To sign up for our daily email newsletter, CLICK HERE
Businesses today depend on credit card processing companies to process credit and debit card transactions. Your business can suffer as a cash-only business if you don’t have a payment processor. Working with a credit card processor, regardless of the size of your company, is a necessary step in growing your business.
How to choose Credit Card Processing Companies?
With several high risk credit card processing companies offering to be the best in the market, whom should you choose? Every business has its own set of requirements and capital, and you can buy cc. Thus, it would help if you looked into a few factors before you choose one.
1. Fees
Before you choose a credit card processing, you must know the charges for application, set up, statement and gateway fees monthly, and others. That is important for your new business or start-up because you need to save funds for setting up your firm. Research if you separately get charged for the payment gateway. Moreover, you should also know if there is a monthly minimum transaction or processing fee.
2. Processor’s Software
While many processors operate with global softwares, you should also check the compatibility with your ecommerce shopping cart. In addition, you should also search for a processor that can accept digital wallets. That is due to the fact that more customers today use their smartphones to make purchases.
3. Interchange Plus Pricing
Interchange-plus pricing refers to the transparency provided in terms of the interchange fees charged by credit card providers. It also shows how much you’re paying in fees to the payment processor. This pricing method allows you to keep track of your spending and avoid being overcharged.
4. Early Termination Charges
In case you want to stop using the services of a company, you have to pay charges for the early termination of the contract. Make sure you have a prior idea of how much you have to pay. Otherwise, you might have problems in changing your processor, even after unsatisfactory services.
Best Credit Card Processing Companies
Here is a list of the Best Credit Card Processing Companies for new businesses to help you find the best payment processor for your company.
1. SharkProcessing
Being one of the leading high risk credit card processing companies, SharkProcessing has experience dealing with high risk businesses. Thus, it makes the company reliable and suitable for new businesses and start-ups. If you are looking for merchant accounts and payment process solutions, SharkProcessing is your ultimate destination. It provides quick merchant account approvals and accepts all legal businesses. The company offers ultra-low credit card processing rates, which is fantastic for new businesses. They also provide amazing customer service.
2. Square
Although the company has a higher rate per transaction, it does not charge a monthly package like other companies. Square provides a variety of business services, including business banking, payroll software, and a marketing platform. As a result, small businesses that are growing may select Square as an all under one roof business software solution. In addition, Square doesn’t impose chargeback costs when a customer disputes a payment, which is a boon for small firms. That is because chargeback costs can be an unpleasant surprise for small businesses. Square is also one of the payment processors that does not impose a chargeback fee.
3. Payment Depot
Payment Depot offers some of the most affordable for new businesses and start-ups. It offers a pricing structure that allows you to minimise your processing fees as your sales volume grows. Each tier has a little more monthly payment but a reduced processing cost. You can join any tier you wish, although the lower levels have a processing volume limit. Payment Depot is best suited for firms who process credit cards on a regular monthly volume, as it has a monthly fee.
4. PayPal
This company can be a good option for new and small businesses because there is also no monthly fee like Square. Also, since it’s reputed in the industry, it is trusted by many while making payments online. The processing company is easy to set up. You can copy the API script and paste it on your website. Moreover, it also offers a better checkout experience for a few dollars on a monthly basis.
5, Dharma Merchant Services
This credit card processing company is also a great option for small businesses or, particularly, start-ups. Even though Dharma Merchant Services has a monthly plan for the companies, it is lower than many others in the market. The company also has low interchange-plus fees, which is a boon for many new players. Dharma has a specific plan for start-ups which includes a minimum transaction amount but no monthly fee. If your business has high sales, you will be saving a good amount using their services. This company is also one of the high risk credit card processing companies. However, unlike SharkProcessing, Dharma does not provide all-day-round customer service facilities.
6. Helcim
New businesses who are alien to the entire concept can find it difficult to look for the hidden charges and loopholes in the contract. Helcim provides an easy solution for such businesses by clearly mentioning their facilities on their website. The company does not offer rigid contracts and charges no monthly fees. Also, it provides great customer service consistently. Helcim offers added benefits for offline as well as businesses overseas. However, Helcim charges a meagre markup percentage and a fixed amount, accompanied by an interchange rate. That is suitable as your business grows since the price lowers with increased transaction volumes every month. The company also offers mobile application software to enable point-of-sale. It also includes a complete set of eCommerce tools, including hosted payment pages and buy-now buttons.
To conclude, you would want to choose such a credit card processing company that provides not only good service but also proper customer service. That is particularly important for new businesses and start-ups new to the industry and are just settling down.
