As a business, being able to take credit card payments is vital. However, some costs are associated with it, and it can be hard to justify spending so much when you’re just starting. But you can actually find free payment processing for small businesses, making the whole situation that much easier. Unfortunately, finding the best credit processing service can also be challenging.
With so many options available, it might be hard to choose the best one for your business. So, to discover the best one for your business, keep reading and find out the best credit processing services of 2022.
Payment Depot
If you tend to take most of your payments via credit card processing, then Payment Depot could be the one for you. They offer some of the lowest prices amongst providers, but you do need to be a member to benefit from them. Payment Depot also doesn’t take any money from the transactions you make with them, helping to boost your profits. Instead, they charge you a fixed amount based on your membership type. Recently, Payment Depot was acquired by the parent company of Stax, creating a wonderful union between the two.
Every plan that they offer also comes with a 90-day trial period, helping you to really get a taste of how they work before committing. So, if you’re a more significant business, Payment Depot is probably a good option for you, as they can process up to $500,000 per year. However, smaller companies may benefit from going elsewhere to ensure that they keep their costs as low as possible.
Paypal
Everybody knows Paypal, and most people will have used it at some point or another. You might think that it’s only for no business transactions, but this isn’t the case at all. Paypal actually lets you take payment online and in person. Paypal is one of the most accessible systems to set up, so if you’re not tech-savvy, you don’t need to worry. It also lets you accept payments from other sources like Venmo and Paypal credits, giving your customers more flexibility with their transactions.
Paypal has a flat rate of 2.7% as well, so they’re great for small businesses wanting to keep their processing costs low. Be sure to review all of their terms and conditions before agreeing to your contract so you can be sure exactly what you will be paying. Customers may also be more likely to trust Paypal as they will most likely have heard of it already. So, if you want a reputable, well-known credit processing system, Paypal can be the way forward.
Helcim
Helcim is known for their rate of guarantee as they promise never to increase your rates for the entire time you have an account with them. They might increase the charges for certain types of credit cards, but they will always ensure that the margins remain the same. Helcim offers both in-person and online payments, so they can work well for any type of business.
They’re also highly transparent with their pricing and are happy to show you how much you’ll pay above the interchange rate. So, if you’re a small business looking for your first credit processing provider, Helcim could be the one for you.
Stax
Stax is extremely popular amongst business owners, and with the service they provide, it’s not surprising. Stax can process all major credit and debit cards, contactless payments, and even electronic invoices. Having so many processing options available makes Stax an excellent choice for any business. They also offer a subscription to their services which is flexible depending on the price tier you want.
Stax has a 0% markup on interchange rates as well and is super clear about their prices. This transparency sets them apart from many credit processing service providers and makes them a fantastic option for businesses of any size. A little bonus is that they send a free card terminal or mobile reader when you sign up, and their customer service is available 24/7!
Square
If you take credit card payments in-store, then Square is ideal for you. Square acts as a POS and payment processing system, making it well worth the money. With over 2 million businesses currently using them, their popularity speaks for itself. Square doesn’t charge any extra for different types of credit cards either, so you won’t lose out if a customer wants to use American Express and the next Discover.
Square can also take payments online, and fund withdrawals only take one business day to show up in your account. There are no extra fees with Square, so you won’t have to pay a start-up fee or cancellation fees. Instead, you’ll simply pay for the processing, making them a cheap, viable option for small and large businesses alike.
Stripe
Online businesses can often struggle to find a credit processing system that works just as well for their online transactions. Well, Stripe hopes to be that provider and offer you a fantastic rate for online transactions and built-in fraud protection. Stripe does take a little bit of learning as it is an online system, but it’s super easy to adapt to, and you’ll be an expert in no time at all.
Stripe also accepts many digital types of payments like Apple Pay and Google Pay, so you can expand your payment options for customers. Stripe’s fixed pricing model is very affordable too, so if you’re a small business just starting online, they can be perfect for you. With a flat rate for all types of credit cards and a simple-to-use system, Stripe is one brilliant credit processing service!
Credit processing systems can be overwhelming at first. There are so many out there, and with all the different price tiers and rates, it can be hard to find the right one for you. If you’re looking for a simple to use, affordable credit processing service, then be sure to check out How do I send money to The Philippines? or some of the ones on this list. You’ll soon be able to see the savings that you can make and enjoy your credit card transactions once again.
