Who Are All The Credit Card Processors In The United States?

Florence Carpenter

Credit card payments disrupted global shopping trends. Statistics show that nearly 70% of all POS transactions made in the past year consisted of card payments. If your business still does not have a point-of-sale (POS) system, consider investing in one soon. Otherwise, the competition might leave you behind.

The popularity of card payments paved the way for payment processors. A quick Google search will reveal that more than a dozen companies that offer payment processing services in the U.S. They range from commercial institutions like Bank of America, JPMorgan Chase, and Fiserv to third-party processors like Square, PayPal, Stax, and Stripe.

Do you want to start an eCommerce business? Processing Card emphasizes that not every processor accommodates online transactions. Check out our article on eCommerce merchant accounts if you need a processor for your online shop!

Every Credit Card Payment Processor That Business Owners Should Know

Commercial Financial Institutions

Commercial merchant service providers offer extensive end-to-end payment processing services. Whether you need a merchant account or an online payment gateway, these institutions can help. Some popular options include:

  • Bank of America
  • Citibank
  • Fiserv
  • JPMorgan Chase
  • TSYS
  • Wells Fargo

Note: Most commercial institutions impose strict requirements. Businesses prone to chargebacks, fraudulent transactions, or payment refunds might not qualify for a merchant account. 

Third-Party Payment Processors

Third-party processors allow businesses to accept card payments without opening merchant accounts. These service providers often have easy requirements. Many options listed below work with high-risk merchants who have poor refund rates, bad credit scores, or eCommerce products.

  • Clover
  • FattMerchant
  • Helcim
  • PayPal
  • Square
  • Stax
  • Stripe

Whether you should open a merchant account or sign up for third-party merchant services wholly depends on your situation. Identify the payment methods your customers prefer, explore the processors on the market, analyze your business’s financial standing, then see which institutions would work with you. No two merchants share the exact processing needs. 

Are you having trouble qualifying for a merchant account? Processing Card can help! Read our in-depth guide on how high-risk merchants can equip their business with a payment processor.

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