Best Merchant Services for Small Businesses & Fee Calculator

If your business falls outside of their approved list, you’ll need a traditional merchant account provider. Merchant One offers a variety of hardware products and works with various terminal brands, including Clover mobile card readers, terminals and POS systems. However, when you do, you will get a dedicated account representative who will walk you through setting up your account every step of the way. Stax also sells its own customizable countertop terminals and can seamlessly integrate its software with other terminals, as well as most POS systems and other business tools. The company also offers 24/7 access to its online knowledge base; phone, email and live chat support right from the Stax Platform, and concierge service with its higher-cost packages.

Get paid from your customers and have the money in your bank account the next day. Accept payments with smart terminals, hosted web pages and mobile readers. By clicking on the link below, you will leave the Union Bank website and enter a privately owned website created, operated, and maintained by another unaffiliated business.

Best for Online and In-App Payments

Anna is a retail expert writer for Fit Small https://intuit-payroll.org/, contributing to our POS and payments sections. Her experience in business and finance led her to work for a US risk mitigation company in its regional Singapore office.

• Approximately 18% of the U.S. adult population has invested in, traded or used cryptocurrencies, according to eMarketer.
• Generally, PSPs are a better choice if your processing volume is less than $5,000 per month.
• Helcim also provides an excellent suite of features for eCommerce, including hosted payment pages for secure online checkouts, menu embedding, and buy-now buttons.
• Online payments and virtual credit card sales require cloud-based systems called online portals or payment gateways to securely collect and transmit customers’ payment information.
• A subscription starts at $99 per month based on monthly credit card processing volume, and per-transaction fees range from 3 cents to 10 cents based on plan tier and type of sale.
• Processing rates range from 2.3% to 3.5% plus 10 cents per transaction and functionality.

Check out our Square review to learn more about custom rates and additional options. After plugging the total monthly cost into the formula, the effective rate is a whopping 4.2%.

Commercial Banking

Payment Processing & Merchant Services For Small Business offers invoicing, card-on-file payments, and recurring billing similar to Helcim, Stripe, and Square. What sets Stax apart are features like short message service text-to-pay solutions, white-label customer portals, and robust reporting. These tools are ideal for growing businesses that primarily collect payments through online billing or invoicing, such as professional services. Interchange rates are the fees charged by the card-issuing bank to process card transactions. Average interchange rates are typically around 1.8%, although they vary widely based on the type of transaction and card.

• Some processors have a monthly minimum, which means you’re required to process enough sales each month to generate a certain dollar amount in processing fees.
• With our useful merchant services, you can accept credit card payments anywhere and automatically print receipts with the convenient built-in printer.
• The major credit card networks have rules about minimum transaction amounts, so verify that your policy complies with their rules.
• One critically important way to protect yourself is to implement credit card tokenization as a security feature on your website.

Online credit card transactions cost 2.9% plus 30 cents, while in-person credit card transactions cost 2.7% plus 5 cents. Additional products and services, such as instant payouts, also cost extra. To select the best credit card processing provider for your small business, you must weigh your needs against the costs to accept payments.

Flexible payment acceptance

From these three parts, processors create their rate structure or pricing model. The one downside is that Stripe may not be the best solution for business owners who aren’t highly tech-savvy. Some merchants may need to hire a web developer to help them unlock the full value of the service. Once you contact ProMerchant for a free quote, the company will evaluate your business and recommend the best plan for you. The application process is fairly straightforward, and most businesses will know whether they are approved within 24 hours.