It’s in the Cards: The Ten Best Credit Card Processors of 2022
Are you starting a business and looking for the best credit card processing company to work with?
Have you heard about this important business relationship but don’t know where to start?
Every business has to start somewhere. Don’t worry if you have no background in approaching the subject of credit card processing. We will help you sort through what you need to know to get your business started out on the right track.
In this article, we will review all of the best credit card processors in the industry today. Read on to decide which is best for your business.
What Is a Credit Card Processor?
Business owners can accept a variety of payment methods including credit cards, mobile payments, or debit cards. They are known as merchants in the credit card processing industry.
Processors are also known as MSPs or merchant service providers. They are also known as acquiring service providers. Their purpose is to help you ease the transition of funds from your customer to you at your business location.
These providers create software so you can easily view your overall transactions. You can quickly view the fees and chargebacks associated with each sale.
Usually, companies will include a separate dashboard from which you can view all of your information at once. The companies will provide leases or final sale of hardware that allows credit cards to be used at your physical location.
What Are Merchant Providers?
The processing industry is everywhere. Any business that is in the retail or restaurant space needs to have a processor to facilitate the transfer of funds at the point of sale.
They may only take a moment to accept a credit card payment, but there is a long chain of events that occurs when a customer puts their card into the terminal.
This goes on behind the scenes and is extremely fast when the business partners with a reputable provider.
There are important security protocols that need to be followed. Trustworthy credit card processors ensure smooth communication with the credit card network. They also make communication with the issuing bank smooth, fast, and secure.
Merchant providers are go-between services during this transfer of funds.
Merchant providers maintain the central hub of communication. They provide information to issuing banks, banking services, and the institution from which the credit card was issued. These companies utilize advanced encryption methods to ensure maximal safety.
What To Look For in a Credit Card Processor
To make sure that you are partnering with the right credit card processors, there are a few things to consider.
You’ll need to take a look at your current or planned payment volume and consider where your customers pay. They may pay online, at your physical location, or through an app or a mobile device.
Different companies offer different solutions based on where your customer base pays.
Once you have this information, you can compare quotes from different companies. It is essential to know how much you can expect to pay for their processing services. You can also get quotes for additional levels of customer support and additional add-on services.
Here are the top 10 credit card processing companies in the industry today.
PayPal Credit Card Processing
PayPal is an extremely familiar brand that has instilled trust in business owners’ minds for over two decades. This institution is better for businesses that have smaller monthly revenue or sales.
The nice thing is that PayPal offers a very quick and easy setup, as well as sophisticated mobile options that can be used online or in-store. They do not require any monthly fees and are PCI compliant. PayPal offers a MasterCard site data protection program.
They also boast numerous security certifications. When using PayPal, you’ll be able to accept all major credit and debit cards.
The last great thing about PayPal is that it pays out quickly. Once you authorize repayment, you can transport within a day or pay a 1% fee to transfer instantly.
Overall, if you are looking for a powerful processing company with a solid history, PayPal cannot be beaten. You can also explore their many other integrations for your business during your discovery call.
Helcim Credit Card Processing
Helcim offers a very transparent pricing scheme with multiple options. They include a nice array of volume-based discounts depending on your monthly sales volume.
This is great for businesses that want simplicity as they are trying to grow in scale. The company includes CRM and other inventory management tools. They also offer a fantastic support system that has significant customer service experience.
This system is nearly two decades in the making. Unfortunately, they only have one primary plan to choose from and one type of physical hardware to offer. However, this is sufficient for nearly all businesses.
Smaller companies that are looking to grow may benefit from the simplicity of using them.
We feel that Helcim is the other major processor with an outstanding history. You can reap the benefits of this history as a business owner. They have worked out every common problem so that your customers have a smooth experience.
National Processing Credit Card Processing
National Processing is a simple and no-frills option for a business that is small but looking to grow. They are an affordable option that won’t hurt the budget any more than is necessary for this industry.
They don’t require any monthly minimum volume, and they have some of the lowest fees in the industry. They also offer a transparent pricing scheme so you know exactly how much you’ll have to pay.
A downside to using National Processing is that you may be required to pay an early termination fee. They don’t make these terms clear in the way that other companies do, although they are legally covered.
They also don’t advertise most of their physical equipment prices externally. You will need to dig deep to determine whether these costs will be appropriate for your business.
They do, however, offer several plans for restaurants, retail, and e-commerce. Typically funds are issued between one and three days.
Square Credit Card Processing
Square is a more recent entrant into the market, having formed in 2009. Nonetheless, they have grown massively and can be seen in many modern stores in major metropolitan cities. They are now a familiar family name in the credit card processing space.
Square has a lightning-fast setup that allows business owners to get started right away. This is beneficial if you are on a tight timeline and have cash on hand to build out your processing equipment immediately.
They have a wide array of equipment available and offer free software at the point of sale.
Unfortunately, Square phone support is only available during their business hours.
We like Square because they provide unique, classy interfaces for your customer. Customers tend to prefer having a sleek experience at checkout, and while this may seem like a minor issue, it isn’t.
These are the small decisions that tend to make or break the customer experience. Square is there for you to make sure you stand out to every customer who walks through your door.
Stripe Credit Card Processing
Stripe is a business that is focused on the e-commerce space. They have special types of customization that are helpful for online retailers in particular.
This is because Stripe has developed hundreds of helpful integrations with common online business software. They work with companies directly to develop custom pricing schemes.
They are very well-versed in accepting mobile wallet payments. Because they are a larger company, however, certain types of high-risk businesses may see longer payout times. Any degree of fraudulent activity may result in a longer-term hold on your funds until the issue can be resolved.
Nonetheless, the ability to incorporate your business into integrations like MailChimp, WooCommerce, or QuickBooks is a premier feature. This is almost a must-have for online businesses today.
Stax Credit Card Processing
Stax is an offering from the organization Fattmerchant, which maintains a subscription-based service that is ideal for larger businesses that are handling greater monthly sales volumes.
The reason is that Stax provides membership pricing as a subscription service, with a 0% markup on interchange rates.
However, they do require a relatively expensive monthly subscription that could be prohibitive for younger, growing businesses.
Nonetheless, the company offers excellent virtual point-of-sale terminals and a wide array of billing and invoicing tools. They offer end-to-end encryption and industry-standard tokenization. This company will make sure that your company stays PCI compliant at the end of the day.
Payment Cloud Credit Card Processing
Payment Cloud is an ideal option for business owners who have poor credit. They still allow you to process credit cards and get past bad credit history so that obstacles don’t stop your business in its tracks.
The great thing about Payment Cloud is that they can approve your application quickly, and provide next-day funding with a fast setup by a dedicated account manager.
However, their pricing information is less transparent than that of other companies. This is because their pricing will vary based on the risk your business poses to them as a creditor. You also may be subject to early termination fees if you choose to go with another service provider.
Payment Depot Credit Card Processing
Payment Depot is a great starter option because it offers a risk-free trial. For 90 days, you can choose to cancel your membership and have your annual fee returned to you. There are no cancellation fees with the service.
They also offer you a free virtual terminal, or they will help you reprogram your current terminal at no charge. They offer 24/7 support, although they do rely on outsourcing for customer service.
Dharma Merchant Services Credit Card Processing
Dharma Merchant Services stands out as an excellent option for nonprofits. They offer nonprofits reduced monthly fees and processing rates, helping them attract nonprofit business owners.
They are held to higher environmental grading standards. This becomes a selling point for nonprofits that want to advertise their environmentally conscious approach. They also are very active in their philanthropy and like to partner with businesses that are changing the world.
Payline Data Credit Card Processing
Payline Data is another processor that is targeted to high-risk merchants. They offer interchange-plus pricing at extremely competitive low rates. The company provides two primary offerings, including one for retailers with a physical location and one for e-commerce businesses.
For businesses operating in the tobacco, gaming, fantasy sports, or self-storage space, having a processor that supports high-risk lending is a major plus.
How Do You Choose the Best Credit Card Processor For You?
There are many factors to think about when starting your business and looking for a credit card processing partner. You’ll need to consider how much revenue you anticipate your business will earn per month. This will guide the majority of your fees and help you compare quotes.
It helps to be able to look at multiple rates at once. Try to get as much information as you can regarding the total fees for every processor. If you want to use a tool like ours, you can compare rates instantaneously.
Finding the Best Credit Card Processors in 2022
In 2022, there are a variety of credit card payment processors that stand out with exceptional features. It really is a matter of deciding which company suits your business needs.
You may need to determine which relationship you want to form based on your monthly sales volume. Or if you are a special business like a nonprofit or a high-risk category business, you may need to look through the best credit card processors to find one that favors your subcategory.
If you want to get the best quotes from different credit card processing companies, check out our quote tool. We will make sure that you leave with the absolute lowest price based on your business needs available today.