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Looking for an inexpensive credit card processor for your small business? The right one can help you save more profit. Here is a list of the best options.

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Every company has different compensation structures. And it’s not as easy as finding the lowest price. In this guide you will find the best and most affordable way to accept credit cards for your business.

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Read on to learn more about each and find the best credit card processor for your business.

When looking for a credit card processing service, you should first consider what level of service you want. There are two types of credit card processing solutions.

The best credit card processing solution for you will depend on your monthly sales volumes, the type of business, and the average transaction value.

Dharma Merchant Services charges some of the lowest credit card processing fees on the market. But they only work with sellers with a high transaction volume.

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Dharma Merchant Services uses very transparent low rates. The plans are broken down into whether you have a retail store, an e-commerce store, or a restaurant.

All accounts receive the MX Merchant payment gateway, which also includes a virtual terminal, customer database, billing and recurring billing. It offers integration with most major shopping carts.

Dharma is also known as a socially aware company. Each year, it returns to nonprofits in the categories of social justice, education, environment, health, and animal welfare.

Financing time is 2 business days, which is longer than other companies that offer next day financing. Most of the time, Dharma only works with large business owners with revenues over $10,000 per month.

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If your business needs more than $15,000 in credit card sales per month, consider looking for a subscription-based merchant service provider like Stax by Fattmerchant.

Fattmerchant does not charge transaction fees. You only pay direct exchange fees for your transactions, as well as a monthly subscription fee. This can make it the cheapest option for medium-sized businesses.

Fattmerchant offers a good combination of technique and price. It offers an excellent integrated payment platform with many reliable tools. You can process mobile and online payments, invoicing/recurring invoices, customer database, inventory and manage employees.

It even provides developer APIs to build your own shopping cart solution on your website, app or software.

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Additional features such as payment gateway and recurring billing (for lower tier subscriptions) incur additional charges. Add-ons are clearly communicated so that you know what the final price of your monthly subscription is.

For very large companies, Payment Depot offers the lowest credit card processing fees. It also has a membership-based pricing model.

Payment Depot offers four rate plans with different processing limits, so you can choose the best one for your business. For this reason, sellers with very high volumes usually find a better deal at Payment Depot than at Fattmerchant.

It only charges a small flat fee for all payment methods, whether you accept credit cards in person, online or over the phone. It is therefore also better if you sell through multiple channels.

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Payment Depot offers a variety of hardware options for purchase (including the popular Clover POS systems). Or he can reprogram your existing processing equipment for free. Some plans include a free mobile card reader and/or a free terminal.

Payment Depot does not work with high-risk merchants. It may also turn you down if you have poor personal credit or if your business has an unfavorable reputation.

Choose to pay monthly or annually. With both options you can cancel your subscription at any time without a cancellation fee. An annual subscription offers a discount and a 90-day money-back guarantee.

PayJunction is another solid option for established businesses with consistent sales of $10,000 or more per month. It offers good opportunities for shops.

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The main advantage of PayJunction is paperless transactions. Paper receipts are dirty, wasteful and toxic. The smart payment terminal PayJunction digitally stores the transaction history, card and ACH information and signatures of your customers. You can easily pull them out if needed (for example to send back).

This paperless processing also allows for very easy installation and minimal equipment. You can get a Smart worksheet terminal for free if you provide account statements for 2 months.

It charges a surcharge of one percent plus normal exchange rates. This can be a bit pricey, but can be cheaper for businesses with a small average transaction size. And there is no monthly fee.

PayJunction is not ideal for very small businesses. If you’re processing less than $10,000 in business transactions per month, the monthly fee is $35, so your best bet is to look elsewhere.

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CDG Commerce is a full-service merchant account ideal for small and medium businesses. It offers different pricing structures depending on how much you process per month.

CDG offers tiered pricing based on your company’s throughput volume. It offers a simplified flat rate plan for small businesses processing $1,000 to $10,000 per month. For established businesses, it offers trade-in prices that are often more affordable.

CDG offers its equipment at no upfront cost, making it easy to set up new businesses. You can get a credit card terminal and POS for free, but you will need to purchase insurance. CDG includes free upgrades and hardware maintenance.

Although CDG claims to provide the equipment for free, they charge insurance. But it is still quite affordable. The credit card terminal costs $79 per year, which works out to just $6.58 per month. And the POS system costs $39 per month for full protection.

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Real card credit transactions require the right equipment. Some companies give you the option to buy or rent it directly. Some can even ship devices for free.

Merchants must comply with the Payment Card Industry Data Security Standard. Your processor must help you achieve PCI compliance, otherwise you will have to deal with it yourself.

Not all companies offer quality customer support. When you have a problem or question, you want to be able to get in touch with someone. If you are concerned about installation or technical support, this is important to pay attention to.

Test a company’s customer service team to get an idea of how quickly they respond to requests and wait times. It is also helpful to read user reviews.

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The best credit card processing companies offer transparent pricing, flexible terms, and great features. Here are the best processors for different businesses. They say there are no free lunches, and that saying is certainly true in the payment space. When a service is provided, it is usually paid for. That’s why merchant account providers charge a minimum monthly fee.

Basically, a company is charged a minimum monthly fee when it does not process enough volume to cover a predetermined amount of processing costs. This essentially guarantees payment into the account. Only processing fees paid to your ISP count as a minimum, as opposed to your gateway fees, chargeback fees, etc.

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While low rates may be attractive to small businesses processing small transaction volumes, rates that are too good to be true may be just that, as minimums vary by provider, as well as processing fees that matter.

For each transaction, companies using the Interchange-plus pricing model pay Interchange (the wholesale cost determined by card brands) plus a constant markup set by the provider. Some providers consider the full processing fee (exchange and markup) to be a minimum, while others may exclude the exchange and consider only the markup.

Ideally, the monthly minimum fee is the difference between the monthly minimum set and the amount received from the processing fee. For example, if the cost for a particular month is $14.50 and the minimum is $35, then the minimum monthly fee is $20.50.

Businesses with monthly transactions of $5,000 or more usually manage to avoid the monthly minimum fees, but small or seasonal businesses using the Interchange-plus plan are more likely to experience them. To avoid this, smaller-volume companies may consider a flat-rate plan.

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Offered by payment intermediaries such as Square, Stripe, and PayPal, a flat rate offers higher processing fees. However, customers bypass the minimums because they do not have individual merchant accounts. Instead, payment intermediaries offer shared merchant accounts to their customers. This approach has many drawbacks, but may be more appropriate for smaller businesses.

It’s a good idea to keep track of monthly minimum amounts, account terms, and merchant account statements to avoid unethical billing practices. This will help you determine whether your ISP is charging you fairly and whether you have the best plan for your business.

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