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Top eCommerce Credit Card Processing - Which Providers Shine in 2024? |
Running an eCommerce business necessitates a dependable credit card processing company.
The eCommerce industry is rapidly expanding and is projected to reach $908.73 billion in sales by the end of 2021, marking a 13.7% increase from 2020.
As part of this booming market, your potential for success is significant, provided you optimize your profit margins. A reliable merchant services provider can play a crucial role in achieving this.
To help you choose the right provider, let's explore some of the best eCommerce payment processing companies and highlight key considerations for selecting the ideal one for your business.
Easy Pay Direct offers robust payment solutions tailored for high-risk businesses. Their secure platform provides seamless transaction processing and exceptional customer support.
The onboarding process is smooth, and they offer a transparent pricing structure.
However, the services might be a bit pricier compared to other providers, but the reliability and specialized features make it worth the cost for businesses with unique needs.
- Excellent for high-risk businesses
- Secure platform with reliable transaction processing
- Smooth onboarding process
- Transparent pricing
- Higher costs compared to some competitors
- Specialized services may not be necessary for all businesses
2. Helcim
Helcim stands out with its transparent pricing and excellent customer service.
With no hidden fees and competitive rates, it's a great option for small to medium-sized businesses. Their platform is user-friendly, featuring a wide range of tools for managing payments, invoices, and customer data.
The flexibility and ease of integration with various business systems make Helcim a top choice for those seeking cost-effective and reliable payment processing solutions.
- Transparent pricing with no hidden fees
- Excellent customer service
- User-friendly platform
- Flexible and easy integration with business systems
- May lack some advanced features for larger enterprises
- Limited high-risk merchant services
Cornerstone Merchant Services is known for its personalized service and competitive rates. They provide a range of payment solutions tailored to different business sizes and types.
The company excels in customer support, offering dedicated account managers to assist with any issues.
While their contract terms can be lengthy, the overall service quality and support make it a dependable choice for many businesses.
- Personalized service
- Competitive rates
- Excellent customer support with dedicated account managers
- Tailored payment solutions
- Lengthy contract terms
- Limited flexibility in contract agreements
4. PaymentCloud
PaymentCloud specializes in high-risk merchant accounts, offering flexible solutions for a wide array of industries.
Their approval process is quick, and they provide exceptional support to help businesses navigate the complexities of high-risk processing. The pricing is competitive, and they offer numerous integrations with e-commerce platforms.
Some users might find the initial setup a bit complex, but the ongoing support and service quality are excellent.
- Specializes in high-risk merchant accounts
- Quick approval process
- Exceptional customer support
- Competitive pricing
- Numerous ecommerce integrations
- Initial setup can be complex
- May not be necessary for low-risk businesses
5. MyntPOS
MyntPOS offers a comprehensive point-of-sale system designed for small to medium-sized businesses.
Their all-in-one solution includes hardware, software, and payment processing, making it easy to manage sales and inventory.
The intuitive interface and reliable customer support enhance the user experience. While the initial cost can be higher, the seamless integration and robust features make MyntPOS a valuable investment for retail and hospitality businesses.
- Comprehensive all-in-one solution
- User-friendly interface
- Reliable customer support
- Seamless integration with sales and inventory management
- Higher initial cost
- May have more features than needed for very small businesses
Ecommerce payment processing allows merchants to accept payments online when customers make purchases on their websites.
Thanks to advancements in technology, ecommerce merchants now have a plethora of options for accepting payments from customers.
The journey begins with creating a merchant account, a special bank account provided by an acquiring bank.
This account temporarily holds customer payments. Once a customer's payment is approved, the funds are transferred from their account to the merchant account.
After deducting transaction and other applicable fees, the remaining funds are transferred to the merchant’s business bank account.
A merchant services provider offers both merchant accounts and payment processing services.
While some companies specialize in one area, many business owners prefer a provider that offers comprehensive services to streamline their operations.
Ecommerce businesses have multiple options for processing payments online, including:
- Payment Gateways: These function like POS systems or credit card terminals, encrypting and forwarding credit card information to the payment processor for approval or denial.
- Virtual Terminals: These allow merchants to accept various payment types using any internet-connected device. Payment information is entered into an online form for processing.
- Shopping Cart Integration: Using the payment processor’s API, merchants can integrate their shopping carts to start accepting payments quickly.
- Mobile Payment Processing: This can involve using a mobile credit card reader or integrating payment processing capabilities into a mobile app.
Payment aggregators like PayPal, Stripe, and Square use a single master merchant account for all their customers. This can pose risks, such as account freezes or closures due to issues like fraud or excessive chargebacks.
In contrast, merchant services providers set up dedicated merchant accounts for each business, offering better protection and stability.
Before selecting an ecommerce payment processor, consider the following:
- Payment Options: Offering various payment methods (e.g., credit/debit cards, PayPal, digital wallets, etc.) can enhance customer convenience and increase sales.
- Contract Details: Understand the contract length, equipment inclusions, early termination fees, and other fee structures to avoid costly commitments.
- Essential Features: Identify must-have features such as online reporting, integration with accounting software, global currency acceptance, and fraud prevention measures.
Different pricing models can affect the cost of processing payments:
- Interchange-Plus Pricing: This model combines the interchange rate (set by credit card networks) with an additional fee from the merchant account provider.
- Flat-Rate Pricing: A consistent fee is charged for all transactions, often chosen by new businesses.
- Tiered Rate Pricing: Transactions fall into qualified, mid-qualified, or non-qualified categories, though this model can lack transparency.
Ensure you understand how quickly funds will be available in your business bank account after processing fees are deducted.
Also, check what fraud prevention measures are in place to protect your business from chargebacks and fraudulent transactions.
Reliable customer service and technical support are crucial. Ensure the processor you choose offers prompt assistance to resolve any issues that may arise, minimizing the impact on your sales.
By carefully considering these factors, you can select an ecommerce payment processor that best suits your business needs and helps ensure smooth, secure transactions for your customers.
When choosing an eCommerce payment processor, consider the following top options that stand out for their reliability, features, and customer service:
- Easy Pay Direct: Known for handling high-risk transactions and providing robust security features.
- Helcim: Offers transparent pricing with no hidden fees, making it a favorite among small to medium-sized businesses.
- Cornerstone Merchant Services: Provides personalized customer service and a variety of payment processing solutions.
- PaymentCloud: Specializes in serving high-risk industries with tailored solutions and excellent support.
- MyntPOS: Combines point-of-sale systems with comprehensive eCommerce payment processing, ideal for businesses that operate both online and offline.
Selecting the right eCommerce payment processor is crucial for the success and growth of your online business.
By understanding the basics of payment processing, evaluating your specific needs, and considering reputable providers like Easy Pay Direct, Helcim, Cornerstone Merchant Services, PaymentCloud, and MyntPOS, you can ensure a smooth, secure, and efficient payment experience for your customers.
Take the time to assess your options carefully, ask the right questions, and choose a processor that aligns with your business goals and offers the flexibility to adapt as your business grows.