{"componentChunkName":"component---src-templates-categories-mega-index-jsx","path":"/credit-card-processing/best/","result":{"data":{"props":{"adsense":false,"adsenseMobile":false,"byLine":"","canonical":"https://staging.business.com/credit-card-processing/best/","cardDescription":"Accept credit and debit cards to make it convenient for customers to purchase from your business.","created":"2003-12-01T21:56:32.000Z","docType":"category","hasVwo":false,"displayModified":"2021-08-17T21:39:00.000Z","displayModifiedText":" ","published":"2019-12-30T16:00:00.000Z","slug":"credit-card-processing/best","status":"published","stream":null,"structuredData":{"@context":"https://schema.org","@type":"FAQPage","mainEntity":[{"@type":"Question","name":"How can I save money on credit card processing?","acceptedAnswer":{"@type":"Answer","text":"If you're currently with one processor and want better rates, it may be worth your time to contact your account manager and ask if they can help you reduce your costs. Also, by reviewing your statement on a regular basis, you may be able to identify costs or fees that you're overpaying. Here are five steps you can take to ensure you're getting the best pricing on your credit card processing service.
  1. Review your statement every month. Credit card processing contracts rarely include pricing guarantees, so it's important to closely monitor your statements so you know what's going on with your account. Regularly review your rates and fees so you get a feel for what you can expect to pay on average for processing each month. Also, watch for notifications about rate increases, new fees and reminders about PCI compliance requirements, such as the annual questionnaire that you need to take to avoid costly noncompliance fees. If you notice a change in your pricing, if there are fees that you don't understand or if you receive a notification about your compliance, call your rep to discuss your account.
  2. Request a pricing review. If you're an established merchant and you want lower fees, you may be able to request a pricing review or audit to see if you qualify for lower pricing. Requesting an account analysis can be particularly worthwhile if your business has grown since you signed up with the processor and your transaction volume exceeds your initial estimates, as you may be eligible for lower rates.
  3. Request interchange-plus pricing. If you're currently processing on a tiered pricing plan, ask your processor if it can switch your account to interchange-plus pricing. Many processors allow you to switch to a different pricing model so that you see for yourself which pricing model works best for your business. If you do this, be sure to ask if the new plan triggers any different fees or requirements. For example, ask about the new plan's monthly minimum and how much you need to process to meet that requirement.
  4. Ask if fees can be waived. Some fees are negotiable, and your rep may be able to waive or lower them for you. For example, if your business is seasonal and you're having trouble meeting the monthly minimum in the offseason, your rep may be willing to waive or lower it for you. Your rep may also waive the PCI compliance fee after you complete the annual questionnaire.
  5. Shop around and renegotiate your rates. If you've been with your processor for a year or longer, consider shopping around to see if your rates are still competitive. As with car insurance, it's beneficial to take the time to look for better deals every year or two. This is particularly important if your rates have increased over time or if you've been with your processor for several years and you don't know what pricing is available elsewhere.
    6. If you find better pricing from another processor, don't be afraid to contact your rep to see if they can renegotiate your rates. You have more negotiation power if your service is provided on a month-to-month basis and you own your equipment, since you can switch to a new service without penalty. If you're under contract, the rep may be less willing to renegotiate, but it's still worth a try.If you're overpaying for your processing and the rep won't renegotiate your rates, you want to read your contract to find out the procedure you need to follow to switch processors when your contract finally expires. Be aware that most contracts automatically renew, that you have a very short window in which you may cancel without penalty, and that you may need to begin the cancellation process well in advance of the contract's expiration date."}},{"@type":"Question","name":"What should I use to accept credit","acceptedAnswer":{"@type":"Answer","text":"You have several options for the processing hardware you use to accept credit cards at your business. Which one is the best credit card reader for your business depends on how and where you plan to accept cards, and whether you want something basic and inexpensive or a solution built into a larger system.You should be able to accept magstripe cards, chip cards, contactless cards and mobile wallets. No matter which style of card reader you choose, you want it to be EMV compliant so you can accept chip cards and avoid liability for fraud occurring at the point of sale. This also allows you to skip signature authorization, which speeds up checkout.If you're purchasing new equipment, you also want it to include near-field communication (NFC) technology so you can accept mobile wallets like Apple Pay and Google Pay as well as contactless cards, saving you the expense of updating your equipment later as these payment methods grow in popularity.Consider choosing a device with a built-in keypad or a connected PIN pad if your customers prefer paying with debit cards, as many full-service processors offer special low rates for debit PIN transactions."}},{"@type":"Question","name":"Should I Buy, Lease, or Accept Free Processing Equipment?","acceptedAnswer":{"@type":"Answer","text":"Nearly every credit card processing company has some sort of free equipment offer. Some processors give you a terminal if you sign a contract, while others have a free placement program in which you borrow the equipment. Accepting free equipment sounds like a great way to save money, but as a perceptive businessperson, you know that 'free' often isn't really free, and you need to do the math to determine whether the free option is actually the best option for your small business."}},{"@type":"Question","name":"Is Credit Card Processing Secure?","acceptedAnswer":{"@type":"Answer","text":"As we've all seen over the years with major credit card breaches at some of the largest retail chains in the country, there's no such thing as a completely secure credit card transaction. However, there are measures you can take to secure these transactions against potential intrusions. The first step a small business should take is to ensure the credit card processing service being used is Payment Card Industry Data Security Standard (PCI DSS) compliant, and that your business complies with these guidelines, too, since doing so dramatically reduces your vulnerability. Second, make sure your credit card processing equipment can read EMV (Europay, Mastercard and Visa) chips. As mentioned above, when comparing the number of card-present counterfeit payment fraud incidents in December 2018 to those that occurred in September 2015, Visa estimates that merchants who upgraded to EMV readers saw a 76% decrease in incidents. By ensuring compliance with these two tech items, your credit card transactions will be significantly more secure."}},{"@type":"Question","name":"How can you avoid credit card processing fees?","acceptedAnswer":{"@type":"Answer","text":"Credit card processing fees are how credit card companies make their money. With that in mind, there's no real way to avoid those fees. What you can do, however, is negotiate those rates before signing up with a processor. By taking certain steps during the application process and beyond, you can potentially cut your fees to a more manageable level. Conversely, your customers can offset these fees in a couple of ways. One of the more common ways of doing so is to require a certain transaction threshold before a credit card purchase can be made. By disallowing credit cards for any purchase below $5 or $10, for example, you ensure that you come out ahead of the fees. Check the guidelines on minimum transaction amounts from each of the major credit card networks to ensure you're complying with their rules. Some retailers also tack the fees directly to the transaction itself. This surcharging tactic is largely seen at gas stations, where cash customers pay a lower price for each gallon of gas, but it could also work in a retail setting. This method could backfire, but people paying with cash will likely see the rule as a discount. Check the credit card networks' rules for surcharging to ensure you follow best practices."}}]},"subtitle":"Credit Card Processors","template":"mega","title":"The Best Credit Card Processors of 2021","type":"category","widget":{"__typename":"SectionWidget","widget":{"widgetId":"10134"}},"guid":"category_5a147acaa7c88c4adb3408b9","sections":[{"__typename":"SectionContainer","id":"intro","isInToc":false,"type":"container","title":"Credit Card Processing Comparisons","container":{"isBuyingGuide":false,"html":"

    To help you find the best credit card processing company for your small business, we researched the top processors in the industry. We looked for processors that have transparent pricing, low rates, few fees, and month-to-month or pay-as-you-go contracts. Read on to learn more about these payment processors and why we chose them, along with information on pricing, features and contracts for credit card processing.

    "}},{"__typename":"SectionBestPicks","id":"best-picks","isInToc":true,"type":"bestpicks","megaBestPicksTopCardLimit":5,"bestpicks":[{"bullets":["Quick turnaround","98% approval rate","Dedicated account managers"],"description":".","descriptionTest":"","fullTitle":"Featured Sponsor","isFeaturedBestPick":true,"isJumpLink":true,"tabTitle":"Featured Sponsor","review":{"displayName":"Merchant One","canonical":"https://staging.business.com/reviews/merchantone/","id":"6fa85aee4a25455291464b08a994c0f8","url":"http://www.merchantone.com/","review":{"pros":["PCI compliance is included in your monthly fee.","Merchant One can work with businesses of all sizes and various credit scores."],"cons":["This processor charges an early termination fee if you cancel your account before your contract expires."],"fullReviewTest":"

    Merchant One provides merchant solutions designed to suit the needs of businesses of all sizes. It provides a wide range of services, from entire POS systems with terminals to credit and debit card swipers that attach directly to your iOS and Android devices.

    \r\n

    Merchant One offers fast turnaround, with the ability to get your services up and running within 24 hours. It works with all types of businesses, even those with less-than-perfect credit scores; it has a 98% approval rate for applicants. Merchant One will provide you a dedicated account manager, who is there to help you throughout the setup process and can offer any support you need once the system is operational.

    ","fullReview":"

    Merchant One is a credit card processor based in Miami Beach, Florida, that serves more than 100,000 merchant accounts. This processor offers both interchange-plus and tiered pricing options, but it requires a long-term contract with a hefty early termination fee.

    \r\n

    Our testers were quoted both interchange-plus and tiered rates when we spoke to Merchant One representatives. Although the reps we spoke with noted that interchange-plus pricing isn’t initially available for businesses with no processing history, they quoted rates ranging from 0.15% to 0.25%, which are lower than the 0.30% average of the processors we reviewed. The interchange-plus per-transaction fee of $0.10 per transaction fee is average.

    \r\n

    Merchant One’s tiered rates are also lower than average, and the qualified debit card rate of 0.29% is one of the lowest tiered rates we saw. The rate quotes you receive when you call may differ from those our testers obtained, depending on your business's average ticket size and the dollar amount of transactions that you process each month.

    \r\n

    Merchant One charges typical credit card processing fees. It charges a $6.50 monthly fee that covers statements, customer service, next day funding and PCI compliance. It has a $25 monthly minimum that is derived from your transaction costs. Merchant One is one of the few processors that charges an annual fee in addition to the monthly fee. The annual fee is a $99 charge that covers account maintenance and interchange-compliance adjustment.

    \r\n

    Transparency and consistency are factors we looked for as we evaluated the processors we reviewed. We value processors that are upfront with their terms, fees and pricing and that post that information on their websites. Merchant One doesn't post any of this information on its website and lacks consistency, as different testers received different quotes and were given different reasons why the industry-preferred interchange-plus pricing option wouldn't be a good fit for them.

    \r\n

    Merchant One is one of few processors that requires a long-term contract. If you sign up to process with Merchant One, be aware that the contract is for three years and carries an early termination penalty.

    \r\n

    This processor has decent customer service. The reps we spoke with were courteous, provided rate estimates and were knowledgeable about the industry. However, they were not as quick to follow up with our testers by phone or email as other processors we reviewed.

    \r\n

    Merchant One offers good tiered pricing, especially if you process a lot of regular debit cards. However, it suffers from a lack of transparency as none of its pricing, fees or service terms are posted on its website. It's one of the few processors that requires a long-term contract and charges an annual fee.

    "},"pricing":{"isCapped":false,"isFeatured":false,"primary":false,"selected":"affiliate","widgetId":null,"widget":null,"affiliate":{"cta":"Visit Site","link":"https://businesscom.go2cloud.org/aff_c?offer_id=767&aff_id=1000&source=best-credit-card-processing&aff_sub3=deal|Centerfield&aff_sub4=revenue|QT&url_id=1","name":"QT Program"}},"thumbnail":{"path":"https://staging.business.com/images/rz/5f2026209c658a651f8b4567/merchantone1_logo.png"}}},{"bullets":["Flat-rate pricing","Pay-as-you-go service","Free full-featured mobile app"],"description":"

    Square is the best low-fee credit card processing company because the only fee it charges for its basic 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 and individuals that don't process enough transactions to justify paying regular account fees each month.

    \r\n\r\n

    January 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\n

    April 2020: Square has partnered with Skillshare to offer its merchants a free three-month Skillshare membership. The companies also combined to develop three learning tracks designed for Square sellers: Sales & Marketing, Leadership & Management, and Business Operations. In addition, Square is waiving all software subscription fees for the month of April and refunding March subscription fees for its existing merchants who use Square Appointments, Loyalty, Marketing, Payroll, Restaurants, Retail, Square Online Store and Team Management.

    \r\n\r\n

    Square also has the best mobile credit card processing app. Not only does it allow you to accept payments, Square includes full-featured point-of-sale software that tracks inventory, manages customer information and runs sales reports. The app is free to use – all you pay for is processing. It works on both Apple and Android phones and tablets, and you can add more business features by subscribing to paid services like payroll and email marketing or by integrating with third-party applications you already use, such as accounting software.

    \r\n\r\n","descriptionTest":"","fullTitle":"Best for Growing Businesses","isFeaturedBestPick":false,"isJumpLink":false,"tabTitle":"Best for Growing Businesses","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\n

    Square 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\n

    Square 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\n

    You 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\n

    You 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\n

    Every 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\n

    We 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\n

    Check out our recommendations to help you choose the best POS system for your business.

    \r\n

    Pricing and Terms

    \r\n

    A 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\n

    Although 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\n

    Flat-Rate Processing Fees

    \r\n

    Square 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\n

    Card-Present Transactions

    \r\n

    For credit cards, debit cards and contactless payments that you accept in person, you'll pay one of the following fees:

    \r\n\r\n\r\n

    Card-Not-Present Transactions

    \r\n

    For 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\n\r\n\r\n\r\n

    Custom Rates Available

    \r\n

    To qualify, you must process more than $250,000 annually, and your average sales ticket must be larger than $15. 

    \r\n

    Terms

    \r\n

    Square 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\n

    No Account Maintenance Fees

    \r\n

    You 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\n

    Here's a list of fees you won't pay when you use Square as your processing company: 

    \r\n\r\n

    Optional Fees

    \r\n

    Although 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\n

    Features

    \r\n

    Even 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\n

    Easy Application and Setup

    \r\n

    It 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\n

    Keep 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\n

    Free Point-of-Sale Software

    \r\n

    The 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\n

    Here are some of the things it can do: 

    \r\n\r\n

    Square 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\n

    Processing Equipment Options

    \r\n

    You 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\n

    Here are the card readers Square offers:

    \r\n\r\n\r\n\r\n\r\n\r\n\r\n

    Financing 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\n

    Instant Deposit

    \r\n

    Square 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\n

    Chargeback Protection

    \r\n

    Square 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\n

    Additional Considerations

    \r\n

    Add-On Services

    \r\n

    You 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\n

    Here are some of the ancillary services available from Square. 

    \r\n\r\n\r\n

    Square 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\n

    For Square's retail and restaurant merchants that need advanced, industry-specific solutions, it offers the following alternatives to its point of sale app. 

    \r\n\r\n\r\n

    Online Processing Solutions

    \r\n

    If you want to accept credit cards online, Square gives you multiple options. 

    \r\n\r\n\r\n\r\n\r\n\r\n\r\n

    Business Financing

    \r\n

    Once 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\n

    Square 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\n

    Customer Support

    \r\n

    Square 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\n

    Limitations

    \r\n

    Square 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\n

    Some 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\n

    To 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.

    \r\n

    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-credit-card-processing&aff_sub4=revenue|QT&aff_sub3=deal|Impact-Radius&source=test&random_url=1","name":"QT Program"}},"thumbnail":{"path":"https://staging.business.com/images/rz/5d4b15a59c658aa8558b4578/square-logo.png"}}},{"bullets":["Transparent pricing ","Rate-lock guarantee","Low interchange-plus pricing"],"description":"

    Helcim is the best credit card processor for small businesses because it's very transparent with its pricing, posting its complete rates and fees online. This full-service 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\n

    Also, instead of charging a handful of standard fees like most full-service processors, 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 processors, Helcim provides its services on a month-to-month basis, so there are no early termination fees to worry about 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\n

    Visit our best picks page to see all our recommendations for credit card processing companies.

    \r\n

    Pricing and Terms

    \r\n

    Every 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\n

    Industry 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\n

    Here's a breakdown of Helcim's pricing and terms.

    \r\n

    Interchange-Plus Rates

    \r\n

    Helcim 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\n\r\n\r\n\r\n

    Helcim 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\n

    Credit Card Processing Fees

    \r\n

    Helcim'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\n\r\n\r\n\r\n

    You'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\n

    Here's a list of fees you won't pay with Helcim:

    \r\n\r\n

    Incidental Fees

    \r\n

    There are just two instances when you may be charged other fees:

    \r\n\r\n

    Processing Equipment Costs

    \r\n

    Helcim'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\n

    If 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\n

    Terms

    \r\n

    When 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\n

    Even 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\n

    Helcim 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\n

    Features

    \r\n

    Here are some of the features that are included with your account for no additional fees.

    \r\n

    POS App

    \r\n

    This 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\n

    Hosted Online Store and Payment Pages

    \r\n

    Your 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\n

    Online Food Ordering

    \r\n

    Restaurants 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\n

    QR Code Payments

    \r\n

    You can print and display your unique QR codes, which customers can then scan to pay. 

    \r\n

    Virtual Terminal

    \r\n

    With 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\n

    Customer Relationship Management and Customer Portal

    \r\n

    You 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\n

    Online Invoicing

    \r\n

    This 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\n

    Recurring Payments

    \r\n

    You 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\n

    Integrations

    \r\n

    Helcim 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\n

    Additional Considerations

    \r\n

    Here are more details about Helcim to keep in mind as you choose a processing service for your business.

    \r\n

    Application Process

    \r\n

    Helcim 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\n

    Security

    \r\n

    Helcim 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\n

    Customer Support

    \r\n

    The 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\n

    Limitations

    \r\n

    Helcim 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\n

    For 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\n

    Finally, 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":true,"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-credit-card-processing&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":["Flat-rate pricing","No monthly minimum","Pay-as-you-go service"],"description":"

    PayPal is the best low-volume credit card processor, because anyone can sign up for an account, making it an ideal choice for freelancers, solopreneurs, startups, and businesses that typically accept cash or checks 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. You can accept credit, debit and PayPal payments from customers online and in person.

    \r\n\r\n

    It's also the best Android mobile credit card 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 receipts by email or text, 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 for Low Sales Volume ","isFeaturedBestPick":false,"isJumpLink":true,"tabTitle":"Best for Low Sales Volume ","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\n

    A 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\n

    Pricing and Terms

    \r\n

    If 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\n

    PayPal 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\n

    Accepting credit card payments in person using PayPal Here

    \r\n\r\n

    To 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\n

    Accepting payments online or by invoice

    \r\n\r\n

    Accepting credit and debit card payments using a virtual terminal

    \r\n\r\n

    You'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\n

    Here are the fees you won't pay using PayPal:

    \r\n\r\n

    Incidental and Optional Fees

    \r\n

    PayPal 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\n

    Here are some more optional services that carry fees:

    \r\n\r\n

    Special pricing is available for certain business types:

    \r\n\r\n

    Terms

    \r\n

    There'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\n

    Features

    \r\n

    One 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\n

    Here are more features PayPal offers:

    \r\n

    Free Basic POS Software

    \r\n

    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. Here's what it can do:

    \r\n\r\n

    Card Reader Options

    \r\n

    PayPal 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\n\r\n

    PayPal Integrations

    \r\n

    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\n\r\n

    Online Payments

    \r\n

    PayPal 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\n\r\n

    Online Invoicing

    \r\n

    You 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\n\r\n\r\n

    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\n

    Additional Considerations

    \r\n

    Here'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\n

    Customer Service

    \r\n

    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 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\n

    Security

    \r\n

    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\n

    PayPal Business Debit Mastercard

    \r\n

    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\n

    PayPal Business Loan and PayPal Working Capital

    \r\n

    Eligible merchants can receive small business loans and working capital through PayPal.

    \r\n

    Drawbacks

    \r\n

    PayPal 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\n

    Another 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\n

    Following 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\n

    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 low-volume credit card processor.

    \r\n

    PayPal 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\n

    Visit 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\n

    Pricing and Terms

    \r\n

    If 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\n

    PayPal 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\n

    Accepting credit card payments in-person using PayPal Here:

    \r\n\r\n\r\n

    Accepting payments online or by invoice:

    \r\n\r\n

    Accepting credit and debit card payments using a virtual terminal:

    \r\n\r\n\r\n

    You'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\n

    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\n

    Here are the fees you won't pay using PayPal:

    \r\n\r\n

    Incidental 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\n

    Here are some more examples of optional services that carry fees:

    \r\n\r\n

    Special pricing is available for certain business types:

    \r\n\r\n

    Terms. 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\n

    Features

    \r\n

    One 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\n

    Here are more features PayPal offers

    \r\n

    Free 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\n

    Here's what it can do:

    \r\n\r\n

    Card 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\n

    Because 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\n

    The 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\n\r\n\r\n\r\n

    PayPal 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\n\r\n

    Online 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\n\r\n\r\n\r\n

    Online 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\n\r\n

    Accept 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\n

    PayPal 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\n

    Additional Considerations

    \r\n

    Here's additional information about PayPal to keep in mind as you decide which payment processing company is the best fit for your business.

    \r\n

    Customer 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\n

    Security. 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\n

    PayPal 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\n

    PayPal 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\n

    Drawbacks

    \r\n

    PayPal 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\n

    Another 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\n

    Following 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\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":"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":["Transparent pricing","Single monthly fee","Low interchange-plus pricing"],"description":".","descriptionTest":"","fullTitle":"Best for High Sales Volume","isFeaturedBestPick":false,"isJumpLink":true,"tabTitle":"Best for High Sales Volume","review":{"displayName":"Dharma Merchant Services","canonical":"https://staging.business.com/reviews/service-href/","id":"1a781828db1d3686732925598a34b736","url":"https://www.dharmamerchantservices.com/","review":{"pros":["It has some of the lowest interchange-plus rates and charges a single monthly fee.","It provides mobile processing and a virtual terminal with your account for no additional fee."],"cons":["You must process more than $10,000 per month to work with this processor."],"fullReviewTest":"

    We selected Dharma Merchant Services as the best credit card processor for businesses with high sales volume – more than $10,000 per month – because of its low rates, single monthly fee, high-quality customer service and lack of long-term contract. It also provides nice features, some at no additional cost, such as a virtual terminal, a mobile app, online payment links, and next-day funding for in-person sales.

    \r\n

    Pricing and Terms

    \r\n

    When you process a high volume of sales each month, you have a lot of options for credit card processing, and it's easier to find or negotiate lower processing rates. Sometimes, though, lower rates come with strings attached, like lengthy contracts or hidden fees. Dharma provides the lower rates without the strings: There's no long-term contract, as it provides service on a month-to-month basis, and there aren't any hidden fees, as its pricing is displayed in full on its website.

    \r\n

    Interchange-Plus Rates

    \r\n

    Dharma uses the interchange-plus pricing model for all of its merchants, which is the pricing model that industry experts recommend as the most cost-effective option for most businesses. In addition to posting its markup on its website, it provides samples of what the actual processing cost will be for different types of transactions with all fees added in: interchange, assessments and Dharma's margin.

    \r\n

    Here's what it costs to accept credit cards using Dharma Merchant Services:

    \r\n\r\n

    Credit Card Processing Fees

    \r\n

    Like other full-service credit card processors, Dharma Merchant Services charges a monthly fee. However, this is the only regular account fee you'll pay.

    \r\n\r\n

    Optional and Incidental Fees

    \r\n

    There are some incidental fees that every processor charges when they're triggered by certain actions. 

    \r\n\r\n

    Here's a list of the fees you won't pay with Dharma Merchant Services:

    \r\n\r\n

    Processing Equipment Costs

    \r\n

    Several brand-name payment terminals are available through Dharma, including the popular Clover POS systems. One of the things we like about Dharma is that it doesn't try to lure customers into signing lengthy contracts with \"free terminal\" offers or take advantage of customers with predatory leases (which are notorious in this industry). Instead, it charges fair prices and posts them clearly on its website. If you need financing, it offers interest-free payment plans over three months.

    \r\n

    According to Dharma's website, it only sells the current models of the terminals it offers to ensure that they are \"future-proofed\" (i.e., won't quickly become obsolete). If you already have a terminal, you may be able to continue using it if it's a current, unlocked model and Dharma is able to reprogram it.

    \r\n

    Here are some of the processing hardware models available and what they cost.

    \r\n\r\n

    Terms

    \r\n

    Dharma Merchant Services doesn't require you to sign a long-term contract; it provides service on a month-to-month basis. As such, there's no early termination fee.

    \r\n

    These are important considerations when you're working with a full-service credit card processor. Many others hold you to a standard three-year contract and charge hundreds of dollars (or more, if they have a liquidated damages clause) if you decide to close your account before the end of the terms – which can be tricky, since these contracts automatically renew and you have a very short window (usually 30 days) at the end of the term when you can cancel without penalty.

    \r\n

    Features

    \r\n

    As a full-service payment processing company, Dharma Merchant Services sets you up with your own merchant account. As such, it requires you to provide more information to set up your account than processors like Square or PayPal, and your online application must be approved. Dharma says it usually approves applications in two days, but some merchants can be approved the same day they apply.

    \r\n

    Here are some of the features Dharma Merchant Services offers:

    \r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n

    Customer Support

    \r\n

    This credit card processing company offers quality customer support, with a dedicated, U.S.-based support team and noncommissioned account managers. It offers 24/7 phone support, with after-hours calls directed to the company's back-end processor. You can also contact the company by chat and email.

    \r\n

    One thing we appreciate about Dharma is that the company lets you know upfront if it's a good match for your business – and if it's not, it recommends other solutions.

    \r\n

    If you prefer to figure things out yourself, the website has a searchable knowledgebase and a blog where you can find answers to your processing questions and instructions that walk you through certain features.

    \r\n

    Limitations

    \r\n

    Dharma Merchant Services is a great choice for merchants that process more than $10,000 each month, as its low rates can save you a lot of money – especially if you're only paying the monthly fee and don't require the optional services that cost extra. If you do need those extra services, the monthly cost can escalate quickly. When you're evaluating processors, you should include those costs in your pricing comparison to make sure that you'd still be getting a good deal.

    \r\n

    Also, like many processors, Dharma doesn't serve high-risk businesses. Before you go through the application process, verify with your sales rep that Dharma works with your business type and that your products or services don't violate its terms.

    ","fullReview":"

    Dharma Merchant Services is a San Francisco-based credit card processor that offers transparent pricing and doesn't charge a PCI-compliance fee. It offers only interchange-plus pricing, which is quickly becoming the industry standard. Dharma's rates of 0.25% + $0.10 per transaction are slightly better than average compared to the processors we reviewed. The monthly fee of $15 is a little higher than average, but it is offset by the lack of a monthly minimum and PCI-compliance fee. It's a good processor for small businesses that process more than $10,000 per month.

    \r\n

    If you process online transactions, Dharma's rates are higher than its retail rates, though still competitive. It charges a hefty gateway setup fee of $99, a monthly gateway fee and an additional gateway transaction fee of $.05 for each online sale. These extra costs make Dharma a less-attractive option if selling online is part of your business plan.

    \r\n

    Dharma Merchant Services is another processor that excels at transparency with its costs and fees, and it lists them all on its website. While this may seem to be a minor thing, many other processors don't include that information. Its website contains helpful information explaining interchange-plus pricing and other intricacies of the credit card processing industry.

    Applying for Dharma Merchant Services can be completed electronically through its website and only takes about 10 minutes. After you apply, the approval and account setup can take up to two days. Once you've signed up and begin processing, your funds can be deposited as quickly as the next business day or up to two business days. Both the setup time and account clearing time are average for the industry.

    \r\n

    Dharma's contract is month to month, so you won't be stuck in a long-term contract. If you choose to stop using Dharma's services, you have to pay a $25 closure fee, which is nominal compared to the early termination fees that some processors charge.

    \r\n

    We rated this processor well for the quality of customer service it provides. The customer service representatives we spoke with were well informed and were quick to provide answers to our questions. Dharma does not provide a dedicated account rep, a feature of other processors that we consider important.

    \r\n

    Dharma Merchant Services offers better-than-average rates, charges few fees and provides excellent transparency in an industry where it is often lacking. It is a sustainable, community-minded business that may be a good choice for like-minded merchants.

    "},"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.dharmamerchantservices.com/","name":""}},"thumbnail":{"path":"https://staging.business.com/images/rz/5ad79ee192a3a471218b456a/dharma.png"}}},{"bullets":["Flat-rate pricing ","Pay-as-you-go service","Easy integrations for platforms"],"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 businesses to use it, and its APIs allow larger businesses to create custom checkout forms and payment flows. There's no extra charge for its integrations, prebuilt forms and developer tools; for its basic payment services, all you pay are transaction fees.\r\n\r\n

    Like 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 transaction sizes.\r\n\r\n

    November 2019: Stripe has partnered with WordPress.com to make it easy for the platform's users to sign up for Stripe, and add its recurring payment buttons to their WordPress.com and Jetpack-powered sites. WordPress.com says there are just three steps to set it up, and it doesn't require the user to have any technical know-how to do so. Using Stripe, WordPress.com users can offer different subscription tiers and frequencies to their audience, which could be used to offer exclusive content through site memberships or ongoing subscriptions, or simply to accept recurring donations.","descriptionTest":"","fullTitle":"Best for Online Businesses","isFeaturedBestPick":false,"isJumpLink":false,"tabTitle":"Best for Online Businesses","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\n

    Stripe 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\n

    Pricing and Terms

    \r\n

    The 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\n

    Stripe 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\n

    Here's what you'll pay when you accept credit card payments online using Stripe Payments:

    \r\n

    Accepting Online Payments

    \r\n\r\n

    Accepting In-Person Credit Card Payments Using Stripe Terminal

    \r\n\r\n

    Stripe 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\n

    These are some of the incidental fees you may encounter while using Stripe:

    \r\n\r\n

    Here's a list of the fees you won't pay when you use Stripe as your online payment processing company:

    \r\n\r\n

    Optional Fees

    \r\n

    Stripe 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\n

    Payouts

    \r\n

    Once 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\n

    Most 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\n

    If 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\n

    Terms of Service

    \r\n

    Stripe 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\n

    Like 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\n

    Make sure that:

    \r\n\r\n

    As 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\n

    Features

    \r\n

    Stripe 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\n

    Stripe 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\n

    Here are some of the products and features Stripe offers.

    \r\n

    Integrations

    \r\n

    The 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\n

    Checkout

    \r\n

    The 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\n

    Stripe Elements

    \r\n

    If 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\n

    Stripe.js

    \r\n

    This 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\n

    Stripe Billing

    \r\n

    This 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\n

    It 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\n

    This 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\n

    Stripe Connect

    \r\n

    Stripe can provide payment services for marketplaces and platforms – onboarding users, managing payments, handling compliance issues, tax reporting and more.

    \r\n

    Stripe Terminal

    \r\n

    You 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\n\r\n

    Mobile Payment Options

    \r\n

    If 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\n

    Digital Wallet Support

    \r\n

    Stripe 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\n

    International Currency Support

    \r\n

    For 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\n

    Dashboard App

    \r\n

    Available 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\n

    Reporting

    \r\n

    You 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\n

    Additional Considerations

    \r\n

    Here's some additional information about Stripe to keep in mind as you select a payment processing company for your business.

    \r\n

    Security

    \r\n

    Stripe 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\n

    PCI Compliance

    \r\n

    Stripe 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\n

    Customer Support

    \r\n

    If 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\n

    Limitations

    \r\n

    Stripe 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\n

    Stripe doesn't provide inbound phone support. If you run into a problem while using the service, you'll have to email the company.

    \r\n

    As 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\n

    We 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\n

    Additionally, 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\n

    Visit our best picks page to see all of our recommendations for credit card processing companies. 

    \r\n

    Pricing and Terms

    \r\n

    The 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\n

    Stripe 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\n

    Here's what you'll pay when you accept credit card payments online using Stripe Payments. 

    \r\n

    Accepting Online Payments

    \r\n\r\n

    Accepting In-Person Credit Card Payments Using Stripe Terminal

    \r\n\r\n

    Stripe 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\n

    Incidental fees you may encounter while using Stripe include the following: 

    \r\n\r\n

    Here's a list of the fees you won't pay when you use Stripe as your online payment processing company: 

    \r\n\r\n

    Optional Fees

    \r\n

    Stripe 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\n

    Payouts

    \r\n

    Once 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\n

    Terms of Service

    \r\n

    Stripe 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\n

    Like 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\n

    You want to make sure that … 

    \r\n\r\n

    As 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\n

    Features

    \r\n

    Stripe 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\n

    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\n

    Stripe 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\n

    Here are some of the products and features Stripe offers. 

    \r\n

    Integrations

    \r\n

    The 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\n

    Checkout

    \r\n

    The 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\n

    Stripe Elements

    \r\n

    If 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\n

    Stripe.js

    \r\n

    This 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\n

    Stripe Billing

    \r\n

    This 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\n

    Stripe Connect

    \r\n

    Stripe can provide payment services for marketplaces and platforms, taking care of onboarding users, managing payments, handling compliance issues, tax reporting and more. 

    \r\n

    Stripe Terminal

    \r\n

    You 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\n\r\n

    Mobile Payment Options

    \r\n

    If 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\n

    Digital Wallet Support

    \r\n

    Stripe 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\n

    International Currency Support

    \r\n

    For 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\n

    Dashboard App

    \r\n

    Available 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\n

    Reporting

    \r\n

    You 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\n

     

    \r\n

    July 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\n

    Additional Considerations

    \r\n

    Here's some additional information about Stripe to keep in mind as you select a payment processing company for your business. 

    \r\n

    Security

    \r\n

    Stripe 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\n

    PCI Compliance

    \r\n

    Stripe 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\n

    Customer Support

    \r\n

     If 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\n

    Limitations

    \r\n

    Stripe 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\n

    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\n

    Here are some additional points to consider before signing up with Stripe. 

    \r\n"},"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://stripe.com/","name":""}},"thumbnail":{"path":"https://staging.business.com/images/rz/5ede46959c658a0d088b4575/stripe_logo.png"}}},{"bullets":["All-in-one POS system","Flexible plans","Flat-rate pricing"],"description":"Clover","descriptionTest":"","fullTitle":"Best Credit Card Processor for POS","isFeaturedBestPick":false,"isJumpLink":true,"tabTitle":"Best for POS","review":{"displayName":"Clover","canonical":"https://staging.business.com/reviews/clover-station/","id":"7ae981c6c793328e5d9507cffe228b67","url":"https://www.clover.com","review":{"pros":["Pricing starts at just $9.95 a month.","Hardware is widely available."],"cons":["You must use First Data as your merchant acquirer with Clover."],"fullReviewTest":"

    Clover is a one-stop shop for a small business's customer checkout needs, offering POS software and hardware as well as credit card processing. With Clover, you don't have to shop for different vendors to get top-of-the-line POS software and hardware and competitive credit card processing rates, making it our pick for best POS credit card processor.

    \r\n

    Credit card processing is just one aspect of running a business, whether it's a physical storefront or online. You also need a POS system to accept payments, manage inventory, and run reports. You get all that and more when you work with Clover.

    \r\n

    Clover offers a couple pricing plans for its POS system and its credit card processing, giving you a lot of choice and flexibility. We also like how your business can get bigger with Clover. You are charged a per-transaction rate to process credit card payments and can access its POS software for as little as $9.95 a month. If your business grows, Clover grows with you.

    \r\n

    Pricing and Terms

    \r\n

    The rate you pay for Clover's credit card processing depends on the POS software package you choose. This POS and credit card processor has a lot of options to meet the needs of businesses of all sizes. We like that Clover charges a flat rate for credit card processing, because it takes a lot of the surprise out of the costs to accept credit card sales. It might not benefit companies that process a high volume of credit card sales each month, though. In that case, you want a vendor that gives you a discounted rate based on volume.  

    \r\n

    Clover has two software plans for its POS systems and credit card processing. Register Lite is the entry-level plan, giving you access to several POS features. The Register plan has more extensive features for inventory, employee and customer management, and reporting.

    \r\n\r\n\r\n

    Clover's virtual terminal enables you to accept and process credit card payments without any hardware. You can accept credit and debit card payments from your Clover web dashboard; you'll pay the keyed-in rate for this service.

    \r\n

    Clover charges monthly for its plans. In order to cancel, you have to send the company written notice 30 days before your monthly payment date.

    \r\n

    Features

    \r\n

    Clover has the features of both a POS system and a credit card processor, which appeals to small businesses that want a one-stop shop for their customer-facing operations. Here are a couple additional features.  

    \r\n

    Merchant Cash Advance

    \r\n

    You can get a merchant cash advance through Clover Capital. Clover will advance you cash and take a percentage of your credit card and debit card sales each day until it is paid off. (There are fees associated with Clover Capital that you'll need to consider before taking the advance.)

    \r\n

    Payout

    \r\n

    Clover claims that most deposits will appear in your bank account the next day. Its Rapid Deposit service enables you to get the money from your credit card sales in minutes instead of the standard one or two days; Clover charges a 1% fee for this feature.

    \r\n

    Additional Considerations

    \r\n

    Application Process

    \r\n

    Clover doesn't have an online application; rather, you click on a button to chat with a sales rep in your area now or schedule an appointment to speak at a later date. There's a handy online calendar that lets you schedule a time for the call. You can also call the sales department directly. The initial sales call takes about 30 minutes. The Clover sales rep will go over your business and needs to determine the best solution for you.

    \r\n

    Customer Service

    \r\n

    Clover provides customer support by phone or email 24/7. It also has live help available on its website and POS devices.

    \r\n

    Limitations

    \r\n

    Clover gives you both a robust POS system and credit card processing, but that doesn't appeal to all small business owners. If you already have a POS system, you might not want to switch to Clover's just so you can use the company as your credit card processor – and Clover requires you to use its POS hardware in order to use its service.

    \r\n

    While Clover lists some of its pricing online, you have to contact a sales rep to get all the details, and the lack of an online application might also give some small businesses pause. The need to contact a sales rep for both of these steps might slow down your research process. Before you sign up with this credit card processor, make sure you discuss all the possible fees and terms with your local sales rep.

    ","fullReview":"

    As a business owner, there are endless options to choose from when it comes to point-of-sale (POS) systems. But if you run a restaurant, you know how important it is to choose a POS system that caters to the restaurant industry's unique needs. That's exactly what you get with Clover POS. With Clover, you'll have the hardware and software you need to manage customer orders, create a contactless experience for your guests, and accept all different types of payments.

    \r\n

    When you sign up with Clover, you'll choose the hardware and software you need to run your restaurant. The packages are fully customizable, and you can upgrade as your business expands. Clover can help your restaurant adapt to things like contactless payments, online ordering and curbside pickup. And since problems come up outside of normal business hours, Clover provides 24/7 live support.

    \r\n

    Check out our best picks page for a comprehensive list of our POS recommendations for businesses.

    \r\n

    Clover Pricing and Terms

    \r\n

    In 2012, Clover was founded in Sunnyvale, California. Not long after the company launched, it was acquired by First Data Corporation, one of the largest merchant services providers in the world. When you sign up for an account with Clover, First Data will provide your merchant account.

    \r\n

    If you choose Clover as your POS system, you can expect to pay a monthly subscription fee, hardware costs, and payment processing fees.

    \r\n

    Here is an overview of how these costs break down.

    \r\n

    Software

    \r\n

    Clover offers the following two subscription plans to choose from:

    \r\n\r\n\r\n

    Hardware

    \r\n

    You have plenty of options for hardware with Clover. Here is an overview of what you'll receive and what you can expect to pay.

    \r\n\r\n\r\n\r\n\r\n\r\n

    Clover Features

    \r\n

    Clover comes with all the basic features that you need in a POS system, like the ability to accept payments and manage your sales, but it also offers many advanced features that will help you run your restaurant with more ease.

    \r\n

    Reporting

    \r\n

    Clover POS comes with powerful analytics that give you insight into what's going on in your business. You can use the software to track your sales and use the reporting feature to see things like your best-selling menu items and the days and times when your restaurant is the busiest.

    \r\n

    All of this information is available on the mobile dashboard app so you can check in on your business from anywhere. The software integrates with popular accounting apps like QuickBooks and Xero.

    \r\n

    Employee Management

    \r\n

    Your restaurant can't function without your employees, which is why it's important to manage them effectively. And you can do just that with Clover POS. The software allows you to set schedules, swap shifts, and manage time-off requests.

    \r\n

    Plus, you can implement tip pooling or a revenue-sharing model for employees. You can also use the software to calculate commissions for your entire staff or for individual employees. Clover integrates with the payroll app Gusto to do things like calculate taxes and set up employee benefits with less hassle.

    \r\n

    Payments

    \r\n

    All restaurants need a way to accept customer payments, and Clover provides multiple ways to do this. You can use the POS system to swipe credit card payments, accept EMV chip cards, and enable contactless payments. Because some customers prefer to pay in cash, you have the option to add a cash drawer. Clover lets you scan paper checks as electronic payments.

    \r\n

    \"FYI\"FYI: Customers can order online for curbside pickup or in-person dining. Currently, Clover doesn't charge any fees for its online ordering feature.

    \r\n

    Online Ordering

    \r\n

    Increasingly, many guests prefer to place their orders online. With Clover, you can set up a digital menu and accept contactless payments.

    \r\n

    To help you get started, the company will set up an online ordering page for your website. Any changes you make to your restaurant hours or menu options automatically show up for customers placing online orders.

    \r\n

    Customers can order online for curbside pickup or in-person dining. Currently, Clover doesn't charge any fees for its online ordering feature. 

    \r\n

    Customer Management

    \r\n

    Not only can you use Clover to manage your restaurant and staff, but you can use the software to manage your relationship with your guests and build customer loyalty. Clover's customer engagement platform lets you solicit feedback directly from your customers and proactively address their concerns.

    \r\n

    You can also use the software to create customer profiles, send birthday rewards and email personalized offers to your customers. With Clover, it's possible to implement a points-based rewards system that encourages patrons to visit more often and spend more.

    \r\n

    Gift Cards

    \r\n

    If you want to offer physical and digital gift cards to your customers, you can with Clover. If you decide to order physical gift cards, you can choose from over 70 design templates or create your own custom gift card.

    \r\n

    It's also easy for customers to buy and send digital gift cards, and they can be redeemed on any smartphone. Customers can track their gift card balance from their mobile phones, eliminating the need to print receipts. Clover's software makes it easy to track gift card sales and redemption rates.

    \r\n

    \"DidDid you know: Clover POS was designed with the restaurant industry in mind, so the software helps address many of the unique challenges restaurant owners face.

    \r\n

    Clover Advantages

    \r\n

    Here is what we particularly liked about Clover's POS solution for restaurant owners.

    \r\n\r\n\r\n\r\n\r\n

    \"Tip\"Tip: If you're wondering whether Clover is the best choice for your business, you can try the product for free for 30 days.

    \r\n

    Clover Limitations

    \r\n

    Clover's biggest drawback is that it charges a monthly service fee for payment processing even if you don't process any payments in a given month. Additionally, you must pay for Clover-compatible hardware if you don't already own it, increasing the upfront expense of setting up the system.

    \r\n

    If you're looking for an intuitive and highly functional POS system, Clover is a great choice. In terms of hardware, there are plenty of options to choose from, and at a variety of price points. The setup is fairly easy, and you can begin accepting payments immediately. Clover's software has all the basic features that restaurant owners need. The POS system makes it easy to accept payments, take online orders, manage your staff, and build customer relationships.

    \r\n

    If you're wondering whether Clover is the best choice for your business, you can try the product for free for 30 days.

    "},"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.clover.com","name":""}},"thumbnail":{"path":"https://staging.business.com/images/rz/5f43d6647b4374274f8b4567/clover_logo.png"}}},{"bullets":["Membership-based pricing","Wholesale rates","No termination fees"],"description":".","descriptionTest":"","fullTitle":"Best High-Volume Credit Card Processor","isFeaturedBestPick":false,"isJumpLink":true,"tabTitle":"Best for High Volume","review":{"displayName":"Payment Depot","canonical":"https://staging.business.com/reviews/payment-depot-credit-card-processing/","id":"e3f4125b2e41f2e7b8b0afb2a6f071f9","url":"https://paymentdepot.com/","review":{"pros":["Payment Depot offers membership pricing with wholesale rates.","You're not required to sign a lengthy contract."],"cons":["Payment Depot's services can be expensive if your processing volume isn't high."],"fullReviewTest":"

    Payment Depot is one of the few credit card processing companies to offer membership-based pricing with wholesale rates. In addition to its competitive rates, there are no lengthy contracts and no early termination fees – Payment Depos is our pick as the best high-volume credit card processor.  

    \r\n

    When it comes to credit card processing, transparency is very important. Payment Depot clearly posts its pricing, fees, processing equipment costs and information about its terms on its website. It offers several plans to serve businesses of all sizes, providing online, in-person, and mobile processing to businesses in many industries, including B2B, professional services, restaurant, and retail. For merchants who have a high volume of credit card sales each month, Payment Depot can save them money, thanks to its wholesale rates.

    \r\n

    Pricing and Terms

    \r\n

    Payment Depot uses a membership-based pricing model – customers pay a flat rate each month and then a small per-transaction fee. It doesn't charge a setup fee or many of the other account fees other processors charge, such as monthly fees. (All of that is included in the monthly membership fee.) For companies that sell online, Payment Depot doesn't charge a separate gateway fee. There is a $15 chargeback fee and a PCI noncompliance fee.

    \r\n

    The per-transaction fee is a small, flat fee that is specific to the plan you choose. Payment Depot's plans are based on the dollar amount of transactions your business processes each month. Unlike other processors, Payment Depot doesn't add a markup percentage to the wholesale rate. There is no monthly minimum, but if your monthly processing volume is less than $2,500, Payment Depot may refer you to Square or PayPal, as they may be more cost-effective processing solutions for your business. The company claims that on average it saves its customers $400.

    \r\n

    Here's an overview of what it costs to accept credit cards with Payment Depot's plans.

    \r\n

    The Basic plan has a monthly processing volume limit of $25,000. Businesses pay:

    \r\n\r\n

    The Most Popular plan has a monthly processing limit of $75,000. Under this plan, businesses pay:

    \r\n\r\n

    The Best Value plan has a monthly processing limit of $200,000. You'll pay:

    \r\n\r\n

    The Premier plan has no monthly processing limit. Businesses pay:

    \r\n\r\n

    Custom plans are also available from Payment Depot, but you'll have to contact the company to get information.

    \r\n

    Terms

    \r\n

    There are no long-term contracts with Payment Depot, which is another attribute we like. Its credit card processing services are on a month-to-month basis, and there's no cancellation fee if you close your account and go with a different processor.

    \r\n

    If you pay the membership fee upfront at the annual rate but decide to switch processors before the one-year mark, Payment Depot will refund you a prorated portion of the fee. Payment Depot also offers a 90-day trial if you pay annually. If you decide during this time that Payment Depot isn't for you, your membership fee is refunded.

    \r\n

    Features

    \r\n

    Payment Depot sets you up with a merchant account and supports in-store, mobile, and online payment processing. If you want to accept payments both online and in person, you'll need to open a separate merchant account, which is a common requirement among several credit card processing service providers.

    \r\n

    Payout

    \r\n

    It takes one to two business days for funds to be deposited in your account after you batch out your transactions. This is average, too, among processing companies.

    \r\n

    Additional Considerations

    \r\n

    When you sign up for an account with Payment Depot, you are assigned a dedicated account rep who is your primary point of contact. The company's business hours are Monday to Friday, 8 a.m. to 5 p.m. PST, but it offers 24/7 phone support.

    \r\n

    Application Process

    \r\n

    Payment Depot requires potential customers to call the company or fill out an online form to get a call back so you can apply to become a member. There are some qualification requirements to become a member, however. You must have a personal FICO credit score of 500, be in business for six months or more, and have a minimum of $15,000 in gross monthly revenue over the last three months.

    \r\n

    If you meet all of these requirements and want to apply to become a member, the application takes about 10 minutes to complete. Once you've submitted it to Payment Depot, you should have an answer in one to two business days.

    \r\n

    Limitations

    \r\n

    Payment Depot charges a lower per-transaction fee, but you need to ensure it outweighs the monthly fee. If you have irregular credit card sales and have some months where you process a low volume of credit card transactions, Payment Depot may not be the best credit card processor for you.

    \r\n

    In addition, Payment Depot isn't available for all industries. If you operate a high-risk business, you may not get approved for an account with Payment Depot. Before applying for an account, check its list of prohibited businesses to make sure it works with businesses in your industry.

    ","fullReview":"

    Payment Depot is one of the few credit card processors that offers membership-based pricing with wholesale rates. It doesn't require you to sign a lengthy contract, and there are no early termination fees, which gives your business more flexibility if you choose to make changes. 

    \r\n

    When selecting a credit card processing service, pricing transparency is an important consideration. Payment Depot clearly posts its pricing, fees, processing equipment costs and information about its terms on its website. It offers a range of plans to serve businesses of all sizes, and provides online, in-person and mobile processing to business in many industries, including B2B, professional services, restaurant and retail. 

    \r\n

    Visit our best picks page to see all our recommendations for credit card processing companies. 

    \r\n

    Pricing and Terms

    \r\n

    Payment Depot uses a membership-based pricing model. This is different from most of the other payment processing services we reviewed as the only account fee it charges is a membership fee. Then, for each transaction, it charges a small per-transaction fee over the wholesale rate (the interchange and assessment fees set by the credit card networks that everyone pays). 

    \r\n

    It doesn't charge a setup fee or many of the additional account fees that are common in the industry, such as monthly fees and PCI-compliance fees, as these are included as part of the membership fee. If you're an online merchant, there's no separate payment gateway fee as this is also included. There is a $15 chargeback fee. There's also a PCI noncompliance fee, but it would only apply if you fail to establish your PCI compliance. 

    \r\n

    The per-transaction fee is a small, flat fee that you pay for each sale you process. The cost of it varies depending on the plan you choose, which is based on the dollar amount of transactions your business processes each month. Unlike other processors, Payment Depot doesn't add a markup percentage to the wholesale rate. 

    \r\n

    There is no monthly minimum, but if your monthly processing volume is less than $2,500, Payment Depot may refer you to Square or PayPal as they may be more cost-effective processing solutions for your business. 

    \r\n

    Here's an overview of what it costs to accept credit cards with Payment Depot's plans. 

    \r\n

    The Basic plan has a monthly processing volume limit of $25,000.

    \r\n\r\n

    The Most Popular plan has a monthly processing limit of $75,000.

    \r\n\r\n

    The Best Value plan has a monthly processing limit of $200,000.

    \r\n\r\n

    The Premier plan has no monthly processing limit.

    \r\n\r\n

    Custom plans are also available from Payment Depot. You can call the company to discuss your business's specific needs with a sales rep who can work with you to create a custom processing solution. 

    \r\n

    Terms

    \r\n

    Payment Depot provides its credit card processing services on a month-to-month basis, and there's no cancellation fee if you choose to close your account and go with a different processor. 

    \r\n

    If you pay the membership fee upfront at the annual rate but decide to move on before that period ends, you'll be refunded a prorated portion of the fee. Payment Depot also offers a 90-day trial if you pay annually, so you can get your membership fee back if you decide during the first 90 days after account approval that this isn't the right processor for your business. 

    \r\n

    Features

    \r\n

    Payment Depot sets you up with a merchant account and supports in-store, mobile and online payment processing. If you want to accept payments both online and in-person, you'll need to open a separate merchant account, which is a common requirement across credit card processing service providers. 

    \r\n

    Application Process 

    \r\n

    Once you decide to work with Payment Depot, you'll need to fill out an application and wait for your account to be approved. The company estimates that the online application takes about 10 minutes to complete. After you submit it, along with accompanying documents, it takes between one and two days for the provider to approve your application. 

    \r\n

    Payout

    \r\n

    Once you begin processing transactions, you can expect it to take between one and two business days for funds to be deposited in your account after you batch out. This is a standard amount of time among processing companies for funds to clear the account. 

    \r\n

    Additional Considerations

    \r\n

    An important aspect of choosing a processor is the quality of support you receive. The customer support staff we spoke with were knowledgeable about the processing rates and fees, and helped explain the pricing structure. The agents also followed up with us multiple times, both through phone and email. When you sign up for an account with Payment Depot, you are assigned a dedicated account rep who is your primary point of contact. The company's normal business hours are Monday to Friday, from 8 a.m. to 5 p.m. PST, but it also offers 24/7 phone support. 

    \r\n

    Limitations

    \r\n

    Payment Depot can save you money if your monthly processing volume is high enough, but if you have low or irregular monthly volume, the savings on rates may not compensate for the higher membership fee. You're going to need to do some math to figure out if this pricing model is cost-effective for your business. As part of your calculations, keep in mind that each plan has different processing limitations. 

    \r\n

    This account provider doesn't work with businesses in high-risk industries. Before applying for an account, you'll want to check its list of prohibited businesses to make sure it works with businesses in your industry.

    \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":"widget","widgetId":"10134","widget":{"id":"10134","cta":"Compare Quotes","isExclusive":false},"affiliate":{"cta":"Visit Site","link":"https://paymentdepot.com/","name":""}},"thumbnail":{"path":"https://staging.business.com/images/rz/5d532e285a215e0a108b4574/pd-logo.png"}}},{"bullets":["Low transaction rates","Rate-lock guarantee","No monthly minimum"],"description":".","descriptionTest":"","fullTitle":"Best for Low Transaction Rates ","isFeaturedBestPick":false,"isJumpLink":true,"tabTitle":"Best for Low Transaction Rates ","review":{"displayName":"National Processing","canonical":"https://staging.business.com/reviews/service-href/","id":"2bb7a763e22219e6902541f470dca2b4","url":"http://nationalprocessing.com/","review":{"pros":["National Processing has low interchange-plus rates.","Customers receive a rate-lock guarantee that ensures their rates don't increase."],"cons":["National Processing charges a PCI compliance fee."],"fullReviewTest":"

    We chose National Processing as the best credit card processor for low transaction rates because it charges interchange-plus rates that are lower than rivals, and it has a rate-lock guarantee, which means you won't pay more during your contract. There's no monthly minimum processing requirement, its fees are minimal, and National Processing works with both new and established businesses.

    \r\n

    Pricing and Terms

    \r\n

    When it comes to credit card processing and its associated rates, fees, and equipment costs, there is a lot for small businesses to pay attention to. National Processing makes it easier, offering transparent pricing on its website.

    \r\n

    National Processing offers three rate plans, which all cost $9.95 per month plus:

    \r\n\r\n

    National Processing offers plans for businesses that process a high volume of payments each month. We like the fact that National Processing is transparent about its pricing. In addition to disclosing its rates and fees, it has a hypothetical example on its website showing how much in fees you will pay for a $100 transaction using three different types of Visa cards.  

    \r\n

    National Processing's rate-lock guarantee is a big bonus. There's no chance your rate will increase, which is a plus.  

    \r\n

    Fees

    \r\n

    National Processing charges various account fees, but they are reasonable and, with a couple of exceptions, are in keeping with the fees other card processors charge. Here's National Processing's recurring fees:

    \r\n

    Monthly Fee

    \r\n

    National Processing charges a $10 monthly fee, which covers the costs of customer support and account maintenance.

    \r\n

    PCI Compliance Fee

    \r\n

    Rather than charge clients an annual fee, National Processing has prorated the PCI compliance fee, charging $10 per month, which may make it more tolerable for some merchants.

    \r\n

    PCI Noncompliance Fee

    \r\n

    When you process cards, there are certain requirements you need to follow to ensure that you are protecting cardholder data. For each month that fail to provide proof of PCI compliance, your account will be charged $99.

    \r\n

    ACH Processing Fee

    \r\n

    For transactions involving automated clearinghouse payments, National Processing charges $15 per month + $0.48 per transaction. Transactions over $5,000 cost 1.5%.

    \r\n

    AVS Fee

    \r\n

    Address verification is an anti-fraud tool that verifies that the billing address matches the on-file address of the cardholder. National Processing charges $0.05 per transaction.

    \r\n

    Batch Fee

    \r\n

    You pay $0.10 when you close out the day's transactions.

    \r\n

    Voice Authorization Fee

    \r\n

    This anti-fraud tool is triggered when your customer's bank detects something suspicious about a transaction and wants to verify the customer is the cardholder. If a customer's identity needs to be identified, you will be charged $2.50.

    \r\n

    Retrieval Fee

    \r\n

    You pay $7 if you need National Processing to retrieve a sales draft as proof of a transaction, such as your customer's bank might ask for as part of a chargeback dispute.

    \r\n

    Chargeback Fee

    \r\n

    In the event a customer initiates a charge, National Processing will levy a $19.95 fee on your account.

    \r\n

    Here are fees you won't pay with National Processing:

    \r\n\r\n

    Early Termination Fee

    \r\n

    National Processing charges an early termination fee of $595.

    \r\n

    Processing Equipment Costs

    \r\n

    National Processing sells Clover card readers and POS systems, but pricing isn't listed online. It also sells other hardware, but you'll need to speak with a sales rep to find out more.

    \r\n

    Features

    \r\n

    National Processing is a full-service credit card processing company that gives you a merchant account. Because of this, you're required to provide more information as part of your application. According to National Processing, the approval process takes a couple of days once you've submitted the online application.

    \r\n

    Once you are approved, there are several features you get when working with National Processing, including:

    \r\n\r\n

    Customer Support

    \r\n

    National Processing will pair you with a dedicated account executive who can be reached Monday through Friday from 8:30 a.m. to 5:30 p.m. MT. You can also reach your account rep by email. National Processing provides tech support 24/7 and live chat.

    \r\n

    Limitations

    \r\n

    National Processing has low interchange-plus pricing, making it our best pick for low transaction rates. However, there are a few drawbacks you need to consider.

    \r\n

    While National Processing is very transparent about its rates, it doesn't list the prices for its Clover hardware on its website. You will need to contact the company to obtain specific pricing for the hardware items you are interested in.

    \r\n

    The PCI noncompliance fee is another drawback of working with National Processing. Finally, should you have to terminate your contract with National Processing before your contract is up, the fee is quite high, too.

    ","fullReview":""},"pricing":{"isCapped":false,"isFeatured":false,"primary":true,"selected":"widget","widgetId":"10134","widget":{"id":"10134","cta":"Compare Quotes","isExclusive":false},"affiliate":{"cta":"Visit Site","link":"http://nationalprocessing.com/","name":""}},"thumbnail":{"path":"https://staging.business.com/images/rz/602143997b4374c9598b4567/natlprocess_logo.png"}}}]},{"__typename":"SectionWidget","id":"get-a-quote","isInToc":false,"type":"widget","title":"Find the Right Credit Card Processing Service for Your Business","widget":{"widgetId":"10134"}},{"__typename":"SectionOurApproach","id":null,"isInToc":false,"type":"ourapproach","isActive":null,"ourapproach":{"isClonable":false,"servicesConsidered":"101","servicesTested":"33","servicesSelected":"8","linkText":"How we evaluate products and services","linkUrl":"mailto:editor@business.com"}},{"__typename":"SectionContainer","id":"compare-our-best-picks","isInToc":true,"type":"container","title":"Compare Our Best Picks","container":{"isBuyingGuide":false,"html":"\n\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\n\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\n\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\n\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\n\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\n\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\r\n\n
     HelcimSquarePayPalDharma Merchant ServicesStripeCloverPayment DepotNational Processing
    Transparent pricingYesYesYesYesYesYesYesYes
    Pricing modelInterchange-plusFlat rateFlat rateInterchange-plusFlat rateFlat rateFlat rateFlat rate
    Monthly feesYesNoNoYesNoYesNoYes
    Contract lengthMonth to monthPay as you goPay as you goMonth to monthPay as you goMonth to monthMonth to monthMonth to month
    24/7 phone supportYesNoYesYesCall back onlyYesYesYes
    "}},{"__typename":"SectionReviews","id":"our-reviews","isInToc":true,"type":"reviews","title":"Our Reviews","reviews":[{"title":"Merchant One"},{"title":"Square"},{"title":"Fattmerchant"},{"title":"Helcim"},{"title":"Flagship Merchant Services"},{"title":"Stripe"},{"title":"Payline"},{"title":"PayPal Credit Card Processing"},{"title":"Chase Merchant Services"},{"title":"Payment Depot"},{"title":"Clover"}]},{"__typename":"SectionBuyingGuide","id":"credit-card-processing-rates","isInToc":true,"type":"buying-guide","title":"Buying Guide","containers":[{"title":"Credit Card Processing Rates","html":"\n

    Credit card processing rates are typically expressed as a percentage of the sale plus a small per-transaction fee. Most rates average 2% to 4% of each transaction. The processor considers several factors to determine the processing fees it charges you, including your monthly processing volume, your average ticket size, your business's industry and your processing history. It may also consider your business and personal credit.

    \r\n

    The credit card processing industry is very competitive. Companies want to work with you, especially if you've been in business a few years and process a high volume of payments each month. Many are open to negotiating a deal with you and advertise that they're willing to meet or beat your current rates. But first, you need to understand what costs go into credit card processing rates and which are negotiable. All rates have three parts:

    \r\n\n

    Here's why you need to know this information:

    \r\n\n

    Second, you need to identify which pricing model is best for your business. For most businesses, industry experts recommend interchange-plus pricing, but credit card processing companies prefer tiered pricing because they make more money with it. Some processors give you a choice of pricing models and may allow you to switch so you can evaluate for yourself which one provides the best savings for your business. Here are the three most common:

    \r\n

    Credit Card Processing Pricing Models

    \r\n\n\n\r\n\r\n\r\n\n\n\r\n\r\n\r\n\n\n\r\n\r\n\r\n\n\n\r\n\r\n\r\n\n
    Tiered pricingInterchange-plus pricingFlat-rate pricing
    \r\n

    Most plans include the following tiers, with different rates for debit and credit cards at each tier.

    \r\n
      \n
    • Qualified rate: Regular cards, swiped
      • \r\n
    • Mid-qualified rate: Rewards, swiped
      • \r\n
    • Non-qualified rate: Premium rewards, swiped rewards, keyed
      • \r\n
    \n    		\r\n

    Interchange-plus pricing has two parts:

    \r\n
      \n
    • Wholesale rate (interchange and assessment). These are not negotiable.
      • \r\n
    • Processor's markup (the percentage and per-transaction fee). You may be able to negotiate this part of the rate.
      • \r\n
    \n    		\r\n

    Flat-rate pricing is expressed as one of the following:

    \r\n
      \n
    • Flat percentage of the transaction
      • \r\n
    • Flat percentage plus a per-transaction fee
      • \r\n
    \n
    \r\n

    It's hard to know how much you're paying the processor – or if you're overpaying – because each processor decides which rates go into each tier.

    \r\n    		\r\n

    You can see the processor's markup, which makes it easier to determine if you're getting a good deal. This is usually the most cost-effective pricing model.

    \r\n    		\r\n

    Flat rates are higher than the prices in the other models but may save you money, because most have no additional fees and no contract.

    \r\n
    \r\n

    This pricing model is a good choice if your customers prefer paying with debit cards.

    \r\n    		\r\n

    This is the pricing model most experts recommend for small businesses.     

    \r\n    		\r\n

    This is the best pricing model for businesses with small tickets or low monthly volume.

    \r\n
    \n

     

    \r\n

    Tiered Pricing

    \r\n

    This is the most common pricing model, but it's widely criticized by industry experts because it's not as transparent as interchange-plus pricing. It attempts to simplify the interchange table by combining interchange rates, assessment fees, and markups and then sorting them into tiers. Tiered pricing is also referred to as \"bundled pricing\" or \"bucket pricing.\"

    \r\n

    Most processors categorize these tiers as qualified, mid-qualified, and non-qualified transactions, although some plans may have only two or up to six tiers, with separate rates for credit and debit cards. The factors that determine the transaction category include the type of card (whether it's debit or credit and if it's a regular, rewards, corporate, government-issued, or international card) and how the transaction is processed (whether you accept the card in person using a card reader, accept it online or manually key it in). Some processors have a special lower rate for PIN debit transactions.

    \r\n

    Critics note a variance between processors as to which interchange rates fall into each tier, which makes it difficult to compare pricing between services. We found this to be true in our research, as some processors categorize rewards cards as mid-qualified and others define them as non-qualified. This variance in tier categorization, sometimes referred to as \"inconsistent buckets,\" makes it difficult to determine how much you can expect to pay above the set costs for your processing.

    \r\n\n

    Interchange-Plus Pricing

    \r\n

    Most industry experts prefer this model because it promotes pricing transparency. The interchange-plus pricing model may also be called \"pass-through pricing\" or \"cost-plus pricing,\" because the processor passes the interchange rates and assessment fees to you at cost and adds a markup.

    \r\n

    The processor's markup stays the same no matter what card type your customers pay with, so you can see how much you're paying the processor. This makes it easier to spot savings when you're comparing services. Plus, many of the companies that offer interchange-plus pricing post their rates on their websites, which saves you time in gathering rates from the companies you're interested in learning about.

    \r\n\n

    Flat-Rate Pricing

    \r\n

    This is the simplest pricing model. Most processors that use this model charge a fixed percentage rate for each sale, regardless of card type. Alternatively, some processors charge a fixed percentage rate and a per-transaction fee. There are usually different rates for cards accepted in person and online.

    \r\n

    Mobile credit card processing companies commonly use this pricing model. There are typically no monthly or annual fees, making it a good option for small businesses that don't process enough transactions to cover these costs. Most of the time, the only other fee is a chargeback fee, which is only triggered when a customer disputes a transaction.

    \r\n\n"},{"title":"Credit Card Processing Fees ","html":"\n

    In addition to processing rates, you'll pay various fees to whichever credit card processor you choose. Some of these are one-time or per-occurrence fees, and others are charged monthly or annually.

    \r\n

    It's important to read through the application and the terms of service to learn about the fees that accompany your small business credit card processing account. For a complete list and explanation of fees, including nonstandard fees that you should never pay, see our small business guide to credit card processing fees.  

    \r\n

    COMMON CREDIT CARD PROCESSING FEES

    \r\n

    Most credit card processing companies charge these recurring fees:

    \r\n\n

    These fees are also common but only charged per occurrence:

    \r\n\n

    FEES TO AVOID

    \r\n

    Some processors charge a variety of miscellaneous fees in addition to the standard fees listed above. Some of the worst are cancellation fees, club or membership fees, and fees for what the contract vaguely defines as \"additional services.\"

    \r\n

    Hidden Fees

    \r\n

    Again, it's important to read the entire contract before you sign anything to make sure there aren't any fees tucked away in the fine print. As you read the contract, note every fee it lists. Then, before you sign the contract, ask your sales rep what each fee is for, how much it costs, how frequently it's charged and if it can be waived. If the sales rep agrees to waive a fee, be sure to get this in writing, either in the contract or as an addendum.

    \n"},{"title":"What Credit Card Processing Features Do You Need?","html":"\n

    No matter which credit card processing service you select, you should expect it to provide the basic services that you need to accept payments. The processor should:

    \r\n\n

    In addition to these criteria, we considered the following factors to evaluate each processing company:

    \r\n\n"},{"title":"Benefits of Using Credit Card Processing","html":"\n

    The main benefit of credit card processing is that it allows you to accept credit and debit cards and, in many instances, mobile wallets like Apple Pay and Google Pay. Acceptance of these types of payments is increasingly important for nearly every type of business, as many customers don't carry cash anymore.

    \r\n

    How does credit card processing help with business finances?

    \r\n

    In addition to preventing loss of business from customers who prefer to pay with cards, credit card processing helps you analyze your sales. Most services either connect with a POS system or provide an online dashboard that lets you run detailed reports on your sales. Many also integrate with accounting software, which saves you the effort of manually entering transaction data and reduces the risk of error due to manually entered data.

    \r\n

    What are the other benefits of credit card processing?

    \r\n

    Another important benefit is that credit card processors make it easy to accept payments across multiple sales channels.

    \r\n\n"},{"title":"Contracts","html":"\n

    When you ask a processor to send you the contract to look over, the rep usually sends a \"merchant application,\" \"merchant agreement\" or even a \"pre-application form\" for you to fill out. The term \"application\" is misleading, because it's actually part of the contract, and signing the application is signing the contract.

    \r\n

    Although some applications include the terms and conditions and act as a full contract, most don't. Some applications include links in the fine print to the terms and conditions and the program guide, but in most cases, you'll have to specifically ask your rep for these additional documents.

    \r\n

    You want to read the full contract so you know exactly what you're agreeing to and can verify that the rates, fees and terms you were quoted are accurate.

    \r\n\n

    When you receive the program guide, you may feel overwhelmed at the thought of reading it, because these documents are often more than 50 pages long and delve into the minutiae of processing. However, you don't want to sign the application until you've read it all, because it contains important details that can cost you money. For example, it often provides information on early termination fees and the instructions you need to follow if you cancel your account, which may include providing a written notice to the processor within a certain timeframe.

    \r\n

    Here are some factors to look for as you review contracts.

    \r\n

    TERM LENGTH

    \r\n

    The industry is shifting away from three-year contracts in favor of month-to-month agreements, and all the best processors offer this as an option. A processor should be confident enough in the quality of its service and the competitive value of its pricing that it doesn't require its customers to sign lengthy contracts.

    \r\n

    The only exception that justifies a contract is if you accept free equipment, in which case it's reasonable for a company to expect you to remain a customer long enough for it to recoup its costs. We recommend purchasing your equipment instead, so you can avoid long-term contracts, but if you decide to sign a contract for this reason, the contract term length shouldn't be excessive, and the contract shouldn't automatically renew for additional lengthy terms. For example, a reasonable term would be no longer than a year with a month-to-month renewal. An excessive contract would span three years or longer and renew for additional two-year terms.

    \r\n

    Even if the processor advertises (or the sales rep tells you) that the service plan is month to month and there are no cancellation fees, it's still important for you to read the contract and make sure this information is consistent with what the contract says.

    \r\n\n

    AUTOMATIC RENEWALS

    \r\n

    If, for some reason, you choose a company with a traditional three-year contract, be aware that these contracts typically automatically renew for additional one- or two-year terms. It's worth your time to ask for a waiver that puts you on a month-to-month plan after the initial term ends.

    \r\n

    EARLY TERMINATION FEES

    \r\n

    There's usually a very short window before a term expires in which you can cancel your account without incurring an ETF. Most early cancellation fees are a few hundred dollars; however, some are very expensive.

    \r\n

    Scour any contract you sign for liquidated damages, which is either a percentage or the full amount of the projected revenue the processor expected to make on your account. This is a very punitive fee that can be exorbitant. The ETF may be disguised as an \"early deconversion fee\" (EDF), so look for this term in the contract text as well.

    \r\n

    PERSONAL GUARANTEES

    \r\n

    Most application forms include personal guarantee clauses that grant the processor the right to perform credit checks. This guarantee also gives the processor the right to collect money from you personally if your business is unable to meet its obligations for any reason. In addition to holding you personally responsible for all expenses, some of these clauses hold your successors and heirs responsible for your debt if you die.

    \r\n

    ADDITIONAL SERVICE CLAUSES

    \r\n

    These indicate that the processor may sign you up for various additional services that have extra costs, and you have a very short period (typically 30 days) to cancel or opt out. Again, you may be automatically enrolled in additional services, and you must figure out what they are and how to cancel them or you will be charged for them. Approximately one-quarter of the companies we reviewed include this clause in their contracts.

    \n"},{"title":"Frequently Asked Questions About Credit Card Processing","html":"\n

    What Is Credit Card Processing?

    \r\n

    Credit card processing is the process of transferring money from a cardholder's account to a merchant's account when the cardholder pays for a purchase using a credit or debit card. Though the process is simple and takes just a few seconds on the front end, the back end of the process is intricate, with data traveling between the merchant, processor, credit card network and multiple banks.

    \r\n

    How Does Credit Card Processing Work?

    \r\n

    When a customer inserts a credit card into a merchant's card reader, it initiates a complex series of data transfers that results in money being debited from the cardholder's account and credited to the merchant's bank account. The data passes through the terminal via secure connection to the processor, the credit card network, the bank that issued the customer's credit card and the merchant's bank.

    \r\n

    Why Should Businesses Use Credit Card Processing?

    \r\n

    Businesses should use credit card processing because it allows them to accept credit card payments, which is the increasingly preferred payment method for consumers. Although it costs money for merchants to accept credit card payments, consumers tend to spend more money when using credit and debit cards than with cash, potentially increasing your sales.

    \r\n

    HOW CAN I SAVE MONEY ON CREDIT CARD PROCESSING?

    \r\n

    If you're currently with a certain processor and want better rates, it may be worth your time to ask your account manager if they can help you reduce your costs. Also, by reviewing your statement on a regular basis, you may be able to identify costs or fees that you're overpaying. Here are five steps you can take to ensure you're getting the best pricing on your credit card processing service.

    \r\n

    1. Review your statement every month. Credit card processing contracts rarely include pricing guarantees, so it's important to closely monitor your statements so you know what's going on with your account. Regularly review your rates and fees to get a feel for what you can expect to pay on average for processing each month.

    \r\n

    Also, watch for notifications and reminders about rate increases, new fees, and PCI compliance requirements, such as the annual questionnaire that you need to take to avoid costly noncompliance fees. If you notice a change in your pricing, if there are fees that you don't understand, or if you receive a notification about your compliance status lapsing, call your rep to discuss your account.

    \r\n

    2. Request a pricing review. If you're an established merchant and you want lower fees, you may be able to request a pricing review or audit to see if you qualify for lower pricing. Requesting an account analysis could be particularly worthwhile if your business has grown since you signed up with the processor and your transaction volume exceeds your initial estimates, as you may be eligible for lower rates.

    \r\n

    3. Request interchange-plus pricing. If you're currently on a tiered pricing plan, ask your processor if it can switch your account to interchange-plus pricing. Many processors allow you to switch to a different pricing model so that you see for yourself which model works best for your business. If you do this, be sure to ask if the new plan triggers any different fees or requirements. For example, ask about the new plan's monthly minimum and how much you need to process to meet that requirement.

    \r\n

    4. Ask if fees can be waived. Some fees are negotiable, and your rep may be able to waive or lower them for you. For example, if your business is seasonal and you're having trouble meeting the monthly minimum in the offseason, your rep may be willing to waive or lower it for you. They might also waive the PCI compliance fee after you complete the annual questionnaire.

    \r\n

    5. Shop around and renegotiate your rates. If you've been with your current processor for a year or longer, consider shopping around to see if your rates are still competitive. As with car insurance, it's beneficial to take the time to look for better deals every year or two. This is particularly important if your rates have increased over time or if you've been with your processor for several years and you don't know what pricing is available elsewhere.

    \r\n

    If you find better pricing from another processor, don't be afraid to contact your current processor to see if you can renegotiate your rates. You have more negotiation power if your service is provided on a month-to-month basis and you own your equipment, since you can switch to a new service without penalty. If you're under contract, the rep may be less willing to renegotiate, but it's still worth a try.

    \r\n

    If you're overpaying for your processing and the rep won't renegotiate your rates, read your contract to find out the procedure you need to follow to switch processors when your contract finally expires. Be aware that most contracts automatically renew, that you have a very short window in which you may cancel without penalty, and that you may need to begin the cancellation process well in advance of the contract's expiration date.

    \r\n

    CARD READERS, TERMINALS AND POS SYSTEMS: WHAT SHOULD I USE TO ACCEPT CREDIT CARDS?

    \r\n

    You have several options for the processing hardware you use to accept credit cards at your business. Which one is the best credit card reader for your business depends on how and where you plan to accept cards, and whether you want something basic and inexpensive or a solution built into a larger system.

    \r\n

    You should be able to accept magstripe cards, chip cards, contactless cards and mobile wallets. No matter which style of card reader you choose, you want it to be EMV compliant so you can accept chip cards and avoid liability for fraud occurring at the point of sale. This also allows you to skip signature authorization, which speeds up checkout.

    \r\n

    If you're purchasing new equipment, you also want it to include near-field communication (NFC) technology so you can accept mobile wallets like Apple Pay and Google Pay as well as contactless cards, saving you the expense of updating your equipment later as these payment methods grow in popularity.

    \r\n

    Consider choosing a device with a built-in keypad or a connected PIN pad if your customers prefer paying with debit cards, as many full-service processors offer special low rates for debit PIN transactions.

    \r\n

    Before buying processing equipment from a third-party vendor, check with your credit card processing company to make sure it will be compatible. Here are three types of equipment, along with some of the top brands for each.

    \r\n
      \n
    1. \n Mobile credit card readers are the most affordable option. Prices typically range from free to $100. These card readers connect to your phone or tablet through the headphone jack or Bluetooth and work using a credit card payment app that you've installed on your device. Many processors offer free magstripe card readers to their new customers, no strings attached. However, in most cases, you'll want to upgrade to one that accepts chip cards or splurge on a model that supports all three acceptance methods: magstripe, EMV chip and NFC contactless payments. The best mobile credit card reader brands include Clover, Ingenico, PayPal, QuickBooks Payments and Square. Mobile card readers are available from both full-service and mobile credit card processing companies. See our mobile credit card processing review to learn more.
      2. \r\n
    \n
      \n
    1. \n Stand-alone and wireless terminals are the next cheapest options, usually costing $150 to $600. These countertop credit card readers have built-in receipt printers and keypads. Most connect using either dial-up or Ethernet, and wireless models connect with 3G, GPRS or Wi-Fi via Bluetooth. All new terminals are EMV compliant and allow you to accept both magstripe and chip cards. Many also accept NFC payments. Top terminal brands include Dejavoo, Ingenico, PAX and Verifone.
      2. \r\n
    \n
      \n
    1. \n Point-of-sale systems are usually the most expensive option, though there's a wide range of prices, depending on the type you choose. If you plan to use a specific POS system, ask the company which processors the system is compatible with, as some only integrate with a few. Others are proprietary and require you to use that POS company as your payment processor. Tablet-based systems are the cheapest and work with mobile card readers. POS systems with built-in card readers cost $1,000 to $1,500. Top brands include Clover, Square and NCR Silver. See our POS systems review to learn more.
      2. \r\n
    \n

    HOW DO SMALL BUSINESSES SET UP CREDIT CARD PROCESSING?

    \r\n

    The easiest way for a small business to set up credit card processing is to start an account with a mobile credit card processor that offers an app and a mobile credit card reader. Then, all you have to do to start accepting credit cards is download the app to your phone or tablet and connect the card reader.

    \r\n

    WHICH KIND OF CREDIT CARD PROCESSING IS CHEAPEST FOR SMALL BUSINESS?

    \r\n

    If your small business processes less than $5,000 per month, you're going to save money with a processor that has a flat-rate pricing structure and doesn't charge any account fees (no monthly fee, annual fee or PCI compliance fee). Even though the rates are higher, you aren't processing enough to offset the account fees.

    \r\n

    If you process more than $5,000 per month, the cheapest credit card processing service is going to be one that has an interchange-plus pricing structure with a low margin. Fees can be problematic for this type of service as well, so pay attention to what fees they charge. For instance, some might have a very low monthly fee, but charge a handful of additional fees that bring up your overall costs. Look for a service that is transparent about both its rates and fees, as these companies tend to have the lowest credit card processing fees.

    \r\n

    SHOULD I BUY, LEASE OR ACCEPT FREE PROCESSING EQUIPMENT?

    \r\n

    Nearly every credit card processing company has some sort of free equipment offer. Some processors give you a terminal if you sign a contract, while others have a free placement program in which you borrow the equipment.

    \r\n

    Accepting free equipment sounds like a great way to save money, but as a perceptive businessperson, you know that \"free\" often isn't really free, and you need to do the math to determine whether the free offer is actually the best option for your small business.

    \r\n

    Purchasing Credit Card Processing Equipment

    \r\n

    Buying processing hardware outright is nearly always your best bet. Although it may be a big upfront cost, it's less expensive and less restrictive over time than other equipment options. You can keep your purchasing costs low by shopping around for the best price, choosing a basic terminal instead of a fancy POS system, and asking if used equipment is available for purchase.

    \r\n

    As you shop around for equipment, find out if the equipment is proprietary or \"locked.\" This is an important consideration, because you don't want your purchased equipment to be unusable if you switch processors. If you already own unlocked equipment or decide to shop for new or used equipment online, ask your new processor how much it charges to reprogram the equipment, including shipping and handling costs, and how long the process takes. Many processors offer this as a free service.

    \r\n

    Free Credit Card Terminals

    \r\n

    Although \"free\" sounds fantastic, even the best processors may require you to sign a contract in return for free equipment. The best contract terms for free equipment are one year long and then go forward on a month-to-month basis. Most free equipment contracts last for three years, and many automatically renew for two-year terms. Some companies require you to sign up for a different pricing plan if you accept free equipment.

    \r\n

    Also, some processors may charge you the full price of the terminal in addition to an early termination fee if you end your relationship with the company before your contract expires. Before accepting free equipment, consider whether being tied to a contract or paying higher processing costs is worth cutting out the purchase price of the equipment.

    \r\n

    Free Placement Programs

    \r\n

    These may sound like a good deal, and many processors offer this option, but as with free equipment offers, you might be required to sign a long-term contract. When your contract expires or you switch processors, you're required to return the equipment.

    \r\n

    Many free placement programs charge monthly fees, and some have additional monthly minimums that you must meet to avoid penalty fees. Be sure to request the contract and a list of all the fees associated with the program – such as insurance or maintenance fees – to read over before you agree to such an arrangement.

    \r\n

    Leasing Equipment

    \r\n

    Many processors encourage you to accept a lease on equipment because it's a very lucrative arrangement for them. Some reps give persuasive reasons for leasing equipment, such as \"it's like a cell phone plan\" or \"many customers choose to lease for tax reasons.\" However, carefully consider every other option before you lease equipment, as this is generally one of the worst decisions a small business can make when setting up credit card processing.

    \r\n

    Consider these leasing myths and truths.

    \r\n

    Leasing myth No. 1: It's like getting a cell phone, because if the equipment breaks, the processor will replace it.

    \r\n

    Truth: While this is technically true, most equipment comes with a manufacturer's warranty, and you might be able to purchase an extended warranty or insurance. If your purchased equipment breaks while under warranty or while insured, the manufacturer replaces the equipment anyway, according to the terms of the warranty or insurance.

    \r\n

    Leasing myth No. 2: It's easier to update to the newest model if you lease your equipment.

    \r\n

    Truth: This myth assumes that if you purchase equipment, you probably keep it longer than the four-year term of your lease. The processor expects that when your lease expires, instead of purchasing your existing equipment, you'll take out a new lease on new equipment. However, the money that you save by purchasing the equipment outright puts you in a better position to buy new equipment when it becomes available.

    \r\n

    Leasing myth No. 3: Leasing is better for tax write-offs, since you'll have an expense that you can write off yearly instead of just a one-time purchase.

    \r\n

    Truth: The long-term expense of leasing is still higher than purchasing equipment outright, even if you factor in the tax write-offs you expect to receive. If you're considering leasing for these tax reasons, do the math to verify that the costs and savings are what they're purported to be.

    \r\n

    Remember, leasing is short-term cheap and long-term expensive. You'll often find that for the amount of money you pay over the life of the lease, you could purchase the equipment several times over. Additionally, most equipment leasing contracts are noncancelable, which means that you can't return the equipment and, further, you pay a fee to get out of it. Even if your business fails, you return the equipment, and you get out of your processing contract, you'll still be held personally responsible for the remaining time on your equipment lease.

    \r\n

    SHOULD I WORK WITH A DIRECT PROCESSOR, ISO/MSP OR A PAYMENT FACILITATOR?

    \r\n

    There are three main types of companies that provide payment processing services:

    \r\n\n

    Traditionally, ISO/MSPs are considered the best choice for small businesses; they cater to this market, offering a high level of service, low rates, few fees and favorable contract terms. PayFacs are also popular with small businesses, providing processing services on a pay-as-you-go basis that allow even very small businesses to accept credit card payments.

    \r\n

    However, big processors want your business too. They're making efforts to tailor their credit card processing services to small businesses by offering more competitive pricing, developing technology that makes it easier for you to run your business, and providing industry-specific processing solutions.

    \r\n

    What this means for you, the small business owner, is that you have a wealth of choices for credit card processors. We included all three types in our best picks. Read on to learn more which companies we recommend and the qualities we looked for in each use case.

    \r\n

    HOW CAN I PROTECT MY BUSINESS FROM CREDIT CARD FRAUD?

    \r\n

    Data security is a huge issue in the credit card processing industry. Although the large breaches that you read about in the news, such as those sustained by Home Depot and Target, may lead you to believe that your business is too small for criminals to be interested in, that isn't the case. In fact, small businesses are often the preferred targets of security attacks.

    \r\n

    According to the PCI Security Standards Council, 71% of cybersecurity attacks are aimed at small businesses. Even more grim is the success that criminals have with their small business targets. Security experts estimate that 90% of data breaches affect small merchants. Criminals target small businesses because many business owners fail to prioritize data security. As a result, the data often isn't as secure as it is with large companies that have the resources and personnel to put stronger security protocols in place.

    \r\n

    You can take two important steps to increase security, protect data and reduce fraud. Firstly, comply with PCI DSS. PCI DSS measures have proven successful in discouraging attacks, as 96% of merchants that sustained data breaches in 2011 were not PCI DSS compliant. Second, if you haven't done so already, upgrade to EMV-compliant processing equipment. Visa reports that EMV-compliant merchants have seen counterfeit fraud drop by 76% since the liability shift of 2015.

    \r\n

    IS CREDIT CARD PROCESSING SECURE?

    \r\n

    As we've all seen over the years with major credit card breaches at some of the largest retail chains in the country, there's no such thing as a completely secure credit card transaction. However, there are measures you can take to secure these transactions against potential intrusions.

    \r\n

    The first step you should take is to ensure the credit card processing service you use is compliant with the Payment Card Industry Data Security Standard (PCI DSS) – and that your business complies with these guidelines too, since this dramatically reduces your vulnerability.

    \r\n

    Second, make sure your credit card processing equipment can read EMV (Europay, Mastercard and Visa) chips. As mentioned above, when comparing the number of card-present counterfeit payment fraud incidents in December 2018 to those that occurred in September 2015, Visa estimates that merchants who upgraded to EMV readers saw a 76% decrease in incidents. If you ensure compliance with these two tech standards, your credit card transactions will be significantly more secure.

    \r\n

    HOW CAN YOU AVOID CREDIT CARD PROCESSING FEES?

    \r\n

    Credit card processing fees are how credit card companies make their money. With that in mind, there's no real way to avoid those fees. What you can do, however, is negotiate those rates before signing up with a processor. By taking certain steps during the application process and beyond, you can potentially cut your fees to a more manageable level.

    \r\n

    Your customers can also help you offset these fees in a couple of ways. One of the more common ways is for merchants to set a certain transaction threshold that a customer must meet in order to use a credit card for a purchase. By disallowing credit cards for any purchase below $5 or $10, for example, you ensure that you come out ahead of the fees. Check the guidelines on minimum transaction amounts from each of the major credit card networks to ensure you're complying with their rules.

    \r\n

    Some retailers also tack the fees on to the transaction itself. This surcharging tactic is often seen at gas stations, where cash customers pay a lower price for each gallon of gas, but it could also work in a retail setting. This method could backfire, but people who pay with cash will likely see the rule as a discount. Check the credit card networks' rules for surcharging to ensure you follow best practices. [Read related article: The Truth About Free Credit Card Processing]

    \r\n

    HOW LONG CAN A MERCHANT HOLD AN AUTHORIZATION?

    \r\n

    Authorization holds are based on the banking practice that electronic transactions can be held in limbo until the merchant marks that the payment has been settled. If it hasn't been settled within the amount of time determined by the cardholder's bank, it \"falls off\" the account.

    \r\n

    An authorization hold can last as long as 30 days, but American Express cards have a limit of seven days and Discover cards have a 10-day limit. Merchants that fail to complete a transaction hold within the allotted time could be charged a misuse fee by the credit card processor.

    \r\n

    Do credit card processing services offer different pricing models?

    \r\n

    Credit card processing pricing typically comes in one of three versions: tiered, interchange-plus or flat-rate pricing. Which one makes sense for you depends on the number and size of your transactions.

    \r\n\n

    What is the typical length of time it takes to settle credit card sales?

    \r\n

    The time it takes to settle a credit card sale varies by credit card processor. Merchant accounts are used to complete the credit card payment process efficiently; the type of merchant account will determine if it takes only 24 hours or as long as three days.

    \n"},{"title":"Community Expert Insight","html":"\n

    We reached out to small business owners and leaders, asking them to share their insights about the credit card processing services they use.

    \r\n

    Gene Mal, CTO at Static Jobs, chose Stripe for his online business because of its clear fees and ease of integration. With his background in software engineering, he also appreciated the technical documentation the company provides on its website.

    \r\n

    \"It was a breeze to start accepting credit card payments using Stripe,\" Mal said. \"In just three days, I had a fully working and tested code that was able to make test charges against their test credit card number, and going live was just a matter of changing two lines of code. We didn't have to open a merchant account or worry about PCI DSS compliance, plus it's very fast for our own customers to use.\"

    \r\n

    Yungi Chu, owner of HeadsetPlus.com, has operated his online business for more than 20 years. He used his bank as his merchant services provider until he discovered that much better rates were available from other providers. He now uses TSYS as his credit card processor.

    \r\n

    \"When I first started my business, I thought there was no difference between banks and providers, so I went with my bank,\" Chu said. \"Boy, was I wrong. These large banks have the worst credit card processing rates. I was paying 3.5% per transaction. I'm currently paying 2% on average.\"

    \r\n

    Chu says small business owners should shop around for good rates – just as you would for car insurance.

    \r\n

    \"Every provider has different rates, and they are all negotiable,\" he said. \"The more transactions you have, the better rates they're willing to give you. When you negotiate, always ask for an interchange-plus rate.\"

    \r\n

    David Ciccarelli, CEO of Voices.com, has used PayPal as his credit card processor for more than 15 years. He appreciates how PayPal continues to update its systems to stay relevant and improve fraud protection and security controls. He also likes its reliability.

    \r\n

    \"I can't recall a time in the last 15 years that PayPal has gone down,\" he said. \"Fifteen years of uptime is pretty good by my account.\"

    \n"},{"title":"Methodology","html":"\n

    We began our search for the best credit card processing companies by asking small business owners which processors they currently use and their experience with these services. Starting with a list of the processors they mentioned, we added companies we were already familiar with and those that had reached out to us asking to be considered for review. We then added credit card processors we found on reputable online sources such as business, industry and review websites.

    \r\n

    With this list in hand, we started our research. We narrowed the list down based on different use cases (our best picks categories). Our research included studying each company's website, examining help resources and how-to guides, and watching videos tutorials when available. We reached out to the companies as small business owners, asking sales reps and customer service agents questions to gauge the quality of service and gather information that wasn't available online.

    \r\n

    From our list of over 100 credit card processing companies, eight made our best picks list: Helcim, PayPal, Square, Stripe, Dharma Merchant Services, Clover, Payment Depot and National Processing.

    \n"}]},{"__typename":"SectionContainer","id":"what-to-expect-in-2021","isInToc":true,"type":"container","title":"What to Expect in 2021","container":{"isBuyingGuide":false,"html":"\n

    In 2021, we'll see several familiar themes continue to develop in the payments industry, but the overarching theme – and one that multiple industry experts talk about – is improving the customer experience.

    \r\n

    As Michel Léger, executive vice president of innovation at Ingenico, explained in a recent press release, \"Now, everyone can pay when they want, where they want and how they want ... It's not enough anymore to just offer payment solutions that are tailored to consumers: Now, payments need to be taken right to them.\"

    \r\n

    Consumer expectations surrounding payments are exceptionally high. A recent Ekata survey of more than 7,000 consumers in North America and Europe found this data:

    \r\n\n

    One of the most obvious ways to take customer payments is on mobile. Mobile continues to gain importance in the payments industry: for mobile shopping (customers make purchases online using their smartphones), mobile wallet and contactless card acceptance (customers use an app on their smartphones, such as Apple Pay, or a contactless credit card to make an in-store purchase), and mobile checkout (you use a mobile device and card reader to accept payments, allowing you to take payments wherever your customer is).

    \r\n\n\n\n

    Like mobile payment, contactless payment is a technology that will continue to grow in use. The novel coronavirus pandemic has had a massive impact on the economy, including on how people pay. Square's data revealed a spike in cashless merchants, jumping from 5.4% in February 2020 to 23.2% in April 2020 before settling at 13.4% in August 2020.

    \r\n

    Square economist Felipe Chacon said the findings marked a \"significant and stabilizing increase in cashless adoption rates compared to pre-pandemic, with business owners increasingly reliant upon contactless and online payments and consumers utilizing those alternatives.\" Had COVID-19 not drastically changed the landscape, Square officials believe the same increase would have taken three years to achieve.

    \r\n

    Security continues to be a hot topic in the payments industry, and the stakes are high. Although EMV adoption has been highly successful in reducing card-present fraud, card-not-present fraud continues to rise. Juniper Research predicts that CNP fraud will lose retailers $130 billion between 2018 and 2023. Consumers are also worried about fraud – 90% of them, according to the Ekata report – and over 60% of them feel that the businesses accessing their personal data are responsible for fraud prevention. When that doesn't happen, 91% of consumers who experience fraud will not do business with that company again, and 86% of them will warn others about their experiences.

    \r\n

    Credit card processing companies are proactively combating fraud, though: Juniper researchers say that payment processors will spend nearly $10 billion to detect and prevent fraud by 2023.

    \r\n

    Your business's PCI compliance status is another thing you should look into in 2021. Data from the ControlScan/MAC 2020 Acquiring Trends Report revealed that merchants' PCI compliance rates are falling. That's not good for you or your customers, since noncompliant merchants are more vulnerable to hackers and you might pay a high noncompliance fee (more than $50 in some cases) each month. Just 26% of the merchant acquirers in the survey reported merchant compliance rates above 60%, and 23% reported compliance rates below 25%.

    \r\n

    Also on the horizon in the credit card processing industry are changes to interchange rates. Last year, Visa notified its banking partners that it was updating its interchange rate structure to \"optimize acceptance and usage and reflect the current value of Visa products,\" according to a Visa document obtained by Bloomberg. The card brand called this the most significant structural change to the rate tables in a decade. Visa said rates for card-not-present transactions (such as online purchases and payments accepted by phone) will increase, but rates for businesses in education, healthcare and real estate will be lowered. It will also expand its categories to include parking, rent and vending machines.

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Uzialko"},"thumbnail":{"path":"https://staging.business.com/images/content/5e1/392095a215e81178b456f/1500-0-"}}]},{"__typename":"SectionServices","id":"other-services-considered","isInToc":true,"type":"services","title":"Other Services Considered","services":[{"canonical":"https://staging.business.com/reviews/fattmerchant-merchant-services/","id":"1e472a300d90cc50efe8eba4e1ed1e95","description":"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. 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