What is Credit Card Payment Processing?
Planning to become a credit card merchants is a big task for small business owners. Most of the businesses depend on credit card processors to deal with the details of accepting credit cards. The huge moment will come with a big question – which credit card processing companies are worthy of your business’s transactions? Apart from this we also need to see which the best credit card processing company for small business. With a market full of credit card processors, it is quite difficult to select the best credit card company for your business. In this blog, we compiled a list of cheap and best credit card payment processing companies.
The High Rated Credit Card Processing Companies for Small Business
1. Square
Square is one of the most familiar credit card payment processing company. You would have seen Square all over the world the main reason for its huge recognition is its ideal setup. This ideal setup will be useful for all small business owners.Square offers excellent inventory tools, quick POS and moreover that accepts payments and deposits it by next business day itself. Finally, Square will charge some amount as your credit card payment processing fees. If you invested more, by the way, you will also gain more through the Square payment solution.
Hardware Choices
- Magstripe reader: It allows you to accept credit card payment through a smart mobile device.
- Chip and Contactless credit card processor will be another hardware advantage in Square.
Software Options
- With Square POS you can manage the complete payment processing transactions of your business.
- Its software solutions were specially tailored for retail type businesses.
2. Clover®
Limitations on Clover®
Hardware Options
- Clover® Go, this software will require additional technology.
- Clover® Flex, It is like a smartphone that can do printing and scanning the bar codes.
- Clover® Mini is a small countertop POS it will perform all the essential processes.
- Clover Station is the best of all credit card processing software, it offers you the best security and support.
Software Options
- It allows you to accept all forms of payment at a cheaper price.
- Advanced inventory management and full access to the Clover® App Market.
3. Merchant Industry
You might recognize it as one of the top credit card processing company in New York. If you are a small business merchant want to opt for a credit card payment services merchant industry is the best option. It comes with the best features that will be beneficial for all sizes of business.
Hardware Options
- From Accepting payments to managing inventory all in one place.
- All in One Hardware
- Our hardware all set to go out of the box and comes with all kinds of features which is more compatible and effective.
Software Options
- The Merchant Industry provides a software suite that should be capable of processing a high volume of transactions accurately.
- Also, offer better fraud protection.
- Seamlessly you can accept payment from anywhere and wherever you do business.
4. Braintree
Braintree offers global e-commerce tools for all types of businesses. It accepts payments from anywhere also accept payments form any payment methods. Braintree’s payment gateway provides a great experience. You will enjoy the technology and support offered by the Braintree. It also provides more security and scalability.
5. Stripe
Stripe allows you to accept payments from any of the platforms both desktop and mobile. You can customize your checkout. Also, have the option of storing your card details so that returning customers can go with one click.
How to Evaluate Credit Card Payment Processing for Your Business
The search criteria may differ for each business type. Few things to be noted while choosing credit card processing companies for your business.
Transparent Credit Card Processing Fees
The most straightforward and simple thing is you must know about your spending on credit card processing. Also, you need to know why you must pay that amount.
Multiple Credit Card Payment Processing Options
The cheap and best credit card processing company will always have the advantage of accepting payments from multiple payment processing options. At the customer’s choice, they can run their credit cards on a magstripe reader, a chip reader, or a contactless payment app must create an option open to them.
User-friendly credit card processing software
The best credit card processing company must have user-friendly software. Customers who are dealing with your credit card processing software, it must be easy for them to do any action they need for their business to move smoothly.
Multiple Hardware and Software Options
At last, the best credit card payment processing companies will offer you a wide range of hardware and software options. Customize your credit card processing systems that will make you much easier. Also, it will help your business to grow and evolve.
How Credit Card Payment Processing Works
The credit card payment processing seems to be simple. Behind this transaction, multiple personalities are involved. Mainly the credit card processing needs authorization part. Most of the credit card merchant services companies will provide an effective security standard service. The following process were involved in a credit card processing.
- Authorization
- Settlement
- Funding
Who are the peoples involved in the credit card payment processing?
A cardholder receives a credit card from an issuing bank and uses the card to pay for goods or services. The cardholder is most often a lonely consumer, but it can also be some other organization.
A merchant may be any type of business that accepts card payments in return for their goods or services. Merchant bank enables merchants to accept deposits generated through credit card payments. Millions of U.S small business owners are merchants, also the acceptance of credit card will be the backbone of their business.
Bottomline
Although this guide can have the information about the best credit card payment processing companies. Besides that, you will also learn about what kind of features the best credit card processors typically boast. If you are a new merchant, you will learn more about the credit card processing options. Also, this guide will help you in the future even if any technology shifts happen in the market.
