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The 6 Best Online Credit Card Processing Companies

June 25th, 2021 Uncategorized Cash Back Processor
The 6 Best Online Credit Card Processing Companies

Choosing a credit card processing solution has never been a tougher choice. There are so many options, and on the surface, they all seem to function just fine.

While they might be a suitable solution in their own right (we’re not throwing shade here), not every processor will fit well with your business. 

So how do you decide on an online processor then?

A good first step is making a mental checklist of the issues that need addressing. Are you branching out internationally? Has your monthly transaction volume increased or are you stuck with a processor with lousy support for high-risk transactions?

The hard part is about to be over – continue reading to find out which online processor is right for you.

1. Best all-around: CashBack Processor

What could be better than slowly increasing your bottom line by saving money on your credit card processing? With CashBack Processor, you can achieve just that regardless of your monthly transaction volume.

This is the only processor we’re aware of that pays you back 50% of the money they earned on credit card processing. 

Additionally, it’s a safe choice for any business (including brick-and-mortar stores) as the rates will always stay constant and there are no hidden fees or sign-up costs.

You won’t lose anything by giving CashBack Processor a shot because they only operate on a month-to-month basis. Feel free to give it a spin.

2. Best for low volume of transactions: Stax By Fattmerchant

If you have a lower average amount of transactions, then the best fit for your business is a company that offers a lower markup. Stax (the processor formerly known as Fattmerchant) is that company. 

They offer a membership pricing model that’s quite beneficial because you pay only a small per-transaction fee with no markup. There is a $99 monthly fee, though.

Still, the monthly fee shouldn’t detract you from Stax, because its rates (especially for online transactions) will most likely save you a lot of cash in the long run. 

It’s also worth mentioning you can get even more value if you sign up for Stax’s software package. For example, for an additional $89 a month, you gain access to more advanced features such as ACH processing and invoicing. 

3. Best for a high volume of transactions: Payment Depot

Payment Depot is another processing company that offers membership pricing.

There are four plans you can choose from according to your monthly volume. For instance, if you process up to $75,000 a month, you will pay $0.10 per transaction with a monthly fee of $79 a month.

Plus, Payment depot offers a month-to-month contract and has no hidden fees, making it our processor of choice for businesses that process a lot of payments each month.

4. Best for new businesses: National Processing

Every penny counts when your business is just taking off, so we recommend going with a payment processing vendor that offers competitive rates. National Processing is an obvious choice in this case.

For online businesses, in particular, National Processing’s interchange-plus pricing has some of the most competitive rates. For example, signing up for an eCommerce pricing model comes with a monthly cost of $9.95 and a per-transaction fee of 0.3% + $0.15. 

Another reason National Processing is a great solution for new businesses is their customer support. You get assigned a dedicated account representative available every business day, while tech support is available 24/7.

5. Best for high-risk businesses: PaymentCloud

Getting good rates when your business falls into a high-risk category is a challenge in it itself. Luckily, there are processing options that offer reliable high-risk merchant accounts.

PaymentCloud accepts most industries and high-risk service providers, and is offering interchange-plus pricing with competitive rates. There are also no setup or annual fees.

Thanks to their partnership with Chargeback Gurus, PaymentCloud gives you robust chargeback prevention as well, which is good news for any high-risk online business.

Make sure to get a free quote from this processor as their rates do depend on the associated risks of your business.

6. Best for international sellers: 2Checkout

When choosing a company for processing international transactions, you need to pay attention to the vendor’s coverage. Luckily, our pick has an amazing global reach.

2Checkout is an online-only credit card payment processor available in over 200 countries and it can process over 100 foreign currencies.

It offers a flat-rate pricing model with no mandatory long-term contract and you can also pay extra for premium add-ons for digital sale optimization.

Tough decisions made easy

It would be unfair to categorize any of these credit card processors as one-trick ponies, but they do offer clear benefits for certain businesses. It all depends on what you’re looking for.

While this list shouldn’t be taken as gospel, it’s a good starting point to better understand what works best for your particular situation. 

Even so, you should avoid only focusing on price and taking a blind leap of faith. Always consider other features that could be useful either right now or in the future when your online business grows. It’s going to make a difference in the long run.

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