Home Business Insights & Advice Top five credit card processing solutions for your small business

Top five credit card processing solutions for your small business

by Ben Jones
24th Nov 22 1:52 pm

To attract customers and grow your business, you need to find the right credit card processing company. Below we’ve discussed some of the best processors you can join today and the key features they bring to the table.

What is credit card processing?

Credit card processing is the transfer of card data from a Point of Sale (POS) system to credit card networks and banks to facilitate the transfer of funds.

When customers swipe their cards or the card information is manually keyed in or entered in the virtual terminal, the transfer request is submitted to card networks such as Visa which send another request to the bank to release the funds.

What to look for when choosing a credit card processing company?

The cost comes first when choosing a credit card processor. Ensure that the processor offers fair fees and that they are all clearly outlined in the contract. Also, pay attention to the kind of software and hardware they offer.

You’ll need excellent software for processing online payments and important hardware such as POS systems, card readers, and NFC-based alternatives. Lastly and most importantly, look for a processor that offers fraud prevention and security tools. Your customers’ private information should be protected through SSL certificates, CVV2 verification, and other security services such as tokenisation.

Top five credit card processing solutions for 2022

Choosing the right credit card processor for your business doesn’t have to be a headache. Just look into the following processors and we’re sure you’ll find one that meets your needs within no time.

Block – Formerly Square

If you like the idea of paying zero monthly fees, Block will make the perfect credit card processor for your business. This processor is a go-to for many small stores thanks to its well-rounded features. Fees range from 2.6% plus 10 cents for card-present purchases to around 3% plus 30 cents for online transactions.

Block also stands out for having no chargeback fees and when it comes to their software and hardware, there are excellent card readers, POS systems, and payment gateways. Other features that you’ll like here include email marketing, invoicing, and employee payroll.

Helcim

Like Block, Helcim doesn’t charge any monthly fees. This processor charges around 1.86% plus 8 cents for in-person transactions and 2.40% plus 25 cents for manually entered and online payments.

Helcim also offers volume-based discounts which makes it quite the effective choice for businesses that process a large number of sales. Away from the attractive discounts, there are also several tools for managing inventory and eCommerce transactions.

Software that functions as a POS system is also included in your account package, making it an affordable and versatile credit card processor.

Stax by Fattmerchant

Stax offers monthly subscriptions ranging from $99 to $199. In-person and online transactions are charged 8 cents and 15 cents respectively with an interchange fee levied by credit card companies getting deducted during payment processing.

If this sounds a bit too costly, know that you’ll be wading around numerous features. Fantastic integrations and hardware are included in the subscription models. You’ll get card readers, digital invoicing, ACH processing, secure cloud storage, and more.

Through their partnership with QuickBooks online, you can also access automatic accounting services that will ensure your revenue and taxes are in order.

National processing

National processing is all about small, medium, and non-profit enterprises. Monthly subscriptions begin from as low as $9.95 to $199, with specialised prices for e-Commerce, restaurants, and non-profit organisations.

Unlike most credit card processing companies, National processing doesn’t offer fixed transaction fees. The fees you’ll pay will depend on the type of business you’re running and other factors. However, you’ll enjoy other wonderful features such as gateway setup, card readers, POS systems, and reprogramming of existing equipment.

Integrations with major platforms such as WooCommerce and Shopify are available as well and the company is known for working with high-risk merchants.

Stripe

Stripe is one of the most affordable credit card processors when it comes to online payments. At the moment, they charge around 2.9% plus 30 cents for cards and digital wallets. This processor is the best for those looking to accept a wide range of payment methods that include cards, digital wallets, ACH payments, cryptocurrency, and wire transfers.

A large number of tools also await you here. Stripe offers custom checkout, invoicing, accounting services, dispute handling, and fraud protection. You will also gain access to other features through the many integrations that they offer.

Conclusion

Credit card processing is a necessity for any modern business. Your customers should enjoy different payment options and cash is getting a bit of a burden nowadays. So why not find a good credit card processor and start ringing up the sales.

 

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