Whether you run an eCommerce store or a brick and mortar establishment, accepting credit card payments from your clients is paramount. This payment method takes convenience a notch higher while still enhancing safety. However, the payment automation process is not all roses. There are hundreds of credit card processors ready to nickel-and-dime your small venture through hidden charges and rates.
Therefore, you need to take extra caution when deciding the merchant service provider to ask for a credit card machine for your business. Below is a list of the best credit card processing companies in the market today.
Square
Square is the best overall credit card processor for small businesses. The company offers a free mobile card reader after you open a free account online. As soon as you receive the initialization email, all you’ll need to do is download the App and commence receiving payments.
Though Square attracts a higher price per transaction than other processing firms, they don’t charge monthly payments, making its cost negligible and suitable for small enterprises. It also offers more top-tier features like inventory tracking, employee monitoring, and other reward programs.
Pros:
- Quick setup,
- No fixed monthly or chargeback fees
- Free online store
- Works well for physical retail and online sales.
Cons:
- Slow support response times,
- Unpredictable account freezes,
- Higher per-transaction fees.
Payment Depot
If you need a card designed to lower processing fees as sales rise, then Payment Depot is your go-to solution. The processor uses a tier pricing plan where each tier bears a lower processing rate and a higher monthly payment. You need to sign up for your preferred tier, but remember lower tiers have a maximum processing volume.
Payment Depot offers excellent rates and shuns unnecessary extra fees. Additionally, many plans come with free terminals like the free premium gateway for the premier plan. Though Payment has a monthly fee, it’s the best deal for ventures that process credit cards monthly and in volumes. So if you rarely process credit cards, you may need a processor without a monthly fee.
Pros:
- Affordable processing rates
- Free terminals with specific plans
- Accepts major credit cards
Cons:
- Monthly charges
- Only ideal for bulky card users
Stax
If you operate a high-volume small venture, Stax will befit you optimally. However, some small-scale businesses operating on tight budgets may shy away from its $99 monthly fee. If your enterprise attracts a high volume of transactions, Stax’s affordable monthly charges ultimately help you save a fortune.
Stax operates through an interchange-plus pricing structure, meaning that it charges the interchange rate for your business plus a few processing cents. Also, Stax offers the most straightforward and affordable processing fees.
