Today’s fast-paced, technologically advanced market offers dozens of credit card processors for eCommerce businesses. Entrepreneurs no longer have to jump through hoops to get a merchant account. These days, you can build an eCommerce shop, create product listings, and start accepting credit card payments globally straight from your bedroom.
If you have an eCommerce shop selling bulk orders of low-cost items—around $1 per unit—we suggest processing payments with PayAnywhere. They have competitive per-transaction rates starting at just 2.69%. Merchants would be hard-pressed to find another processor that has lower fees.
Processing Card reviews some of the best payment processors on the market that offer low transaction rates. Check out our top recommendations!
Contents
GoPayment has a lower per-transaction rate of 2.4% + $0.25. However, when it comes to selling high-volume, low-cost orders, we recommend the pricier PayAnywhere with its flat rate of 2.69%.
Let’s say you sell 1,000 units of $1 items in one month. With GoPayment, you’ll end up paying $274 for the transaction fees, which would already eat up more than a quarter of your revenue.
On the other hand, with the flat-rate scheme of PayAnywhere, you’ll only have to shell out a meager $26.9. The difference totals $247.1, which would account for 24.71% of your revenue.
Considering that a cyberattack occurs every 39 seconds, PayPal’s tight anti-fraud and security system gives it an edge over PayAnywhere.
However, note that the risk of a data breach minimizes if you have a small eCommerce shop. Yes, there are still risks, but hacking costs a lot of money. Criminals would likely use their resources to attack bigger shops with high-costing items.
Shopify has a more diverse set of features and POS systems. However, unless you have a pop-up shop or kiosk to accompany your eCommerce business, we wouldn’t recommend choosing Shopify over PayAnywhere when it comes to high-volume, low-cost orders. You’ll only be paying for features you can’t use.
Feel free to explore other options if you don’t think PayAnywhere provides what your business needs. Merchants can choose from dozens of different processors on the market, so there’s no reason for readers to limit themselves to our recommendations.
Struggling to qualify for a commercial merchant account? Processing Card has multiple resources on the most popular third-party payment processing service providers. Check out our top picks of processors that work with small businesses!
Florence Carpenter is passionate about ensuring that the process of opening merchant accounts is as straightforward as possible. She graduated from the University of Michigan with a bachelor’s degree in Marketing.
Demystifying Level II and III Data: What It Does for Merchants
Enter you email below to receive the guide.
High-Risk Merchant Account For Credit Repair and Education
Enter you email below to receive the guide.
Understanding 3D Secure 2.0 Technology
Enter you email below to receive the guide.