To grow your business and keep your customers happy, one of your priorities is to give them the option of paying for your products or services easily.
A payment processing company makes this possible.
However, not all payment processors are equal. Some won’t be transparent, which would result in you losing significant revenue due to the lack of complete and accurate information on fees. You need to be aware of all the cons so that you can make an informed decision and avoid getting buried in hidden fees and unreasonably high rates.
We can help you by giving you our list of the top 5 payment processing companies.
When looking for a transparent processing service, you can’t just look at the average per-transaction fee – you need to look at the complete picture.
For instance, Square is arguably the safest option for businesses of all kinds that are looking for a no-hassle approach to processing payments, even though an average price per transaction is quite high at 2.6% + $0.10.
Why is it worth it then? With Square, there are no monthly or hidden fees, no PCI compliance fees, and no termination fees either. You’re not getting locked into a long-term contract as this vendor also offers a month-to-month pricing plan.
Aside from the meager amount of operating costs that come with using the company’s solution, you also get a free mobile card reader just by signing up.
This is probably the best option for small or new businesses, but we recommend looking for a different vendor if your business is processing a larger volume of sales a month.
The next company on our list has a unique business model that actually pays you.
As the name says, CashBack Processor gives you back 50% of the money they earn from processing your transaction every month. Additionally, this company allows you to accept all major credit cards, and it works on every POS system, every major e-commerce platform, and any mobile processing device.
Equally important – there are no shady hidden costs and the rates always stay the same. When you combine this with the fact that its pricing operates only on a month-to-month basis, CashBack Processor is an amazing choice for any growing business, as well as for established businesses trying to increase their bottom line.
Plus, if you refer other business owners to their network, you can save even more money.
If you want a transparent company that won’t overcharge you if you are dealing with larger amounts of transactions, National Processing is a solid choice.
There is a monthly fee, but at only $10 dollars, it’s a small price to pay for highly competitive rates that will help you save extra bucks on a large volume of transactions.
As you’re probably aware by now, we recommend going with companies that operate on month-to-month contract types, and National Processing is not an exception. However, if you want to receive a free credit card terminal, you are going to need to sign a long-term contract.
This processor is also a great solution if you are switching providers, as they will reprogram your existing equipment at no additional cost. It’s also worth mentioning that their customer service is top-notch, so you have nothing to worry about if you ever encounter any problems.
Payline is a great all-around solution for all businesses, regardless of their size. Online or in-person, Payline offers an amazing service at competitive prices.
Their plans and rates are customizable, and the first month is free. Additionally, there are no upfront or cancellation fees.
The trusted company is the perfect choice for you if your business falls into any of the industries credit card companies consider high-risk. Think industries like gambling, crypto, or industries where chargebacks are common such as travel.
Overall, Payline offers good terms for high-risk businesses, while also being a safe option for ”normal” businesses.
Retailers and merchants who want to improve their bottom line can take advantage of Dharma Merchant Services and its great functionality and affordable pricing.
There are no annual fees, and they are another solution on this list that operates strictly on a month-to-month contract. Furthermore, this processor does not charge monthly minimum fees, PCI compliance fees, or even batch fees.
Apart from the transparent pricing, Dharma Merchant Services operates at lower processing rates for restaurants and business-to-business merchants. Non-profit organizations are also offered discounts.
The only downside is that the company has a strict vetting process that eliminates businesses processing less than $10,000 a month.
It’s true that some companies out there aren’t disclosing all the information to their customers. While this is not ok, it’s also not surprising since everyone is trying to make more money. However, there are also companies that choose to grow through transparency and exemplary service.
All the vendors listed here are reputable in their own right – it’s just a question of whether they are the right choice for you.
The key is to focus on your needs. Pay special attention to fees and basic functionalities, as well as to hardware and software integration, and never settle for less.