The Best List of Credit Card Processors in 2022

Traditionally, commercial credit card processing institutions such as FIS Global, Chase Bank, First Data, and Bank of America only worked with reputable, well-established merchants. You had to meet a lot of requirements if you wanted a point of sale (POS) system from them.

Fortunately, however, the rise of modern card processors paved the way for small businesses to start accepting payments on a global scale. No longer were merchants limited to commercial options. These days, even high-risk merchants who operate in risky industries prone to chargebacks can qualify for a merchant account and get a payment processor.

Some of the best modern credit card processors for SMBs include:


Best for SMBs: Square

Square is the ideal payment processor for all types of SMBs, whether you run a local brick-and-mortar shop or have a small eCommerce store. They have competitive fees, accommodate low-volume merchants, and have zero monthly charges.

Best for High-Risk Merchants: PaymentCloud

Merchants who work in risky industries prone to chargebacks or have bad credit history can turn to PaymentCloud. They are a reputable payment processor known to work with all kinds of high-risk clients.

Best for Low Fees: National Processing

If you’re looking for a credit card processor that offers the lowest, most competitive transaction fees on the market, check out National Processing. They don’t have the most versatile POS systems, but their pricing model is unmatched.

Best for Low-Volume Transactions: PayPal

PayPal is very strict with their rules and guidelines. In fact, if they suspect that an account is partaking in illegal transactions, the account’s funds can be frozen and held for a maximum of 21 days. The rules can be annoying to some. However, these guidelines are what protect small-time, low-volume merchants from fraudulent transactions and chargebacks.

Best for High-Volume Transactions: FattMerchant

FattMerchant offers a multi-feature POS system ideal for businesses who do high-volume transactions daily. You can make use of their automated billing generator, virtual POS terminal for remote payments, and ready-to-use invoice templates

Best Multi-Feature System: Helcim

SMBs looking for a multi-feature payment processor to assist with daily operation should definitely check out Helcim. They offer the widest range of inventory and CRM tools. Plus, they have a streamlined application process, so you can qualify for an account in a matter of minutes.

Best for eCommerce Stores: Stripe

Stripe offers the best credit card processing system for various types of eCommerce stores. What sets it apart from the rest is its flexibility. Stripe has a versatile payment gateway and payment processor that you can easily and seamlessly integrate into any business software. Plus, they accept mobile payment options such as Google Pay, Samsung Pay, and Apple Pay

Final Thoughts

Overall, it would be best for merchants to assess their payment processing needs first before canvassing POS systems. As we mentioned, different credit card processors have varying features. The POS systems that small, local popup shops use are different from the payment processors growing eCommerce stores need to accept overseas payments. 

Not sure what credit card processor to use for your business? Processing Card has multiple resources and buyer guides on the top credit card processors merchants use. Get recommendations from the Processing Card team now!

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