10 Credit Card Payment Services that Help Small Business Owners
There are times when it feels like a business owner has to make a thousand different decisions before their business even open its doors — and they do. However, one of the most important decisions is which credit card payment services exist, and which one will they choose. Without timely payments from customers, it’s an uphill battle to maintain a positive cash flow.
Since it’s expected that your business accepts credit cards, you have to select a service that doesn’t just process cards, but can also help your business by providing services low-processing fees, real-time reports, and has a solid reputation in assisting small businesses.
Here are 10 credit card payment services that fit the bill.
Known for its innovative invoicing and time tracking software, Due also lets business owners and freelancers process credit card payments from anywhere in the world for a low 2.8 percent transaction fee.
Funds from your payments are available in 1-2 business days. However, with its digital wallet, money can be transferred almost immediately. Digital wallets also make it more convenient, and secure, for your customers to pay you since they don’t have to fill-out any lengthy forms.
Overall, you can streamline your project management, time tracking, estimates, invoices, and payments in one easy-to-install dashboard, as well as have access to live account monitoring, gift card processing, and reports and analytics so that you can keep the cash flowing.
Despite the amount of competitors that have challenged PayPal over the years, [are they jealous?] it still remains the industry standard when it comes to accepting digital payments.
With PayPal you can easily add a ‘Buy’ button onto your website, which then directs your customers to a secure PayPal checkout page. You can also accept payments through the phone or swipe card with a card readers. PayPal charges 2.9 percent plus 30 cents per transaction.
You can also create and send invoices with PayPal so that you can quickly receive a payment for your goods or services.
Unlike the other services that require your to swipe a card, you simply scan the card to process a payment. The card is never stored so you don’t have to worry about someone hacking you your or customers card information. This also means that you don’t have to purchase or rent any additional hardwire, which is always good for a small business just starting.
Flint charges 1.95 percent for each debit card transaction and 2.95 percent for credit card transactions. You can also create and send invoices, manage transactions, billing, and bookkeeping. If that weren’t enough, you can use Flint to send coupons and offers to encourage repeat business.
Square has become one of the industry leaders in card processing thanks to its revolutionary reader, which has helped business owners accept credit card payments in-person with just a reader and their mobile device. You can also use Square to build an online store, send invoices, schedule appointments, manage inventory, and have direct customer feedback. With this real-time data you can make more informed business decisions. If you need a loan to grow your business, then you can do so through Square Capital.
Square charges a 2.75 percent fee for every transaction.
Paymently focuses on providing small business owners with the most competitive credit card processing rates that come directly from Visa, Mastercard, Discover, and American Express with 0 percent markup. These wholesale rates also come with no hidden fees for set-up, application, cancellation, IRS, or PCI compliance. There are also no long-term contracts to sign to enjoy credit card processing for online payments, terminal payments, POS payments, or mobile payments.
The pricing tiers are based on the number of monthly transactions you make. For example, the Lite pricing plan is for less than 100 transactions a month and is interchange plus $59 per month ash $0.20 per transaction. The Established pricing plan is interchange plus $79 per month and $0.10 per transaction, which is based on 100-200 transactions per month. For over 200 transactions per month, Paymently offers the Enterprise pricing plan for interchange plus $99 per month and $0.05 per transaction.
In 2015 Gravity Payments made headlines when it announced that they would raise the “minimum wage” in the company to $70K per year. Since these are well-paid employees, the company doesnpt have to worry about them swindling potential customers by making false promises. Furthermore, they have a smaller clientele, which is a pretty decent sign that this is company focused on honing their services.
As for the their features, Gravity processes cards online, in-person, or mobile. The unique features, however, are helping business owners find the right POS system for their business and it’s reporting and analytics software that allows you to target your top spenders, respond to online reviews, and evaluate the effectiveness of your campaign.
This is a payment solution from Web.com which allows customers to easily pay invoices, service fees, and donations to small businesses and non-profits on their website or mobile app for $9.95 per month.
With Take-A-Payment you simply embed a code onto your blog or website and customers just enter an invoice number and choose how much they’ll pay. You can also set-up recurring payments and use Web.com to build a website, launch an online marketing campaign, and reputation management. It’s a solid option for any business owner just starting out and not that familiar with these areas.
With PayStand your business can accept electronic payments, including eCheck, ACH, eCash, Credit and Debit Cards, directly on your invoices, website, social networks, billing systems, and mobile applications without extra software, coding, or an additional merchant account. Best of all? There are no transaction fees.
PayStand can establish recurring billing, direct bank deposits, and a reporting dashboard that covers metrics like Lifetime Value, Average Revenue per Customer, and Active Recurring Revenue. This all-in-one payment solution has plans ranging from $19-$299 per month.
Specifically designed for small and medium sized businesses in-mind, Elavon allows you to accept payments online and on-the-go when using the company’s Converge Mobile app. You can also view your online statements and detailed reports, manage chargebacks, and analyze your sales and payments through the MerchantConnect features.
Customer service is available in nine different languages and there are customized payment solutions that are based on your needs. Elavon charges a $10 per month fee and 2.65 percent +$0.19 transaction costs.
WePay is a payment processor that actually allows users have complete control over the payment process. For example, you can customize new merchant onboarding, checkout forms, confirmation emails, customer support emails, credit card statements, and mobile transactions. There’s also marketing automation and business management software available so that you can attract and retain customers.
WePay also has on-the-go payment capability via a mobile chip card reader, mobile SDKs and fulfillment service. This allow users to embed payments into a mobile app so that there’s a more complete user experience for their customers.