Credit Card Processing Options For Small Businesses – As a small business owner, you need to find the right payment system for your business. Unfortunately, there are so many different types of payment systems out there that it can be difficult to decide which one is best. That’s why we’ve compiled a list of the seven best payment systems for small businesses.
We’ll cover the variety of features each option offers, pricing details, and the ideal type of business for each payment processing option.
Credit Card Processing Options For Small Businesses
A payment gateway or payment processing system is a merchant service that authorizes the processing of credit cards or direct payments to businesses. Payment gateways accept and process digital or personal payments.
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Customers can pay for your goods or services with their credit card or other accepted form of payment, and a gateway connects merchant accounts with payment processors. The system effectively transfers credit card information between the bank that issued the card and your business bank account.
When a customer wants to make a payment, they are redirected to the payment gateway. The payment gateway will then collect payment information, including the credit card number and security code.
After the payment information is collected, it is passed to the payment processor. The payment processor will then verify that the payment information is correct and authorize the transaction.
The payment gateway then notifies your business bank account of the incoming funds. Funds are transferred from the customer’s bank account to your business account, and you can start processing orders immediately after completing the bank transfer!
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We’ve narrowed down the seven best payment systems for small businesses to make the decision simpler. In no particular order, here are some of the best payment processing services you’ll want to consider for your business.
Square is a well-known payment platform founded in 2009. It started with a little white card reader and has become one of the biggest payment systems for small and large businesses. With Square, you can take payments in person, online, remotely, and manually entered.
We’re sure you’ve heard of Quickbooks before, and maybe you use it for accounting functions, but did you know they also offer a payment platform? Quickbooks Payments allows you to accommodate keyed-in transactions or personal payments. In addition, it offers fast deposits and automatic bookkeeping if you use their program.
Price: No monthly fee, but with 1% (max $10) for ACH bank transfer plus 2.4%-3.4% fee + 25¢ per transaction
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As an online payment solution for small businesses, Veem is a great option due to its reasonable fees. Veem includes 1099 forms, easy sync with Quickbooks, scheduled payments, payment tracking, and live support.
Price: No monthly plans, but with a 2.9% fee per credit card transaction and a 1% fee for an instant deposit to a card
Stax by Fattmerchant is a subscription-style all-in-one platform for payment processing. Stax has processed over $9 billion in transactions and has a reliability rate of 99.9%. It offers instant invoicing, advanced reporting, customer management features, same-day financing, and syncing with Quickbooks.
Price: Starting at $99 per month with a flat rate of 8¢ per swipe and 15¢ per key access fee
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The Clover Flex is an all-in-one handheld POS system that makes credit card transactions easy. Using the device, you can receive payments, track sales, and conduct business. Clover Flex accepts all types of payment (chip, swipe, tap, NFC, etc.) and makes it simple. Additionally, it features end-to-end encryption and data encryption, integrated EMV chip sensors, and fingerprint login.
Price: $499 for the physical POS system, starting at $30 per month with a 2.7% fee + 10¢ per transaction
Shopify is a comprehensive eCommerce platform that helps you build and design an online store. As part of their offerings, they provide Shopify Payments, so you can take advantage of lower transaction fees. With Shopify Payments, you don’t have to worry about third-party payment gateways. In addition, it is available in several countries, has fraud protection, and offers easy accounting integrations.
Price: Starting at 2.6% + 30¢ per transaction for online credit card rates, and discounted rates for in-person transactions
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PayPal is one of the oldest and most popular payment platforms. It is a good option for small businesses because it has low processing fees and is available in many countries. It also offers fraud protection, customer support, and easy accounting integrations. PayPal Payments Pro is a good option for businesses that want to take advantage of what PayPal has to offer, including the ability to process payments on your website.
Price: 2.9% + $0.30 per transaction for US transactions. For international transactions, they are 4.4% + a fixed fee.
With the many options available and variations in key features and processing fees, choosing the right payment platform for your small business can be difficult. Here are some tips to help you decide which is the best payment option for small business owners like you.
You will want to find a payment gateway that is reliable and has a good track record. This will ensure that your customers’ payment information is secure and that you will not experience any payment processing interruptions regardless of payment types. Whether they are local, national or international payments, you should have peace of mind 24/7 knowing that all payment transactions will go through without problems.
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When you need help, you’ll want a payment gateway solution that offers excellent customer support and positively reviewed customer experiences. This can be in the form of online help articles, phone support, or live chat. Check out customer service reviews online to see what other users are saying about the product.
It is important to understand the fees associated with each payment gateway service before joining. Some systems charge monthly fees, while others have transaction fees or percentage-based processing fees. There are payment systems that also charge termination fees and additional credit card processing fees, so watch out for those and potential hidden costs as well. Be sure to compare online and in-person transaction costs and find a payment gateway provider that fits your budget.
The payment system you choose for your small business should be easy to use. It must be easy to add to your website or shopping cart as a checkout option, and it shouldn’t require much technical expertise to install and start using it. Nor should it be a chore to navigate when accepting payments from customers.
Not all payment gateways support all payment types. Make sure you choose one that supports the payment methods you plan to accept, such as credit cards, ACH, debit card payments, etc. Digital payments are the norm these days, so make sure your provider has this option. The checkout experience for in-person visits, mobile payments, virtual terminals, and online transactions should be seamless and pleasant for your customers.
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A good payment gateway will offer a variety of integration options so you can easily add it to your website, shopping cart, or other software. Look for payment service providers that offer integrations with popular eCommerce platforms, CRMs, and accounting software programs. It should also connect seamlessly to your POS or receipt printer, where applicable.
When it comes to choosing the best payment option for small businesses, security is paramount. Make sure the payment gateway you choose has robust security features and advanced fraud protection solutions, such as PCI compliance, encryption (preferably 128-bit encryption), and data tokenization, to protect your customers’ payment information. Keeping customer data secure is your responsibility, so your choice of payment system for your small business is critical. Security measures for fraud prevention should not be open to discussion when evaluating key features.
The best payment gateway for your small business is one that can grow with you. As your company expands and processes more payments, you’ll want a platform that can handle the increased volume without slowing down transactions. Some payment gateways offer enterprise solutions that are scalable and can be customized to meet your specific needs as your business grows.
Last but not least, make sure you read user reviews before choosing a payment gateway for your small business. Checking out what other users have to say about their experiences using the product is a great way to get an unbiased overview of what to expect. Look for positive reviews about customer support, ease of use, security, and value for the price. You can find user reviews on popular business software review sites, such as Capterra, Trustpilot, and G2 Crowd.
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We hope this guide has helped you choose the best payment system for small businesses. Start by evaluating your needs and budget, then compare features and user reviews to find the right fit for your company.
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