Who Has the Best Merchant Account Rates?
If you are the owner of a small business or a startup, you probably already know that you will need to start accepting credit and debit card payments at some point. Today, customers are highly reliant on their cards for purchases, as opposed to other forms of payment like cash and checks. Whether they are paying online or using a card machine in your store, the fact remains that cards are the new currency and are followed by smartphones offering mobile credit card transaction options.
When selecting a merchant account provider to help you set up processing for credit and debit cards, you need to think about a few factors. If you are running a small business with a limited income, you might consider your budget above all else. Profitability on sales is surely a priority, and one factor is selecting a merchant account provider with rates that are a good match for your company. Think about the size of your business, how you operate, and what your sales volume is per month. Here are some merchant account providers with the best rates in the industry.
Flagship Merchant Services
Flagship is one of the most flexible providers of merchant accounts and services out there. You can opt for either a pay as you go monthly payment plan or a 12-month initial contract which enables you to receive free payment gateway equipment like a swipe machine and more. They have a fixed percentage fee per transaction using a credit or debit card, which is set between 0.38-1.98% of the transaction amount, along with a fixed cost of $0.19 per transaction. For credit cards, the transaction fee ranges up to 3.56% per swipe. A monthly fee of $7.95 is charged every month. There are no application or setup fees to pay here, although you do have to pay $10 a month for their point of sales payment gateway.
This is one of the cheaper merchant accounts out there for businesses with an income of more than $2500 a month. It will only be profitable to you if you satisfy this requirement. There are no fees charged per transaction made using either a credit card or a debit card – the process is a fixed price of $16.60 per month with no added costs. There is no minimum fee to pay per month either, and you can pay as you go if you want. They have an annual IRS reporting fee of $10 per year, which is negligible. This merchant account is super easy to set up and use, with no setup fee of any kind. The 24/7 live chat is the icing on the cake.
Helcim is a merchant account provider that charges an Interchange Plus markup fee of 0.18% per transaction. This is the fee charged for converting from one credit card brand to the other. There are, however, no additional fees charged by Helcim. Regardless of whether the customer uses a credit card or a debit card, the transactions are done free of charge for you. Even better, the monthly rate that you pay for the use of their merchant account service is only $12, which is on the lower end of the spectrum. There is no annual fee to pay either, and no account minimum to pay per month. Meant for small and medium-sized businesses, this is a provider that has a reputation for the lowest rates in town.
Dharma Merchant Services
This is a merchant account provider that believes in fair pricing for all clients along with full transparency. They make use of the interchange-plus pricing model, in which the standard credit card processing percentage is marked up by a small amount and this total is charged to you for each transaction. There are no additional fees involved like annual fees. You don’t have to pay for your application or for the account to be set up. There are also no added costs for account closure and compliance with PCI regulations.
At Dharma Merchant Services, you would be paying $10 a month as a service fee. This is a flat amount that doesn’t change with your transaction volumes. When payments are processed with a physical credit card, you are charged 0.25% + $0.10 per transaction, while online transactions cost you 0.35% + $0.10 per transaction. These are incredible rates overall. Remember, however, that this is going to be more beneficial to you if your business makes over $10000 a month in gross income. Anything below this won’t make sense for you financially.
This merchant account provider is one of the simplest out there. It is meant for startups with no payments ever processed before. It costs nothing to setup and apply for. There are no fees for credit and debit cards per swipe. A monthly fixed rate of $20 is charged to you, and you have to make at least $25 of payments into the account per month. Overall, this is the perfect stepping stone to better accounts for your business.
CDG Commerce is a merchant account provider that has been around for nearly 20 years now. It is a company that delights in avoiding hidden fees and additional costs. The scheme is a pay as you go system, so you won’t have to be fined for early account closure if you need it. There are also no monthly restrictions like minimum transaction amounts, and setting up your new merchant account with CDG is absolutely free.
If you open a primary account with this provider, it will cost you just $10 every month. All online transactions are marked up using the interchange plus payment model, as are all other types of transactions. For e-commerce payments, you will be charged the interchange + 0.30% and 15 cents per transaction. If the purchase happens in your store, you pay the interchange, 0.25% and 10 cents per payment. Mobile transactions are supported too for the interchange, 0.25%, and 10 cents. Finally, non-profit payments are processed at the interchange of 0.20% and 10 cents per donation.
This is a merchant account provider that is perfect for transactions made in small businesses whether they are in-store, online or done via a mobile device. Their pricing model is one of the simplest and cheapest especially for startup companies with weak sales. For the standard merchant account, you pay $15 a month along with the interchange plus pricing. For in-store purchases, it costs you 0.2% + interchange fees and 10 cents. Online transactions cost you the interchange + 0.30% + 10 cents. Enterprise pricing at lower rates is also available on request.
Merchant Services LTD
This is a premier merchant services provider. Delivering white-glove service for over a decade, Merchant Services LTD understands that business is personal. Priding itself on the ability to provide tailor-made payment processing solutions for even the most unique merchant processing needs. The rates are among the best in the business; you can even get a $250 Amazon gift card if we don’t beat your current rates.