Best credit card processing companies of 2024
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BLUEPRINT
Updated 5:08 a.m. UTC April 1, 2024
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The best credit card processing companies enable merchants to process payments from all major credit cards in person or online. They also offer reasonable and transparent pricing, user-friendly portals, tools to make credit card processing seamless and reliable customer service.
We reviewed over 30 payment processors. Our evaluation included over 20 hours of conversations with customer service representatives and an in-depth look at user feedback. We compared credit card processing services by assessing costs for in-person versus online payments, monthly fees, chargeback fees, customer service, added and standout features and more.
Featured credit card processing offers
1
Stax
Monthly fee
$99
Swiped transaction fee
7¢ to 10¢ + interchange rate
2
Merchant One
Monthly fee
$13.95
Swiped transaction fee
0.29% to 1.55% per transaction
3
Payment Depot
Free Trial
No
Offers
$0 Setup & No Cancellation Fees
Pricing
Customized Interchange+ Pricing – Rates as low as 0.2% – 1.95%
4
Clover
Monthly fee
$14.95
Swiped transaction fee
2.6% + 10¢
Best credit card processors
- Square: Best credit card processing company.
- Stripe: Best for APIs and integrations.
- PayPal: Best for digital wallets.
- Helcim: Best for volume-based discounts.
- Paysafe: Best for high-risk businesses.
- Elavon: Best for tracking payment data.
- Clover: Best for restaurants.
- ProMerchant: Best for personalized customer service.
- Intuit: Best for Quickbooks users.
- National Processing: Best for competitive-pricing guarantee.
- Gravity Payments: Best for legal firms.
Why trust our small business experts
Our team of experts evaluates hundreds of business products and analyzes thousands of data points to help you find the best product for your situation. We use a data-driven methodology to determine each rating. Advertisers do not influence our editorial content. You can read more about our methodology below.
- 27 companies reviewed.
- 11 hours of product testing.
- 1,674 data points analyzed.
Featured credit card processing offers
1
Stax
Monthly fee
$99
Swiped transaction fee
7¢ to 10¢ + interchange rate
2
Merchant One
Monthly fee
$13.95
Swiped transaction fee
0.29% to 1.55% per transaction
3
Payment Depot
Free Trial
No
Offers
$0 Setup & No Cancellation Fees
Pricing
Customized Interchange+ Pricing – Rates as low as 0.2% – 1.95%
4
Clover
Monthly fee
$14.95
Swiped transaction fee
2.6% + 10¢
Compare the best credit card processing companies
| PAYMENT STRUCTURE | MOBILE APP | FREE EQUIPMENT | 24/7 CUSTOMER SUPPORT | LEARN MORE | |
|---|---|---|---|---|---|
Square
| Flat rate or subscription interchange-plus
| Yes: Android and iOS
| Yes
| No
| |
Stripe
| Flat rate or interchange-plus
| Yes: Android and iOS
| No
| Yes
| |
PayPal
| Flat rate or interchange-plus
| Yes: Android and iOS
| No
| No
| |
Helcim
| Interchange-plus
| Yes: Android and iOS
| No
| No
| |
Paysafe
| Interchange-plus and subscription
| Yes: Android and iOS
| Yes
| No
| |
Elavon
| Interchange-plus
| Yes: Android and iOS
| No
| Yes
| |
Clover
| ‘ Subscription flat rate or interchange-plus
| Yes: Android and iOS
| No
| Yes
| |
ProMerchant
| Interchange-plus or flat rate
| No
| Yes
| Yes
| |
Intuit Payments
| Subscription flat rate or interchange-plus
| Yes: Android and iOS
| No
| No
| |
National Processing
| Interchange-plus or subscription
| No
| Yes
| No
| |
Gravity Payments
| Interchange-plus
| Yes: Android and iOS
| No
| Yes
|
Methodology
We extensively research the key competitors within an industry to determine the best products and services for your business. Our experts identify the factors that matter most to business owners, including pricing, features and customer support, to ensure that our recommendations offer well-rounded products that will meet the needs of various small businesses.
We collect extensive data to narrow our best list to reputable, easy-to-use products with stand-out features at a reasonable price point. And we look at user reviews to ensure that business owners like you are satisfied with our top picks’ services. We use the same rubric to assess companies within a particular space so you can confidently follow our blueprint to the best credit card processing.
The best credit card processing companies have positive user reviews on customer review sites. Credit card processing companies should provide customers with fast and reliable support. Using a combination of phone support, live chat and knowledge bases, customers should be able to quickly resolve issues 24/7.
Credit card processing should be available to most business types (including high-risk merchants), affordably priced compared to competitors and variou equipment options should be available to accept payments in various scenarios. Pricing should be competitive. Monthly fees should result in lower transaction fees. Volume-based discounts should benefit high-transaction businesses. And chargeback fees should be minimized.
The best credit card processing companies should offer free hardware to accept payments. Equipment and processing should uphold strict payment privacy and security standards. And the processor should guarantee PCI compliance.
All credit card processing companies should expand on a basic feature set that includes mobile apps, reporting dashboards, invoicing, data exports, contactless payments and software integrations.
Final verdict
The best credit card processors offer per-transaction online and in-person transaction rates of 3.5% and below, knowledgeable and personalized customer service, affordable or free credit card processing equipment and serve a wide variety of industries with relevant solutions. However, even among the top credit card processors, key differences make each suitable for meeting different business needs.
Credit card processor differences
Here are some differences between the providers we reviewed:
Payment structures
Some offer a monthly rate with lower per-transaction rates, while others require no monthly fee but charge higher per-transaction rates. Some per-transaction rates are flat rates with no variability, while others add a service fee to each credit card’s per-transaction fee (interchange-plus pricing). The very best providers offer pricing transparency with in-depth details published online.
Equipment and payment methods
While all allow merchants to accept all major credit cards, some processors offer tools for brick-and-mortar shops to accept credit cards, including point-of-sale (POS) systems with cash registers and printers, mobile card readers, handheld readers and more. Others offer e-commerce brands payment gateways, online checkouts and website templates. Many offer industry-specific terminals and equipment. Finally, some offer the ability to accept digital wallets like Apple Pay through customers’ mobile phones.
Additional supporting features
Many credit card processors offer tools merchants can use to streamline and bolster operations, such as:
- Workflow automation.
- Cash flow management.
- Payroll processing.
- Employee engagement.
- Customer relationship management (CRM) tools.
Some, however, focus strictly on credit card processing with lower per-transaction and/or monthly fees than competitors that offer additional features.
Customer service
The best credit card processors offer responsive and knowledgeable customer support during normal business hours. Most go beyond this with multiple customer support channels and 24/7 personalized customer support. Some offer a mobile app for field service workers who may need to manage their accounts on the go.
Our recommendation
Square is our top pick for best credit card processors for small businesses. It offers:
- Competitive transaction fees.
- A free card reader.
- The ability to accept payments from all major credit cards online, in-person and through the automated clearing house (ACH).
- Transparent pricing.
- Tools small businesses need for smooth operations, such as e-commerce and payroll tools.
- Ample customer support.
- Custom rates available for eligible higher transaction-volume merchants.
Although Square has no monthly subscription fee, its per-transaction credit card processing fees are higher than some other solutions. Alternatives like National Processing or Paysafe request a per-month fee but offer lower rates for established businesses with higher purchase volumes. However, with no monthly or upfront costs, even small businesses with unpredictable or seasonable sales cycles can benefit from Square.
What is credit card processing?
Credit card processing lets merchants accept credit and debit card payments from customers. Many also offer other payment acceptance options, including digital wallet, invoice, link, phone and other payment methods. While you can take cash or checks from clients without specialized applications or third-party intermediaries, electronic transactions require more sophisticated infrastructure.
While you can take cash or checks from clients without specialized applications or third-party intermediaries, electronic transactions require more sophisticated infrastructure.
Your company must connect to payment networks and comply with robust security standards while enabling payment authorization, routing and settlement. Since establishing the architecture is resource-intensive, most businesses use a credit card processor, which provides:
- Security features.
- In-store and online processing equipment and tools.
- An intermediary relationship between the merchant and credit card companies.
Terms you should know
Credit card processing involves the following elements:
- Merchant: A merchant is a business owner who accepts customer debit or credit card payments in exchange for products or services.
- Cardholder: The person (or company) who owns the credit card, agrees to abide by its terms and conditions and uses the card to make payments.
- Payment networks: These organizations enable electronic funds transfers by connecting the merchant, cardholder, issuing bank and acquiring bank. They control interchange fees and security standards.
- Issuing banks: These financial institutions provide credit cards to consumers or businesses. They oversee account balances and credit limits and establish interest rates or fees. Some entities, like American Express, are card issuers and a payment network.
- Acquiring banks: This is the merchant’s financial institution. Large businesses are equipped with the technical setup to process card payments through their banks. Most small companies use a credit card processor, which deposits payments into the merchant’s bank account.
- Credit card processors: Also known as merchant service providers, the credit card processor handles the technical and security aspects of capturing and submitting payment details to payment networks and issuing banks.
- EMV: EMV stands for Europay, Mastercard and Visa, and it is the technology standard POS systems and credit card processing hardware must meet to process chipped cards securely.
- Keyed-in payments: This method of payment processing is used when the merchant does not have a customer’s credit card to swipe. Credit card numbers are given, often over the phone, to the merchant, who then manually inputs them into their payment processing hardware.
- Swiped payments: Customers swipe the magstripe on their credit cards using the merchant’s payment hardware (such as a card reader) to make in-person payments.
- Digital wallet: Customers securely store their payment information on their mobile phones, including credit cards, gift cards and even loyalty cards. They can then pay in-store with their devices without having to carry around their credit or other payment cards.
How does credit card processing work?
From the business owner’s perspective, accepting credit cards is straightforward and takes seconds. Your customer pays using an accepted debit or credit card online, in-store or by calling in. You submit your authorized transactions for settlement at the end of the day or a chosen time.
Within one to five business days, your credit card processor deposits funds (minus any fees) into your merchant business account or connected bank account (acquiring bank). However, behind the scenes, the process is more complex.
Here’s how a credit card processing solution works:
- A customer selects the payment method: Your client may swipe or insert a card into a terminal in a physical storefront or manually enter card details on your e-commerce site. Alternatively, they could pay using a digital wallet to complete an online, in-store or in-app purchase or call your store with credit card details. The method captures the credit card number, expiration date and card verification value (CVV).
- Your system sends the data to your payment processor: Your credit card processing software or payment gateway encrypts the card information and purchase amount and transfers the data to the credit card processing service.
- The credit card processor receives and routes the data: It facilitates the transaction by determining the correct payment network according to the card’s brand. It then securely transmits the data to the payment network.
- The payment network requests authorization: It sends card information to the cardholder’s issuing bank for fraud checks, identity verification, available-fund checks and transaction approval or denial.
- The issuing bank performs its assessment and responds: After the cardholder’s bank assesses the transaction’s validity, they approve or deny payment and send their response to the payment network.
- The payment network communicates with the credit card processor: The assessment information goes from the payment network to the payment processor, which informs the merchant of the transaction’s approval or denial.
- The merchant and customer complete the transaction: The payment processing or POS system collects data required for bookkeeping and provides a customer receipt. At the end of the day, the merchant closes out the credit card payment process, at which point the processor’s bank receives funds from customers’ accounts.
- The funds are deposited into the merchant account: Within 48 hours of the transaction, the processor’s bank deposits the customers’ funds into the merchant’s bank account after collecting their own processing fees.
This process takes a few hours to a couple of days, depending on the processor and if the merchant has selected fast processing.
What does credit card processing cost?
| Monthly fee | Online transaction fee | Keyed transaction fee | Swiped/chipped transaction fee | Chargeback fee | |
|---|---|---|---|---|---|
Square
| $0
| 2.9% plus $0.30
| 3.5% plus $0.15
| 2.6% plus $0.10
| $0
|
Stripe
| $0
| 2.9% plus $0.30
| 3.4% plus $0.30
| 2.9% plus $0.30
| $15
|
PayPal
| $0
| 2.59% plus $0.49
| 3.49% plus $0.49
| 2.29% plus $0.09
| $20
|
Helcim
| $0
| 0.50% plus $0.25
| 0.50% plus $0.25
| 0.30% plus $0.08
| $0 or $15
|
Paysafe
| $12.95
| Interchange plus 0.30% plus $0.10 per transaction
| Interchange plus 0.30% plus $0.10 per transaction
| Interchange plus 0.30% plus $0.10 per transaction
| $25
|
Elavon
| $0
| 1.0% plus $0.25
| 3.5% plus $0.15
| 2.6% plus $0.10
| $20
|
Clover
| $14.95
| 2.6% plus $0.10
| 3.5% plus $0.10
| 2.6% plus $0.10
| $25
|
ProMerchant
| $5.95
| 0.3% plus $0.10
| 0.6% plus $0.10
| 0.3% plus $0.10
| $25
|
Intuit Payments
| $30
| 2.9% plus $0.25
| 3.4% plus $0.25
| 2.4% plus $0.25
| $25
|
National Processing
| $9.95
| Varies
| Varies
| Varies
| $35
|
Gravity Payments
| $0
| Varies
| Varies
| Varies
| $25
|
How they compare
Average per-transaction credit card processing fees lie between 1.5% and 3.5%, plus a fixed rate of between 10¢ and 50¢. Of those that charge monthly fees, the range is between $5 and $30 per month. Companies with tiered monthly pricing often offer lower per-transaction rates and, often, more features to support your credit card processing and business operations.
Of the providers we reviewed, ProMerchant, Paysafe and Helcim have the lowest processing fees for online, swiped (or chipped) and card-not-present transactions. Helcim stands out by not charging a monthly fee and has lower chargeback fees than Paysafe or ProMerchant. Still, ProMerchant offers the lowest per-month fee of those providers that charge a monthly fee.
Of the providers with the highest fees on our list, Intuit Payments stands out. Its starting monthly fee is $30, plus per-transaction fees as high as 3.4% plus $0.25 per transaction. Still, the monthly fee offers many features other providers on this list do not, such as access to Quickbooks Online’s suite of cash flow management and forecasting, receipt capture, payroll and hiring tools.
How pricing works
Notably, while Helcim or Paysafe show low transaction rates, this amount is on top of the interchange fee. Credit card companies charge interchange fees, ranging from 1.4% to 3.5% for credit card transactions, while debit card payments typically cost less.
The credit card processor may decide processing rates based on your transaction volume, credit score or other factors. Then, the added Interchange-plus pricing varies by payment network, card type and card program and is subject to change.
For instance, Helcim’s average cost for keyed and online transactions is 2.40% plus $0.25. Helcim keeps a service fee, which varies by transaction volume, and sends the remainder to the card issuing bank. Merchants with higher monthly transaction volumes may benefit from a volume discount.
Other credit card processing solutions, like Square, charge a flat rate based on the payment method, not the card type. Regardless if your customer uses an American Express or Visa card online, you pay 2.9% plus $0.30 per transaction. Because it’s predictable, this model may work well for smaller companies with lower transaction volumes and, perhaps, higher risk of cash flow issues.
Some providers charge additional annual or monthly fees, which can add up. For instance, chargeback fees can burden businesses. Monica Eaton, CEO of Chargebacks911, cautioned, “As a rule of thumb, e-commerce transactions are 50 times more likely to turn into a chargeback than those where the consumer was physically present.”
Therefore, Eaton recommended, “If your business has the majority of its transaction volume from online sales – and especially if your company operates in an industry that is more prone to chargebacks – saving money on processing fees may not be worth the higher rate of disputes.”
On the other hand, for a company “whose majority of volume is card-present, it may make more financial sense to opt for lower processing fees and higher dispute fees.”
Terms you should know
Other fees that may apply include batch, PCI compliance, gateway, hardware, merchant-account reserve, termination and high-risk merchant fees. To best evaluate the best pricing structure for your company, here are the fee-based terms you should know:
- Interchange-plus pricing: This model passes all costs charged by payment networks (interchange fees) to the merchant and a fixed markup for the processor. The figure varies for each transaction.
- Flat rate pricing: This method means you pay the same rate regardless of card type or brand. The processor still pays the interchange rate and charges a markup, but you get a predictable rate.
- Monthly fee: Some credit card processors charge a flat monthly fee on top of per-transaction fees, often in tiered plans. However, their per-transaction fees are generally lower than those that do not charge this fee. This pricing model is often best for companies that have high and consistent transaction volumes to offset the monthly fee.
- Batch fee: Some credit card processors charge a fee each time you submit one or more transactions for settlement.
- Early-termination fees: If you sign a contract, you may pay an early termination (or cancellation) fee if you or the processor ends your relationship before the term expires.
- PCI compliance fee: Some providers charge a monthly or annual fee to keep accounts compliant with PCI DSS security regulations. Processors may dismiss the fee if merchants complete a form proving standard compliance.
- Chargeback fee: This cost occurs when a customer disputes a card charge. It ranges from $15 to $25 per dispute. Some credit card processors return this fee if you win the dispute. Some also offer chargeback fee protection, allowing you to avoid per-dispute chargeback fees; this generally costs a percentage of every transaction.
- Gateway or reader fee: Certain payment processors charge additional fees for using an e-commerce gateway or credit card readers.
- Merchant account reserve: Credit card processors may hold back some of your funds if they have concerns about your financial performance or excessive chargebacks.
- High-risk merchant fees: Most credit card processors do not approve high-risk merchants for an account, such as those that belong to the gambling industry. Some do accept high-risk merchants and charge a monthly fee for extra merchant monitoring.
Is credit card processing secure?
There are many different types of credit card scams that aim to take advantage of unsuspecting consumers. Unfortunately, there’s no way to eliminate the possibility that credit card fraud might occur — before, during or after a transaction occurs.
Yet one of the benefits of paying with a credit card is that the payment method offers robust fraud protections to consumers in the event something goes wrong.
How to choose the right credit card processor for your small business
Small business owners can find the best credit card processor by comparing services carefully. There isn’t one solution to meet all merchants’ needs. Instead, each merchant must consider where they accept credit card payments, their business size and growth rate and average transaction frequency and volumes. Other factors may include the merchant’s return and chargeback rates and its age and industry segment.
As you evaluate a credit card processor, consider the following:
Your industry and business type
Not all credit card processing companies work with all merchants. They may refuse to approve an account for businesses in certain high-risk industries, such as gambling or collection services companies, that frequently experience customer disputes. Some have more experience with restaurants or retail shops and charge better prices for these industries.
Your transaction volumes
Some processors charge higher transaction fees for small businesses with low sales volumes. Some require a monthly payment, even for companies that don’t process payments monthly. Look for a processor that offers the lowest monthly, not per-transaction, price for your business’s transaction volume and frequency.
Customers’ common payment methods
Credit card processors may charge different transaction fees for invoices, recurring payments, in-person transactions and online payments. Most accept major credit cards, but not all providers support digital wallets like Apple Pay or Google Pay.
Use industry benchmarks or current payment data to estimate what percentage of each payment type to expect and find a processor that offers the lowest rate for your common payment methods.
Your equipment needs
Most credit card processors offer virtual terminals, allowing you to enter payment details without special hardware. But you may want a mobile card reader for your food truck or credit card processing hardware that integrates with your retail POS system. Consider where you process payments to ensure the right equipment is available through your chosen credit card processor.
Your integration needs
Along with POS integrations, the best credit card processing companies can connect to your online order management tools, payroll processing or accounting solutions, customer relationship management (CRM) programs, marketing platforms and e-commerce systems. If this is a need, confirm the right integration selection before opening an account.
Your customer service needs
Your credit card processing service becomes partners with your business, and communication is critical. Eaton suggests “check[ing] to see if your provider of choice has an in-house or outsourced support team and make sure you know there is a method to reach someone 24/7 in the event your terminal goes down or you have any problem with your merchant account.”
Available product demos
Before selecting a credit card processing company, request a demo account portal access. This feature provides payment insights, allowing you to forecast processing volumes better and identify opportunities to lower your credit card processing fees.
Credit card processor contracts
Keep fees predictable and manageably by reviewing contracts to fully understand monthly subscription fees and other likely charges. Hidden fees or lesser-known terms about reserves, cancellation fees or sales volume expectations can result in unexpected liabilities.
Lastly, don’t be dissuaded by lengthy application processes. Grossman explains in his SCORE webinar, “The more information that is asked for and provided, the lower the rates.”
What we don’t recommend
Many credit card processors tout low fees or introductory rates. However, some low-cost payment processors may cost you more in the long run. If a credit card processing company fails to explain transaction volume requirements or chargeback limits and then cancels your contract unexpectedly, you may not be able to accept payments and may face significant account service fees.
Avoid credit card processing companies with these practices:
- Those that don’t disclose all indirect and direct transaction fees.
- Those with user reports of poor customer service or fraudulent tactics.
- Those that only offer long contracts with costly cancellation fees.
- Those that charge a substantial monthly subscription fee with no added features or low per-transaction rates to make them worth it.
- Those that set minimum or maximum transaction volume or value limits.
- Those that charge unreasonable chargeback fees or cancel your account if you exceed a dispute limit.
High-risk merchants should especially be vigilant. According to Eaton, “Businesses that sell high ticket items or subscription-based services have a tendency to experience higher chargeback or return rates, as well as companies that sell luxury brands or deliver a product/service in the future (travel packages, airfare, etc.). Because fraudulent activity is more rampant in card-not-present (CNP) transactions, online retailers generally experience higher chargeback rates than their brick-and-mortar counterparts.”
Featured credit card processing offers
1
Stax
Monthly fee
$99
Swiped transaction fee
7¢ to 10¢ + interchange rate
2
Merchant One
Monthly fee
$13.95
Swiped transaction fee
0.29% to 1.55% per transaction
3
Payment Depot
Free Trial
No
Offers
$0 Setup & No Cancellation Fees
Pricing
Customized Interchange+ Pricing – Rates as low as 0.2% – 1.95%
4
Clover
Monthly fee
$14.95
Swiped transaction fee
2.6% + 10¢
Frequently asked questions (FAQs)
Since credit or debit cards are the primary consumer payment methods, most companies need credit card processing services. A credit card processor enables you to accept credit cards in-person or online. Many allow for mobile payments like Apple Pay or Google Pay, allowing you to support customer preferences and reduce shopping cart abandonment.
A merchant account provider (or merchant service provider) is a credit card processing company. They provide the infrastructure to accept credit card payments, connect to payment networks and receive funds for products or services. They may also include tools like a mobile credit card reader and an online portal. Examples include Square, Stripe and National Processing.
Payment gateways allow online stores to accept payments virtually. Software or application programming interfaces (APIs) tell your customer if their payment method was approved or declined and facilitate fund transfers.
Payment gateways also refer to payment links. Many credit card processors like PayPal provide merchant accounts and payment gateways. Others charge an additional fee for an e-commerce gateway.
The best credit card processing companies leverage several tools to protect payment information, including end-to-end data encryption to ensure secure data transfers. Most also sell, lease or recommend using secure credit card readers that leverage end-to-end encryption.
Payment processors maintain a strict security standard, often involving penetration tests, threat intelligence, code design reviews and public bug bounty programs. Additionally, if your credit card processing service is your merchant of record, they shoulder the responsibility of PCI compliance. This includes providing self-assessment questionnaires (SAQ) and audits so you know your business meets high-security standards.
The hardware required depends on how you accept payments.
You don’t need equipment if you use a virtual terminal, a web-based tool that lets you enter data for card-not-present transactions, like orders sent through fax, mail or telephone. It differs from a mobile card reader, a device that attaches to your cell phone or tablet and lets you scan credit and debit cards for in-person payments.
Alternatively, a standalone card reader is an electronic device that reads magstripe or chipped cards. Customers swipe or insert a card to pay for products or services. Also, some point-of-sale (POS) systems have built-in credit card processing terminals. Finally, mobile card readers connect to your mobile device so you can accept credit card payments from your device while performing field work, for example.
Generally, credit card processing fees range from 1.5% to 3.5%. The actual amount depends on the processor’s pricing model (i.e., flat rate versus interchange-plus pricing) and payment method (i.e., online versus in-store processing).
On average, the best credit card processing companies charge around 2.59% plus $0.24 per transaction for online payments and 3.44% plus $0.21 for keyed transactions. In-person payments cost around 2.45% plus $0.14. However, these figures vary widely.
For instance, National Processing offers a competitive pricing guarantee for companies processing $10,000 or more monthly, and rates may fall below our top pick, Square. But you may pay monthly subscription fees. Likewise, Helcim’s average of 1.86% for in-person payments is lower than other providers. Yet, the best rates go to companies with high monthly credit card volumes.
While you can’t avoid paying an interchange fee when processing a credit or debit card, some payment strategies help to lower overall expenses, including:
- Implementing a customer surcharge when it’s allowed and beneficial.
- Negotiating rates with your credit card processing service by asking for a custom quote.
- Forecasting payment volumes to take advantage of discounts.
- Avoiding credit card processors that charge PCI compliance and cancellation fees.
- Reducing return and chargeback fees by taking advantage of chargeback protection programs with your credit card processor.
- Developing a fraud-prevention program.
- Evaluating more than one credit card processing company.
The settlement funding process typically takes two days after submitting your batch payment request. Intuit Payments offers next-day funding with QuickBooks Online products, whereas you can access next-day deposits for an additional fee through National Processing, PayPal, ProMerchant, Clover and Elavon. Paysafe requires the most time with payouts on the fifth business day.
Most credit card processors don’t deposit funds on weekends or holidays. Therefore, any batches processed Friday evening may not be paid until Tuesday or Wednesday the following week. Elavon, however, offers fast-track funding options even on holidays and weekends.
A high-risk merchant is a company with which most credit card processors will not do business due to the merchant’s potential for fraud or high customer dispute volumes. Most providers publish a list of industries with which they will not do business, such as those merchants in the gambling industry or those selling supplements or rentals with high transaction totals. Most also look at a business’s chargeback history, age and credit history. As such, a startup company with little to no credit or a business with poor credit may be designated a high-risk merchant.
Most also look at a business’s chargeback history, age and credit history. As such, a startup company with little to no credit or a business with poor credit may be designated a high-risk merchant.
Fortunately, several credit card processing services work with high-risk merchants, including our top pick for high-risk merchants, Paysafe. Look for a list of prohibited companies from your credit card processor to determine what types of merchants they will not approve.
Blueprint is an independent publisher and comparison service, not an investment advisor. The information provided is for educational purposes only and we encourage you to seek personalized advice from qualified professionals regarding specific financial decisions. Past performance is not indicative of future results.
Blueprint has an advertiser disclosure policy. The opinions, analyses, reviews or recommendations expressed in this article are those of the Blueprint editorial staff alone. Blueprint adheres to strict editorial integrity standards. The information is accurate as of the publish date, but always check the provider’s website for the most current information.
