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It is imperative that businesses make it possible for customers to pay with credit cards and debit cards in order to avoid losing potential customers in the modern environment of cashless purchasing. The processing of digital and card payments, whether they take place online or in real establishments, can, thankfully, be made easier by a variety of options that are currently accessible. Finding the best credit card processing firm for your organization doesn’t have to be a difficult or expensive process.
Your search should be centered on choosing a provider that places a high priority on the user experience, that provides competitive monthly costs, and that boasts a vast array of integrations, in particular with industry-leading services such as Apple Pay, Google Pay, and QuickBooks. When searching for the Best Credit Card Processing Companies, accessibility and cost-effectiveness are two of the most important factors. If you adopt a solution that is in perfect harmony with the requirements of your company, you will be well on your way to improving your skills for processing payments and increasing the number of sales opportunities available to you.
Key Factors to Consider While Choosing Credit Card Processing Companies
There are a few important things to think about when choosing the best credit card handling company for your business. These things are very important for making sure that handling payments goes smoothly and costs as little as possible. Here are the most important things to remember:
- Transaction Fees: Look at the company’s fee system, including transaction fees, interchange fees, and any other fees.
Compare these fees to the standards in the industry to make sure you’re getting a good deal. - Types of Payment Processing: Find out what kinds of payments the company accepts, such as credit cards, debit cards, mobile payments, and e-commerce. Make sure the company can handle the payment methods that your customers use most often.
- Security Measures: Check the company’s security measures, such as data encryption, PCI compliance, and steps to stop theft. Make sure that private payment information from customers is well protected.
Best Credit Card Processing Companies Comparison Table
The reliability and customer assistance of established credit card processing firms are usually greater. They may have better security, integration possibilities, and transaction experience. However, you must evaluate rates and services to get the finest provider for your organization.
| Feature | Stripe | Helcim | Verifone | Square | Stax |
|---|---|---|---|---|---|
| Pricing | Starts at 2.9% + $0.30 per transaction | Starts at 2.9% + $0.30 per transaction | Starts at 2.6% + $0.10 per transaction | Starts at 2.75% + $0.30 per transaction | Starts at 2.9% + $0.30 per transaction |
| Features | Online and in-person payments, recurring billing, fraud protection, analytics | Online and in-person payments, fraud protection, integrated accounting, customer support | In-person payments, EMV chip reader, contactless payments, mobile POS | Online and in-person payments, Square Terminal, Square Capital | Online and in-person payments, recurring billing, fraud protection, integrated accounting |
| Integrations | Integrates with most major e-commerce platforms and accounting software | Integrates with most major e-commerce platforms and accounting software | Integrates with most major POS systems | Integrates with most major e-commerce platforms and accounting software | Integrates with most major e-commerce platforms and accounting software |
| Support | 24/7 support | 24/7 support | 24/7 support | 24/7 support | 24/7 support |
| Website Link | Visit Website | Visit Website | Visit Website | Visit Website | Visit Website |
List of the Best Credit Card Processing Companies
In order for organizations to achieve compliance with PCI DSS, they need to follow its criteria, establish secure ways of payment processing, routinely upgrade their software and hardware, and educate their personnel on the best practices for security. Employing the services of a reliable credit card processing company that places a high priority on safety is another step that can assist businesses in keeping in compliance with relevant regulations. Transactions made with credit cards are normally processed within a few seconds to a few minutes of being submitted.
Stripe
| Feature | Description |
|---|---|
| Online Payments | Accept online payments securely |
| Subscription Billing | Manage recurring subscriptions |
| Invoicing | Create and send invoices to customers |
| Payment Gateway | Process payments for e-commerce |
| Mobile Payments | Accept payments through mobile devices |
| Visit Website |
Stripe was established in 2010, just one year after Square, and it has since grown to become the most successful credit card processing company for mobile app-based sellers and online retailers. In a manner analogous to that of Square, the fees charged by Stripe are calculated as a flat rate; however, the rates charged per transaction for in-person and keyed-in credit card payments are slightly lower.
Stripe is head and shoulders above its rivals when it comes to the processing of online payments because it is compatible with all mobile wallets, including Apple Pay, Google Pay, and other well-known wallets from other countries, such as Alipay and WeChat Pay. In addition, for a fee of 0.8% (limited at $5), Stripe enables businesses to accept payments or recurring charges made through ACH debit or credit transactions, as well as wire transfers.
The Good
- User-friendly interface
- Wide range of payment options
- Robust subscription management
The Bad
- Some users find the pricing structure complex
Helcim
| Feature | Description |
|---|---|
| Payment Processing | Securely process payments online and in-person |
| Point of Sale (POS) | POS system for retail businesses |
| Virtual Terminal | Accept payments through a web interface |
| E-commerce Integration | Integrate with e-commerce platforms |
| Recurring Billing | Manage subscription payments |
Since 2006, Helcim has been in business. It started out as a payment processor and has grown into a financial technology company that offers different business solutions. Helcim gives small business owners a lot of options because it doesn’t charge monthly fees and has a fee schedule that gives discounts for bigger volumes. This is why it’s our best overall winner. The company is a Level 1 PCI-DSS-compliant service provider that uses good security practices that are common among companies that work in financial technology.
Signing up for a Helcim account takes about five minutes, and you don’t need any tools to get started. To start taking payments, just open the payments app. For transactions in stores, you can order the Helcim Card Reader, which costs $109 and links to smartphones, desktops, and tablets. Helcim works with QuickBooks and WooCommerce, but its extra services are where it really shines.
The Good
- Transparent pricing with no hidden fees
- Excellent customer support
- Versatile POS system
The Bad
- May not be suitable for very small businesses
Verifone
| Feature | Description |
|---|---|
| Payment Terminals | Provide secure payment terminals |
| Mobile Payment Solutions | Accept payments via mobile devices |
| Point of Sale (POS) | Offer comprehensive POS solutions |
| Payment Security | Ensure secure payment processing |
| Integration Options | Integrate with various payment systems |
Verifone is a reliable organization to work with for processing transactions. They provide an excellent alternative to merchant services and have the potential to cut down on the fees associated with your processing by eliminating the need for a middleman (merchant services) between you and your consumer. In addition, they provide an application programming interface (API) that enables you to integrate your bespoke solutions with their existing infrastructure.
One additional advantage of utilizing Verifone? You will have the opportunity to benefit from their expertise in mobile payments and other comparable technological solutions, which will provide you with access to professionals who are up to date on the most recent developments. As a result, you will be more likely to remain current despite the ongoing development of new technologies.
The Good
- Wide range of payment solutions
- Strong reputation for security
- Diverse POS options
The Bad
- Pricing may not be budget-friendly for small businesses
Square
| Feature | Description |
|---|---|
| Point of Sale (POS) | Comprehensive POS system for various industries |
| Online Payments | Accept payments through an online store |
| Invoicing | Create and send invoices to customers |
| E-commerce Integration | Integrate with popular e-commerce platforms |
| Mobile Payment Solutions | Accept payments using mobile devices |
It provides a free option for businesses, in which they pay only for the transactions they complete rather than for a monthly subscription. In addition, Square does not compel its users to sign a contract or make a commitment, so decreasing the risk that merchants face. When firms sign up for the Plus plan, they are given a free 30-day trial period, after which they have the option of either paying the monthly charge or switching to the Free plan.
Because Square’s Free plan includes a free mobile card reader, businesses are able to begin processing payments with no initial financial investment required. Additional hardware, such as the Square Register, Square chip reader, Square Stand, and Square Terminal, can be purchased by retailers as their businesses expand. Prices for these items range from $49 to $799, and merchants have the option to pay for them on a monthly basis.
The Good
- User-friendly and intuitive interface
- Versatile POS solutions
- Extensive e-commerce integrations
The Bad
- Some users find processing fees high
Stax
| Feature | Description |
|---|---|
| Payment Processing | Secure payment processing solutions |
| Integration Options | Integrate with various software and platforms |
| Reporting and Analytics | Access detailed transaction insights |
| Subscription Billing | Manage recurring billing and subscriptions |
| Mobile Payments | Accept payments via mobile devices |
Pricing at Stax is based on subscriptions, and there is no markup added to the direct interchange rates. Additionally, it provides customer help around the clock as well as an online knowledge base. The monthly cost of using Stax might run anywhere from $99 to $199. Stax charges an additional fee of 18 cents for each transaction completed online, in addition to an 8 cent fee for each swiped transaction.
Stax gives each customer a free mobile reader or terminal to use in their business. However, in order to access many of the payment capabilities, such as website-hosted payment links and electronic billing, higher-tier plans are required. Stax also has developers working in-house who are available to assist customers with software development kits and application programming interfaces (APIs). Customers will have a lot of leeway in terms of personalization while using Stax.
The Good
- Competitive pricing
- Scalable solutions for businesses of all sizes
- Comprehensive reporting and analytics
The Bad
- Some users may require additional third-party integrations
Security Measures in Credit Card Processing
When processing credit cards, it’s important to use security steps to protect sensitive financial information and make sure that both customers and businesses can trust the system. Here are some of the most important security steps that merchants and companies that process credit cards should take:
- Encryption of Data: Use strong encryption methods (like SSL/TLS) to encrypt the data sent between the customer’s device and the payment gateway.
Encrypt saved cardholder data to keep it from being seen by people who shouldn’t be. - Compliance with PCI: Follow the Payment Card Industry Data Security Standard (PCI DSS), which is a set of security rules meant to keep user information safe. Use security audits and reviews to check and confirm compliance on a regular basis.
- Using tokens: Replace sensitive card info with unique tokens by using tokenization. Tokens have no value on their own, and hackers can’t use them even if they get their hands on them.
Questions and Answers
There are usually two key parts to credit card processing fees: interchange fees and payment processor fees. Interchange fees are set by the card networks (Visa, MasterCard, etc.) and given to the issuing banks. Payment processor fees are different for each company and pay for the cost of handling transactions. These fees can be flat rates, a portion of each transaction, or a monthly fee to subscribe.
Yes, safety is very important. Look for credit card processors that offer safe ways to handle payments, like EMV chip technology and end-to-end encryption. To protect customer data, it is also important to follow the Payment Card Industry Data Security Standard (PCI DSS) rules.
A payment gateway is software or a service that makes it easier for credit card payments to be authorized and processed during an online transaction. A merchant account is a type of bank account that lets companies take payments by credit card. Payment gateways and merchant accounts often work together to finish transactions, but they do different things in the process.