Largest payment processing companies for small businesses!

by | Feb 1, 2023 | Payment Gateway

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largest payment processing companies

This article covers all the top largest payment processing companies for small businesses. The crucial business function of taking payments from clients for goods and/or services is payment processing. A consumer, a merchant, a payment processor, a payment gateway (for online transactions), the customer’s bank or credit card company, and a merchant account are all involved in the processing of online payments.

Payment processing ought to be quick, safe, reasonably priced, and easy to use. Businesses must collaborate with a third-party payment processor, which facilitates communication between the parties involved in the transaction, in order to accept payments made using credit cards, debit cards, and digital wallets (such as Apple Pay and Google Pay).

Also read: What is a merchant account? Do you really need one?

Largest Payment processing for small businesses: What to look for?

The final objective of working with a payment processor is to boost revenue and customer happiness while reducing work-related stress. Largest Payment processing for Small business owners assess transaction costs, pricing schemes, usability, included features, and customer service levels in order to achieve these objectives.

Fees for translation:

Many small businesses accept credit card payments because they are popular with clients, despite the fact that credit card transactions often have higher merchant costs than debit and ACH transactions. Due to the widespread use of credit cards, payment processors are frequently referred to as credit card processors, despite the fact that the majority of credit card processing businesses also handle ACH and debit card transactions.

Pay close attention to credit card transaction fees and other factors if your firm accepts credit cards. For instance, compared to in-person transactions, several credit card payment processing providers charge greater fees for online credit card payments. Look for a payment processing for small businesses plan that offers cheaper rates for these kinds of transactions if your company accepts a lot of online credit card payments.

Pricing scheme:

The most cost-effective model depends on the average transaction volume, average transaction amount, and accepted payment methods. Different payment processors have different pricing structures.

Flat rate pricing and interchange-plus pricing are typical pricing models for credit card payment processing. Regardless of the kind of card used, flat-rate pricing systems charge merchants the same percentage rates (calculated as a percentage of the overall transaction cost), but interchange-plus pricing structures have different prices for different card types.

Certain per-transaction fees are waived by some credit card payment processors in exchange for a monthly membership fee under subscription models. Membership plans can provide a cost-effective solution to reduce per-transaction charges for companies that perform a lot of transactions.

Also read: Best Small businesses credit card processing

Good customer service:

Both you and your customers should find it simple to use payment solutions. They must also be trustworthy: Customers won’t be able to make purchases from you if your credit card processor isn’t working properly, which could harm consumer relations and limit revenue generation. It is simple to get assistance if you have a concern or run into issues because many payment processors provide 24/7 service by phone or chat.

Making ensuring you can dependably take payments from customers can be achieved by selecting a credit card processing firm with solid merchant support.


Card processing is complicated, and a lot of credit card processors provide extra services and add-ons that might or might not help your company. Providers might, for instance, provide both online and in-person payment options, point-of-sale (POS) systems with physical or virtual terminals and payment gateways, integrated merchant accounts to help streamline payment processing and business accounting, and specialized software for inventory control or sales analytics.

Look for a plan that delivers the services you need—not the ones you don’t—in order to enhance efficiency (and reduce cost). By selecting the most straightforward payment option available, you may prevent your processing fees from funding services that benefit your rivals rather than yourself.

Top 5 payment processing companies for small businesses:

Small businesses can handle payments through a number of well-known business credit card processing providers. Choosing the ideal payment system for your business can be aided by being aware of its features, benefits, and drawbacks.

Also read: Credit card processing and payment gateway


The Clover POS system and merchant service provider, which was introduced in 2012, provides in-store and online payment processing technology. A flat-rate pricing scheme is used by Clover. Rates for payments made in person are from 2.3% to 2.6% plus 10 cents for every transaction, while rates for payments made online are 3.5% plus 10 cents per transaction. Clover is one of the best and top largest payment processing companies in the USA.


Processing for debit and credit cards is just one service provided by Clover. Other services offered are:

  • ∆ Paying using a mobile device
  • ∆ Cellular processing
  • ∆ POS programs
  • ∆ Telephonic terminals
  • ∆ Reporting and analytics
  • ∆ Accounts for integrated merchants
  • ∆ Wide-ranging app store

✓ Pros:

Clover has a lot of features. If you’re searching for a payment processor that can assist employee scheduling and inventory management, manage customer connections with a built-in CRM, and give merchants access to comprehensive analytics, Clover might be the right partner for you.

✖️ Cons:

For small businesses, the cost is a major factor in payment processing, and Clover isn’t inexpensive. POS hardware can be prohibitively expensive for small business owners, ranging from $49 to $1,649. Monthly software subscription fees can reach $69.95, which is more than many competitors charge.

Also read: Best 5 payment gateways for small businesses 2023


This is one of the best largest payment processing companies in the USA. There is no monthly subscription cost and a flat rate price structure for Square, an affordable payment option. For in-person transactions, Square charges 2.6% plus 10, and for internet transactions, 2.9% plus 30.


Squares has many features created specifically for small enterprises. They consist of:

  • ∆ POS programs
  • ∆ Free billing features
  • ∆ Free API integrations for card readers on mobile devices
  • ∆ Analytics
  • ∆ Software solutions for restaurants and retail establishments

✓ Pros:

For supporters of the Square payment method, price is a key selling feature. Square does not charge an early termination, activation, refund, or chargeback fee. It also does not charge a monthly subscription fee or a PCI compliance fee, which are extra costs for adhering to the Payment Card Industry Data Security Standards, which govern payment transaction security (also known as PCI DSS, or PCI). Free mobile device card readers and POS software are also included.

✖️ Cons:

High-risk businesses, or those identified by a credit card company as having a higher-than-average risk of fraud or a high volume of returns, are not accepted by Square. High-risk merchants may be subject to higher costs from some payment processors, while others, like Square, may not even accept their business. Square exclusively provides 24/7 customer service.


Stax is one of the best and top largest payment processing companies in the USA. A membership-style merchant account service called Stax charges businesses a monthly subscription cost of $99 to $199, interchange fees, and a per-transaction price of between $8 and $15.


Stax provides a number of merchant services, such as:

  • ∆ 24/7 client assistance
  • ∆ POS programs
  • ∆ Physical payment terminals
  • ∆ Free online terminal
  • ∆ Payment portals
  • ∆ Options for same-day funding
  • ∆ PCI adherence
  • ∆ Accounts for integrated merchants

✓ Pros:

Stax provides same-day deposit choices and 24-hour customer care. Additionally, PCI compliance elements are included. Businesses that process a significant volume of transactions may find Stax’s interchange-plus pricing structure to be a cost-effective choice because it does not contain a separate percentage-based processing fee. Additionally, no contract commitments are necessary with Stax.

✖️ Cons:

Stax charges a fixed monthly subscription fee between $99 and $199. Because of this, it is a bad option for companies that handle a small number of transactions each month. Stax does not cooperate with high-risk merchants either.

Also read: Merchant service provider: Explained simply


Largest payment processing companies: A flat-rate pricing model is used by the business credit cards processing business Stripe, which charges 2.9% plus 5 cents for online payments and 2.5% plus 30 cents for in-person transactions.


The features of Stripe are designed with both e-commerce and retail businesses in mind. Highlights consist of:

  • ∆ Electronic terminal
  • ∆ Physical conclusion
  • ∆ Extensive collection of platforms and extensions
  • ∆ Accepts over 135 different currencies and international payments.
  • ∆ 24/7 client assistance
  • ∆ Integrated invoicing and billing

✓ Pros:

Stripe provides round-the-clock customer care and has no setup or monthly subscription fees. Additionally, it takes payments in 135 different currencies, and it now provides a range of extensions, such as tools for tax calculation, inventory management, and sales analytics. The Stripe platform also offers billing and invoicing features.

✖️ Cons:

Stripe does not cooperate with high-risk merchants, including Square. In comparison to many of its rival systems, Stripe’s application programming interface (API) necessitates a higher level of software development expertise.

Payment depot:

This provider of membership-based merchant accounts levies interchange fees in addition to a transaction fee that varies from 7 to 15 cents.

Also read: Best offshore high risk merchant account providers


A merchant services company called Payment Depot offers the following features:

  • ∆ Unrestricted online terminal
  • ∆ Actual card readers
  • ∆ 24/7 client assistance
  • ∆ Adherence to PCI Payment gateway
  • ∆ Accounts for integrated merchants

✓ Pros:

Merchants can try Payment Depot risk-free for 90 days with no cancellation costs. PCI compliance and round-the-clock customer care are also provided. Payment Depot does not charge more for online transactions than it does for in-person transactions, in contrast to other payment processors that do.
Transaction cost is instead determined by plan type by Payment Depot. For instance, its $79 monthly plan adds 15 cents to each transaction for interchange costs, while its $199 monthly plan adds 7 cents to each transaction for interchange fees.

✖️ Cons:

Due to its membership-based pricing and inability to work with high-risk merchants, Payment Depot is not a good option for companies that generate little monthly revenue from credit cards. A monthly transaction cap is also included with less-priced subscriptions.

Here we shared with you full details about the top largest payment processing companies in the USA. For more information contact us at Your Merchant Services Rep!