Reliable, cost-efficient online payment processors like Authorize.net, Stripe, WePay, and PayPal charge 2.9% + $0. 30 per transaction made through their payment gateway. Processors that charge lower rates include Square (2.6% + $0.10) and Braintree (1.99% + $0.49). Meanwhile, one processor that has relatively high fees is 2Checkout 2.4% + $0.30 to 3.9% + $0.45.
Do you need a more in-depth explanation of credit card processing fees? Processing Card can give you some insights. Read our comprehensive guide explaining the various fees that payment processors charge.
With more than 2.14 billion active online shoppers worldwide, now is the best time to expand your business globally. Taking on a broader range of customers will boost your sales and reach substantially. Moreover, there are dozens of various processors to help eCommerce merchants quickly transition to online payments.
Do not blindly go for the cheapest processors. Several factors contribute to an effective, reliable online payment processor — which every eCommerce business needs. We encourage entrepreneurs to explore all the options thoroughly. Ask for processing quotes, review the terms and agreements, compare system features, and read reviews on discussion forums.
Also, compare your financial statements with your prospective processor. Calculate the order volume, profit spread, and sales frequency needed to offset the processing fees. Facts and data will help you reach well-informed decisions.
Can your high-risk business afford the extra processing fees? Processing Card can help you reach a decision. Check out our quick primer on high-risk merchant account fees.
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.
