Introduction
Cheapest credit card processor refers to a payment processing service that charges the lowest fees for processing credit card transactions. This is particularly important for small businesses and startups that are looking to minimize their expenses while still accepting credit card payments from customers. With so many credit card processors available in the market, finding the cheapest one can be a daunting task. However, by comparing the fees and features of different processors, businesses can identify the most cost-effective option for their needs.
Top 10 Cheapest Credit Card Processors for Small Businesses
As a small business owner, finding the cheapest credit card processor is crucial to keeping your expenses low and maximizing profits. With so many options available, it can be overwhelming to choose the right one for your business. To help you out, we have compiled a list of the top 10 cheapest credit card processors for small businesses.
1. Square
Square is a popular choice for small businesses due to its simplicity and affordability. It offers a flat rate of 2.6% + 10 cents per transaction, with no monthly fees or contracts. Square also provides a free mobile card reader and point-of-sale system, making it easy to accept payments on-the-go.
2. PayPal
PayPal is another well-known option that offers competitive pricing for small businesses. Its standard rate is 2.9% + 30 cents per transaction, with no monthly fees or setup costs. PayPal also offers a range of features such as invoicing, recurring payments, and fraud protection.
3. Stripe
Stripe is a payment processing platform that offers transparent pricing and no hidden fees. Its standard rate is 2.9% + 30 cents per transaction, with no monthly fees or setup costs. Stripe also provides a range of features such as subscription billing, customizable checkout forms, and fraud detection.
4. Fattmerchant
Fattmerchant is a subscription-based payment processor that offers transparent pricing and no markups. Its plans start at $99 per month, with rates as low as 0% + 8 cents per transaction. Fattmerchant also provides a range of features such as virtual terminals, invoicing, and integrations with popular accounting software.
5. Helcim
Helcim is a Canadian-based payment processor that offers competitive pricing and excellent customer service. Its standard rate is 1.92% + 8 cents per transaction, with no monthly fees or setup costs. Helcim also provides a range of features such as recurring billing, virtual terminals, and fraud prevention tools.
6. Dharma Merchant Services
Dharma Merchant Services is a socially responsible payment processor that offers transparent pricing and excellent customer service. Its standard rate is 0.20% + 7 cents per transaction, with a $20 monthly fee. Dharma also provides a range of features such as virtual terminals, invoicing, and integrations with popular shopping carts.
7. Payline Data
Payline Data is a payment processor that offers competitive pricing and a range of features. Its standard rate is 2.3% + 20 cents per transaction, with no monthly fees or setup costs. Payline also provides a range of features such as virtual terminals, invoicing, and integrations with popular shopping carts.
8. National Processing
National Processing is a payment processor that offers competitive pricing and excellent customer service. Its standard rate is 2.49% + 15 cents per transaction, with no monthly fees or setup costs. National Processing also provides a range of features such as virtual terminals, invoicing, and integrations with popular shopping carts.
9. CDGcommerce
CDGcommerce is a payment processor that offers transparent pricing and excellent customer service. Its standard rate is 1.95% + 25 cents per transaction, with no monthly fees or setup costs. CDGcommerce also provides a range of features such as virtual terminals, invoicing, and integrations with popular shopping carts.
10. Payment Depot
Payment Depot is a subscription-based payment processor that offers transparent pricing and no markups. Its plans start at $49 per month, with rates as low as 0% + 15 cents per transaction. Payment Depot also provides a range of features such as virtual terminals, invoicing, and integrations with popular shopping carts.
In conclusion, choosing the cheapest credit card processor for your small business can save you money in the long run. Consider factors such as pricing, features, and customer service when selecting a payment processor. By using this list as a starting point, you can find the right credit card processor for your business needs.
Comparing the Fees of Different Credit Card Processing Companies
Credit card processing fees can be a significant expense for businesses, especially small ones. Finding the cheapest credit card processor can help reduce costs and increase profits. However, comparing the fees of different credit card processing companies can be challenging, as they often have complex pricing structures and hidden charges. In this article, we will compare the fees of some of the most popular credit card processors to help you find the cheapest one.
Square
Square is a popular credit card processing company that offers a simple pricing structure. It charges a flat rate of 2.6% + $0.10 per transaction for in-person payments and 2.9% + $0.30 per transaction for online payments. Square does not charge any monthly fees or setup fees, making it an attractive option for small businesses. However, if your business has high transaction volumes, Square’s flat rate pricing may not be the cheapest option.
PayPal
PayPal is another popular credit card processing company that offers a range of payment solutions, including PayPal Here for in-person payments and PayPal Checkout for online payments. PayPal Here charges a flat rate of 2.7% per transaction, while PayPal Checkout charges 2.9% + $0.30 per transaction. PayPal does not charge any monthly fees or setup fees, but it does charge additional fees for international transactions and chargebacks. If your business has a high volume of international transactions, PayPal may not be the cheapest option.
Stripe
Stripe is a credit card processing company that specializes in online payments. It charges a flat rate of 2.9% + $0.30 per transaction for all payments, regardless of whether they are made in-person or online. Stripe does not charge any monthly fees or setup fees, but it does charge additional fees for international transactions and chargebacks. If your business primarily processes online payments, Stripe may be the cheapest option.
Authorize.net
Authorize.net is a credit card processing company that offers a range of payment solutions, including in-person payments, online payments, and recurring payments. Its pricing structure is more complex than other credit card processors, with a monthly gateway fee of $25 and a per-transaction fee of $0.10. Authorize.net also charges a percentage-based fee of 2.9% + $0.30 per transaction for online payments and 2.5% + $0.10 per transaction for in-person payments. While Authorize.net’s pricing structure may seem complicated, it can be cheaper for businesses with high transaction volumes.
Chase Paymentech
Chase Paymentech is a credit card processing company that offers a range of payment solutions, including in-person payments, online payments, and mobile payments. Its pricing structure is also complex, with a monthly fee of $25 and a per-transaction fee of $0.15. Chase Paymentech charges a percentage-based fee of 2.6% + $0.10 per transaction for in-person payments and 2.9% + $0.30 per transaction for online payments. While Chase Paymentech’s pricing structure may seem expensive, it can be cheaper for businesses with low transaction volumes.
In conclusion, finding the cheapest credit card processor depends on your business’s specific needs and transaction volumes. Square and PayPal offer simple pricing structures that are ideal for small businesses with low transaction volumes. Stripe is a good option for businesses that primarily process online payments. Authorize.net and Chase Paymentech offer more complex pricing structures that can be cheaper for businesses with high transaction volumes. When comparing credit card processing fees, make sure to consider all the fees and charges, including monthly fees, setup fees, and additional fees for international transactions and chargebacks. By doing so, you can find the cheapest credit card processor that meets your business’s needs and helps you save money.