It is estimated that around 30 per cent of small business consumers are not able to finalize a purchase at some physical store because their form of payment was not accepted. While not accepting credit cards will indeed hurt overall sales, still most entrepreneurs out there tend to worry about paying higher amounts for payment processing fees.
There is no denying the fact that monthly services can turn out to be expensive. Therefore, it becomes crucial to review all your available options before you go ahead with the selection of the right merchant service provider. Thankfully, you should know that there is an abundance of credit card processing companies to choose from. So, how do you know which one is the best for your business?
The Best Credit Card Processing Companies 2024
#1 Host Merchant Services
Host Merchant Services is the leading credit card processing company known for working with all businesses, both low-risk and high-risk, as well as e-commerce and in-person retail. It offers access to an abundance of services including POS systems, business cash advances, and payment processing. With Host Merchant Services, businesses can get access to a wide range of features and functionality to enhance the overall credit card processing:
- Payment Processing: Host Merchant Services offers no-term commitment with respect to its payment processing solutions. Additionally, it also offers access to customer support services 24/7. The company allows you to accept EMV chip cards, debit, and credit cards along with NFC payments. For e-commerce businesses, the company offers support for over 100 payment gateways while providing online shopping cart and virtual terminal functionalities.
- Point-of-Sale or POS: Host Merchant Services provides access to four distinct POS systems. It is known to work with SwipeSimple, Bonsai, Vital, and Clover for offering you access to the right POS system.
- Loyalty and Gift Cards: HMS includes a dedicated loyalty rewards program along with a gift card program.
- Merchant Cash Advance: The credit card processing company also provides merchant cash advances to help smooth over cashflow issues. They have a no-fee application process while providing anywhere between $5000 and $500,000 in a matter of 3-5 days.
#2 PayPal
The company has been operating since 1998. Many online stores offer PayPal as a payment option. PayPal is known for delivering access to merchant services for small-scale businesses having lower transaction volumes.
PayPal has multiple PCI compliance certifications –including the Visa Cardholder Information Security Program and MasterCard Site Data Protection Program. With PayPal, you can look forward to accepting major debit as well as credit cards, including:
- Venmo
- PayPal
- Discover
- American Express
- MasterCard
- Visa
- PayPal credit cards
There are no start-up or monthly costs. PayPal delivers a great way to accept payments instantly. PayPal charges higher fees than most processors, however for businesses having lower volume of transactions, the lack of monthly fees can be appealing.
#3 Helcim
The company has been operating since 2006. Since its inception, it has expanded from being a payment processor to a financial technology company delivering a wide range of business-centric solutions. With a fee schedule that caters to merchants with higher volumes, Helcim is an expensive choice with average service and options for small business owners.
The company is a Level-1 PCI-DSS compliant service provider making use of advanced security services for financial technology firms. Business owners can think of using Helcim for accepting payments like:
- Apple Pay
- Google Pay
- Discover
- American Express
- MasterCard
- Visa
- Pin debit cards
- JCB
It takes only five minutes to complete an application with Helcim for a merchant account. Helcim is known to integrate with WooCommerce and QuickBooks. You can look forward to converting any device into the workhorse with the help of cloud programs, including:
- Payments app
- Inventory management
- Customer management
- POS or Point of Sale systems
#4 National Processing
The company was established in 2007. National Processing has managed to garner positive reviews amongst both small as well as medium-scale businesses for its pricing transparency and reliable services.
National Processing is a PCI-compliant merchant services provider. The company helps merchants accept basic forms of payments, including:
- Electronic checks
- Discover
- Visa
- MasterCard
- Online transactions
- American Express
Without any minimum monthly fees, a transparent pricing model, and an interchange-plus fee schedule, merchants always know what their costs are, although National Processing is known for higher fees. For every plan, you will be paying transaction fees, monthly charges, and interchange fees.
#5 Square
The company has been in business since 2009. It is a reputable company when it comes to delivering access to a full spectrum of services for supporting your growing company. Within a span of a few minutes, you can look forward to accepting credit cards for your business. Square is also known for its overall ease of setting up an account.
Square complies with all PCI guidelines and regulations while leading the industry with security and technology protocols –along with end-to-end encryption. With the help of Square credit card processing, you can look forward to accepting all major credit and debit cards, including:
- MasterCard
- Visa
- UnionPay
- Discover
- American Express
- JCB
- Business credit cards
- Consumer credit cards
- Prepaid cards
- Debit cards
The company also offers access to a number of integrations like the Square App Marketplace. Some additional integrations include Zero, IFTTT, and QuickBooks. You will receive access to the free POS which remains compatible with Android and Apple devices.
Conclusion
Select Host Merchant Services, the best credit card processing company for your small business to access a wide range of benefits offered.