7 Cheapest Credit Card Processing Companies for 2022 – Save Money on Your Business Transactions!
If you are in business, there’s no doubt that you’ve heard of credit card processing and how it can help your business to save money and increase sales by making it easier to take credit card payments at your physical location or online store. However, there are so many different options out there! Here are some of the best options, based on price and features, to help you choose the right company for your needs.
Process credit cards with ease
Whether you’re running a small company or organizing an event, it’s important to have a credit card processing company that can handle all your transactions. That way, instead of spending hours swiping your customer’s cards and mailing out invoices, you can focus on growing your business or putting the finishing touches on a successful event. Of course, this is easier said than done since there are literally thousands of payment processing companies out there. As such, we put together a list of the best-rated cheap credit card processing companies as well as some tips that will help you find one that suits your needs.
Save on currency exchange fees
Since bitcoin and other cryptocurrencies have gained more traction, many more people are using them to pay for their everyday transactions. In this guide, we will talk about the cheapest credit card processing companies so that you can be sure you’re getting the best deal possible.
The first thing to know is the difference between a traditional merchant account company and an electronic merchant account company. The reason for this is that most of the time these providers offer different rates based on what kind of transaction you will be processing. For example, if you plan to accept cryptocurrency payments or want to store funds as cryptocurrency instead of cash in your bank account then it’s important that your processing company offers both. These days there are even providers who allow businesses to accept funds in over 65 different currencies!
No commitments, no setup fees
One of the cheapest things a small business can do is accept credit card payments, but that doesn’t mean they should take their word as gospel. That said, there are many companies who will offer you no commitments, no setup fees, and a low-cost monthly fee. Payoneer is one such company and they only charge a 1% transaction fee as well as an initial setup fee (for hardware) of $100. If you’re just starting out and don’t have much to invest in the first place then this might be the way to go if you want to save money on credit card processing.
- Payoneer 2% transactions and 0% cancellation fees
- Adyen 4% transactions and 0% cancellation fees
Integrate easily into your website
Getting your first credit card processing account can be overwhelming. Just to get started, you’ll have to set up merchant accounts with a payment gateway and acquirer. But there are plenty of options available if you know where to look, which is why we found the cheapest credit card processing companies for 2022 so you can make an informed decision without blowing your budget. The best way to narrow down the many choices is by getting an idea of what’s important for your business needs: whether it’s saving money, getting access to a certain type of card reader or just finding a reliable vendor that has been in the industry for a long time.
Cover all payments from anywhere in the world
There are a few types of credit card processing, but by far the most common is what’s called in-house. Here, the processor uses its own terminals at merchants’ locations to collect data directly. They then connect to an independent third party that handles the back end of things and presents them with your account information and payment receipt. This system is advantageous because it does away with fees for your merchant account upfront. However, this also means that you’ll be dealing exclusively with just one company, which takes a cut from every transaction processed through its terminals. Still, many entrepreneurs choose this method due to convenience and price – in-house processing often costs between 1% and 3% per swipe, making it the cheapest way to go from here. But as more technologies like mobile payments grow in popularity, we predict that more options will become available over the next five years.
For example, Stripe has created an entirely new kind of credit card processing called marketplaces. Marketplaces allow people to shop online without needing their actual cards or phone numbers. The fund’s transfer occurs automatically without any user input when they checkout online. One downside to this type of service is that they only work on eCommerce sites so businesses who need offline transactions may not want to switch over yet.
Keep 100% of your customer information
Since founding our merchant services provider in 2000, we have been committed to keeping every customer’s information completely secure, which is one of the many reasons why millions of merchants around the world trust our payment processing services. This has been backed up by the fact that we never share any customer or transaction data with third parties. Plus, you can always feel secure knowing that your money is safe and sound within your own bank account at all times.
$499 Instant quote starts now! Click here to request pricing information and see if our credit card processing program meets your business needs.
Support US merchants (as well as international ones)
The IRS is increasing the interchange fee to cover 0.30% of gross transactions, with a cap of $0.10 per transaction. You can read more about it here. You’ll also notice that Visa is going up to 2.4%, and MasterCard is going up to 1.95%. There are other fees involved as well (like PCI compliance), but these rates will be reflected in your pricing or quotes you receive from processors. Keep in mind that it’s not just the merchant who pays these fees– they’re passed on to cardholders as part of what they’ll pay at the checkout when using their credit cards. We can help make this process easier for you by giving you quotes from companies offering some of the lowest rates we’ve seen around today (and have been verified). One other thing– don’t forget about your recurring fees when looking into which company might be best for your business needs!