![]() It is one of the most affordable credit card processing options on the market today for smaller businesses. Square is one of the most popular options because it offers free POS software, a free online store, and a free mobile card reader alongside flat-rate pricing. This will help make sure that you stay up-to-date as technology changes over time. ![]() Additionally, they have an API that allows you to tap into their systems and add customized solutions onto it.Īn added bonus of using Verifone? You’ll be able to leverage their experience in mobile payments and other similar technology solutions, giving you access to experts who are familiar with today’s newest trends. They offer a great alternative to merchant services and can save you money on your processing costs by not having an intermediary (merchant services) between your customer and you. ![]() Verifone (formerly 2Checkout)įor processing, Verifone is a good company to work with. ![]() Make sure they’re PCI compliant, ensuring data remains encrypted during the transaction and storage. Pay close attention to the fraud protection services companies offer – you want a processor that will flag and deny risky transactions. Fraud Protection ServicesĬredit card fraud is a major concern for retailers and can really take a toll on your profit and your status as a trustworthy business. It may also mean early termination fees if you decide to break it to switch to another provider. If your business is in a growth period where circumstances frequently change, locking yourself into a contract may mean paying more than you need to process payments. ContractsĬontracts aren’t always a bad thing, but they may be restrictive. Do you want to be able to accept other payment methods such as digital wallets like Apple Pay, Google Pay, or Amazon Pay? Do you want to be able to accept gift cards or track inventory between your physical store and ecommerce website? These are all things to think about when evaluating your options.Ĭheck out our article on Shopify vs. I f you need a POS system to process in-person transactions, make sure it offers everything you’re looking for. Not all payment processors accept all types of credit card, so that’s another thing to think about. Point-of-sale (POS) features aren’t necessarily that important for an ecommerce business, but for physical store locations with an online store, they are crucial to accept credit cards. Your business type may also influence your risk and credit card processing volume, limiting your choices. Some providers are meant for high-volume merchants, while others are efficient for ecommerce businesses that are just getting started. Your monthly credit card sales volume may heavily influence your pricing. Credit card processors charge a small markup to cover the interchange fees. The more premium the card is, the higher the interchange rate. The interchange fee is different from one card to the next. Interchange plus rates may fluctuate but offer balanced and fair pricing. Many companies offer reduced transaction fees once you reach a certain volume of online payments every month. You will pay a percentage of the transaction plus a small fee for each one that is processed. This fee is typically based on the transaction amount. Transaction FeesĮvery processor will charge a fee for each transaction you process. If you have a high monthly fee on top of your payment processing fees, these costs can add up quickly. Some companies will charge a flat monthly rate just to access their services. As you make a choice, consider: Monthly Fees No two companies are alike, and as your business evolves, you may need to switch providers. The most affordable option depends on your sales volume, industry, and the typical size of your transaction. The processor analyzes and transmits transaction data, then sends the relevant information to the issuing bank, and authorizes the transfer of funds between buyer and seller.Įach company will have its own pricing structure, so what may be the cheapest option for one business may be more expensive for another. You cannot accept credit card payments without one. You may also hear it referred to as a payment processor (not to be confused with a payment gateway). Flagship Merchant Services What are Credit Card Processors?Ĭredit card processors is a third party between your business and your customers’ credit card company.
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