Best Credit Card Processing Companies
Updated September 2023: We researched, analyzed, and reviewed the credit card processing services to help you choose the right one for your business. Compare the best credit card processing companies and get started today!
• No-cost equipment
• Lightening fast approvals
• Dedicated support team
📞 Get a Free Quote: 888-998-1576
• Highly competitive rates
• Best rated customer support
• Accept payments anywhere
📞 Get a Free Quote: 855-929-0620
• 98% approval rating
• Low transaction rates
• Stable, flat-rate pricing
📞 Get a Free Quote: 844-382-9437
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How to Choose The Best Credit Card Processing Company
When choosing a card processing service, there are several key factors to consider to ensure you get the right fit for your business. Below, we discuss some of the most important criteria to evaluate when making your final decisions.
Payment Options
The payment methods accepted by a provider are crucial as they dictate how and where you can process payments. As such, it’s important to find a credit card processing company that offers a wide range of payment methods and processing solutions.
When choosing a provider, be sure to understand the following:
- Does it support in-person payments via chip, swipe, dip, and tap?
- What about ecommerce transactions–does it integrate with the top payment gateways?
- Can it facilitate recurring billing for subscriptions and membership models?
- Does it support mobile payments and newer methods like digital wallets?
If you accept payments in person, you should also look closely at the hardware options available. Some providers offer everything from a mobile card reader to a full POS solution with all the bells and whistles. However, each provider works with different hardware companies. So, it’s important to understand what your options are and make sure you can get what you need.
By ensuring you can accept payments anywhere with the hardware you prefer, you’ll get a solution that works no matter how (and where) your customers want to pay.
Pricing
Merchant fees can really add up, especially for businesses with a lot of low-value transactions. Different providers offer unique pricing structures and the best one for you depends on your volume, business model, and the size of your transactions.
When evaluating the overall price of each solution, be sure to look at:
- Per transaction fees for different types of payments
- Monthly or annual membership fees
- Setup, PCI compliance, and cancellation fees
- Other hidden fees like batch, gateway, and software fees
- Contract length requirements
Many providers aren’t transparent about all the fees that could apply to your set up unless you talk to them and get a customized quote. So, it’s crucial to get on the phone and ask for a breakdown of all the potential fees before making any decisions.
Customer Support
Most, if not all, credit card processing have 24/7 support options. However, they’re not all equal in timeliness and quality. Some companies are only able to help with payment processing questions and don’t have the knowledge to assist with technical issues, like getting started and integrating with your existing setups.
Others claim to be available any time but outsource after-hours and weekend support to third parties. And still others have millions of customers and slower than average response times.
The best way to evaluate customer support is by reaching out yourself. When doing so, look for:
- 24/7 live support for payment, tech, and onboarding issues
- Quick response times no matter when you reach out
- An account manager dedicated to your business
- Educational and DIY troubleshooting resources
You can also ask questions regarding the type of support you’ll get, whether the provider outsources to third parties, their average response time, and the operating hours for different support channels.
Analytics
Many credit card processing companies don’t have their own software. Instead, they piece together third-party products into a complete payment solution for you. This isn’t necessarily a bad thing, but it does mean that the analytics you get may depend on the software and hardware included in your solution.
Simpler setups with basic terminals tend to get stuck with less-than-ideal analytics features while those with full POS solutions get significantly more insight into their data.
Because of that, we prefer providers that offer their own analytics so you don’t have to rely on the variability of other companies.
Some of the most important features to look for include:
- Customizable and interactive dashboards
- Ability to see crucial key metrics at a glance
- Filtering by date, product, location, employee, and more
- Pre-built and customizable reports
- Option to schedule and automate recurring reports
- The ability to export your data
Robust reporting allows you to extract real-time business insights and make better decisions. As such, it’s an important, yet often overlooked feature to consider.
Ease of use
Credit card processing services are notoriously confusing, so it’s crucial to choose a provider that makes the entire process as straightforward as possible. From filling out your application for a new account to setting up hardware, integrating other tools, and every day use for your employees, ease of use can make or break your experience.
The best providers make it easy to get in touch, ask questions, and apply. They also give you multiple ways to apply and make the application process as fast as possible so you’re not sitting around waiting for an answer.
After approval, setup will likely take a bit of time but shouldn’t be overly complicated.
To help simplify the process, look for providers that offer free and unlimited onboarding support plus detailed documentation to help you get started.
Beyond initial setup, you, your team, and your customers should have no problems using the solution–including hardware and software. Neither should get in your way, cause unnecessary disruptions, or slow operations for any reason.
When evaluating providers, be sure to look closely at:
- Application process and timeline
- Navigation of terminals and POS systems
- Intuitiveness of the online portal and various pieces of software
- Ease of finding what you need on mobile
- Features that help streamline initial setup
The best solutions are as simple and straightforward as possible without unnecessary complexity, unintuitive software, or drawn out application processes.
What payment options should I look for in a credit card processing company?
Look for a company that supports in-person payments via chip, tap, dip, and swipe as well as digital wallets. For online payments, the best options integrate with your existing store or have the ecommerce functionality you need to start selling online, come with a built-in invoicing system, and support recurring billing. For mobile payments, look for a user-friendly mobile app and virtual terminal you’ll enjoy using every day. Ultimately, it depends on how and where you accept payments. But flexibility and a wide range of options are best.
How can I avoid hidden fees with credit card processing companies?
For most, we recommend transparent interchange-plus pricing with no long-term contracts. However, the best pricing model for you depends on where you process payments, your volume, and average transaction size. The best way to avoid surprise fees is talking directly with each provider you’re considering. Ask for a line-by-line breakdown of all potential fees so you understand what you’re getting into before you make any decisions. Once you’ve chosen a provider, we also recommend regularly reviewing your statements.
Why is customer support important for credit card processing?
You need a provider with 24/7 live support to resolve issues as they occur rather than waiting days to get your business moving again. Look for fast response times, knowledgeable agents, a dedicated account manager, and proactive educational resources.
What analytics should a payment processing services provider offer?
Robust reporting and analytics include customizable dashboards, filtering options, basic visualizations, the ability to create reports, and exportable data. This allows you to extract insights on sales, customers, products, and your business without needing a separate intelligence solution.
How can I choose a payment processor with easy-to-use tools?
Some providers offer their own proprietary software and others partner with third party tools to piece together a solution for you. Either way, you should look closely at payment terminals, POS systems, online dashboards, and other interfaces before making your decision. On top of that, streamlined workflows, shortcuts, and presets make getting started and everyday use even easier. Your solution should be as simple as possible while still delivering everything you need. Avoiding unnecessary complexity means less training time and fewer roadblocks to getting started.
How do I get the lowest credit card processing rates?
Interchange-plus pricing gives the most competitive rates since you’ll pay wholesale processing fees set by credit card companies themselves + a small fixed markup to your merchant services provider. It’s more transparent than bundled pricing models and typically results in lower overall processing costs. However, the best pricing model for you depends on your business. We recommend calculating the monthly or annual costs you’ll pay with different structures to see which one’s the most cost effective.
What makes a card processing provider reputable?
Signs of a reputable merchant services company include positive reviews, transparent pricing, responsive support, strong data security practices, and certified PCI compliance. An established history in the industry is also favorable.