10 Business Payment Processors to Consider
In an increasingly cashless economy, selecting the right payment processor is critical for operating smoothly and, depending on the associated fees, may significantly impact your bottom line. Unfortunately, the multitude of available providers can make your decision feel overwhelming. To get you started, we’ve compiled a list of ten popular payment processors to consider.
Payment Processors That Your Business Could Benefit From:
Payscape is a full-service payment processing service that offers financial technology solutions for businesses of all sizes. The company is dedicated to providing top-notch customer support and cutting-edge products and services—including a suite of e-commerce, invoicing, website, mobile, and POS solutions—and continually looks for strategic partnerships to better serve small business owners.
2. First Data
First Data is one of the world’s largest payment processors, serving large corporations and small businesses in nearly every industry. According to Business News Daily, First Data processes more than 3,000 transactions per second, making it a good choice if you’re looking for a high-volume credit card processor. Pricing is customized based on your industry, business model, and sales volume.
3. Flagship Merchant Services
Flagship is one of the most flexible and cost-effective payment processors for small businesses. The company offers month-to-month service and a variety of pricing structures, allowing you to choose the model that best suits your business. Additionally, if you find a better provider or aren’t happy with your service, you can cancel your contract without penalty.
4. Payline Data
Payline is highly regarded for being a good corporate citizen; the company partners with its customers to support several charitable causes. Since Payline offers discounted pricing to 501(c)(3) organizations, it’s a great choice for non-profits. The company also provides a transparent pricing structure and month-to-month billing with no early termination fees, as well as excellent customer support.
Square is considered one of the easiest credit card processors for small businesses to use, largely because of its flat-rate pricing model. You’ll pay the same rate regardless of what type or brand of card your customers use or how many payments you process. Since you can pay as you go rather than locking yourself into a long-term contract, Square tends to be a good solution for seasonal businesses.
CDGcommerce has more than 20 years of experience providing merchant account services and has one of the highest client retention rates in the industry. While its services are more tailored towards e-commerce businesses, the company also offers a full range of solutions to traditional brick-and-mortar retailers. In addition to a fully-disclosed pricing structure with no monthly minimum fees, CDGcommerce provides a free credit card terminal with your account.
Fattmerchant is one of the few payment processing companies with subscription-based pricing, so your monthly cost will be relatively stable. Unlike many of its competitors, the company doesn’t charge high markup fees for “card-not-present” transactions, making it a cost-effective solution if you tend to have a lot of e-commerce or phone order accounts. Additionally, its high-quality backend dashboard allows you to track company analytics and generate detailed financial reports.
Stripe is a payment processing service for developers, offering tools for small businesses to easily accept online payments. It works with hundreds of e-commerce platforms and invoicing systems, making it easy to integrate into your existing technology platform. Plus, since Stripe provides several off-the-shelf solutions, you don’t have to be an experienced programmer to use it.
Helcim offers one of the most transparent pricing models in the industry, publishing its rates, fees, and other related costs online for customers to see and compare. It also offers a rate guarantee, meaning your price won’t go up during the life of your account. Its interchange-plus pricing structure makes it one of the more affordable options for small businesses.
Although Cayan doesn’t advertise its prices, the company actively negotiates with merchants and small businesses to determine an affordable pricing model. You can also try its Genius platform for 60 days and cancel without incurring any fees, making this service lower-risk than some of its competitors. Cayan offers its customers 24/7 tech support, and since the platform is cloud-based, updates and fixes are easily implemented.
There are many choices when it comes to selecting a payment processor. Like most business decisions, there’s no one-size-fits-all solution, and it might take you a few tries to figure out what works best. Whether your focus is on cost, customer service, ease of integration, or a different factor altogether, it’s important to do your homework and thoroughly evaluate all options.
Editorial Note: Any opinions, analyses, reviews or recommendations expressed in this article are those of the author's alone, and have not been reviewed, approved, or otherwise endorsed by any of these entities.