If you’re a small business owner, you’ve probably heard of the term “credit card processing”. But what it means is how your business accepts payments from customers.
Small businesses often struggle with how to accept credit cards and other forms of payment to grow their revenue. In this post, we’ll go over some of the best small business credit card processors available so that you can find out which one is right for your company!
Small business credit card processing: What it is
Small business credit card processing is a way to accept payments on behalf of your business. It’s ideal for small businesses with limited cash flow or who don’t have time to wait for checks to clear before they can pay bills.
- What is small business credit card processing?
A merchant account allows you to receive, process and send payments for a wide range of services and products such as online shopping carts, subscription billing programs and e-commerce sites. As long as the person making an online purchase has access to an internet connection (either at home or work), then this option can work for them! With one simple click of their mouse button; consumers will be able to complete their transaction without having any issues whatsoever which means less risk involved in doing so!
Best small business credit card processing services
When you’re working with a small business credit card processor, you can expect them to offer the following:
- Low fees and no monthly minimums. Most processors charge between 1% and 3% per transaction, which is much lower than most banks’ processing fees. They also don’t have monthly minimums on purchases or cash advances; instead, they take a percentage of each transaction as revenue regardless of how much you spend (though some may offer discounts if your account balance grows).
- Fast service for all transactions. If an authorization takes longer than 24 hours for your cardholder’s bank statement to clear and appear in the merchant’s system—even though it was processed quickly by our payment gateway—you’ll have to pay extra charges from us due to lost revenue due directly against your company.”
Best mobile small business credit card processing
You may be surprised to learn that mobile credit card processing is becoming increasingly popular.
Mobile credit card processing can be a good option if you have a small business that travels a lot. The convenience of this type of payment method makes it easy for you to accept payments from your customers wherever they are, whether at home or on the go! This can be especially helpful for businesses who don’t want to worry about setting up an entire system like traditional brick-and-mortar stores do.
Best small business credit card processing with no monthly fee
- No monthly fee. A common misconception is that all credit card processing companies charge a monthly fee, but this is not true. There are many small businesses that offer free credit card processing to their customers, including HubSpot and Spotify.
- Low fees: Some banks and credit unions allow their members to avoid paying any fees on their purchases by using certain types of cards (such as debit cards), while others have no restrictions at all—so you can use any type of card you want without worrying about paying extra charges!
- Quick deposits: If you’re running low on cash reserves, many online stores will let you deposit funds directly into your bank account without having to wait for days or weeks until they clear through their bank first! Just remember though: just because an online store accepts multiple payment methods doesn’t mean it accepts every single one; only choose these options if there’s something specific about them that appeals specifically
Best small business credit card processing with a free terminal
A terminal is the device you use to process your credit card transactions. You can get a free terminal if you have less than $100,000 in annual sales and average less than 3% of this amount per month online. The benefit of using a free terminal is that it allows you to accept payments without having to store any sensitive customer information on your server or computer, which means that there’s no chance for hackers to gain access to it—and they always seem like they’re just around the corner!
If this sounds like something that would be useful for your business, we recommend checking out our top picks:
Best small business credit card processing with quick deposits
Quick deposits are a big deal for small business owners. They allow you to get paid faster, which means your cash flow is much better and you can afford to hire more employees or buy new equipment. If your business doesn’t offer quick deposits, it may be time to switch banks. Here are some tips on how to make the switch:
- Look at the fees associated with each bank’s account-opening process (it’ll vary by institution) and pick one that has lower fees than what you currently pay. You should also look at their minimum balance requirements; many banks will waive them if they’re high enough (or even if they’re zero). This can help offset any extra costs associated with opening an account at another bank—but don’t forget about all those other perks!
- When comparing rates among different financial institutions online or over the phone call their customer service lines directly
Best small business credit card processing with low fees
The best small business credit card processing with low fees is one that charges you the lowest possible monthly fee. This can be difficult to find, though. It’s also important to look at the per transaction fee and whether or not there’s a monthly fee associated with it.
If you want a credit card processing company with no monthly fees, then look into companies like PayPal merchant account or Google Checkout (for more information on these two options). These companies don’t charge any kind of setup fee—they’re run by third parties who use their own processors for transactions instead of relying on yours—but they do charge higher rates than most other alternatives because they don’t offer any sort of discounting program or special deal when you sign up as an advertiser through them!
Best overall small business credit card processor
In the end, it’s all about providing the best features and services at the best price. The best overall small business credit card processor will be able to provide a wide range of features that suit your specific needs. As well as this, they should also have excellent customer service so that you can get any questions or issues resolved quickly and easily.
Finding the right small business credit card processor can make a huge difference to the success of your business.
Small business credit card processing is a way to accept payments from customers on behalf of your company. It allows you to avoid the hassle and expense of having a separate merchant account, but it can also be expensive.
When choosing a small business credit card processor, you need to think about:
- What type of transaction will my business handle?
- How much does it cost me each month?
- How many transactions can I expect per month (in terms of number and dollar amount)?
Conclusion
We hope this list has helped you narrow down your search for the best small business credit card processor for your needs. If you’re still not sure which one is right for you, consider taking advantage of our free trial offer and see if any of them meet your criteria.
