Starting a business and making it a success can be like a dream come true, but if it’s the other way around, then it’s a nightmare. It can be a little terrifying to learn what things are good for your business and aren’t. One of the most important points you need to consider is your payment mode, which includes credit cards.
If you are ready, then you need to think about what credit card processor for small business is right for you. Although there are a lot of options, you need to select the one that is right for you.
You may prioritize low fees over stellar customer service, or you are considering an easy-to-use option. There is a set of credit card processing services that will be best for your small business.
Square: For mobile payments
This credit card processor for small business is widely used among small business loans owner as it has an affordable price and is user-friendly. It is liked by businesses on the go, such as market vendors, because of the free credit card reader connecting it to smartphones.
The platform offers a monthly fee starting at $0, accommodating unlimited devices and locations. Payment processing fees vary depending on the transaction type: 2.6% plus 10 cents for in-person transactions, 2.9% plus 30 cents for online transactions, and 3.5% plus 15 cents for keyed-in payments.
Helcim: Best for high monthly sales
Helcim is known for its transparency and flexible pricing and is a great option for small businesses that want to expand their sales. It usually charges you with a margin over the interchange rate of, which is based on a sliding scale. With the increase in your processing volume, your margin will decrease, which will reward your business.
The platform has no monthly fee and offers competitive payment processing rates: 1.76% plus 8 cents for in-person transactions and 2.39% plus 25 cents for online and keyed-in payments.
Stripe: Best online small business credit card processing
As the global payment system accepts more than 135 currencies, the Stripe credit card processor for small business is ideal for e-commerce of any size. Once the setup is done, you can receive online payments.
The platform features a monthly fee starting at $0 and straightforward payment processing rates: 2.7% plus 5 cents for in-person transactions and 2.9% plus 30 cents for online transactions.
Clover: Best credit card processing for international payments
Clover is a versatile credit card processor for small business and has integration of POS software and hardware. This is ideal for restaurants, retailers, and field service businesses.
The platform offers monthly plans starting at $9.95, with payment processing fees of 2.3% plus 10 cents for in-person transactions and 3.5% plus 10 cents for online transactions.
PaymentCloud: Best for high-risk businesses
This credit card processor for small business is the first choice for industries that consider high-risk firearms and debt collection. It has a 98% approval rate and resolves issues efficiently.
The platform offers monthly fees ranging from $0 to $50, with payment processing fees varying from 2.4% plus 10 cents to 3.5% plus 25 cents, depending on the transaction type.
Gravity Payments: Best customer service
Gravity Payments usually doesn’t show its rates on its website; its pricing plans are based on every individual business. However, since they have good customer service, it covers their transparency in costing. It offers 24*7 support through phone, email, or multiple languages. This credit card processor for small business allows you to select your preferred communication language.
The platform offers a monthly fee based on custom quotes, with payment processing fees set at 2.5% plus 10 cents, though this rate may vary.
eHopper: Best for micro businesses
This credit card processor for small business is an all-in-one POS and payment processor which is typically for restaurants and retailers and is known for its affordable pricing along with free processing for US-based customers in the form of cash discounts or credit surcharges. The platform offers a monthly fee ranging from $0 to $35.99, with no payment processing fees.
Conclusion
Choosing the right credit card processor is crucial for the success of your small business loans. Whether you prioritize low fees, ease of use, or stellar customer service, there are various options to suit your needs.
Square, Helcim, Stripe, Clover, PaymentCloud, Gravity Payments, and eHopper each offer unique benefits tailored to different types of businesses.
By carefully considering factors like transaction volume, international payments, and customer support, you can find a payment solution that aligns with your business goals and helps streamline your operations. Make an informed choice to ensure smooth transactions and long-term success.
