The small business economy is what propels the US GDP. The 33 million small business owners in the United States are sold on the potential to grow their companies into industry powers. Much of that potential is reached through harnessing business technology. Investing in the best software will help you keep up with more prominent brands.
A small business payment processor is one of the first investments to make when running a company. Your payment processing options will enhance the shopping experience while ensuring you get the money you’re owed. Luckily, you’ve uncovered this eye-opening resource on the best payment processor options to consider when opening your startup. Continue reading to save money and retain your customers today!
In this article
Helcim
Helcim is an excellent option if you are seeking your first payment processor after opening a small business. It’s a brand that provides transparent pricing through an all-inclusive platform. You’ll love Helcim for the added convenience of helping customers check out. It’s best to use Helcim if your brand is experiencing significant sales volume. The transaction fees will rack up if you’re generating fewer sales.
Processing fees for online purchases are 0.4% plus eight cents for in-person purchases. The fees rise to 0.5% plus 25 cents for online purchases. Still, it’s a fantastic entry-level payment processor that will meet your small business’s needs.
Square
Square is another payment processor designed to meet the needs of small businesses and enhance customers’ shopping experiences. The processor includes free point-of-sale software and hardware developed by and for Square services. The mobile card reader is a significant advantage when completing in-person transactions. The accounting integrations also enhance the tax filing process.
You’ll fall in love with Square’s convenience and all-in-one platform. It’s easy to learn and use, and the lack of a contract and termination fees is another significant plus. The primary drawbacks are the missing point-of-sale features offered by other services and the fact that it doesn’t function with Windows devices. Square charges substantial processing fees. In-person transactions incur a 2.6% fee plus ten cents, and online transactions incur a 2.9% fee plus 30 cents.
Stripe
Square and Helcim are fantastic tools when conducting business in the United States. Still, it’s best to think ahead and scale your business as it grows. Stripe is the best small business payment processor for brands serving international markets. Stripe is an excellent fit for businesses that conduct most of their transactions online. The customizable features allow you to tailor the service to meet your brand’s precise needs. Its flexibility also extends to in-person sales.
The competitive pricing is another plus you’ll gain with Stripe. A drawback to the payment processor service is the tech knowledge necessary to pair it with hardware. You’ll need coding knowledge and experience to integrate Stripe with other systems. In-person processing fees are 2.7% plus five cents, while online transactions incur a 2.9% fee plus 30 cents. Consider Stripe if you plan to expand to international markets. Learning to connect Hubspot products to Stripe with Zaybra is also wise.
Stax by Fattmerchant
Stax is the first payment processor option that requires a monthly subscription. The service costs $99 monthly, but the lack of transaction processing fees offsets the cost. Consider using Stax if you generate over $5,000 in credit card transactions monthly. Your business will save money when customers use credit cards instead of cash to complete the checkout process. You’ll also discover unique features with the service. The services will help you customize your experience and provide the best customer service. The lack of long-term contracts is another plus of using Stax by Fattmerchant. The primary drawback is that Stax is unsuitable for small businesses with low sales numbers. You will reap the financial benefits of the service once you’re generating substantial sales revenue. The pricing is also less transparent than other payment processing options.
In-person processing fees are 0% plus eight cents, while online transactions are 0% plus 15 cents. Try Stax when your business operations begin flourishing.
Clover
Clover is a viable option for the best small business payment processor. Its monthly fees are reasonable, and its processing fees are lower than those of competitors. Clover is best when conducting most of your business in person, and the lower fees will offset the monthly costs of using the payment processor. The flat rates are an advantage over other processors, and Clover is built to enhance the customer experience. The Clover hardware is well-designed and beneficial for your business operations.
The first drawback of Clover is that there are zero free options. The hardware is expensive, adding to your startup costs. The pricing is also complicated to understand when you begin using Clover for your transactions. The in-person fees are 2.3% plus ten cents, and online fees are 3.5% plus ten cents. The monthly fee starts at $14.95.
Chase Payment Solutions
Chase Payment Solutions is a safe option if you want a brand you’re familiar with. It features the best technology in the industry, but the limited hardware options hold it back as a solution for some small businesses. You’ll find free monthly plans designed to fit your business’s needs. Deposits are also convenient if you have a bank account through Chase.
The primary drawback is the service’s less-than-transparent pricing. You’re also unable to integrate Chase Payment Solutions with e-commerce platforms, limiting your online sales. If you open a Business Checking Account with Chase, your company may be subject to $15 monthly fees. In-person transactions have 2.6% fees plus 10 cents, while online transactions have 2.9% fees plus 25 cents. It’s an excellent option if it meshes with your business operations and needs.
Find the Best Small Business Payment Processor for Your Brand
Facilitating transactions and providing the best customer experience are vital for your brand’s long-term success and sustainability. The best small business payment process will help you save money and retain customers. Stripe is an excellent online and in-person sales option, while Helcim is ideal for startups. The right business technology will provide the necessary advantage to help your business grow and thrive. Read our Tech guides and articles to stay ahead of your competitors today!
