Credit Card Merchant Services for Small Business– Finding the right credit card processing company for your small business can be difficult. There are many payment models on the market, and it can be difficult to decide which one is best for you. In addition, few small and medium-sized sales and service agencies openly advertise their prices, making accurate comparisons more difficult.
Not all small businesses are the same. Transaction volume, where and how you sell, and even the point-of-sale (POS) equipment you already have can all influence which credit card processor will benefit you. If your small business is relatively new, you’ll also want the flexibility to try card processors without being bound by a contract.
After researching dozens of services, we compiled a list of the best credit card processing companies for small businesses.
Overall, my top recommendation is Leaders Business Services (LMS). The wizard offers negotiable pricing and custom plans so you don’t have to pay for features you don’t need. If an LMS isn’t right for your business, don’t worry. Read on for great guides for small businesses.
We Look For The Best Credit Card Merchant Services for Small Business
When researching credit card processing companies for this list, I focused on a few features that directly benefit small businesses.
- Free or discounted radio stations. Having free or discounted stations means you have more money to invest in your business. All of the card processors on this list can help you start selling in-person without any additional fees.
- Fast approvals. These credit card processors have expedited application processes designed to approve all qualifying applications within 48 hours. This means that if you don’t wait, you could lose business.
- Support e-commerce. With so many small businesses selling products both in person and online, they need a payment processor that offers e-commerce support. By integrating with popular e-commerce platforms and virtual terminals, these features ensure you don’t miss any promotions.
- No monthly minimum or lower. Given that small business revenue can fluctuate wildly, I avoid listing payment processors that charge high monthly minimum processing fees.
1. Home Merchant Services: For New Small Businesses
Setting up flagship merchant services is easy. Unlike other processors that require documentation, Flagship’s application process is as simple as asking a few questions about your business. Merchant accounts are typically approved within two business days and you can start processing payments the next business day.
Once approved, you will receive a “free” station. Depending on what you negotiate with the flagship sales team, this could be the Clover Mini or the Verifone VX 520. Unfortunately, it’s not completely free. You may need to pay a small insurance and maintenance fee. You have the equipment.
However, purchasing this equipment is not cheap, especially if your business is new and you don’t have a lot of budget. Additionally, there are no monthly commitments and no early termination fees, making Flagship an excellent starting point for new business.
2. POS Pro: Great for small businesses
POS Pro offers a wide range of industry-specific POS solutions to meet the needs of various brick-and-mortar businesses. Our POS professionals will recommend the best equipment for your business, industry, and needs. You can also virtually test recommended solutions to ensure the hardware meets your needs before actual deployment.
POS Pro offers a free Dejavoo Z11, Clover Mini LTE or Clover Flex terminal, a value-added product for businesses on a budget. Access the Clover App Market on any Clover device and choose from hundreds of free and paid apps for business management, CRM, inventory, marketing, and more.
POS Pro has a variety of plans, including interchangeable and tiered pricing, to meet the different needs of small businesses. The representative offered me an affordable monthly fee of Rs 78,160, with pricing models and transaction fees ranging from 0.30% + 10 cents (individual) to 1.5% (individual). However, sales support isn’t entirely clear on what features each plan offers.
3. CreditCardProcessing.com: Advanced Small Business Solutions
Priced at just INR 2,34,480 per month, CreditCardProcessing.com is a standout processor that offers small and medium businesses access to the latest software with an additional 0% markup. We also offer fixed pricing plans starting at 0% + 30 cents, which is great if your business has a higher throughput. With this pricing plan, the more transactions you process, the lower your transaction fees will be.
If you rely on high volumes of low-price ticket sales, cheaper plans may not offer significant savings due to higher transaction fees. To determine whether a flat fee will save your company more money than an Exchange Plus plan, you’ll need to crunch the numbers.
All CreditCardProcessing.com accounts have access to Vindicia, which allows you to set up recurring payments and provides analytics to help you improve your plan. Vindicia Retain can convert up to 30% of failed transactions into successful payments.
4. Business Leader Services: Offering low, negotiable prices to small businesses.
Leaders Merchant Services (LMS) helps small businesses grow with a powerful core feature set. Not only do you get a free Clover device based on the length of your contract, but you can also pay extra to use the popular Authorize.Net payment gateway to process card-not-present transactions.
LMS offers custom pricing so you can negotiate a plan that fits your specific business needs. This approach means you’re not wasting money on features you don’t need. With a monthly fee of just Rs 1,40,688, LMS is a very affordable option for small businesses, allowing you to reinvest the money from your budget into your business.
On the business investment side, LMS provides merchants with a cash advance that can be repaid with a small fee on future sales. This allows you to access the capital you need to grow while avoiding the risk of providing a guarantee.
5. PAYARC – Ideal for growing companies selling products internationally
If you want to sell your business internationally, PAYARC is a great option. This gives you access to multiple gateways for accepting online payments, including our own $5/month option and the reliable Authorize.Net $12/month. Additionally, with Planet Payment Gateway’s e-commerce integration with RS2 and TSYS, you can offer your international customers the option to pay in their local currency.
PAYARC provides a variety of advanced billing tools to provide you with more payment methods. You can create professional invoices for one-time purchases, or if you run a subscription-based business, you can use recurring billing tools at no additional cost. You can bill based on usage and volume levels, and your bill can even automatically adjust based on promotions, discounts, and trials.
PAYARC has a versatile pricing structure that allows you to price better as your business grows. Our flat rate plan has no monthly fees and fees of 2.49% + 30 cents (in person) and 2.9% + 30 cents (online) per transaction, making it perfect for small businesses and startups. If your processing volume increases, you can move to membership-based pricing. Monthly fees start from INR 1,078,608, but you can benefit from low fixed transaction fees (onsite and online) starting from 0% + 15 cents.
6. ProMerchant: Ideal for small retail and restaurant businesses
ProMerchant offers a no-fee plan for restaurants and retail businesses that allows them to pass on fees of up to 4% to card-carrying customers. You only have to pay a fixed monthly fee of approximately INR 1,24,274 to use the software, making the processing costs low and predictable. This monthly fee also applies to the exchange plan, but the transaction fees are higher than what you pay through the LMS.
No matter what type of small restaurant you run, ProMerchant offers free hardware designed to meet your needs. If you want to process payments at the checkout counter, ProMerchant offers the Ingenico Desk 3500 Credit Card Terminal, an efficient model known for its fast processing speeds. For restaurants that process payments at the table, ProMerchant offers a free PAX A920 terminal. This wireless model allows servers to collect tips and electronic signatures.
The same device will be available to retailers for free. PAX A920 helps you manage your retail operations and store transaction data in the cloud. Securely access your transaction history, reports and inventory. The terminal can also handle gift cards.
7. Chase Payment Solutions
Chase Payment Solutions offers many features for online small businesses, including multi-currency support, integration with Authorize.Net, and access to Orbital Virtual Terminal. With a Chase Business Bank account, you can get same-day financing for your online sales with BigCommerce.
However, Chase Payment Solutions may not be suitable for businesses that require a variety of POS hardware options. Limited POS options are offered, and there are no free POS terminals. If you’ve already invested in equipment, limited compatibility with third-party POS systems (especially the popular Clover device) can be a deal breaker. However, fast financing and multi-currency support are enough for small e-commerce businesses.
8. Square
Low-risk small businesses looking for in-person and online payment solutions will benefit from Square’s quick setup process. There’s no review process or binding contract, so you can get started right away. Plus, you can link your Square checking account to your existing account for instant access to your funds. This significantly increases cash flow and allows us to maintain a stable operating rhythm.
While Square offers undeniable advantages, it has a history of unexpectedly terminating accounts it deems high risk, which can lead to business disruption and loss of revenue. Combined with mediocre customer support, it can be difficult to get the help you need. However, the platform’s ease of use, quick setup, and free online store make up for these shortcomings.
9. Helcim
Low-volume e-commerce businesses can benefit by signing up with Helcim. This provides access to a fully hosted e-commerce platform and removes the complexity of setting up an online store. Helcim offers a variety of free tools to make online payments simple, including an easy-to-use virtual terminal, recurring payment tools, and easy-to-use payment links.
If you primarily operate a brick-and-mortar organization, you may find that Helcim offers limited personal processing solutions. There is only one primary card reader and integration with third-party POS devices may not be possible. However, for companies primarily focused on the Internet, Helcim may be a viable option.
10. Luminous Payment
While many processors focus on e-commerce, Luminous Payments offers solutions for brick-and-mortar stores. Granted, their POS selection isn’t as extensive as POS Pro, but they do have equipment for a variety of businesses. It also offers a cash register, something you don’t often see in payment processors.
When it comes to e-commerce, Luminous has limited options. It offers some e-commerce features such as a payment gateway, virtual terminal, and shopping cart integration, but they are somewhat limited compared to other processors on our list.