Top Payment Processors For Small Business : Choosing the right payment processor is crucial for the success of any small business. The best payment processing companies offer fair rates, useful features, and helpful customer service. However, with so many options available, it can be challenging to navigate the vast landscape of payment processors.
When selecting a payment processor for your small business, there are several factors to consider. These include your industry, monthly sales volume, average transaction size, and whether you accept payments in-store or online. To help you make an informed decision, we have compiled a list of the top payment processing companies for small businesses.
Our top picks for the best payment processing companies for small businesses are Helcim, Square, Stripe, Stax by Fattmerchant, Clover POS, Shopify Payments, Chase Payment Solutions, PayPal, Payline, and Dharma Merchant Services. Each of these companies offers unique features and benefits that cater to different business needs.
In this article, we will take a closer look at each of these payment processors, highlighting their strengths and considerations for small businesses.
- Choosing the right payment processor is crucial for small businesses.
- Factors to consider when selecting a payment processor include industry, sales volume, transaction size, and payment channels.
- Our top picks for the best payment processing companies for small businesses are Helcim, Square, Stripe, Stax by Fattmerchant, Clover POS, Shopify Payments, Chase Payment Solutions, PayPal, Payline, and Dharma Merchant Services.
- Each payment processor has its own strengths and considerations, catering to different business needs.
- By evaluating these options, small businesses can find a payment processor that aligns with their specific requirements.
Helcim – Best Overall Payment Processor
When it comes to choosing a payment processor for your small business, transparency and competitive pricing are crucial factors to consider. That’s where Helcim shines. As one of the top payment processing companies in the industry, Helcim offers an all-inclusive platform with a focus on providing fair and transparent pricing.
Helcim understands that small-business owners need a payment processor that doesn’t break the bank. While it may not be the most affordable option for businesses with low sales volumes, Helcim is an excellent choice for most small businesses. The company sets itself apart with its commitment to transparent pricing, ensuring that you know exactly what you’re paying for.
One of the standout features of Helcim is its exclusion of unnecessary fees. Unlike many other payment processors, Helcim does not charge setup fees, monthly subscription charges, or PCI compliance fees. This means that you can focus on growing your business without worrying about hidden costs eating into your profits.
The Benefits of Choosing Helcim
Choosing Helcim as your payment processor comes with a range of benefits:
- Transparent Pricing: With Helcim, you’ll never be caught off guard by hidden fees. The company is committed to providing straightforward pricing that you can trust.
- All-Inclusive Platform: Helcim offers comprehensive payment processing solutions, making it easy for you to manage your transactions and streamline your operations.
- Excellent Customer Service: Helcim prides itself on its responsive and knowledgeable customer support team. Whether you have a technical question or need assistance, Helcim is there to help.
Overall, if you’re looking for a payment processor with transparent pricing, competitive rates, and excellent customer service, Helcim is worth considering. While it may not be the most suitable option for businesses with low sales volumes, it is an ideal choice for most small-business owners.
Square – Best all-in-one payment processor
Square is a top choice for small businesses looking for an all-in-one payment processor. With its comprehensive suite of features and user-friendly interface, Square offers convenience and efficiency for business owners.
One of the standout features of Square is its free point-of-sale (POS) software. This software allows businesses to easily process payments and track sales, inventory, and customer information. Additionally, Square offers a free mobile card reader that can be used with smartphones and tablets, enabling businesses to accept payments anywhere.
Accounting integrations are another valuable feature offered by Square. This integration allows businesses to sync their Square transaction data with popular accounting software, such as QuickBooks, ensuring accurate and streamlined financial management.
One of the key advantages of Square is its hardware options. Square offers its own range of hardware, including POS terminals, cash registers, and card readers. This all-in-one system eliminates the need for multiple devices and ensures seamless integration.
Not only does Square offer a robust set of features, but it also stands out for its transparent pricing. Square does not have contract or early termination fees, making it a flexible and cost-effective choice for small businesses. The pricing structure is straightforward and transparent, allowing businesses to easily understand and manage their payment processing costs.
Benefits of Square:
- Free point-of-sale software
- Free mobile card reader
- Accounting integrations
- All-in-one hardware options
- Transparent pricing
With its comprehensive features and transparent pricing, Square is an excellent choice for small businesses in need of an all-in-one payment processor. It provides the necessary tools to streamline transactions and manage finances, enabling business owners to focus on growing their operations.
Stripe – Best for Online, International Transactions
When it comes to online transactions and international payments, Stripe stands out as a top choice. With its customizable features and competitive pricing, Stripe offers businesses the tools they need to streamline their payment processes.
One of Stripe’s key strengths is its support for in-person payments through Stripe Terminal. This feature makes it an excellent option for online-first businesses looking to expand their sales to physical locations. The ability to seamlessly integrate both online and offline transactions provides businesses with a versatile and comprehensive payment solution.
Stripe’s pricing is designed to meet the needs of businesses of all sizes. Whether you’re a small startup or a large enterprise, Stripe offers a transparent pricing structure that ensures you’ll only pay for the services you use. However, it’s worth noting that some advanced features of Stripe may require coding experience or “no-code” integrations, making it a better fit for businesses with technical expertise or the resources to hire developers.
“Stripe’s advanced features and competitive pricing make it a top choice for businesses seeking seamless online and international payment solutions.”
In addition to its features and pricing, Stripe’s commitment to security and compliance is paramount. The platform prioritizes data protection, ensuring that sensitive customer information is safeguarded throughout the payment process. With Stripe, businesses can rest assured that their customers’ transactions are in safe hands.
Stax by Fattmerchant – Best for High-Volume Sales
When it comes to handling high-volume sales and credit card transactions, Stax by Fattmerchant is a top contender. This payment processor is well-known for its competitive pricing and unique features, making it an attractive option for businesses processing significant monthly credit card transactions.
With Stax, businesses that process at least $5,000 in credit card transactions per month can benefit from its tailored solutions and add-on features. These features are designed to enhance the payment processing experience and meet the specific needs of high-volume sales operations.
However, it’s worth noting that Stax may not be the ideal choice for businesses with low sales volumes. Its pricing structure may not be as transparent as some of its competitors, making it a better fit for businesses that prioritize high-volume sales and credit card transactions.
To give you a better idea of Stax’s offerings, here is a breakdown of its pricing and features:
|Customized pricing based on business needs
|Unique add-on features to streamline high-volume sales
|No hidden fees or long-term contracts
|Robust reporting and analytics tools
|24/7 customer support
As the table shows, Stax offers customized pricing tailored to each business’s specific needs. This allows businesses to pay for the features and services that are most relevant to their high-volume sales operations.
Furthermore, Stax provides robust reporting and analytics tools to help businesses gain valuable insights into their sales performance and make informed decisions to optimize their operations.
Lastly, Stax ensures that businesses have access to round-the-clock customer support, guaranteeing assistance whenever it is needed.
If your business thrives on high-volume sales and credit card transactions, Stax by Fattmerchant may be the ideal payment processor to meet your specific needs. Its competitive pricing, tailored features, and reliable support make it a strong contender in the market.
Clover POS – Best POS hardware options
When it comes to point-of-sale (POS) hardware options, Clover POS stands out as one of the best choices available. While the hardware itself may come with a higher price tag, the reasonable monthly cost and low in-person payment processing fees make it a worthwhile investment for many businesses.
For businesses that are primarily focused on online sales, it’s important to note that Clover POS may incur higher processing fees for these transactions. However, for brick-and-mortar stores or businesses that have a significant portion of in-person sales, the low processing fees can help offset the upfront investment over time.
One thing to keep in mind is that Clover POS does not offer free options, and pricing can sometimes be challenging to understand. However, the robust hardware options and advanced features make it a popular choice for businesses of all sizes.
Clover POS Pricing Comparison
|In-Person Payment Processing Fees
|Clover Station Pro
|2.3% + 10¢ per transaction
|2.3% + 10¢ per transaction
|2.3% + 10¢ per transaction
As shown in the table above, Clover POS offers a range of POS hardware options to fit different business needs. While the upfront costs may seem high, the monthly costs and low in-person payment processing fees can make it an economical choice in the long run.
“Clover POS provides a reliable and feature-rich platform, making it a top choice for businesses in need of high-quality POS hardware options.”
In addition to its hardware offerings, Clover POS provides a user-friendly interface, comprehensive reporting capabilities, and customizable features. This makes it an ideal solution for businesses looking for a versatile and efficient point-of-sale system.
Overall, Clover POS offers some of the best POS hardware options in the market. While the upfront investment may be higher than other options, the reasonable monthly cost and low in-person payment processing fees make it a worthwhile investment for businesses that prioritize in-person sales.
Shopify Payments – Best e-commerce platform integration
When it comes to e-commerce platform integration, Shopify Payments stands out as the top choice for businesses looking to streamline their online payment process. As the in-house payment solution of the popular Shopify platform, Shopify Payments offers a seamless and efficient way to accept payments from customers.
With Shopify Payments, you can create a fully integrated online store and manage your payments within a single platform. This eliminates the need for third-party payment gateways and simplifies the process of accepting payments from your customers. By using Shopify Payments, you can ensure a smooth and reliable checkout experience for your online shoppers.
Key Features of Shopify Payments:
- Direct integration with the Shopify e-commerce platform
- Accepts a variety of payment methods
- Customizable checkout page
In addition to its seamless integration, Shopify Payments offers a wide range of payment methods to cater to your customers’ preferences. Whether they prefer credit cards, digital wallets, or alternative payment methods, you can easily accommodate their needs with Shopify Payments.
Furthermore, Shopify Payments allows you to customize the checkout page to match your brand and provide a personalized experience for your customers. This customization potential adds a professional touch to your online store and helps build trust with your audience.
However, it’s important to note that in order to use Shopify Payments, you’ll need to have an e-commerce plan with Shopify that incurs a monthly fee. Additionally, if you choose to use a third-party payment gateway instead of Shopify Payments, there may be additional fees involved.
Overall, Shopify Payments offers an exceptional e-commerce platform integration for businesses of all sizes. Whether you’re just starting your online business or looking to optimize your existing e-commerce store, Shopify Payments provides the necessary tools and features to streamline your payment process and enhance the shopping experience for your customers.
|Seamless integration with Shopify platform
|Requires an e-commerce plan with a monthly fee
|Accepts a variety of payment methods
|Fees for using third-party payment gateways
|Customizable checkout page
Chase Payment Solutions – Best direct processor
When it comes to payment processing, having a recognizable name and reliable technology can provide peace of mind for businesses. Chase Payment Solutions offers just that. As a direct processor, Chase Payment Solutions allows businesses to process payments efficiently and securely, without the need for third-party intermediaries.
However, it’s important to note that Chase Payment Solutions may not be the right fit for every business. While the company offers top-of-the-line technology, it has limited hardware options compared to some of its competitors. Additionally, businesses should consider the company’s reseller program, as it may affect pricing and overall suitability.
Chase Payment Solutions – Features and Limitations
|Limited Hardware Options
|– Recognizable name
|– Potential pricing benefits
|– Limited selection
|– Pricing and program details may vary
Despite these limitations, Chase Payment Solutions remains a solid choice for businesses that prioritize a recognizable name and advanced payment technology. It’s important to carefully evaluate your specific needs and compare them with the available options before making a final decision.
PayPal – Best for Alternative Payment Methods
When it comes to alternative payment methods, PayPal takes the lead with its wide range of options. From its subsidiary Venmo to QR codes, payment links, and buy-now-pay-later financing, PayPal offers versatile solutions for businesses and consumers alike.
One of PayPal’s key strengths is its seamless integration with most websites and shopping carts, making it a popular choice for businesses of all sizes. Its user-friendly interface and easy setup process make it accessible to both technical and non-technical users.
However, it’s important to note that PayPal’s extensive offerings can sometimes be overwhelming, especially for businesses looking for a more straightforward payment solution. Additionally, processing fees for small purchases can be relatively expensive compared to other payment processors.
While PayPal is a widely recognized and trusted brand, it may not be the ideal choice for high-risk or high-volume businesses that require specialized payment processing services. It’s essential to consider your specific business needs and evaluate whether PayPal aligns with your requirements.
A notable feature offered by PayPal is PayPal Credit, a buy-now-pay-later financing option that enables customers to make purchases and pay in installments over time. This can be an attractive selling point for businesses, enticing customers with flexible payment terms and potentially boosting sales.
It’s worth highlighting that PayPal Credit requires a separate application process and approval from PayPal, and not all customers may be eligible. However, for businesses targeting customers who value payment flexibility, PayPal Credit can be a valuable tool.
Pros and Cons of PayPal for Alternative Payment Methods
Let’s take a closer look at the pros and cons of using PayPal for alternative payment methods:
|Wide range of payment options
|Processing fees can be expensive for small purchases
|Seamless integration with most websites and shopping carts
|May not be ideal for high-risk or high-volume businesses
|PayPal Credit offers flexible financing options
|Extensive offerings can be overwhelming for some businesses
When considering alternative payment methods, be sure to weigh the benefits and drawbacks to determine if PayPal is the best fit for your business needs.
The future of payment technology is driven by changing consumer needs and convenience. As businesses continue to adapt to the digital landscape, it is crucial to stay informed about emerging trends and opportunities in the payment processing industry.
When evaluating payment processing solutions, cost considerations play a significant role. It is essential for businesses to assess their payment needs, such as transaction volume and frequency, industry-specific requirements, and customer preferences. By carefully considering these factors, businesses can select the payment processor and payment gateway that best align with their specific operations.
With the rapid growth of payment processing solutions, small businesses have a wide range of options available to them. These solutions offer features like transparent pricing, all-in-one platforms, customizable features, and integration with e-commerce platforms. By selecting the right payment processor and payment gateway, businesses can streamline transactions and provide a seamless payment experience for their customers.
The future of payment technology holds promise for even more advancements, such as contactless payment methods, blockchain technology, and enhanced security measures. As the industry continues to evolve, it is important for small businesses to stay up-to-date with the latest developments and adapt their payment strategies accordingly. By leveraging the power of innovative payment technology, businesses can drive growth, improve customer satisfaction, and stay ahead in today’s competitive market.
Also Refer : TikTok Business Center Guide & Best Practices
Q: What are the top payment processors for small businesses?
A: Some of the top payment processors for small businesses include Square, PayPal, Stripe, and Authorize.Net.
Q: How do I choose the best credit card processing company for my small business?
A: When choosing a accept credit card processing service company for your small business, consider factors such as pricing, customer service, ease of use, and integrations with other business tools.
Q: What are the typical processing rates for credit card transactions?
A: Credit card processing rates typically range from 1.5% to 3.5% of the transaction amount, plus a per-transaction fee of around $0.15 to $0.30.
Q: What is a payment gateway and why is it important for small businesses?
A: A payment gateway is a technology that securely authorizes credit card payment information and other payment transaction fee. It’s important for small businesses as it enables them to accept mobile payments online and in person.
Q: How can small business owners reduce their credit card processing costs?
A: Small business owners can reduce major credit card processing costs by negotiating lower processing rates, choosing a payment card industry processor with transparent pricing, and optimizing their payment processing volume infrastructure.
Q: What is the payment depot and how does it benefit small businesses?
A: Payment Depot is a payment processing company that offers subscription-based pricing, which can benefit small businesses by providing predictable and potentially cost-saving payment terminal process transactions processing fees.
Q: What are the key considerations when choosing the right credit card processor for a small business?
A: Key considerations when choosing the right credit card processor for a small business include pricing, contract terms, customer support, payment processing features, and the ability to integrate with other business software.
Q: What are the advantages of accepting credit and debit card payments for small businesses?
A: Accepting credit and debit card payments can help small businesses attract more customers, increase sales, improve cash flow, and offer more convenience to their customers.
Q: How long does it typically take for small businesses to receive funds from credit card transactions?
A: Typically, small businesses can expect to receive funds from credit card transactions within two business days, although some processors offer faster or customized funding options.
Q: What are some of the best credit card processing companies that cater to small businesses?
A: Some of the best credit card processing companies for small businesses include Square, PayPal, Clover, Shopify, and Fattmerchant.