While most credit card processing companies will do the job of allowing customers to pay for your services just fine, that doesn’t mean they will be a good fit for your eCommerce business.
Making a wrong choice can hurt your bottom line down the line, so it’s important not to choose the first few results in your Google search by default.
We know there are too many options to choose from, so what should you look for?
Certain credit card processors will offer eCommerce businesses more beneficial terms than others, such as affordable rates or multiple digital payment options. We’re going to highlight five of the best vendors for this type of job.
It’s no surprise that Stripe has been one of the most popular eCommerce processors for a decade. Instead of offering just a flat-rate pricing model, Stripe also offers discounts and custom pricing plans to businesses that process more than $100.000 per month.
Plus, Stripe is a great all-around solution if you want to design your web store or introduce in-app purchases, as you can integrate a wide variety of tools into your platform such as:
If you plan to sell internationally, Stripe has got you covered because it supports the local payment options outside of North America along with the majority of digital payment options.
It’s a solid choice for businesses of all sizes due to its flat-rate pricing model without the commitment of a monthly fee or a minimum. However, you will need to pay a fee to access its advanced tools.
If PayPal doesn’t ring a bell, you’ve probably been living under a rock. This popular processor lets you set up and start accepting payments right away.
With PayPal, you get predictable flat-rate pricing with no monthly fees, making it a go-to choice for eCommerce businesses with small monthly transaction volumes.
While it built up a reputation as a robust solution for P2P payments, Paypal is now a full-fledged payment processor. Along with PayPal credits, it allows you to accept all major credit cards as well.
PayPal easily integrates into any website, and it lets you design your custom shopping cart, making it a perfect processor if you’re just starting or have no programming experience.
Contrary to popular belief, Square is not strictly a brick-and-mortar processor. It’s a respectable online payment processor as well.
We usually recommend a flat-rate pricing model for a majority of online businesses. Even though Square offers an Interchange plus pricing, it also has no monthly or PCI compliance fees. Once you look at the rate for the “card not present” transaction, you will find it to be the same as PayPal’s usual rate i.e. 2.9% + $0.30 per transaction.
Plus, one of the other features Square offers is an e-Commerce web design, meaning you are covered if you don’t have a website in place.
Similar to PayPal, this vendor works best for businesses with smaller transaction volumes, meaning they are both an excellent choice for eCommerce.
Maybe you don’t want to lose time thinking about per-transaction fees and would rather try something different. In that case, your best choice is CashBack Processor.
This processor is an amazing solution for every business looking for ways to save extra money and increase its bottom line. CashBack Processor is unique as it’s a credit card processor that pays you back 50% of the money earned on processing at the end of each month.
It integrates with every major e-commerce platform and has no hidden fees or sign-up costs. Even better, it operates only on a month-to-month basis so you can trial it, in a way.
CashBack Processor will work well with many e-commerce businesses, big or small, regardless of their monthly transaction volume.
Stax by Fattmerchant is our pick for a payment processing solution for eCommerce businesses that handle large volumes of transactions per month.
They offer a membership pricing model – the model similar to interchange plus, but you only pay a flat price and the vendor covers the rest through a monthly fee dictated by the volume of your transactions.
For instance, if you are processing less than $500,000 a month, you will pay a monthly fee of $99 plus $0.15 per transaction.
While not geared towards eCommerce specifically, their plans cover only one type of payment. For example, you will pay a fee for an online shopping cart only. Stax offers an API, integration with most online shopping carts, as well as a free customizable shopping cart.
You won’t go wrong with any of the companies we listed. Besides great functionality and integration options for eCommerce, they offer one very important element – transparent prices.
However, you should always put your needs first, since a payment processor is a good fit only if it works well to address your requirements.
Even if you don’t hit it out of the ballpark on your first try, it’s not a problem as none of the companies we listed require a long-term contract. You can freely explore other options until you find that perfect fit.