We find the 10 best options, so you can make informed decisions on tons of products and services.
A multitude of options makes decision making difficult when you are first setting up your merchant account for credit card processing. However, having plenty of choices also helps you tailor your merchant account tools to suit the way you do business, whether in a mobile format, in a fixed retail location or online. The most popular tools among merchants for credit card processing are payment gateways, physical terminal machines, mobile card readers and virtual terminals. Find out the different features of each below.
A payment portal or gateway routes credit card payments through an online approval process. When a customer completes a shopping cart purchase on your website, your cart sends the encrypted payment information to your payment gateway. The gateway may reformat the data for additional safety before sending it to the payment processors associated with your bank.
This service sends the data along to the appropriate credit card company, such as VISA or American Express. Depending on the card type, the card company may issue a payment approval or denial, or it may send the payment to the issuing bank for an approval decision. The bank or card company sends back an approval code to the payment portal, which sends it to you. Despite all of the steps involved, the entire process typically takes only 2-3 seconds.
If your business accepts both point-of-sale credit card purchases in a physical location (bricks), and online credit card payments (clicks), then a credit card processing terminal and a gateway ensure your ability to process both. Types of terminals include:
If you plan to place your machine in a fixed location where you already have a landline phone connection, a traditional swipe credit card reader is your best option. Swiping a customer’s credit card minimizes the risk of fraud. Also, many merchant services charge a lower transaction fee when you swipe rather than key in a card number. A wireless terminal works wherever you get cell reception, freeing up your landline connection.
Several high profile online credit card processors offer mobile credit card swipers for taking payments on the run. This may be a great option for your business because the free hardware easily connects to your smartphone or other mobile device. A mobile credit card reader comes in handy at busy times when swiping customers’ credit cards is much faster and simpler than copying down data. You must download associated software to your device prior to using your mobile credit card reader.
If you have a desktop, laptop or tablet, you have a virtual credit card terminal. All you need is the software or an online terminal account from your provider and a bank account to receive your processed payments. You pay the processing service for account activation, monthly service and transaction fees. A virtual credit card terminal gives you the versatility to accept payments online and offline as well.
When selecting the accessories that fit the way you do business, keep in mind that as your business changes, you can adjust the way you process credit card payments too. The tools and technology currently available keep your payment portfolio scalable.
Leaders is one of the best credit card processing services in the industry. It’s been around for 20 years, and its parent company is the reputable Paysafe Group Subsidiary. Leaders gives businesses a lot of reasons to love it, including some of the best credit card processing rates in the industry. We’re talking about rates that start at just 0.15%. Plus, Leaders has a 98% approval rating. So, businesses having a hard time getting the green flag will find Leaders’ process refreshing.
What's more, Leaders offers a solid $500 Assurance guarantee. This states that if the company can't save you money within the first 6 months of your contract, you'll be awarded $500 in compensation. Leaders works with the reliable Clover point of sale system, and it also integrates with QuickBooks. New SMBs will appreciate the helpful glossary of terms and 24/7/365 customer service for troubleshooting any issues. Additionally, Leaders offers value-added services such as business cash advances, loyalty programs, gift cards, check guarantee services, and point of sale systems.
Many top credit card processing companies sell Clover’s point-of-sale systems. But did you know that Clover itself offers credit card processing through parent company Fiserv? That’s right. While Clover is primarily known for its POS hardware, it also offers a range of other services including payment processing, gift cards, invoicing and payroll solution, and working capital financing.
That said, if you’re looking for a payment processor that offers Clover devices, you should compare Clover to the many other payment processing companies that are authorized to resell Clover products. Clover’s flat-rate processing may seem convenient, but it looks less attractive when you consider the hundreds of poor reviews it has received from small business owners that have used its service.
Merchant One is a credit card payment processing company that offers solutions to small and large businesses in various industries. The company partners with Clover to resell its state-of-the-art POS systems, provides its customers with free training on using them, and services the hardware in-house. This ensures a high-quality user experience.
While Merchant One has excellent reviews on Trustpilot, several complaints indicate issues with customer service, billing, and contract terms. Nevertheless, Merchant One’s dedicated managers will respond to queries and guide you on setting up your account and processing transactions.
Why we chose Merchant One - We chose Merchant One because it’s able to process both POS and mobile phone credit card payments.
Our experience - We liked that Merchant One provides a dedicated account manager and offers lower card payment processing fees than some of its rivals.
