a seven-day period. You can avoid this problem by choosing one of PayPal's other three card readers.
\r\nThe following credit card readers are EMV compliant and connect to your phone or tablet via Bluetooth. PayPal also sells receipt printers, cash drawers, stands and cases.
\r\nPayPal integrations. One of PayPal's strengths is that it integrates with many business systems and applications. Here's a small sampling of the business solutions PayPal integrates with:
\r\nOnline payments. PayPal makes it easy to accept credit, debit and PayPal payments online. It offers two plans for this payment method as well as a payment gateway option:
\r\nOnline invoicing. You can create and send invoices by logging into PayPal's website using your business account credentials or using the PayPal Business app on your phone or tablet. Your customer receives an email with a link, clicks the link to open the invoice and can then choose to pay the invoice using their credit or debit card or their PayPal account. There's no cost to send invoices; when receiving payments from your customers, you pay 2.9% + $0.30 for each transaction.
\r\nAccept payments from international customers. If your small business sells to customers in other countries, PayPal is a good processor for you. It accepts payments made in over 100 currencies around the world.
\r\nPayPal Commerce platform. Startups with online marketplaces, crowdfunding platforms and other e-commerce solutions can use this advanced payment platform to allow their sellers to accept payments from buyers around the globe.
\r\nHere's additional information about PayPal to keep in mind as you decide which payment processing company is the best fit for your business.
\r\nCustomer service. If you run into an issue using PayPal, you can call or email the company 24/7 or use the self-help resources on its website, which include live chat, FAQs, a searchable knowledgebase, how-to guides, a community forum and its Resolution Center that assists with customer disputes. Although the company lists extended phone hours on its website, a company rep noted that you can actually reach a customer service representative 24/7, though if you call after hours, your call may be routed to one of its international offices.
\r\nSecurity. PayPal uses multiple security measures to keep your customers' payment data safe, including end-to-end encryption and 24/7 transaction monitoring. It complies with the data security standards established by the Payment Card Industry, and most of its card readers are EMV compliant, which deters counterfeit fraud. Your account is password-protected, and you can add a second authentication factor using PayPal Security Key, which sends a unique one-time PIN code to your phone via text.
\r\nPayPal Business Debit Mastercard. Using this card, you can spend your PayPal funds at any store and receive 1% cash back on qualified purchases. You can also withdraw cash from in-network ATMs. There's no annual fee for this business debit card.
\r\nPayPal Business Loan and PayPal Working Capital. Eligible merchants can receive small business loans and working capital through PayPal. You can also offer your customers financing options on purchases over $99 through PayPal Credit.
\r\nPayPal is a great solution for low-volume businesses as it allows you to accept credit, debit, and PayPal payments in-person and online on a pay-as-you-go basis with no monthly or annual account maintenance fees and no long-term contract. However, if you go beyond the basic credit card processing services, there are a lot of little fees to keep track of, and they could add up quickly. Though to PayPal's credit, it lists them in full on its website.
\r\nAnother issue to be aware of is held funds and frozen accounts, which is the cause of many online complaints. This problem isn't exclusive to PayPal – you'll find similar complaints about other payment facilitators online as well – as this type of payment processor tends to be more wary of fraud than traditional processors, and irregular patterns in your processing, such as spikes in transaction amounts or frequency, can raise red flags.
\r\nFollowing PayPal's seller best practices can reduce the likelihood of having your money held in a reserve account. You also want to make sure that the products or services your business provides are within PayPal's acceptable use policy; otherwise, your funds may be frozen or your account may be closed without notice.
\r\nEditor's note: Looking for the right credit card processor for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.
"},"pricing":{"isCapped":false,"isFeatured":false,"primary":false,"selected":"widget","widgetId":"10134","widget":{"id":"10134","cta":"Compare Quotes","isExclusive":false},"affiliate":{"cta":"Visit Site","link":"https://www.paypal.com/us/webapps/mpp/merchant","name":""}},"thumbnail":{"path":"https://staging.business.com/images/rz/60098a487b437425078b4567/paypal_logo.png"}}},{"bullets":["Healthcare-trained support agents","ERM system integration","Flat-rate pricing available"],"description":"TSYS has been in business for more than 35 years and recently merged with Global Payments, making it one of the country's largest payment processors. It works with large and small businesses in many industries, providing reliable and comprehensive merchant account services.\r\n\r\nWe selected TSYS as the best payment processor for professional service providers, specifically those in healthcare-related industries, because it offers competitive pricing, charges few fees, has in-house customer service agents trained in healthcare services, and partners with the American Medical Association to offer discounts to medical practitioners.","descriptionTest":"","fullTitle":"Best for Professional Service Providers","isFeaturedBestPick":false,"isJumpLink":false,"tabTitle":"Best for Professional Service Providers","review":{"displayName":"TSYS","canonical":"https://staging.business.com/reviews/tsys-credit-card-processing/","id":"2ac584f0975eb9767dad3fad085ec262","url":"https://www.tsys.com/","review":{"pros":["It offers medical practitioners flat-rate pricing with no monthly processing minimums or cancellation fees.","The TSYS Health Division has healthcare-trained, in-house, U.S.-based customer service agents."],"cons":["It doesn't post its rates online, so you must call the company for a quote, which is inconvenient for busy merchants."],"fullReviewTest":"","fullReview":"We chose TSYS Merchant Solutions as the best credit card processor for professional service providers because it has affordable rates, few fees and provides a secure way for medical practices to accept credit cards from patients at the time of service or over the phone.
\r\nTSYS partners with the American Medical Association as part of its Member Value Program (AMA MVP) to provide discounts and perks to medical practitioners, and also works with other regional, state and national healthcare associations. For businesses in the medical industry, there are no setup fees, no monthly minimum processing requirements, no cancellation fees and no batch fees. TSYS also includes a virtual terminal for no additional cost.
\r\nIt has healthcare-trained customer service agents in-house, and the company has experience providing payment processing solutions to general practitioners, specialists, dentists, veterinarians and other professional service providers in the healthcare industry.
\r\nEditor's note: Looking for information on credit card processing? Use the questionnaire below, and our vendor partners will contact you with the information you need:
\r\n\r\n\r\n
For small businesses in other industries, TSYS partners with T-Mobile to offer GoPoint, an all-in-one mobile POS system that includes credit card processing. This program also has flat-rate pricing with no other fees and no contract.
\r\nVisit our best picks page to see all our recommendations for credit card processing companies.
\r\nFounded in 1983, TSYS has been in the payment processing industry for over 35 years. It serves businesses in 80 countries, including the U.S., Canada, Mexico, the U.K., China, India, Russia and the United Arab Emirates. It acquired TransFirst in 2016 and Cayan in 2018, and has recently announced a merger with Global Payments, making it one of the largest credit card processors in the U.S.
\r\nTSYS works with businesses of all sizes across many industries, such as retail, restaurant and professional services, including mail and telephone order businesses and those that are internet- or home-based. It also works with some high-risk businesses.
\r\nLike many full-service processors, TSYS Merchant Solutions doesn't post its rates, fees or equipment prices on its website, so you'll need to call for a quote. When we called for pricing, posing as a new medical practice, the company representative provided us flat rates. He said that for businesses that are already processing, they have a meet-or-beat pricing guarantee, so depending on the specifics of your business, you may receive lower rates than those we were quoted in our testing. New companies can request a pricing review to see if they qualify for lower rates after they've been processing with TSYS for one year.
\r\nThis pricing model is simple to understand and there are no other fees, no monthly minimums and no long-term contracts. But, industry experts caution that it's more expensive than interchange-plus pricing. This rate is higher than the flat rate you pay with other processors for in-person processing but lower for the cards you accept using a virtual terminal.
\r\nHere's what it costs to accept credit cards using TSYS's flat rates.
\r\nFees – For businesses in the medical industry that accept flat-rate pricing, there are no other fees:
\r\nPricing for the GoPoint system is posted online but not on TSYS's website. Instead, you'll find it on the business section of T-Mobile's website. Here's what it costs.
\r\nFees – As with the medical plan, there are no other fees for the GoPoint plan.
\r\nAfter you begin accepting credit card payments, it takes TSYS two days to deposit your processed funds into your account, which is an average amount of time. If your business is high-risk, it may take longer.
\r\nThe rep told us that the standard contract is for three years, automatically renews at the end of the initial term and carries an early termination fee. However, for medical businesses, there's no contract and no cancellation fee, so if you want to close your account early, you can do so without incurring an expensive fee.
\r\nThe GoPoint program through T-Mobile also doesn't require you to sign a contract, but to use the service, you are required to have either the Magenta for Business or T-Mobile One wireless plan.
\r\nMedical practices have unique needs, and TSYS caters to them with its flexible credit card processing solutions. Whether you operate a doctor's office, outpatient facility, clinic, medical spa or offer other types of healthcare services, you can accept credit card payments in your office, over the phone or online.
\r\nHere are several ways to accept credit cards using TSYS:
\r\nIn addition to credit and debit cards, you can accept HSA and FSA cards. If your customers pay by check, you can process them electronically as ACH transactions instead of taking them to the bank for deposit.
\r\nTSYS offers automated recurring billing through the virtual terminal. This can be a useful feature if your patients prefer paying large bills on an installment plan.
\r\nTSYS integrates with more than 100 practice management software and electronic records management systems, though the rep we spoke with noted that many practitioners prefer to keep their payment system separate because it simplifies PCI compliance requirements.
\r\nIt also integrates with QuickBooks, saving you the time it would take to manually transfer your payment data to your accounting system.
\r\nTSYS will teach your team how to accept credit and debit card payments use your virtual terminal or credit card machine.
\r\nHere are some additional factors to keep in mind as you choose a credit card processing company for your business.
\r\nWhen you call the company, the customer representative asks a few questions about your business and provides you with a pricing quote. If you decide to sign up with TSYS, the rep sends you an enrollment form to fill out. After you submit the application and supporting documentation, such as your business license and a voided check, it takes the company approximately 24 hours to approve or deny your application and set up your account. After your account is approved, the company ships your processing hardware.
\r\nAs a professional in the healthcare industry, your business requires strong security measures to protect your patients' privacy and payment data. TSYS uses advanced security protocols to keep your patients' payment data safe and HIPAA compliant. These security features include end-to-end encryption, tokenization, account monitoring, a fraud detection system and PCI compliance. Like all processors, TSYS also requires you to achieve and maintain PCI compliance on your end.
\r\nTSYS offers a data breach security program that covers expenses incurred from a data breach, such as card replacement and credit monitoring. Its Card Compromise Assistance Plan (C-CAP) covers up to $100,000 per merchant ID – up to $1 million for multilocation businesses – in annual damages to help you recover from a cyberattack.
\r\nIf you need help with your account, you can call or email your dedicated account executive or contact the company for 24/7 customer service. In our testing, we called the TSYS Health Solutions number and were able to get ahold of a representative right away. The rep was helpful and forthcoming with pricing, took the time to explain how pricing works, and after the call, followed up promptly by email. TSYS notes that its representatives are in-house, healthcare-trained and U.S.-based.
\r\nTSYS's online resources include articles, white papers, an annual U.S. Consumer Payment Study, and information on its processing and data security solutions. The website is searchable but lacks some of the self-help resources its competitors provide, such as how-to guides to help you resolve issues on your own. The company has a YouTube account with several informational videos, but there aren't many tutorials.
\r\nAlthough TSYS Merchant Solutions offers competitive rates for cards you accept using a virtual terminal, charges no other fees and is a reliable credit card processor for professional service providers, specifically those in the healthcare industry, there are some things to think about before you decide if TSYS is the right payment processor for you.
\r\nConsider the following:
\r\nEditor's note: Looking for the right credit card processor for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.
"},"pricing":{"isCapped":false,"isFeatured":false,"primary":false,"selected":"widget","widgetId":"10134","widget":{"id":"10134","cta":"Compare Quotes","isExclusive":false},"affiliate":{"cta":"Visit Site","link":"https://www.tsys.com/","name":""}},"thumbnail":{"path":"https://staging.business.com/images/rz/5df8e7737b4374de708b4567/TSYS_logo.png"}}},{"bullets":["Competitive rates","1,000+ software integrations","Choice of pricing model"],"description":"Worldpay, known as Vantiv before last year's merger, is one of the world's biggest payment processing companies, processing more than 40 billion transactions worth over $1.5 trillion annually. It recently announced a merger with FIS and will be known by that name once the deal closes. It's also our pick as the best direct processor for small businesses. It works with businesses of all sizes, provides a full range of merchant services for both brick-and-mortar and e-commerce businesses, has more than 1,000 software integrations, and offers competitive rates and favorable terms to small businesses.\r\n\r\nAlthough Worldpay doesn't post its pricing online, the sales rep we spoke with in our testing offered competitive interchange-plus rates and a one-year contract that you can cancel anytime without penalty if you provide 30 days' written notice. The monthly fee includes PCI compliance, and there's no application fee, setup fee, annual fee or batch fees.","descriptionTest":"","fullTitle":"Best Direct Payment Processor for Small Businesses","isFeaturedBestPick":false,"isJumpLink":true,"tabTitle":"Best Direct Payment Processor for Small Businesses","review":{"displayName":"FIS (Formerly Worldpay)","canonical":"https://staging.business.com/reviews/worldpay/","id":"64db358f292ebe197213c2b06747357b","url":"https://www.worldpay.com/","review":{"pros":["FIS works directly with small businesses, offering them competitive pricing and terms.","It integrates with more than 1,000 software applications and has developer tools that businesses can use to create custom integrations."],"cons":["It doesn't post any rates or fees online, so you must contact the processor for a quote."],"fullReviewTest":"FIS, the result of a 2019 merger between Worldpay and FIS, Vantiv and FIS (Fidelity Information Services), a leading technology provider for financial institutions, is one of the largest credit card processors in the world.
\r\nIt offers advanced omnichannel processing products and services, has developer resources to integrate it with the apps your company uses, and provides value-added services like gift cards, loyalty programs, and working capital.
\r\nAlthough FIS is a giant in the payments industry that works with large corporations like banks and ISO/MSP processing companies, it also works directly with small businesses. It offers every form of processing, including omnichannel solutions, and tech savvy businesses can use its developer tools to create custom integrations. It also has very competitive rates and a one-year contract that you can cancel without penalty when you provide 30 days' written notice. For these reasons, we selected FIS as the best direct processor for small businesses.
\r\n\r\n
Editor's note: Looking for information on credit card processing? Use the questionnaire below, and our vendor partners will contact you with the information you need:
\r\n\r\n\r\n
Visit our best picks page to see all of our recommendations for credit card processing companies. If you're looking for the processor with the lowest overall pricing, see our pick for the best credit card processing company for small businesses.
\r\nFIS doesn't post its pricing on its website, so you'll need to call the company and speak with a sales rep or fill out the \"build a quote\" questionnaire to receive a pricing quote via email.
\r\nWhen we called FIS, posing as a small business owner with a retail store, the sales rep quoted us both interchange-plus and flat rates. We didn't have to specifically request interchange-plus, and the rep recommended this pricing model for us as it would be less expensive. This is impressive – especially from a large processor – as most prefer to set you up with tiered pricing. Industry experts recommend interchange-plus pricing because it is more transparent than other pricing models ‒ the markup percentage and per-transaction fee you pay the processor is the same no matter what type of credit and debit cards you accept.
\r\nHere's what we were quoted.
\r\nThere aren't any additional fees for the flat-rate pricing model, but FIS charges a monthly fee for its interchange-plus plan, as do most full-service processors. The contract also notes a monthly chargeback service fee, which is somewhat irregular. If you have two or fewer chargebacks per year, your overall monthly fees are around $20 per month, which is an average dollar amount for total monthly fees. However, if you have more than two chargebacks each year, the monthly rate is higher than average. Most service providers don't charge this fee but instead have a chargeback fee – usually around $25 – that they charge on a per-incidence basis.
\r\nHere are the recurring fees you'll pay if you choose the interchange-plus plan:
\r\nHere are the fees you won't pay with FIS:
\r\nLike most processors, FIS charges some incidental fees on a per-occurrence basis. Here are some examples:
\r\nFIS deposits the processed money from your transactions into your business bank account within one to three business days. The industry average is two business days. If you need to receive your money faster, the processor has a FastAccess Funding program for qualified merchants. With this program, your money is deposited daily – including weekends and holidays – and is accessible with a debit card that it provides.
\r\nIt's important to read through your contract (application, terms of service and program guide) to verify that the rates, fees and terms you were quoted are noted on the application, amended in the contract, or that you receive a written waiver.
\r\nThe initial term we were quoted in our testing is for one year, with no cancellation fee if we provide 30 days' written notice. The standard contract has a three-year term that automatically renews with additional one-year terms and requires 90 days' notice before the term expires to cancel your account. The standard contract also has an early termination fee of $495 per location plus liquidated damages (as stated, with the one-year contract, this fee is waived with 30 days' written notice).
\r\nFIS sets you up with a merchant account that lets you accept all major credit and debit cards wherever you do business, whether that's in a brick-and-mortar store or office, on the go at offsite locations or events, on your website, or over the phone.
\r\nHere are some of the features FIS offers.
\r\nYou can purchase a terminal or mobile card reader from FIS, and options include models from top brands such as Ingenico, Verifone and PAX. When we called, the sales rep offered us a free EMV-compliant Verifone terminal with no contractual obligations or additional fees.
\r\nAs one of the world's largest payment processing companies, it's no surprise that it has its own online payment gateway. FIS Gateway Services can be used for both mobile and online transactions. It supports more than 300 types of international payments so your customers can make online payments in their local currencies, which may be an important consideration for global e-commerce businesses. Hosted payment pages are available, as are integrations.
\r\nFIS has more than 1,000 software integrations, so chances are good that it will integrate with your accounting software, e-commerce platforms, shopping carts and point-of-sale systems. This payment processing company doesn't resell POS systems but integrates with hundreds of them, including popular options like Vend, ShopKeep and Lightspeed, so in most instances, you can continue using FIS as your processor.
\r\nYou'll need FIS's virtual terminal if you want to process payments using your computer, such as for credit cards you key in when accepting orders over the phone, accepting ACH payments and setting up recurring payments. You'll also need virtual terminal access if you want to use a mobile card reader with your phone or tablet.
\r\nBusinesses with B2B and government customers that collect additional payment details – such as the information typically included on purchase orders and invoices – may qualify for lower interchange fees, which can save you money when you're accepting large payments on corporate credit cards.
\r\nFIS's reporting tools are available through Vantiv iQ, the processor's online self-service platform. With it, you can see your sales data in real time, displayed as colorful graphs on the dashboard. You can also generate reports, set alerts and have your sales data sent to you daily by text or email.
\r\nIf you have developers on staff and want to create a custom payment integration for your website or mobile app, FIS offers multiple tools, including APIs and SDKs with documentation, sample code, developer sandboxes and simulated test environments. It also has a community forum and a developer's blog with payments technology articles, such as a how-to guide for adding Apple Pay to your mobile app and top trends for internet of thing payments.
\r\nHere's some additional information about FIS to keep in mind as you look for the best credit card processor for your business.
\r\nAfter you call for a quote, the sales rep sends you a link to an online application. After you fill it out and submit a voided business check, it takes between 24 and 48 hours for the company to approve your application and set up your account. It then ships your terminal and can send it overnight, if needed.
\r\nData security is a top concern for payment solutions providers. FIS has multiple security protocols in place to help you keep your customers' sensitive payment data safe. It uses point-to-point encryption that prevents hackers from accessing card data as it travels from your system to the processor and tokenization that replaces card details with randomly generated tokens. It requires you to be PCI compliant, and sells EMV-compliant credit card terminals so you can accept chip cards properly and avoid counterfeit fraud liability.
\r\nTo help you achieve and maintain PCI compliance, FIS includes its OmniShield Assure program as part of your monthly fee. The sales rep we spoke with explained that the company proactively helps its merchants achieve and maintain PCI compliance. Your rep can help you if you need assistance filling out the annual questionnaire, and the company provides quarterly scans to ensure your system complies with PCI data security standards. It also includes breach insurance that covers up to $100,000 of your liability, should you experience a data breach.
\r\nFIS provides its merchants with 24/7/365 customer support across multiple channels, including phone, live chat, email and online contact forms. When we called the credit card processing company, posing as a small business retailer, the sales rep we spoke with was eager to work with us and offered interchange-plus rates and favorable terms. After our call, she followed up with us quickly, with a link to an application that included the rates she quoted us and terms of service for us to review.
\r\nThe company's website is searchable, and you can find educational articles about credit card processing and detailed information about the services FIS provides. You can also visit the subscription center to sign up for newsletters, product updates, promotions and information about events the company is hosting or attending. On its support page, you'll find phone numbers, login links and support guides for its online payment gateway. If you stumble across the old Vantiv support page, you'll find a searchable knowledgebase and a link to a merchant support video library. FIS merchants can also find guides and user training on the iQ reporting platform.
\r\nThe company's online presence continues to be split between FIS and Vantiv websites, which is somewhat confusing – especially when you're redirected from one site to another. However, both sites appear to be maintained and up to date. Vantiv site's logo has been updated with the tagline \"Now FIS,\" which is useful information for small business owners redirected from the FIS site.
\r\nThe chargeback service fee that the processor charges monthly instead of a per-incidence chargeback fee may be an extra expense for some companies. For example, if you average two chargebacks per year, you pay $10 per month, totaling $120 per year, which is more expensive than the $25 per incidence, totaling $50 per year, that most processors charge.
\r\nThe company doesn't post its rates, fees or equipment pricing. Although the sales rep we spoke with offered us competitive rates, favorable terms and a free terminal, we recognize that others may have a different experience, depending on the sales rep they speak with.
\r\nEditor's note: Looking for the right credit card processor for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.
","fullReview":"FIS, the result of a 2018 merger between Vantiv and FIS, is one of the largest credit card processors in the world and claims the title of No. 1 global merchant acquirer. The company recently announced a merger with FIS (Fidelity Information Services), a leading technology provider for financial institutions. Once settled, the combined company will be known as FIS.
\r\nAlthough FIS is a giant in the payments industry that works with large corporations like banks and ISO/MSP processing companies, it also works directly with small businesses. It offers every form of processing, including omnichannel solutions, and tech savvy businesses can use its developer tools to create custom integrations. It also has very competitive rates and a one-year contract that you can cancel without penalty when you provide 30 days' written notice. For these reasons, we selected FIS as the best direct processor for small businesses.
\r\n\r\n
Editor's note: Looking for information on credit card processing? Use the questionnaire below, and our vendor partners will contact you with the information you need:
\r\n\r\n\r\n
Visit our best picks page to see all of our recommendations for credit card processing companies. If you're looking for the processor with the lowest overall pricing, see our pick for the best credit card processing company for small businesses.
\r\nFIS doesn't post its pricing on its website, so you'll need to call the company and speak with a sales rep or fill out the \"build a quote\" questionnaire to receive a pricing quote via email.
\r\nWhen we called FIS, posing as a small business owner with a retail store, the sales rep quoted us both interchange-plus and flat rates. We didn't have to specifically request interchange-plus, and the rep recommended this pricing model for us as it would be less expensive. This is impressive – especially from a large processor – as most prefer to set you up with tiered pricing. Industry experts recommend interchange-plus pricing because it is more transparent than other pricing models ‒ the markup percentage and per-transaction fee you pay the processor is the same no matter what type of credit and debit cards you accept.
\r\nHere's what we were quoted.
\r\nThere aren't any additional fees for the flat-rate pricing model, but FIS charges a monthly fee for its interchange-plus plan, as do most full-service processors. The contract also notes a monthly chargeback service fee, which is somewhat irregular. If you have two or fewer chargebacks per year, your overall monthly fees are around $20 per month, which is an average dollar amount for total monthly fees. However, if you have more than two chargebacks each year, the monthly rate is higher than average. Most service providers don't charge this fee but instead have a chargeback fee – usually around $25 – that they charge on a per-incidence basis.
\r\nHere are the recurring fees you'll pay if you choose the interchange-plus plan:
\r\nHere are the fees you won't pay with FIS:
\r\nLike most processors, FIS charges some incidental fees on a per-occurrence basis. Here are some examples:
\r\nFIS deposits the processed money from your transactions into your business bank account within one to three business days. The industry average is two business days. If you need to receive your money faster, the processor has a FastAccess Funding program for qualified merchants. With this program, your money is deposited daily – including weekends and holidays – and is accessible with a debit card that it provides.
\r\nIt's important to read through your contract (application, terms of service and program guide) to verify that the rates, fees and terms you were quoted are noted on the application, amended in the contract, or that you receive a written waiver.
\r\nThe initial term we were quoted in our testing is for one year, with no cancellation fee if we provide 30 days' written notice. The standard contract has a three-year term that automatically renews with additional one-year terms and requires 90 days' notice before the term expires to cancel your account. The standard contract also has an early termination fee of $495 per location plus liquidated damages (as stated, with the one-year contract, this fee is waived with 30 days' written notice).
\r\nFIS sets you up with a merchant account that lets you accept all major credit and debit cards wherever you do business, whether that's in a brick-and-mortar store or office, on the go at offsite locations or events, on your website, or over the phone.
\r\nHere are some of the features FIS offers.
\r\nYou can purchase a terminal or mobile card reader from FIS, and options include models from top brands such as Ingenico, Verifone and PAX. When we called, the sales rep offered us a free EMV-compliant Verifone terminal with no contractual obligations or additional fees.
\r\nAs one of the world's largest payment processing companies, it's no surprise that it has its own online payment gateway. FIS Gateway Services can be used for both mobile and online transactions. It supports more than 300 types of international payments so your customers can make online payments in their local currencies, which may be an important consideration for global e-commerce businesses. Hosted payment pages are available, as are integrations.
\r\nFIS has more than 1,000 software integrations, so chances are good that it will integrate with your accounting software, e-commerce platforms, shopping carts and point-of-sale systems. This payment processing company doesn't resell POS systems but integrates with hundreds of them, including popular options like Vend, ShopKeep and Lightspeed, so in most instances, you can continue using FIS as your processor.
\r\nYou'll need FIS's virtual terminal if you want to process payments using your computer, such as for credit cards you key in when accepting orders over the phone, accepting ACH payments and setting up recurring payments. You'll also need virtual terminal access if you want to use a mobile card reader with your phone or tablet.
\r\nBusinesses with B2B and government customers that collect additional payment details – such as the information typically included on purchase orders and invoices – may qualify for lower interchange fees, which can save you money when you're accepting large payments on corporate credit cards.
\r\nFIS's reporting tools are available through Vantiv iQ, the processor's online self-service platform. With it, you can see your sales data in real time, displayed as colorful graphs on the dashboard. You can also generate reports, set alerts and have your sales data sent to you daily by text or email.
\r\nIf you have developers on staff and want to create a custom payment integration for your website or mobile app, FIS offers multiple tools, including APIs and SDKs with documentation, sample code, developer sandboxes and simulated test environments. It also has a community forum and a developer's blog with payments technology articles, such as a how-to guide for adding Apple Pay to your mobile app and top trends for internet of thing payments.
\r\nHere's some additional information about FIS to keep in mind as you look for the best credit card processor for your business.
\r\nAfter you call for a quote, the sales rep sends you a link to an online application. After you fill it out and submit a voided business check, it takes between 24 and 48 hours for the company to approve your application and set up your account. It then ships your terminal and can send it overnight, if needed.
\r\nData security is a top concern for payment solutions providers. FIS has multiple security protocols in place to help you keep your customers' sensitive payment data safe. It uses point-to-point encryption that prevents hackers from accessing card data as it travels from your system to the processor and tokenization that replaces card details with randomly generated tokens. It requires you to be PCI compliant, and sells EMV-compliant credit card terminals so you can accept chip cards properly and avoid counterfeit fraud liability.
\r\nTo help you achieve and maintain PCI compliance, FIS includes its OmniShield Assure program as part of your monthly fee. The sales rep we spoke with explained that the company proactively helps its merchants achieve and maintain PCI compliance. Your rep can help you if you need assistance filling out the annual questionnaire, and the company provides quarterly scans to ensure your system complies with PCI data security standards. It also includes breach insurance that covers up to $100,000 of your liability, should you experience a data breach.
\r\nFIS provides its merchants with 24/7/365 customer support across multiple channels, including phone, live chat, email and online contact forms. When we called the credit card processing company, posing as a small business retailer, the sales rep we spoke with was eager to work with us and offered interchange-plus rates and favorable terms. After our call, she followed up with us quickly, with a link to an application that included the rates she quoted us and terms of service for us to review.
\r\nThe company's website is searchable, and you can find educational articles about credit card processing and detailed information about the services FIS provides. You can also visit the subscription center to sign up for newsletters, product updates, promotions and information about events the company is hosting or attending. On its support page, you'll find phone numbers, login links and support guides for its online payment gateway. If you stumble across the old Vantiv support page, you'll find a searchable knowledgebase and a link to a merchant support video library. FIS merchants can also find guides and user training on the iQ reporting platform.
\r\nThe company's online presence continues to be split between FIS and Vantiv websites, which is somewhat confusing – especially when you're redirected from one site to another. However, both sites appear to be maintained and up to date. Vantiv site's logo has been updated with the tagline \"Now FIS,\" which is useful information for small business owners redirected from the FIS site.
\r\nThe chargeback service fee that the processor charges monthly instead of a per-incidence chargeback fee may be an extra expense for some companies. For example, if you average two chargebacks per year, you pay $10 per month, totaling $120 per year, which is more expensive than the $25 per incidence, totaling $50 per year, that most processors charge.
\r\nThe company doesn't post its rates, fees or equipment pricing. Although the sales rep we spoke with offered us competitive rates, favorable terms and a free terminal, we recognize that others may have a different experience, depending on the sales rep they speak with.
\r\nEditor's note: Looking for the right credit card processor for your business? Fill out the below questionnaire to have our vendor partners contact you about your needs.
"},"pricing":{"isCapped":false,"isFeatured":false,"primary":false,"selected":"widget","widgetId":"10134","widget":{"id":"10134","cta":"Compare Quotes","isExclusive":false},"affiliate":{"cta":"Visit Site","link":"https://www.worldpay.com/","name":""}},"thumbnail":{"path":"https://staging.business.com/images/rz/5ede4ec87b4374ab3a8b4575/FIS_logo.png"}}},{"bullets":["Flat-rate pricing","Easy integrations for platforms","Pay-as-you-go service"],"description":"Stripe is the best online credit card processor because it's very versatile. Its integrations, prebuilt forms, UI elements and built-in payment gateway make it easy for even very small e-commerce merchants to use, and its APIs allow larger businesses to create custom checkout forms and payment flows for their e-commerce websites. There's no extra charge for its integrations, prebuilt forms and developer tools; for its basic payment processing services, all you pay are transaction fees.\r\n\r\nLike other merchant aggregators, Stripe has competitive flat-rate pricing with no setup fees, monthly statement fees, payment gateway fees or annual PCI compliance fees. If a customer disputes a charge, there is a chargeback fee, but Stripe refunds this fee to you if you win the dispute. Custom pricing is available for high-volume businesses, registered nonprofits, and businesses with either very large or very small average transactions.","descriptionTest":"","fullTitle":"Best Payment Gateway Provider for Online Businesses","isFeaturedBestPick":false,"isJumpLink":true,"tabTitle":"Online Processor","review":{"displayName":"Stripe","canonical":"https://staging.business.com/reviews/stripe/","id":"1d9f844f49c655e40c38a18cdce723d1","url":"https://stripe.com/","review":{"pros":["Stripe is highly versatile, with integrations, premade checkout forms, APIs and developer tools.","It has competitive rates and pay-as-you-go pricing."],"cons":["Although it offers 24/7 support by email and chat, and you can request a call back, you can't call the company directly for support."],"fullReviewTest":"We chose Stripe as the best credit card processor for online businesses because of its versatility. It integrates with hundreds of e-commerce platforms, shopping carts, and other business software and services. It has prebuilt checkout forms that can easily embed into an existing website. For businesses with development resources, Stripe offers APIs and developer tools that allow you to create custom checkout forms or entire payment flows for your website and mobile app.
\r\nStripe is a payment processing company that works with businesses of all sizes, from small startups to multinational corporations. It's designed to facilitate credit card payments for e-commerce, mobile commerce, subscription services, marketplace and platform businesses.
\r\nThe best online credit card processing companies have clear, transparent pricing and terms of service. Stripe is a good example of this, as it posts detailed information about its rates and transaction fees, and you can read all of its service agreements on its website.
\r\nStripe has simple flat-rate pricing and charges very few fees. There's no additional cost to use Stripe's integrations, prebuilt checkout form or developer tools.
\r\nHere's what you'll pay when you accept credit card payments online using Stripe Payments:
\r\nStripe offers volume discounts for businesses that process more than $100,000 per month, and custom pricing is available for businesses that have microtransactions or abnormally large sales tickets. Nonprofits may qualify for special pricing.
\r\nThese are some of the incidental fees you may encounter while using Stripe:
\r\nHere's a list of the fees you won't pay when you use Stripe as your online payment processing company:
\r\nStripe offers several other products, such as Stripe Billing, Stripe Connect, Radar for Fraud Teams, Stripe Sigma and Stripe Atlas. If you choose to use them, other fees apply. You can learn more about these products and what they cost on the company's website.
\r\nOnce you begin accepting credit card payments using Stripe, you must wait seven to 14 days for the company to transfer the money from your transactions into your bank account. After this initial payout, your funds are transferred on a rolling schedule.
\r\nMost businesses are on the two-day rolling schedule – which is an average amount of time – but if Stripe considers your business to be a higher risk, you may be placed on a seven- or even 14-day schedule.
\r\nIf your cash flow is often tight and you need to receive your money faster, instant payouts are available for 1% (with a minimum fee of 50 cents).
\r\nStripe Payments offers its services on a pay-as-you-go basis, so you can close your account at any time without incurring high early termination fees. Instead of signing a multiyear contract, you accept a service agreement that you can read in full on the company's website. As with all payment processing companies, you should take the time to read this document before signing up with the company to make sure it's a good fit for your business and you understand what you're agreeing to.
\r\nLike many processors that offer flat-rate pricing with few fees, Stripe doesn't provide you with your own merchant account, setting you up as a submerchant under its master merchant account instead. This has some advantages, such as faster account setup that doesn't require a credit check and simplified PCI compliance with no related fees. However, Stripe and other merchant aggregators receive a lot of complaints online about frozen funds and sudden account terminations. You can reduce your chances of experiencing these issues by reading the service agreement and complying with its terms.
\r\nMake sure that:
\r\nAs the company explained in a letter to the Better Business Bureau, per its service agreement, Stripe reserves the right to hold your funds in a reserve account if it suspects a risk of loss or fraud, or if you have a lot of chargebacks. It may close your account if it determines your business is a fraud or credit risk, if you offer products or services on its prohibited businesses list, use the service in an unauthorized way, or violate terms of the agreement.
\r\nStripe says that it offers more than 100 features, and this wealth of capabilities allows many different business types and sizes to use Stripe as their online payment processing service. You can choose from premade solutions that you connect to with just a few clicks or payment flows custom-built by your development team.
\r\nStripe is regularly updated, and each month the company posts a changelog on its blog that shows new features or improvements to its existing capabilities.
\r\nHere are some of the products and features Stripe offers.
\r\nThe easiest way to use Stripe is to connect to it from one of the business applications you already use. Stripe offers hundreds of integrations across multiple categories, so you can start accepting payments quickly, then automatically sync your sales data to the other programs you use. For example, if you use an e-commerce platform for your online store, you can choose Stripe as your payment processor and connect to your account with just a few clicks. You can then connect your Stripe account to many of the other programs you already use, such as your accounting, invoicing, inventory management, CRM and email marketing software. Plugins for third-party services are also available.
\r\nThe second easiest way to use Stripe is to embed Stripe Checkout, a premade checkout form, into your existing website. To do this, you copy and paste a few lines of JavaScript. The form redirects the customer to a Stripe-hosted payment page that you can customize with your branding and product images. Checkout is PCI compliant and tokenizes your customers' payment data so it's never stored on your server.
\r\nIf you have some coding skills, you can use Stripe's prebuilt UI elements – input fields and buttons – to create a custom checkout form that complements the look and feel of your website. Like Stripe Checkout, Elements is PCI compliant, and Stripe takes care of the heavy back-end coding – all you're doing is customizing the look and format of the checkout form.
\r\nThis method for using Stripe to accept payments on your website requires more development know-how, as it allows you to use Stripe's JavaScript library and APIs to build a checkout form of your own.
\r\nThis API allows you to customize a solution for recurring payments and subscription billing. You can decide how to charge customers, such as with a flat recurring fee or based on their product usage or tier, and how frequently you bill them. You can also offer discounts and trial periods.
\r\nIt has a customer portal that your customers can use to manage their billing details themselves – which saves you time, since your customers can check their billing histories, upgrade or downgrade their subscriptions, cancel their subscriptions, and update their payment methods without your help.
\r\nThis is a prebuilt solution, which means it's easy to set up, and Stripe hosts it to keep it secure. You can customize it to match your brand by adding your logo, brand color, and accent color, and you can add links to helpful information on your website, such as your terms of service.
\r\nStripe can provide payment services for marketplaces and platforms – onboarding users, managing payments, handling compliance issues, tax reporting and more.
\r\nYou can now use Stripe to accept credit card payments in person. You can integrate Stripe Terminal into your existing checkout flow, or use its SDKs to create your own mobile or web-based app. The company offers two card readers to use with this payment method. Both are EMV-certified and support chip cards and contactless payments, including mobile wallets like Apple Pay and Google Pay.
\r\nIf you have a mobile app, you can boost sales by adding in-app payments, letting your customers shop and complete purchases with it. Stripe payments are currently supported on iOS and Android devices.
\r\nStripe allows you to accept payments from digital wallets. In addition to Apple Pay and Google Pay, it supports Visa Checkout, Masterpass by Mastercard, Amex Express Checkout, Microsoft Pay, Alipay and WeChat Pay.
\r\nFor businesses with customers outside the U.S., Stripe is a good option because it allows your customers to pay with their local currency. Stripe then converts it, so you receive your funds in your currency. It supports more than 135 currencies.
\r\nAvailable for both Android phones and iPhones, the Stripe Dashboard app allows you to track your sales when you're away from the office. You can issue refunds, set alerts, and view daily summaries, reports and historical comparisons on the Android version. On the Apple version, you can also email customers, search transactions and create new customer subscriptions.
\r\nYou can view your sales data and account balance history in the dashboard. It has several built-in reports, and you can export your data to CSV files. If you integrate Stripe with other programs, such as your accounting software, it automatically syncs to that application. If you want advanced reporting capabilities, you can use Stripe Sigma for an extra cost.
\r\nHere's some additional information about Stripe to keep in mind as you select a payment processing company for your business.
\r\nStripe takes data security seriously and has multiple security protocols in place to keep your customers' payment data secure. It uses tokenization technology, so no actual payment data is stored on your servers, and includes Radar, its fraud-prevention tool, with every account.
\r\nStripe is a PCI Service Provider Level 1, the highest certification available, but you still have to comply with PCI data security standards and complete a self-assessment each year. It doesn't charge a PCI compliance fee.
\r\nIf you need help using Stripe, you can email the company or use its online resources, which include searchable documentation, reference guides, articles, tutorials and FAQs.
\r\nStripe is unique in that it's designed for developers. While this is one of the reasons it's such a versatile product, it can be overwhelming for small business owners who aren't developers. Even figuring out how to use Stripe and where to find its easy-to-use products, such as its integrations and Stripe Checkout, is challenging, and you may need to hire a developer if you want any customizations.
\r\nStripe doesn't provide inbound phone support. If you run into a problem while using the service, you'll have to email the company.
\r\nAs discussed above, Stripe is like other merchant aggregators in that it's wary of risk compared to full-service processors. It may hold your funds or close your account if you have a lot of chargebacks or there's something irregular about your transactions, such as an abnormally high sales ticket, that makes Stripe suspect fraudulent activity.
","fullReview":"Stripe is an online payment processing company that works with businesses of all sizes, including small startups to multinational corporations. It's designed to facilitate credit card payments for e-commerce, mobile commerce, subscription as a service, marketplace and platform businesses.
\r\nWe chose Stripe as the best online credit card processor because of its versatility. It integrates with hundreds of e-commerce platforms, shopping carts, and other business software and services. It has prebuilt checkout forms that can easily embed into an existing website. Or, for businesses with development resources, Stripe offers APIs and developer tools that allow you to create customized checkout forms or entire payment flows for your website and mobile app.
\r\nAdditionally, Stripe has competitive rates and provides its services on a pay-as-you-go basis, so you're not locked into a lengthy contract. It's also one of the few processors that refunds the chargeback fee if a dispute is resolved in your favor.
\r\nVisit our best picks page to see all of our recommendations for credit card processing companies.
\r\nThe best online credit card processing companies have clear, transparent pricing and terms of service. Stripe is a good example of this, as it posts detailed information about its rates and transaction fees, and you can read all of its service agreements on its website.
\r\nStripe has simple flat-rate pricing and charges very few fees. There's no additional cost to use Stripe's integrations, prebuilt checkout form or developer tools.
\r\nHere's what you'll pay when you accept credit card payments online using Stripe Payments.
\r\nStripe offers volume discounts for businesses that process more than $100,000 per month, and custom pricing is available for businesses that have microtransactions or abnormally large sales tickets. Nonprofits may qualify for special pricing.
\r\nIncidental fees you may encounter while using Stripe include the following:
\r\nHere's a list of the fees you won't pay when you use Stripe as your online payment processing company:
\r\nStripe offers several other products, such as Stripe Billing, Stripe Connect, Radar for Fraud Teams, Stripe Sigma and Stripe Atlas. If you choose to use them, other fees apply. You can learn more about these products and what they cost on the company's website.
\r\nOnce you begin accepting credit card payments using Stripe, you must wait seven to 10 days for the company to transfer the money from your transactions into your bank account. After this initial payout, your funds are transferred on a rolling schedule of either two or seven days. Most businesses are on the two-day schedule – which is an average amount of time – but if Stripe considers your business to be a higher risk, you're on the seven-day schedule. If your cash flow is often tight and you need to receive your money faster, you might want to consider a different processor, as many offer next-day deposits and some, such as PayPal and Square, offer instant transfers for an additional fee.
\r\nStripe Payments offers its services on a pay-as-you-go basis, so you can close your account at any time without incurring expensive early termination fees. Instead of signing a multiyear contract, you accept a service agreement that you can read in full on the company's website. As with all payment processing companies, you want to take the time to read this document before signing up with the company to make sure it's a good fit for your business and you understand what you're agreeing to.
\r\nLike many processors that offer flat-rate pricing with few fees, Stripe doesn't provide you with your own merchant account, and, instead, sets you up as a submerchant under its master merchant account. This has some advantages, such as faster account setup that doesn't require a credit check and simplified PCI compliance with no PCI-related fees. However, Stripe and other merchant aggregators receive a lot of complaints online about frozen funds and sudden account terminations. You can reduce your chances of experiencing these issues by reading the service agreement and complying with its terms.
\r\nYou want to make sure that …
\r\nAs Stripe explained in a letter to the Better Business Bureau, per its service agreement, Stripe reserves the right to hold your funds in a reserve account if it suspects there's a risk of loss or fraud, or if you have a lot of chargebacks. It may close your account if it determines your business is a fraud or credit risk, if you offer products or services on its prohibited businesses list, use the service in an unauthorized way or violate terms of the agreement.
\r\nStripe says that it offers more than 100 features, and this wealth of capabilities allows many different business types and sizes to use Stripe as their online payment processing service.
\r\nYou can choose from premade solutions that you connect to with just a few clicks or payment flows custom-built by your development team.
\r\nStripe is regularly updated, and each month the company posts a changelog on its blog that shows new features or improvements to its existing capabilities.
\r\nHere are some of the products and features Stripe offers.
\r\nThe easiest way to use Stripe is to connect to it from one of the business applications you already use. Stripe offers hundreds of integrations across multiple categories so you can start accepting payments quickly, then automatically sync your sales data to the other programs you use. For example, if you use an e-commerce platform for your online store, you can choose Stripe as your payment processor and connect to your account with just a few clicks. You can then connect your Stripe account to many of the other programs you already use, such as your accounting, invoicing, inventory management, CRM and marketing software. Plugins for third-party services are also available.
\r\nThe second easiest way to use Stripe is to embed Checkout, a premade checkout form, into your existing website. To do this, you copy and paste a few lines of JavaScript. The form redirects the customer to a Stripe-hosted payment page that you can customize with your branding and product images. Checkout is PCI compliant and tokenizes your customer's payment data so it's never stored on your server.
\r\nIf you have some coding skills, you can use Stripe's prebuilt UI elements – input fields and buttons – to create a customized checkout form that complements the look and feel of your website. As with Checkout, Elements is PCI compliant, and Stripe takes care of the heavy back-end coding – all you're doing is customizing the look and format of the checkout form.
\r\nThis method for using Stipe to accept payments on your website requires more development know-how, as it allows you to use Stripe's JavaScript library and APIs to build a checkout form of your own.
\r\nThis API allows you to create a customized solution for recurring payments and subscription billing. You can decide how to charge customers, such as a flat recurring fee or a charge based on product usage or tiers. You can choose how frequently you bill your customers and offer discounts and trial periods.
\r\nStripe can provide payment services for marketplaces and platforms, taking care of onboarding users, managing payments, handling compliance issues, tax reporting and more.
\r\nYou can now use Stripe to accept in-person. You can integrate Stripe Terminal into your existing checkout flow, or use its SDKs to create your own mobile or web-based app. The company offers two card readers to use with this payment method. Both are EMV-certified and support chip cards and contactless payments, including mobile wallets like Apple Pay and Google Pay.
\r\nIf you have a mobile app, you can boost sales by adding in-app payments to it, letting your customers shop and complete purchases with it. Stripe payments are currently supported on iOS and Android devices.
\r\nStripe allows you to accept payments made using digital wallets. In addition to Apple Pay and Google Pay, it supports Visa Checkout, Masterpass by Mastercard, Amex Express Checkout, Microsoft Pay, Alipay and WeChat Pay.
\r\nFor businesses with customers outside the U.S., Stripe is a good option because it allows your customers to pay with their local currency. Stripe then converts it, so you receive your funds in your currency. It supports more than 135 currencies.
\r\nAvailable for both Android phones and iPhones, the Stripe Dashboard app allows you to track your sales when you're away from the office. You can issue refunds, set alerts, and view daily summaries, reports and historical comparisons on the Android version. On the Apple version, you can also email customers, search transactions and create new customer subscriptions.
\r\nYou can view your sales data and account balance history in the dashboard. It has several built-in reports, and you can export your data to CSV files. If you integrate Stripe with other programs, such as your accounting software, it automatically syncs to that application. If you want advanced reporting capabilities, you can use Stripe Sigma for an extra cost.
\r\nJuly 2020: Stripe has added a customer portal feature to Stripe Billing, its invoice and subscription billing service. With it, your customers can manage their billing details themselves – which can save you time, since your customers will be able to view their accounts to check their billing history, upgrade or downgrade their subscription, cancel their subscription, and update their payment method. This is a prebuilt solution, which means it's easy to set up, and Stripe hosts it to keep it secure. You can, however, customize it to match your brand by adding your logo, brand color and accent color, and you can add links to helpful information on your website, such as your terms of service.
\r\nHere's some additional information about Stripe to keep in mind as you select a payment processing company for your business.
\r\nStripe takes data security seriously and has multiple security protocols in place to keep your customers' payment data secure. It uses tokenization technology, so no actual payment data is stored on your servers, and includes Radar, its fraud-prevention tool, with every account.
\r\nStripe is a PCI Service Provider Level 1, the highest certification available, but you're still required to comply with PCI data security standards and complete a self-assessment questionnaire each year. It doesn't charge a PCI compliance fee.
\r\nIf you need help using Stripe, you can email the company or use its online resources, which include searchable documentation, reference guides, articles, tutorials and FAQs.
\r\nStripe is unique in that it's designed for developers, and while this is one of the reasons it's such a versatile product, it can be overwhelming for small business owners who aren't developers.
\r\nEven figuring out how to use Stripe and where to find its easy-to-use products, such as its integrations and Stripe Checkout, is challenging, and you may need to hire a developer if you want any customizations.
\r\nHere are some additional points to consider before signing up with Stripe.
\r\n| \r\n | Trasnparent pricing | \r\nPricing model | \r\nMonthly fees | \r\nContract length | \r\n24/7 phone support | \r\n
| Helcim | \r\nYes | \r\nInterchange-plus | \r\nYes | \r\n\r\n Month to | \r\nYes | \r\n
| PayPal | \r\nYes | \r\nFlat rate | \r\nNo | \r\nPay as you go | \r\nNo | \r\n
| Square | \r\nYes | \r\nFlat rate | \r\nNo | \r\nPay as you go | \r\nNo | \r\n
| Stripe | \r\nYes | \r\nFlat rate | \r\nNo | \r\nPay as you go | \r\nNo | \r\n
| Flagship Merchant Services | \r\nNo | \r\nInterchange-plus or tiered | \r\nYes | \r\nMonth to month | \r\nYes | \r\n
| \r\n Fattmerchant \r\n | \r\nYes | \r\nFlat rate | \r\nYes | \r\nMonth to month | \r\nYes | \r\n
| \r\n Fiserv \r\n | \r\nNo | \r\nFlat rate | \r\nVaries | \r\nVaries | \r\nYes | \r\n
| \r\n TSYS \r\n | \r\nNo | \r\nFlat rate | \r\nVaries | \r\nVaries | \r\nYes | \r\n
| FIS | \r\nNo | \r\nInterchange- plus or flat rate | \r\nVaries | \r\nVaries | \r\nYes | \r\n
Cost is often a top factor in which merchant service provider is best for your business. There are three types of costs you need to investigate:
\r\nThe best merchant services and payment gateway providers post all of this information on their websites, but many companies require you to call and speak with a sales representative so they can make you an offer based on the specifics of your business, such as your transaction volume, average ticket size, industry and creditworthiness. If you're already processing, many reps will ask you to send them a recent statement so they can \"meet or beat\" your current rates.
\r\nWhether you accept credit card payments online or in person, you pay a small fee for every transaction, which is expressed as a percentage of the sale plus a few cents. Where it gets confusing is that different providers calculate these costs differently, which makes it difficult to compare pricing quotes. Before you start gathering pricing quotes, you need to understand what costs go into processing fees and what the different pricing models are.
\r\nProcessing fees have three parts:
\r\nRecognizing how confusing this is, many processors try to simplify processing rates and how they communicate them to their merchants. Most use one or more of three pricing models: interchange-plus pricing, tiered pricing and flat-rate pricing.
\r\nInterchange-plus pricing: Industry experts favor this pricing model – sometimes called interchange pass-through pricing or cost-plus pricing – because it's the only pricing model that shows you exactly what the processor's markup is. This is significant because the markup is the only part of the cost that you can negotiate. As a result, it has the best pricing for most merchants.
\r\nWhen you're quoted this rate, it will look something like this:
\r\nThe best merchant service companies offer this pricing model to all their merchants and are very upfront with their markup, posting it on their websites and volunteering it when you call for a quote. Some of the merchant service account representatives we spoke with in our testing only provided interchange-plus pricing if we specifically asked for it, and some reps were hesitant to fulfill this request. Some agents noted that interchange-plus pricing would only be an option for established merchants, meaning you must operate for a certain number of months with a tiered pricing model before you would be a candidate for an interchange-plus plan.
\r\nOther agents we spoke with advised our testers against the interchange-plus pricing model, cautioning that it's only beneficial for vendors processing large transactions or a very high volume of transactions each month. However, this advice directly contradicts the expert recommendations we encountered in our research.
\r\nTiered pricing: Though this is the most common pricing model, industry experts criticize its lack of transparency. Other names for this model are bundled or bucket pricing, because it attempts to bundle interchange fees, card-brand fees, and markups and then segment transactions into tiers, or buckets. These tiers are often sorted into qualified, mid-qualified and non-qualified, with separate tiers for debit and credit card transactions.
\r\nThe low teaser rates that many companies advertise are usually qualified debit transactions – which means they only apply to regular debit cards that you accept in person using a card reader. Mid-qualified transactions are usually rewards cards, and non-qualified transactions are most often business or foreign cards, though some also include premium rewards cards. Most merchant services offer three tiers, though some have as few as two or as many as six.
\r\nWhen you see this rate advertised, it looks something like this:
\r\nIf you're quoted tiered rates, it's important to ask how many tiers there are, and which types of cards and acceptance methods apply to each. It's also important to know which types of cards your customers use most so you can judge whether this pricing model is cost-effective for your business. If the majority of your customers use regular debit cards and you accept cards in person, this processing model may be worth considering; otherwise, you should look for a processor that offers one of the other pricing models.
\r\nFlat-rate pricing: Most of the merchant service companies that use this simple pricing model charge a single, fixed percentage rate per transaction, though some also charge a per-transaction fee. This pricing model is popular with mobile merchant service providers, and it may be the most cost-effective option for small businesses that process less than $3,000 per month or have small tickets. This type of transaction rate is noticeably higher than those from the other two pricing models, but there usually are no other account fees – all you pay are the processing fees for each transaction, which is why it's such an attractive option for new and very small businesses.
\r\nWhen you see this rate advertised, it looks something like this:
\r\nIn addition to the processing rates you pay for each transaction, you'll pay account maintenance fees if you're working with a full-service merchant account provider or payment gateway service. These typically use the interchange-plus or tiered pricing models. Generally, providers that use the flat-rate processing model don't charge account maintenance fees.
\r\nWhen you ask about account fees, most sales reps will tell you about the monthly fee, but there are a lot of complaints online from merchants who saw fees on their credit card processing statements that they weren't told about when they signed up for their accounts. For this reason, it's important to read the full contract (application, terms of service and program guide) to ensure you're aware of every fee you'll be obligated to pay before signing up with any processor.
\r\nHere are some of the fees that most merchant services providers charge. For a detailed list of fees to look for as you read processing contracts, consult our article, \"Credit Card Processing Fees: Small Business Guide.\"
\r\nSome processors charge a setup or application fee for your merchant account, a payment gateway setup fee to connect the payment gateway with your website, and an early termination fee if you want to close your account before the contract's term expires. The best providers don't charge these fees, though, so you should ask to waive them if they're included in your pricing quote or look for a provider that doesn't charge them.
\r\nIf you accept credit cards in person, you need to purchase a card reader or terminal. Here are the three most popular options.
\r\nThe most important thing you need to know about processing hardware is to avoid leasing it, as leasing contracts are noncancelable and, in most cases, you'll pay much more for the equipment than it would cost to buy it upfront. It's enough of a problem that the FTC cautions against it, noting that businesses that lease may pay thousands of dollars for equipment that costs just a few hundred dollars to purchase.
\n"}},{"__typename":"SectionBuyingGuide","id":"features","isInToc":true,"type":"buying-guide","title":"Buying Guide","containers":[{"title":"Features","html":"\nWhether you work with a merchant services provider, a payment gateway provider, or a credit card processing company that provides you with both a merchant account and a payment gateway, the company you choose should be up to date with industry standards and allow you to accept all major cards (American Express, Discover, Mastercard and Visa). Here are more qualities you should consider as you look for a merchant processor for your small business.
\r\nThe best merchant account contracts have month-to-month terms with no early termination fees. However, the standard merchant account contract has a three-year term that automatically renews for an additional one or two years. If the processing service provider you want to work with has a lengthy contract, ask the sales rep if they can give you month-to-month terms. They want your business, and many are willing to negotiate.
\r\nWith a standard merchant account contract, you have a very short window at the end of the term – usually 30 days – in which to cancel your account without penalty if you don't wish to renew. Most providers require you to submit a cancellation request in writing.
\r\nIf you miss this window or decide to close your account early, the company charges you an early termination fee, which is usually a few hundred dollars. Some contracts also have liquidated damages clauses, which can make it very expensive to get out of your contract.
\r\nNo matter which service provider you choose, it's important to read the entire contract (the application, the terms of service and the program guide) before you sign anything and before you give the company your bank account and Social Security numbers. You should make sure you're aware of all the fees listed in the contract, as you will be expected to pay them even if the sales rep didn't tell you about them. If the sales rep offers to reduce or waive the term length or certain fees, you need to make sure those changes have been amended in the contract or that you receive a written waiver.
\n"},{"title":"Methodology","html":"\nOur first step in choosing the best merchant services and payment gateway companies was to compile a list of providers. We considered credit card processing companies that small business owners told us they liked, companies that asked us to consider them, those we were already familiar with and those we found on well-known websites. This list of more than 100 payment processing providers included large banks and industry leaders as well as small companies and those new to the industry.
\r\nWe then researched the companies on our list by studying the information and resources on each one's website and began narrowing our list based on the criteria in the section below. We then reached out to merchant service companies as a prospective customer requesting pricing quotes and contracts to review. We also asked the reps questions that new merchants might ask to help us evaluate customer service quality and gather details about the companies that we couldn't find on their websites.
\r\nThe nine merchant account providers and payment gateway services that made our best picks are Fattmerchant, Fiserv, Flagship Merchant Services, Helcim, PayPal, Square, Stripe, TSYS and Worldpay. The 11 providers that made our short list are Authorize.Net, Braintree, Chase Merchant Services, Dharma Merchant Services, Elavon, EMSPlus, Global Payments, Moolah, Payline, Payment Depot and SumUp.
\n"},{"title":"Frequently Asked Questions About Merchant Services","html":"\nA merchant account is a type of bank account that allows you to accept payments from your customers using credit and debit cards. The credit card processing company sets it up for you and assigns you a merchant ID number (MID). Once you start accepting credit card payments, it holds your funds until settlement, when they are transferred to your business bank account.
\r\nIf you sign up for a processing account with a payment facilitator (PayFac) or aggregator like Square or PayPal, you don't need your own merchant account. Instead, you sign up as a submerchant under the provider's master merchant account.
\r\nThe benefit of working with a PayFac is that it's faster and easier to set up your account, service is provided on a pay-as-you-go basis, and there are usually no account maintenance fees. But there are some limitations. Most aggregators don't work with high-risk merchants, so if your business is in a high-risk industry, you'll need to get your own merchant account. PayFacs are also more risk-averse than full-service payment processors, which means that your funds could be held if something about a transaction raises a red flag.
\r\nThere are also some advantages to having your own merchant account. You can often get better rates and better customer service, and the likelihood of having your money held or your account frozen is lower. There are account maintenance fees, but if your processing volume is high enough, they're offset by the lower transaction rates.
\r\nA payment gateway is the technology that creates a secure connection between your website or browser and the credit card processing company, encrypting payment data for each credit card transaction. Some merchant service companies have proprietary payment gateways, but most set you up with a third-party payment gateway, such as the popular Authorize.Net and NMI gateways.
\r\nThe advantage to setting up a payment gateway through your merchant account provider is that it reduces the likelihood of compatibility issues and, in some cases, can be less expensive. For instance, you may not be required to pay a gateway setup fee if you go through your service provider instead of going direct. Also, depending on your processing contract, there may be an exclusivity clause that requires you to go through your merchant account provider.
\r\nEach time you run a transaction online or a customer makes a purchase on your website, the credit card information enters the payment gateway, where it's encrypted and routed through a secure connection to the credit card processor, the card network, the bank that issued the card and your business's bank account. Your customer's card is charged for the transaction amount, and you receive the funds from the sale, minus the processing costs.
\r\nIt depends. If you want to accept credit cards online and in person, you will need both a merchant account and a payment gateway. If you exclusively accept credit and debit cards using a credit card terminal, you won't need a payment gateway. But you will need one if you use your computer as a virtual terminal or accept cards through your website.
\r\nThe main benefit of accepting credit cards online is that it gives you more ways to accept payments from your customers. According to Visa, \"78% of consumers surveyed rank a digital payment method, such as paying with a card or mobile device, as their No. 1 preferred payment option.\"
\r\nEven a business that has brick-and-mortar locations – whether it's a retail store, restaurant, office, salon or other type of establishment – may benefit from accepting credit cards online, as Visa notes that \"52% of consumers surveyed say they would prefer to shop exclusively online.\"
\r\nMerchant account providers offer several e-commerce solutions that can help you accept credit cards online, such as hosted payment pages, buy buttons and forms that can be added to existing websites, and integrations with e-commerce platforms. Some can also help you accept payments from customers through your social media pages.
\r\nIf your business invoices its customers, you can use online invoicing to make it easy for them to pay you on time. All they'll have to do to pay you is click on a link in the invoice and enter their credit card information. Many payment processors can also help you accept ACH payments if your customers prefer to pay invoices by e-check.
\r\nBecause credit card processing fees are how credit card companies generate revenue, it's extremely unlikely you'll ever be able to avoid the added cost. Through negotiation during the initial application process, however, you can attempt to ensure the rate is a favorable one.
\r\nOutside of coming to a favorable agreement with the credit card company, there are other ways you can offset your credit card processing fees. One way many businesses do this is to push the fees onto the customer in the form of a surcharge, or offering a small discount to customers who pay with cash. This tactic is generally seen at gas stations, where credit card transactions have a higher cost than cash. While this eliminates the credit card processing fee levied against your business, it could be a double-edged sword, as it could push credit card users away from your business. Be aware that the credit card networks have strict rules around surcharging, so you want to make sure your policy is in line with their recommendations. [Read related article: The Truth About Free Credit Card Processing]
\r\nAlternately, you can set a minimum purchase amount for all credit card transactions. By requiring a purchase of $5 or $10 for each credit card purchase, you can ensure that the transaction is worth paying the credit card processing fee. This option is widely used by many businesses, since it's an easily understood rule for customers and doesn't feel as punitive as other options. The credit card networks have rules about minimum purchase amounts as well, so, again, it's important to make sure that your policy complies with their guidelines.
\r\nIn both instances, you could alienate potential customers who only carry credit cards on their person. The number of people who don't carry cash is growing, so you ultimately have to weigh the potential savings on credit card fees against the risk of losing sales.
\r\nWhen signing up for a merchant account, there are several things you should have on hand to make the process move smoothly. Most credit card processing companies require some general information on your business so they can determine whether it is a high or low risk.
\r\nThe business's riskiness will depend on things like the business's potential to be a victim of credit card fraud or a high rate of returns. How long the business has been in operation will also be considered, since it's harder to lend money to what may amount to a fly-by-night operation. [Read related article: Credit Card Processing in High-Risk Industries]
\r\nMost payment processors also want information on the business's history, including any bankruptcies or defaults on its record and if it had any previous merchant accounts on record. In addition to information on the business, most processors want information on the business owner, including their personal credit history, as many contracts require the business owner to sign a personal guarantee.
\r\nSome merchant account providers charge application or setup fees – but this is unusual among the best processors – so you may want to consider other options if the company charges this fee. [Read related article: The Ultimate Small Business Guide to Credit Card Processing Fees]
\n"}]},{"__typename":"SectionContainer","id":"what-to-expect-in-2021","isInToc":true,"type":"container","title":"What to Expect in 2021","container":{"isBuyingGuide":false,"html":"\nImproving the customer experience will remain a top priority in 2021 for those in the payment industry. Giving people the ability to pay when, where and how they want will be merchant service providers' focus in the coming year.
\r\n\"It's not enough anymore to just offer payment solutions that are tailored to consumers: Now, payments need to be taken right to them,\" said Michel Léger, executive vice president of innovation at Ingenico, in a recent press release.
\r\nA recent Ekata survey of more than 7,000 consumers throughout North America and Europe revealed that 92% expect a secure, fast and frictionless payment experience, while 70% believe that online shopping account creation should be instantaneous.
\r\nTo support those desires, mobile payments will continue to be paramount for merchant service providers. Finding better ways to support mobile shopping, mobile wallets and mobile checkouts will be a top priority for payment providers in the year ahead.
\r\nRecent research from Adobe found that 37% of purchases on Cyber Monday in 2020 were made on mobile devices. Clearly, businesses that don't accommodate this type of shopping need to start doing so immediately.
\r\nIn addition to accepting mobile payments, you should focus on finding ways to let your customers pay with mobile wallets and contactless cards that use near-field communication (NFC) technology in 2021, as this type of payment is growing in popularity. According to Statista, the number of consumers using mobile wallets to manage their payments was projected to increase by nearly 30% in 2020. As the impacts of the coronavirus wear on, those numbers are likely to continue increasing in the years to come.
\n"}},{"__typename":"SectionMoreCoverage","id":"","isInToc":false,"type":"morecoverage","isActive":null,"title":"More Coverage","articles":[{"title":"How to Accept Credit Card Payments: A Beginner's Guide","canonical":"https://staging.business.com/articles/how-to-accept-credit-card-payments/","author":{"displayName":"Simone Johnson"},"thumbnail":{"path":"https://staging.business.com/images/content/5ee/a4ab27b43748c408b456e/1500-0-"}},{"title":"How to Accept Credit Card Payments Using Your Phone","canonical":"https://staging.business.com/articles/accept-credit-card-payments-on-your-phone/","author":{"displayName":"Simone Johnson"},"thumbnail":{"path":"https://staging.business.com/images/content/5ed/8e6809c658a9b318b456a/1500-0-"}},{"title":"The Ultimate Small Business Guide to Credit Card Processing Fees","canonical":"https://staging.business.com/articles/credit-card-processing-fees/","author":{"displayName":"Simone Johnson"},"thumbnail":{"path":"https://staging.business.com/images/content/5d2/346547b437454698b4577/1500-0-"}}]},{"__typename":"SectionServices","id":"other-services-considered","isInToc":false,"type":"services","title":"Other Services Considered","services":[{"canonical":"https://staging.business.com/reviews/sumup/","id":"579fa4b153f4d51cea9a74a048c2968d","description":"SumUp is a mobile credit card processing company that helps small businesses accept in-person payments. 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Payline offers in-store, online, mobile and ACH payment processing, subscription billing services and more.","serviceName":"Payline","pricing":{"isCapped":false,"isFeatured":false,"primary":true,"selected":"widget","widgetId":"10134","widget":{"id":"10134","cta":"Compare Quotes","isExclusive":false},"affiliate":{"cta":"Visit Site","link":"https://paylinedata.com/credit-card-processing-pricing/","name":""}},"thumbnail":{"path":"https://staging.business.com/images/rz/5adf4d0392a3a410088b4590/Payline.png"}}]}],"tocElements":[{"title":"Best Picks","id":"top-of-page"},{"title":"Intro","id":"intro"},{"title":"Get a Quote ","id":"get-a-quote"},{"title":"Compare Our Best Picks","id":"compare-our-best-picks"},{"title":"Our Reviews","id":"our-reviews"},{"title":"Pricing","id":"pricing"},{"title":"Buying Guide","id":"features"},{"title":"What to Expect in 2021","id":"what-to-expect-in-2021"},{"title":"Other Services Considered","id":"other-services-considered"}],"author":{"id":"5c7d91237b4374d6348b456b","name":"Lori Fairbanks","bio":"Lori Fairbanks is a writer and editor for business.com and Business News Daily who has written about financial services for small businesses for more than seven years. 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