Reports show that most small businesses (SMB) don't accept card payments yet because a credit card processor costs too much. Unfortunately, modern-day consumers primarily shop with credit cards. With 40% of annual POS transactions consisting of credit card payments, those who still don’t take credit cards will get left behind.
SMBs who don’t have the capital to pay for commercial merchant services can expand their payment options using a mobile credit card processor. These are inexpensive readers that allow merchants to take card payments using their mobile phones. Some of the most cost-efficient processors on the market include PayAnywhere, GoPayment, and PayPal.
Merchants looking for the cheapest payment processor that offers low transaction fees can try PayAnywhere. With PayAnywhere, you’ll only have to pay a meager per-transaction rate of 2.69% for swiped, contactless, and EMV payments. These rates trump what top competitors like Square, Shopify, and Paypal charge.
Apart from the low transaction rates, merchants will also enjoy zero monthly subscription fees, a free card reader device, and a multi-feature mPOS system.
Processing Card has multiple resources comparing the best payment gateway and card processing service providers for small businesses. Check out our guide on the basics of online payment processors.
When choosing between different card processors, do not base your decision on the transaction rates alone. We strongly advise merchants to consider other factors, such as:
These are just some of the best card processors on the market. Merchants have dozens of commercial and third-party processors to choose from, so don’t limit yourself to just one or two brands.
Also, one-size-fits-all plans never work. Identify your business’ processing needs, select a processor that addresses them, then see how you can use your new processor to scale your business.
Are you in a high-risk industry like CBD? Check out our article on which card processors work with CBD oil businesses! Processing Card has multiple buyer guides comparing the top high-risk merchant service providers that you can check out today.
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.
