Keeping a steady cash flow is a major worry for small business owners. Here are our picks for processing credit card payments most efficiently.
You've worked hard to build your business, and now it's time to get paid. But keeping a steady cash flow is often the number one worry for small business owners. So we've stepped in to help, researching credit card processing solutions that get you your funds most efficiently.
"Far too many business owners take the path of least resistance, and use their bank's credit card processing service," says Kwame A. Michel, an Atlanta-based accountant who specializes in working with small business clients. "But banks charge high credit card processing fees and rarely offer the best deals."
And the market is crowded with credit card processing companies, all of whom make ambitious claims about their pricing, flexibility, customer service, equipment offerings and mobile credit card processing capabilities. The quantity of information can be overwhelming.
We're here to sort hype from reality. We've got the skinny on some of the best-known names in the market - the pros, the cons and the bottom line that will help you compare processors and make the choice that's best for your business.
Best Credit Card Processing for Small Businesses Overall
Creditcardprocessing.com is a good choice for all but the smallest companies, and offers the best service for companies that process between $2,500 and $75,000 monthly. It's great for new businesses, as it's easy to get started with no money down, and offers plenty of freebies as well.
Best Credit Card Processing for Businesses That Need Customer Service
Cayan Merchant Services has a great reputation in the industry, winning accolades from many independent reviewers. It gets high praise for prompt and polite customer service and product support, plus it's one of the only processors to list prices with its terminal selection. And if getting a helping hand is important to you, customer focus is key to its success.
Best Credit Card Processing for Businesses with Micro Transactions
Paypal has a lot going for it, offering options for a wide variety of users and immediate access to funds. While its many features provide solutions for online retailers, charitable fundraising and more, it is the most cost-effective option for small retailers who generate a large number of micro transactions of $10 or less.
Best Credit Card Processing for Restaurants and Retailers
Square is known as an innovator in small business credit card processing, and gets high marks from users in the restaurant and retail segments. Customers love the ease of use and quick access to funds.
Our Methodology
To find the best credit card processing solutions for small businesses, we began by talking to business owners themselves, as well as professionals who advise them. We asked what processor they're using now, what informed their choice, what they love about it, and what they could live without. We discovered, not surprisingly, that funds availability is a key issue. Business owners also value ease of use, reasonable pricing and low set-up costs.
We also did extensive research online, reading hundreds of consumer reviews and complaints, and poring through numerous review web sites. Then we narrowed down our list of processors to the most commonly mentioned names.
With the short list of 10 companies in hand, we scrutinized each processor's website to compare and contrast the options offered. We watched their tutorial videos and reviewed customer resources offered by each.
Based on our research, we developed these criteria, which we used to evaluate each credit card processing company:
- Cost
- Pricing transparency
- Flexibility of terms
- Contract required
- Cancelation fee
- Equipment leasing terms
- Free terminals provided
- Free programming for existing terminals
- Customer service
- Funds availability
- High risk accounts
- Mobile processing
- Contactless payment
- Fraud detection
- Ease of use
- Online reviews
Here's the full list of the companies we looked at, including the four that made it to our final list: CreditCardProcessing.com, Cayan Merchant Services, Paypal, and Square.
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