Table of Contents
- Top 5 Credit Card Processing Services
- Intuit — QuickBooks Payments
- Payline Data
However, the most difficult part for small business owners is selecting the appropriate credit card processing service. There are many ways that businesses can accept credit cards and this coupled with the several credit card processing companies out there to choose from, it can be quite overwhelming and confusing.
The ideal credit card processing company is one that can customize its services to fit the unique requirements of your small business. A good company will not only allow you to select the features that are best suited for your business but is also cost effective and does not impose any rigorous restrictions just because you are a small business. Here is a lowdown on the best credit card processing services for small businesses.
Helcim is a good credit card processing service for small businesses who have a revenue of around $1,500 to $2,000 per month. Helcim offers easy setup and excellent customer service and the biggest plus is that Helcim offers complete transparency in terms of its fee structure. Helcim has an A+ rating with the BBB (Better Business Bureau).
Helcim charges a $12 fee per month for retail and mobile payments and an interchange plus or cost plus fee for every transaction. In order to make a profit, Helcim passes the fees levied by the processing companies in addition to a small percentage to the merchants. The interchange fees vary according to the card provider and card type.
If your business involves online selling, then you can choose Helcim’s Virtual Terminal E-commerce Plan, the cost of which is $25 per month and also includes the same fees as mobile and retail. For online purchases, the Fraud Defender software is included, which assigns a score for the transactions after it is rated on basis of 7 factors and transactions can be auto-declined on basis of the specified score. The cost for virtual payments is more due to higher risk.
Merchants must also bear the chargeback fee for which you are charged $15 by Helcim. This fee is charged for the process of verification of fraudulent changes which involves the manual process of arbitration between the vendor and the credit card company.
Helcim sells the hardware such as wireless and wired credit card scanners, mobile card readers and all the equipment are compatible with other processors in case you plan to switch. The cost of the hardware includes shipping, 1-year replacement warranty and 24×7 tech support.
Transactions are settled once in a day and the funds are usually transferred within 2 working days. The deposit amount is the full amount of the credit card sales and you get a bill for the transaction fees only at the end of the month, which makes it easier for the reconciliation of books.
All major credit cards are accepted by Helcim and it also accepts mobile payments like Apple Pay and Android Pay. All the accounts offer processing of international credit cards or you can also offer multi-currency payment options. Helcim integrates with several 3rd party shopping carts such as Shopify, Magento, etc. and you can export the transactions to Quickbooks or a CSV file for the purpose of accounting.
Helcim is an excellent choice for any small business who are on the lookout for interchange plus pricing. Helcim has received positive feedback for its transparent fee structure and always available, friendly customer service, which is rare to find in the market.
Square is among the most recognized credit card processing services. It offers a quick setup for small businesses and is fairly inexpensive. While the cost per transaction of Square may be higher than other processors, there are no monthly fees, which can drive up the costs very fast. Square offers both POS (point of sale) systems and processing services for businesses.
- Magstripe Reader: Free
- Chip Card Reader: $29
- Chip + Contactless Reader: $49
- Stand: $99
- Swiped, Tapped or Dipped: 2.75%
- Keyed-In: 3.5% + 0.15 (per transaction)
- Online: 2.9% + 0.30 (per transaction)
Although there are not too many overhead costs, Square offers additional features that can help you manage your credit card sales such as an online dashboard to monitor your sales, generate reports according to inventory type, employee-wise reports, etc. All this is included in the base package at no extra cost.
Square offers robust customer support and its phone support is available from 6am-6pm from Monday to Friday. You can also get help via social media (Facebook and Twitter), email and the online support center.
Overall, Square is an excellent credit card processing service for small business owners, especially mobile businesses such as those setup at art fairs, farmer markets or businesses having small transactions.
This is a solid credit card processing service and is part of Inuit Software that offers several tools to help businesses with mobile payments, book balancing, compliance and tax requirements. If you’re looking for a service to handle your business’ transactions and finances in a better manner, then Intuit — QuickBooks Payments is an excellent choice.
Inuit offers 2 pricing plans. The Pay-as-you-go plan is ideal for businesses that have low volume transactions, which costs 2.4% per transaction for swipes/dips, 3.4% for key-in transactions in addition to a $0.25 transaction fee. A monthly plan is a better option for high-volume businesses which offers lower transaction rates at a cost of $20 per month i.e. 2.4% on swipes, 3.4% on key-ins plus $0.25 transaction fee.
Inuit offers the GoPayment for vendors on the move. This makes use of a mobile credit card reader which plugs into your smartphone or smart device. On signing up, you get a free reader and you need to pay $10 for every additional reader. GoPayment also has pay-as-you-go and monthly plans. The pay-as-you-go plan has no monthly fees, 2.4% transaction fees for swipes/dips, 3.4% for key-in transactions in addition to a $0.25 transaction fee. The monthly plan has a $20 fee per month and 1.6% for in-person transactions, 3.2% for key-in transactions in addition to a $0.25 transaction fee.
Inuit also offers desktop POS (point of sale) software for sale which starts at $1,800, which can be used with any compatible hardware or on a PC. The POS plans are different. Inuit also charges a fee for chargebacks at $25.
There are over 1,200 3rd party apps which work with QuickBooks. Inuit offers 24×7 online support and customers can get help between 6 am and 6 pm from Monday-Friday and between 6 am and 3 pm on Saturdays.
Overall, QuickBooks Payments is quite popular as a credit card processing service among businesses using the QuickBooks software. The fees and costs of the service are reasonable and it does not charge fees for cancellation, which makes it a good option when compared to long-term contracts.
Cayan is a good option for credit card processing and is ideal for established businesses that have been in operation for a few years. The company offers both cost plus, as well as, bundled pricing. The biggest advantage that Cayan offers is its tech and the Genius platform of the company offers credit card services which are EMV ready and it can also accept NFC payments. Whether you require a POS countertop or a mobile processing solution, Cayan can set it up for you.
Cayan does not have a listing of its prices and plans on its website and you need to contact the Cayan team, who will create a pricing plan for your business according to your requirements and transaction volume. Businesses using the platform can cancel within 60 days without any cancellation fees. If you cancel after 60 days, Cayan charges a minimum cancellation fee.
Cayan offers a wide range of hardware for 3rd party brands such as Verifone and also for its Genius products. The Genius platform allows developers to integrate payment processing into their website or POS systems and a handheld mobile card reader, countertop and mini-terminal. The Genius equipment can be used with other credit card processors too. All the 3 terminals accept mobile, magnetic strip and chip cards and currently, Cayan accepts payments only in US dollars. The charges of e-commerce transactions are much higher compared to in-person ones.
Cayan features an open API, which allows developers to integrate with the genius platform, its shopping cart, Merchantware 4 software, etc. The API allows businesses to use Cayan for the purpose of payment processing, but only on its own e-commerce platform or POS equipment. You can also use the Autorize.net payment gateway with Cayan. Cayan offers 24×7 customer tech support and it also offers support via email and live chat and other support content like FAQs on its website.
Overall, Cayan offers a wide range of hardware and software options and is worth considering for your small business.
As a credit card processing service, Payline Data is well suited for retail business of any size, big or small. Payline offers competitive pricing and features that make it a good value service. Payline offers an interchange plus pricing and is among the most transparent service providers in the industry. This, however, makes it difficult for a business to forecast the processing expenses as they vary every month depending on the kinds of cards used by your customers. Payline also offers a good range of hardware for businesses.
Payline offers 2 pricing plans – Payline Start and Payline Connect
- Swipe transactions
- Cost + 0.2%
- Monthly Fee: $10
- Online and Keyed-In transactions
- Cost + 0.3%
- Monthly Fee: $10
- Cost Per Transaction: $0.20
- Payment Gateway: $10/ month
There is no contract for both plans and both include PCI compliance.
The equipment from Verifone and Ingenico can be bought from Payline and you also have the option of bringing your own terminal; however, it must be compatible with the chipped credit cards. In case you want to cancel, there is no cancellation fee and Payline charges a $25 chargeback fees which are as per the industry standards.
Payline does not disclose the hardware pricing and this varies according to the requirements of every business. However, Payline does not lock you into long-term contracts and does not lease equipment.
Payline has quite an informative website and is a good choice for businesses, even high-risk ones. The company offers 24×7 support via email and phone and it also has an FAQ section on the website and documentation for developers wanting to access the API.
Credit card payments are only increasing by the day and the revenue of your small business is likely to grow only if you offer customers credit card payments. While it can be quite confusing about which credit card processing service to choose, compare the various options available and compare them on basis of convenience and cost. In no time, you will have a smooth and streamlined credit card processing service in place.