Best Merchant Card Services For Small Business – Home » Blog » Mobile Payments » Looking for the best credit card for small business? Try these 8 options
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Best Merchant Card Services For Small Business
If you’re looking for the best credit card for small businesses, read on! A list of the most popular mPOS (point of sale) software shows their prices, features and hardware costs. Check out our reviews of these mobile card reader apps to understand their pros and cons.
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The best credit card for your small business may not be the same as someone else’s small business. With that in mind, our list shows you which businesses benefit the most from each reader.
When you open a free account, you can get a free card from the arena. Claim your card reader.
Square continues to offer a free magstripe reader with all new accounts. While it can get the job done, the tool is limited and a bit outdated. If you want a Bluetooth reader that can accept chip cards and contactless payments, Square offers the Contactless and Chip Square Reader, pictured above, for $49. An optional dock for the device is an additional $29.
For mobile processing, you’ll pay 2.6% + $0.10 for all transactions on the card. This type of flat-rate processing is useful for low-volume ($10,000,000 processing per month) vendors with smaller ticket sizes (such as coffee carts and food trucks). However, it may not be necessary for high-volume businesses.
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Square doesn’t charge a monthly fee for the basic service, but some advanced services do charge extra.
The best thing about Square is that it’s completely risk-free to try to set it up as a backup POS if your primary POS goes down. Even if you never use it, you won’t have to pay a monthly fee and you won’t make any money because the credit card itself is free.
No matter what kind of small business you run, it’s good to have a Square credit card in your back pocket.
SwipeSimple integrates with many credit card processors, and three of our favorites are Host Merchant Services, Payment Depot, and National Processing.
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Prices may vary depending on the processor chosen. For example, Payment Depot’s review explains how it offers new merchants a free Swift B200 chip and swipe reader that connects via Bluetooth. If you’re interested in paying without contact, you can get a swipe, chip and tap reader – the Swift B250 – for just $25.
Each supplier will have their own pricing plan. Host Merchant Services charges the following fees to businesses with transactions of $10,000,000 or more:
Prices are higher for smaller businesses, so Hosted Business Services may not be ideal for very small businesses. On the other hand, high volume businesses may be able to negotiate lower rates than shown above. High risk traders have more expensive transactions than shown here, but should negotiate the best possible rate.
What sets SwipeSimple apart is that when you visit our suppliers listed above, you get your own trading account, while the other companies on this list use a third-party aggregator business model. This means that SwipeSimple takes little risk in keeping or terminating your account unless you engage in high-risk activity. Yes, it’s a bit more expensive than Square, but for businesses that have been burned by third-party processors in the past, the lower fee is a small price to pay for reliability.
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If you buy the Clover Go mobile payment reader directly from Clover.com, you’ll pay $49. Prices can range from free to $100 if you purchase the device through a commercial carrier.
Clover integrates with several payment processors, but if you need to go directly through Clover for payment processing services, you can choose Clover Payments for $0 per month and Clover Essentials for $9 per month. A flat fee of 2.6% + $0.10 is charged for personal transactions.
Regardless of which processor you switch to, if you use a Clover device, you’ll have your own merchant account through Fiserve, which offers more stability than third-party processors like Square or PayPal.
Clover gives you some flexibility in choosing a reseller, so you can choose the plans that best suit your needs.
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The Square Terminal is priced at $299, and Square offers $27/month financing for 12 months. If you want to connect more devices to the terminal, you need to buy a Hub, which costs an additional $39.
Square Terminal uses Square’s default card pricing model. 2.6% + $0.10 per transaction. No monthly fee.
Square Terminal does a great job of bridging the gap between a mobile reader and a POS system while making some sacrifices in mobile and screen size.
The Square Terminal is a bit larger than most of the devices on our list, but it’s still portable enough to take with you. If you’re looking for a little more functionality than the average reader can provide, including the ability to create items and print receipts, this might be a good middle ground.
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The NFC-enabled Helcim card reader costs $199 with an optional $79 reader stand. It works across multiple devices, and while it’s more secure than a regular mobile card reader, it even includes a PIN – it’s completely mobile.
Helcim’s processing fees start at 0.3% + $0.08, plus interchange fees, with discounts for larger businesses. The more you do, the lower the rate.
Helcim is an excellent choice for small and medium-sized businesses looking for rates and a full range of services.
Like popular payment providers like Square and PayPal, Helcim has no monthly fees or long-term contract fees. However, the company offers a true full-service merchant account, which reduces the chance of a sudden account freeze or closure.
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You can get the SumUp reader for $19 in the US, making it one of the cheapest NFC readers around. Card reader prices and types vary outside the United States.
SumUp recently introduced the SumUp Pro card for $59. This handheld pocket reader has a built-in SIM card, free unlimited mobile data and Wi-Fi connectivity.
While not as comprehensive as other options (for example, it doesn’t include discounts or invoices), SumUp does what most merchants need to do. SumUp operates in many countries in Europe (including the UK) and South America, making it an interesting global solution.
The fact that SumUp does not apply a flat rate of transaction fees can be particularly effective for small-volume, small-transaction businesses.
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The price of Toast Go can vary greatly depending on which plan you subscribe to and how many units you need. The device costs $409 to buy, but you can get a “free” terminal in the package. But be careful, this is a long-term contract.
Toast plans range from $0 to $165 per month, with special plans available for high-volume restaurants. Processing fees are 2.99% + $0.15 for the free plan and 2.49% + $0.15 for the standard plan.
Toast is designed specifically for restaurants and offers features that make it easy to process orders. While the advanced features can be expensive, their registration plan has enough flexibility to accommodate restaurants of any size.
Shopify has three mobile card readers, two of which cost $49 each: the Chipper 2x BT Reader and the Shopify Tap & Chip Reader. The new Shopify POS Go device, an on-screen card reader + barcode scanner that natively runs Shopify POS, is $399.
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As our Shopify POS review shows, you’ll pay $79 per month for a full-fledged point of sale with a cash register and receipt printer. For most mobile merchants, Shopify’s $29/month plan should meet your sales needs.
Personal transactions with Shopify Payments, 2.7% with Basic Shopify. Discounted processing fees apply when purchasing a higher level subscription. Payments usually arrive in your bank account after 24-72 hours.
Shopify’s two main mobile readers cover all the bases for mobile credit card processing. Chipper 2X BT is only available to US dealers.
Shopify is a great mobile credit card for retailers who sell at art fairs, pop-up events, or even on social media.
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Shopify supports online sales with a comprehensive e-commerce feature that provides mobile POS access. The mobile POS also includes a mobile billing function. Everything is synchronized between selling in person and selling online through Facebook.
Sellers with a brick-and-mortar retail store can choose a Shopify POS plan with 2.5% personal commission and more advanced features, including a full-fledged Shopify online store.
The ability to accept credit cards without making brick-and-mortar investments can make very small businesses more affordable. With the help of readers:
Mobile credit cards can be useful
Best Credit Card Processing Companies For Small Business 2023
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