We receive advertising fees from the brands we review which affect the ranking and scoring.We receive advertising fees from the brands we review. These fees affect the ranking and scoring. We do not compare all service providers in the market. Featured prices and terms can be updated. Free offers may include additional terms.Full Advertiser Disclosure
Possibly.com is a website that allows users to find and compare products and services. We believe in helping our users make informed decisions about the products and services they buy.
We may receive advertising fees from the brands we review, which is how we're able to keep our site free for everyone to use. These advertising fees, combined with our criteria and methodology, our team of reviewer's findings, subjective experience, and product popularity, impact the placement and position of the brands within the comparison table or our quote matching technology. We do our best to keep up-to-date on the latest offer terms of our partners but they can change at any time.
Possibly.com does not compare all suppliers in the market and not all products or services are available at all times, through all channels, or in all areas. Not all products and services from our partners are compared by Possibly.com and due to commercial arrangements and customer circumstances, not all products and services offered by Possibly.com are available to all customers.
Don’t limit your business to Square Payments – there’s a world of alternative options waiting for you!
Last Updated June 2024
While Square may be a great choice for some, don’t be afraid to explore the wide variety of other payment solutions available. With competitive pricing, exceptional customer service, and unique features, you’re sure to find the perfect payment provider that suits your business needs. Don’t settle for the status quo – branch out and find the payment option that works best for you!
The phrase “Credit Card Processing company” is a catchall term that refers to hardware, software or services needed by businesses to receive card payments. However credit card processors don’t just work on consumer transactions; many also offer their expertise on how best process transactions from offline customers such as online payments or card less transactions.
Types of Credit Card Processing companies in the USA?
Credit Card Processing companies offer different types of services, but most can categorised as the following:
Merchant Account Providers
These are the most common merchant account providers. At minimum, they provide you with a means of accepting credit card payments and processing them so that customers’ money is released to your business when they pay by debit or charge cards instead. The larger companies like PaySafe (see review) can offer services to process your transactions through the credit card networks like Visa and Mastercard.
Payment Services Providers (PSPs)
Accepting credit and debit cards is a convenience for many small businesses, but not all of them need a merchants account. Payment Service providers like Square (see review) can give your business the ability to accept credit card payments without a dedicated merchant account. These work well for SMBs that don’t process large volumes of transactions.
Payment Gateway Providers
A payment gateway is a must-have for online stores. 76% of US adults are expected to make an online purchase in 2022 alone. And the best way for online businesses to take payments is with a payment gateway. Payment gateways like Stax by Fattmerchant (see review), Helcim (see review) and Payment Depot (see review) facilitate online transactions while protecting sensitive cardholder data. This means customers can securely buy items from your store without the risk of identity theft. These providers also are able to efficiently handle high volume of transactions.
How to find the right fit for your business?
Here are some points you should consider when deciding the best merchant service for your business:
How easy is it to use?
Can you or your employees easily navigate through the system, or will you need something else that’s simple to use like an app?
How much does it cost?
Don’t blow your budget. Don’t just look at the month-to-month software costs but also factor upfront hardware costs. If you are switching service providers then check for potential termination charges. Watch out for any hidden fees.
What is the type of system?
Some businesses might use their phone as a point of sale; other might need an integrated system and multiple registers. Comparing the different Credit Card Processing companies, you might be able to lease some components and avoid certain upfront fees.
Is the system scalable?
Make sure the system can keep up with your growing business. You may start off at a lower tier being a smaller venture but as you grow you want to be able to easily upgrade to support your expanding operations. You don’t want to have to switch to a new system from what your employees and you are used to.
Does it support contactless payments?
More customers opt for this safer payment method these days, it’s an important option to have available.
Do they provide good service support?
When something goes wrong, you want to ensure it’s a quick fix. 27/4 support and live chat support are helpful in avoiding any operational disruptions. Some Credit card processors also have helpful knowledge base for reference on their platforms.
Credit Card Processing Fees and Rates
Estimating actual costs associated with a service can be hard, especially when Credit Card Processing companies have so many different ways of calculating their quote. Not to mention a few of them also offer custom packages where additional costs could be hidden in the fine print. Here are the one you should look out for:
Interchange fees
Interchange fees are the largest fees you’ll pay and are usually a percentage of each transaction generated plus a fixed fee like 2% + $0.10 per transaction.
Assessment fees
Assessment fees are usually based on your estimated monthly sales volume. Some providers charge an incremental portion of your sales. Example., 0.11% on up to 2,000 sales, then 0.12% of the next 2,000 sales and so on.
Periodic service charge
Whilst most Credit Card Processing companies don’t charge a monthly or annual service fee, always keep an eye out for the ones that do.
Terminal fees
Terminal fees are basically the cost of leasing a payment terminal for your store, not your online business. These fees can pile up so often it is more cost effective to purchase a terminal outright. You can assess based on the needs of your business.
Payment gateway fees
Payment gateway fees apply specifically to online businesses. Here you essentially pay for online sales where the gateway acts as virtual payment terminal.
Are you ready to take on the world? We’ve got you covered with great merchant service options that will help make your business soar like never before.
Still not sure? Let us help you find the right Payment Solution for your business
Take our quick quiz to get quotes for the solution that's right for your business.
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies. Privacy Policy
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
Cookie
Duration
Description
cookielawinfo-checkbox-analytics
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional
11 months
The cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance
11 months
This cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy
11 months
The cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.