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All About Payment Systems

The Top 5 US Payment Systems: Finding the Right Credit Card Processing System for Your Business

Most businesses need to be able to take payments by credit or debit card. Businesses need to work with a credit card processing company to do this. A credit card processor is a go-between for businesses and credit card companies. As a business, you need a payment processor that can take more than just cash and checks. But with so many different fees, requirements, and options, choosing a suitable processor for any business can take time and effort.

Our Top 5 Credit Card Processing Companies for 2023

There are many things to consider when looking for the best way for your business to process credit cards. Some of the most important things to think about when choosing a credit card processing company to work with are:

  • processing costs
  • your company’s sales volume
  • how you sell your goods and services
  • the types of integrations and hardware that work best for your business

In case you need additional funding for your business to work with a more credible credit processing company, we have a solution. Advance SOS, a loan aggregator we support, can help you find low-rate fast cash loans for your business needs.

We’ve also put together this list of the best credit card processing companies for 2023 to help you find the best fit for your business. Read our reviews of each company below.

#1: Stax

Stax is our best credit card processing company and also our best for small businesses in 2023. Stax has transparent pricing and features that can be used with many different business models. 

Stax’s flat-fee monthly subscriptions, which cost between $99 and $199, are the most expensive in our ranking. So this company may not be the best choice for merchants who only sell sometimes or in small amounts.

#2: Square

Square is our recommendation for small to medium-sized businesses. It is also the best Point of Sale (POS) system for 2023.

Starting to use Square is free. Transaction fees range from 2.6% plus 10 cents for purchases made with a card-present to 6% plus 30 cents for online payments. From then on, customers can add various hardware and software features. Square also has add-ons like email marketing, customer loyalty programs, and employee payroll.

#3: National Processing

National Processing has a wide range of plans to meet the needs of different industries, budgets, and equipment.  Plans range from $9.95 to $199 per month. And there are unique plans for restaurants, retail, e-commerce, and nonprofits. 

Most plans from National Processing include a SwipeSimple mobile reader, gateway setup, and reprogramming of existing equipment. Fees for transactions vary by plan, but many of them are lower than those of other companies we looked at. Businesses can also save in transaction fees if they are willing to pay a monthly fee to use the service.

#4: Payment Depot

Payment Depot uses a wholesale pricing membership model. Its plans range from $59 to $99 per month. And companies that process more than $500,000 in credit card charges per year can get custom quotes.

Besides monthly membership fees, the company charges wholesale interchange rates without markups. A membership gives you access to next-day deposits, rate protection, chargeback and risk monitoring, and free equipment.

#5: Helcim

Helcim is different in that it does not charge a monthly fee for processing credit cards. Instead, Helcim uses interchange-plus pricing. Its estimated average rates for in-person credit card purchases are 1.92% plus 8 cents and 2.38% plus 25 cents for purchases made. This keys in a number or buying something online.

Helcim is a good choice for many businesses because it is easy to use and has built-in payment tools. Still, it may be hard for people who still need to get a lot of the necessary hardware to use it. Some popular third-party retail and business services need to be integrated. And this could be a problem for people who already use other services.

Wrapping It All Up

If a business wants to take credit card payments, it needs a credit card processor, no matter how big or small. But what makes a good credit card processing company for a large business may not be suitable for a small business.  Smaller businesses with fewer transactions may have a smaller budget. Startups, in particular, want to understand and limit monthly fees, processing rates, and hardware costs. Also, if you are only starting, you may need help to afford technical problems that hurt sales. This shows how important it is to have customer service available 24/7.