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Best Overall Merchant Accounts - The Best Credit Card Processors |
In today's competitive market, the ability to accept credit card payments seamlessly is crucial for businesses of all sizes.
Choosing the right credit card processor can significantly impact your bottom line, customer satisfaction, and overall operational efficiency. With countless options available, it can be challenging to determine which provider best suits your business needs.
This guide breaks down the top merchant accounts and credit card processors, highlighting their unique features, pricing, and suitability for different types of businesses.
Whether you're a small startup or an established enterprise, finding the right payment processor is essential for your success.
Serving over 60,000 merchants, Easy Pay Direct is tailored for eCommerce and Card Not Present (CNP) businesses, specializing in "high risk" sectors.
These industries typically have higher rates of disputes and chargebacks. Easy Pay Direct refers to these sectors as 'special needs,' recognizing the specific requirements of such businesses.
They offer lower fees, growth opportunities, and operational tools. They also provide interchange plus pricing on request. For high-risk businesses, Easy Pay Direct is an excellent choice.
- Specializes in high-risk businesses
- Excellent customer service
- Interchange plus pricing available on request
- Wide range of tools for smooth operations
- May not be suitable for low-risk businesses
- Can be more expensive for businesses with lower transaction volumes
2. PaymentCloud
Processing over $4 billion annually, PaymentCloud employs an interchange plus pricing model. They charge a flat fee per transaction in addition to the base interchange fee.
This makes them similar to wholesale clubs like Sam’s Club or Costco, offering lower prices for members. PaymentCloud provides merchant accounts, payment gateways, virtual terminals, and more.
They are ideal for businesses processing high volumes of small transactions and are the best overall choice for non-high-risk merchants.
Big brands like Subway and Dominos use PaymentCloud, making it perfect for high-transaction-volume businesses.
- Competitive interchange plus pricing
- Comprehensive suite of services (merchant account, payment gateways, virtual terminals)
- Great for high-volume transactions
- Trusted by large brands
- Membership required for access to lower rates
- May not be the best option for very small businesses
eMerchantBroker is a top choice for high-risk businesses, providing services for industries like credit repair, collections agencies, adult websites, and more.
They excel in international and cross-border credit card processing, facilitating global payments and approving many high-risk business types.
If you're struggling to get a merchant account or need to accommodate international sales, eMerchantBroker is an excellent option.
- Excellent for high-risk and international businesses
- Specializes in a variety of high-risk industries
- Facilitates cross-border transactions
- Higher fees due to high-risk specialization
- May not be necessary for low-risk businesses
4. Helcim
Helcim is a fantastic option for smaller businesses processing less than $120,000 annually.
They have no monthly fees and use a pricing model that adds a small markup on top of the interchange rate (the wholesale cost of accepting credit cards).
This structure is advantageous for low-volume businesses, as there are no costs if no payments are processed.
Helcim's proprietary technology supports a wide range of business types, minimizing the need for third-party fees related to invoicing systems, equipment, or online payment gateways.
For businesses under $120,000 in annual sales, Helcim is a great choice.
- No monthly fees
- Simple, transparent pricing
- Excellent for small businesses processing under $120,000/year
- Comprehensive in-house technology
- May not be cost-effective for larger businesses
- Limited to businesses with lower transaction volumes
5. Fattmerchant
Strax, formerly Fattmerchant, is well-suited for small businesses. They use an interchange plus pricing model with a monthly membership fee, offering a virtual terminal, shopping cart, mobile APIs, and support specialists.
Fattmerchant integrates with 90% of third-party POS systems, allowing you to keep your existing system. This makes Fattmerchant an all-around great choice for small businesses.
- Transparent interchange plus pricing
- Comprehensive tools included in membership fee (virtual terminal, shopping cart, mobile, APIs)
- High integration compatibility with existing POS systems
- Excellent customer support
- Monthly membership fee
- May not be ideal for very small or very large businesses
Dharma Merchant Services caters to small businesses with up to twenty employees in sectors like restaurants, non-profits, and e-commerce.
They offer mobile processing and tablet-based POS options through Clover. Dharma is a certified eco-friendly business that donates a portion of their profits to non-profits.
They provide low-cost payment processing and specialize in the healthcare industry, restaurants, and bars. With partnerships with Clover, they offer easy POS transactions and lower rates for specific industries.
- Eco-friendly and socially responsible business model
- Competitive pricing for small businesses
- Specialized in healthcare, restaurants, and bars
- Integration with Clover POS systems
- Not suitable for high-risk businesses
- Limited to specific business types
7. CDG Commerce
CDG Commerce offers full-service merchant accounts, providing all necessary services in-house. They are ideal for non-profits, as they don’t charge monthly fees or require minimums.
Their rates vary based on transaction volume and product needs, with pricing for nonprofits typically starting at interchange plus 0.20% + $0.10 per transaction.
- No monthly fees for non-profits
- Competitive rates for various industries
- Comprehensive in-house services
- Rates vary based on transaction volume
- May not be ideal for businesses with low transaction volumes
8. Square
Square is a leading choice for businesses accepting in-person payments. Over 2 million businesses use Square for its ease and POS card swiper compatibility.
Square also supports online payments, mobile payments, recurring invoices, and manual payments. Their transparent flat-rate pricing covers all card types, including AMEX and Discover.
While their base flat-rate fee may be higher than boutique providers, Square’s lack of startup, monthly, and other fees makes them an attractive option. One downside is their limited customer support availability.
Square is perfect for retail stores and small businesses.
- Easy to use POS and mobile transactions
- Transparent flat-rate pricing
- Quick fund withdrawals (next business day)
- No hidden fees or monthly charges
- Higher flat-rate fees compared to other providers
- Limited customer support availability
9. Stripe
Stripe is a web app for accepting credit card payments on e-commerce sites. It supports recurring billing, bitcoin payments, and marketplace platforms.
Popular among digital businesses, Stripe is easy to set up with platforms like Shopify and WordPress. Stripe is ideal for businesses just starting or those with low transaction volumes.
As a merchant account aggregator, Stripe allows new users to use their large merchant account. However, as your business grows, you may need a more specialized provider.
Stripe’s pricing reflects its aggregator status and may be higher than industry-specific providers. Stripe is excellent for online payments but lacks retail solutions and personalized customer service.
- Easy setup for online payments
- Supports a wide range of platforms
- Reliable and robust API for developers
- Great for startups and digital businesses
- Higher fees compared to specialized providers
- Limited offline solutions
- Impersonal customer service
It's essential to invest time in selecting the right credit card processing company. A significant 38% of small business customers have experienced situations where their preferred payment method wasn't accepted at physical stores .
Considering that 70% of Americans carry credit cards, and 34% have three or more cards, this is a major issue .
Imagine having potential customers ready to buy, but at the crucial moment, you can't process their payment. This could cost you sales and damage your reputation.
While the ability to accept payments is crucial, for many business owners, the primary concern is the associated fees. These fees cover a range of services like point-of-sale systems, online payment gateways, and subscription billing.
To simplify the process, we've identified the top merchant service providers based on key considerations.
Is there a difference between "credit card processing companies" and "merchant account providers"? Essentially, no.
Both terms refer to entities that enable businesses to accept credit card payments.
A merchant account is a type of bank account where these payments are deposited, and the provider offers additional services like payment gateways and POS systems.
Choosing the right provider can significantly impact your business. Each provider has its specialties, making them better suited for certain types of businesses.
The key factor is understanding your business's risk level. Providers adjust their services and fees based on the likelihood of disputes and chargebacks.
When starting out, you might choose a merchant account aggregator like Stripe or PayPal, or a comprehensive POS system like Square.
As your business grows, switching to a specialized provider can offer better rates, account stability, and advanced features.
Selecting the right credit card processing company is a critical decision that can greatly impact your business's success.
By understanding the unique strengths and potential drawbacks of each provider, you can make an informed choice that aligns with your business needs and goals.
Whether you're managing a small startup, a high-risk venture, or a large enterprise, the right payment partner will provide the tools and support necessary to streamline your transactions and enhance customer satisfaction.
Empower your business by choosing the best payment processor tailored to your specific requirements.
Here’s a recap of our top recommendations for different business needs:
- Easy Pay Direct: Best for high-risk businesses processing over $100,000/month.
- PaymentCloud: Best overall for low-risk businesses.
- Stripe: Ideal for startups and businesses with low transaction volumes.
- Helcim: Perfect for small businesses processing under $120,000/year.
- Fattmerchant: Suitable for small to mid-sized businesses with revenue under $100,000/month.
- Square: Best for POS and mobile transactions.
- Dharma Merchant Services: Great for restaurants, bars, and healthcare.
- eMerchantBroker: Best for international and high-risk businesses.
- CDG Commerce: Best for non-profit organizations.