Top 10 credit card processing companies (2023)

by | Jan 25, 2023 | Uncategorized

In this article, we’ll help you get insights into the top 10 credit card processing companies in the United States.

Square
(Best overall for small business)

In 2009, Square established its reputation by providing small businesses with an all-in-one, simple-to-use credit card processing system.
For processing credit card payments on the go, in-store, and online, the company provides free point-of-sale (POS) software and a mobile credit card reader that plugs into any smartphone or tablet. Starting at $29 per month, upgraded Square Plus POS software with sophisticated retail, appointment, or restaurant functionality is also offered.

With flat credit card processing costs based on the type of sale, regardless of the credit card used, Square keeps things simple for business owners.
Additionally, there are no startup, refund, cancellation, or PCI compliance costs with Square. For a 1.5% transfer fee, funds from transactions can be accessed instantaneously or within one to two business days.

Pros and cons:

  • ✓ Free mobile card reader
  • ✓ Fast setup
  • ✓ No monthly fees
  • ✖️24/7 support only on paid plans
  • ✖️Limited hardware compatibility
  • ✖️Pricey for high-volume businesses
Also read: Credit card processing working!

Payment depot
(Lowest card processing rates)

Payment Depot offers a subscription pricing plan based on your monthly transaction volume, in contrast to other credit card processing firms that charge a percentage of each transaction. Regardless of the type of transaction, you will only be required to pay a fixed fee per transaction plus the interchange rate.

Plans from Payment Depot range in price from $59 to $99 per month for transaction volumes of $125,000 to $500,000.
Along with the interchange rate, you only pay a little fee of 7 to 15 cents for every transaction.
Businesses with higher transaction volumes might bargain monthly and transactional rates.
Businesses that process large numbers of credit card transactions might save a sizable sum of money by using this fixed pricing model as opposed to percentage-based pricing.

Payment Depot gives customers access to their money within 24 to 48 hours and doesn’t impose any cancellation or additional penalties. Additionally, the business provides a selection of terminals, credit card readers, and POS systems, along with round-the-clock customer service. Payment depot is the most famous and one of the best credit card processing companies.

Pros and cons:

  • ✓ Low interchange card processing fees
  • ✓ Low per-transaction fees
  • ✓ 24/7 customer support
  • ✖️ Monthly membership fees
  • ✖️ Pricey for businesses with lower volumes
  • ✖️ High-risk businesses may be denied
Also read: Off shore merchant account

Stripe
(Best for online and in-app purchases)

Just one year after Square, in 2010, Stripe sprang to prominence as the top credit card processing provider for mobile app-based businesses and online retailers.
Stripe has a flat-rate fee structure, much to Square, except it charges significantly less per transaction for in-person and manually entered credit card payments.

Since it accepts all mobile wallets, including Apple Pay, Google Pay, and well-known foreign wallets like Alipay and WeChat Pay, Stripe outperforms its rivals in terms of online payments.
Additionally, for a 0.8% fee (limited to $5), Stripe enables businesses to take payments or recurring charges via ACH debit, ACH credit, or wire transfers.

Additionally, the business provides its own credit card readers that are compatible with well-known e-commerce and accounting programs like Shopify, WooCommerce, and Xero. Payments are normally available within two days, but for an extra 1%, you can select quick payouts (50 cent minimum). Additionally, Stripe provides phone, email, and live chat support around the clock. This is also one of the best credit card processing companies.

Pros and cons:

  • ✓ Accepts mobile wallet payments
  • ✓ Instant payouts available
  • ✓ Supports in-app payments
  • ✖️ Requires some tech-savvy
  • ✖️ Less robust in-person transaction
  • ✖️ Pricier for high transaction volumes

Helcim
(Best for fast-growing business)

Helcim was established in 2006 and provides flat-rate credit card processing services without any setup, ongoing, or termination fees. In order for companies that execute more transactions each month to pay less per transaction, the company also provides monthly volume discounts.

Helcim has a number of built-in capabilities, including a POS, an online store, a customer relationship manager (CRM), and even a facility for ordering meals online, that give both online and brick-and-mortar merchants a great deal of flexibility and value.

Helcim also offers card readers that can be used with almost any device, as well as integrations with a large number of well-known accounting programs, billing systems, and shopping carts.

Setting up a Helcim account merely takes a few minutes, and rewards usually appear within a day or two. Despite not having a live chat option, the organization does provide phone, email, and extensive online self-service portal customer care.

Pros and cons:

  • ✓ Low interchange-plus fees
  • ✓ Volume-based discounts
  • ✓ Built-in sales and CRM tools
  • ✖️ Limited hardware options
  • ✖️ Pricey for low-volume businesses
  • ✖️ No live chat
Also read: Business credit cards for startups

Stax
(Best for high-volume sellers)

A payment processing business called Stax, formerly known as Fattmerchant, provides a unique subscription-based model with affordable per-transaction fees in addition to the interchange rate. Based on monthly credit card processing volume, a subscription starts at $99 per month, and per-transaction costs vary depending on plan tier and type of sale from 3 cents to 10 cents.

In addition, Stax provides a number of software packages with monthly prices ranging from $49 to $129 that come with dashboards, reporting, and ACH processing in addition to invoicing, Text2Pay, advanced reporting, and support. Additionally, customers have a variety of add-on options to select from, such as a one-click shopping cart, QuickBooks Online Pro Sync, and same-day funding.

Stax can seamlessly integrate its software with other terminals, the majority of POS systems, and other business tools. It also sells its own line of customizable countertop terminals. Additionally, the business provides concierge assistance with its more expensive packages in addition to phone, email, and live chat support directly from the Stax Platform and 24/7 access to its online knowledge library. Stax is one of the best credit card processing companies. Down below we share with you some pros and cons.

Pros and cons:

  • ✓ No percentage markup on interchange fees
  • ✓ Offers virtual POS terminals
  • ✓ Integrated sales and invoicing tools
  • ✖️ High subscription price
  • ✖️ Pricey for low-volume businesses
  • ✖️ Most software integrations cost extra

National Processing
(Best low-volume rates)

National Processing, which was established in 2007, offers a low-cost subscription plan with flat-rate interchange-plus transaction costs for $9.95 per month along with a free portable credit card reader.

For bigger businesses, the company now provides two interchange-plus programs.

The platform of National Processing has integrations with well-known applications including Shopify, BigCommerce, and QuickBooks. Although there is a termination fee, it is waived if your company is sold or shut down. If this credit card processing business cannot undercut a rival’s pricing, it will also pay you $500.

Pros and cons:

  • ✓ Low monthly fee
  • ✓ No monthly transaction limits
  • ✓ Free hardware
  • ✖️ Charges a termination fee
  • ✖️ No mobile payment app
  • ✖️ Charges PCI-compliance fee
Also read: Best business credit card for start-ups!

Merchant One
(Best tiered processing fees)

Merchant One, a provider of credit card processing services, was founded in 2001 and adheres to the customary pricing structure of tiers. It offers inexpensive processing rates in addition to the lowest monthly price we’ve seen so far, which is $6.95.
For swiped transactions, Merchant One’s competitive prices range from 0.29% to 1.55%, and for keyed-in transactions, they range from 0.29% to 1.99%. Pricing is determined by the quote and depends on the type of business, equipment requirements, and sales volume. There is also an exchange-plus price available.

Clover, mobile card readers, terminals, and POS systems are just a few of the terminal brands that Merchant One works with and offers a variety of hardware items for. You will need to call to acquire an estimate since there are no prices provided.
You will, however, be assigned a dedicated account representative when you do.
However, when you do, you will get a dedicated account representative who will walk you through setting up your account at every step.

Pros and cons:

  • ✓ Low monthly fee
  • ✓ Lots of hardware options
  • ✓ Dedicated account manager
  • ✖️ Not all fees disclosed online
  • ✖️ Must call for a quote and pricing
  • ✖️ Long-term contracts with termination fees

PayPal
(Best for PayPal and Venmo)

PayPal was founded in 1998 and immediately gained notoriety as the website that anyone could use to send money to anyone else just by providing an email address. Today, it is a powerhouse for payments that supports all forms of credit card processing, payments made through the Venmo app, and Zettle POS and card readers. Simple flat-rate costs based on the type of sale apply to basic accounts; there are no monthly fees.

It only takes a few minutes to set up a PayPal merchant account, after which you can immediately begin selling. When it comes to payment options, PayPal has some of the most versatility.
Users can use their Venmo and PayPal accounts, QR codes, subscriptions, and recurring payments, even cryptocurrency, to make purchases.
Additionally, PayPal provides $5 to $30 per month upgraded accounts with lower flat-rate credit card processing fees.

Along with its Zettle POS system, PayPal also offers a selection of card readers and terminals. Furthermore, PayPal is compatible with a wide range of POS, accounting, and e-commerce software, including Shopify, QuickBooks, BigCommerce, and WooCommerce. Here is full information about Paypal. Everyone knows Paypal is one of the best credit card processing companies.

Pros and cons:

  • ✓ No contracts or monthly fees
  • ✓ Easy setup
  • ✓ Wide range of payment options
  • ✖️ No 24/7 phone support
  • ✖️ Higher fees than some competitors
  • ✖️ Best for low-volume businesses
Also read: How to change a bank account with a stripe merchant account?

Clover
(Best for specialty POS needs)

Another well-known credit card processing business is Clover, which was founded in 2010 and is favored by independent shops and eateries.
In that, both provide simple-to-use POS software, native hardware solutions, and integrated flat-rate payment processing, Clover and Square are comparable. But compared to Square, Clover provides more individually designed POS systems and hardware bundles.

Simple flat-rate credit card processing costs are available from Clover, with swiped transactions costing 2.3% plus 10 cents and typed transactions costing 3.5% plus 10 cents.

Depending on the plan type, tier, and hardware requirements, Clover’s six business-specific plans range in price from $14.95 to $290 per month. You’ll pay the least per month if you purchase a terminal or registration hardware upfront. Alternatively, you can pay extra each month and avoid paying for a terminal or a register upfront.

Pros and cons:

  • ✓ Competitive transaction fees
  • ✓ 24/7 customer support
  • ✓ No cancellation fees
  • ✖️ Monthly fee per device
  • ✖️ Daily limit on instant transfers
  • ✖️ POS only works with Clover merchant account

QuickBooks payment:
(Best for QuickBooks users)

Most likely, you are already familiar with QuickBooks accounting software from Intuit. Additionally, the business provides its own credit card processing solution, known as QuickBooks Payments, which is fully compatible with its accounting and invoicing software.

Using QuickBooks Payments with QuickBooks Online is free each month. The cost of a QuickBooks Online account, which is required, ranges from $30 to $200 a month, depending on the plan.

As an alternative, you can select a $0 per month pay-as-you-go plan or a $20 per month subscription with cheaper credit card processing fees if you utilize QuickBooks Desktop software ($799.99 to $1,340 per year).

Despite charging less than Square, QuickBooks Payments does charge a $25 chargeback fee and does not include a free card reader with new accounts. In addition to supporting invoicing and e-commerce payments, the service provides a mobile payment app, reconciles with QuickBooks accounting software, and makes deferred monies accessible the following day.

Pros and cons:

  • ✓ No cost for QuickBooks Online users
  • ✓ Quick-pay button for invoices
  • ✓ Monthly or pay-as-you-go plans for QuickBooks Desktop users
  • ✖️ No free reader
  • ✖️ Charges $25 chargeback fee
  • ✖️ No additional software or hardware

Also read: How to get an instant approval for high risk merchant account?

Here are the top 10 credit card processing companies. For more information or to get the best credit card for your business contact us.

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