Who is Merchant Account Providers?
The best merchant account providers
will provide you with a customized merchant account and credit cardprocessing services. All the merchant account providers
will offer a reliable processing service. They will ensure your transactions
through different credit card networks such as (Visa, Master, American Express,
etc.). These companies include industry leaders such as First Data and TSYS
processors.
What Is A Merchant Account?
If you are a business owner and you are
completely aware of accepting a credit card transaction from your customer. Credit
Card acceptance will increase your sales and also it will prevent the possible
loss of a sale from customers.
How we can estimate the Best Merchant
Service Providers
The merchant account service will vary
for different business types. The merchant service should always be
transparent, affordable and easy to use.
Several Features that will be seen
during evaluation some of them are as follows:
- Pricing and
Fees: We considered pricing structures for small
businesses with different types of monthly volumes, sales, and average
transaction rates.
- Usability: We looked at how transparent and easy to use every merchant
account provider is, including the application and arrangement process,
and how the administration works with prevalent POS and e-commerce
platforms.
- Highlights: We considered any additional highlights like POS frameworks,
reporting tools, or payment gateways.
- User Reviews: We read and took into consideration user experiences and feedback
on every framework.
- Customer
Support: The best merchant account providers should
have free customer support with phone and email or chat choices.
The 5 Best Small Business Merchant Account
Providers
Square
Square is like all in one merchant
service provider. The payment process can be done through a mobile, online,
virtual terminal, and even invoice payments. It is also the simplest and best
merchant account provider for small business owners.
Pricing Features in Square
It operates a flat and transparent rate
in the credit card processing fee. It is also the best free credit card
merchant account provider. Square will offer the best business suite tool. With
that, you can make access to everything.
Square Customer Support
Square payments offer excellent
customer service. You can reach them via email and twitter. The square customer
care phone number can be reached only between 6 a.m. to 6 p.m. Pacific time.
Limitations in Square Payment
- Square does
not accept ACH payments, so it tends to low transaction fees.
- Square
customer support is limited.
- Since the
phone support service is in limited hours it fails to help in real-time
services.
PayPal
PayPal is the best option for
e-commerce payment services. If you add Paypal as your payment option, it will
increase your online transactions. PayPal has excellent flat transaction fees.
Pricing Features in PayPal
PayPal offers flat rate transaction
fees for mobile and in-person payments. Businesses can acquire this rate for
credit card payments using any of PayPal’s swipe, chip or card readers. Also,
it has costlier features than square, so it is considered to be a rich merchant
account provider.
PayPal Customer Support
PayPal has an excellent customer
support service. It serves the customer on a 24/7 basis. You can reach them via
email, community forums, and online resolution center.
Limitations in PayPal
POS software is very limited in PayPal
as compared to the square. Its inventory system and customer management tools
are very basic. Also, very costly compared to the square.
Merchant Industry
Merchant Industry started with a small
white card reader but haven’t stopped there. Our new reader guides our sellers to
accept chip cards and NFC payments, and we have tools for customers too, like
our Cash App, which lets people send money to friends and family instantly.
Merchant Industry empowering the customers to send invoices, we’re here to help
sellers of all sizes start, run, and grow their business—and helping them grow
their business is good business for everyone. With all these positive
approaches we are considered to be one of the best merchant account providers in New York.
Merchant Industry Pricing Features
Merchant Industry has some of the
lowest processing rates available for all types of business owners. Retailers
and businesses processing more amount per month. Businesses that can pay a
certain fee for flat transactions at some percentage.
Merchant Industry Customer Service
The customer service is amazing and
awesome. Both online, as well as phone support, will be reachable on a 24/7
basis. Merchant Industry also has an online ticketing system which will make
the customers more comfortable and also help them to resolve their issue
immediately.
Limitations in Merchant Industry
Like PayPal, Merchant Industry is also
costlier one. Its monthly fee is an expensive choice for customers. The
occasional sellers would be better off using a flat-rate provider like other
credit card merchant providers.
Dharma Merchant Services
Dharma is a conventional merchant
services provider it offers the best pricing and as well as credit card
processing services. It uses the interchange pricing model which will be
typically best for small business owners. Its transparent pricing fee structure
will give a fair plan to the business owners accordingly.
Dharma Pricing Features
Since it has a transparent pricing
feature the business which opting for dharma will have a competitive funding
schedule. Businesses that use dharma to process card-present or MOTO transactions will get a deposit
immediately. Dharma has an option called Merchant Express or MX. This MX is for
accepting mobile payments.
Dharma Customer Service
Dharma customer service is one of the
best merchant services for small businesses. It will serve the customer by
knowing their needs. With their experienced support team and knowledgeable
representatives, the dharma merchant service will provide a needful solution to
their customers.
Limitations in Dharma Merchant Services
Since its pricing features are
affordable only for medium business owner’s dharma is quite costlier. Also, you
have to set up separate accounts for online and direct sales.
Braintree Payments
Braintree payments are the best choice
for E-commerce businesses. It is a dedicated online merchant account provider.
With all the compatible technology solutions it is like all in one payment
processor.
Braintree payments are used by all the
major companies which provide an ideal platform for all the companies.
Pricing Feature in Braintree
It is not much simpler in the pricing
model. It will charge a particular percentage of the fee for each
transaction.
Limitations
Costlier and also its customer service
was not up to the mark. Only limited hours of the time the customer care will
be available.
How to Estimate Which is The Best
Merchant Account Providers for Your Business
Our picks for the best merchant account
providers on the market will help you to choose the right one for your business
Before choosing the best merchant,
account providers to keep these four things in your mind
- Does the
merchant account provider offers the correct POS terminals you need to accept
payments—i.e. countertop, mobile, and/or online?
- Do they offer
other services, like business management capabilities and app
integrations, to help streamline your processes as much as possible?
- How easily
accessible is their customer support team?
- Does the
merchant account provider offers glorified solutions for your organization?
(And do they work with your organization at all?)
Conclusion
Any business needs to understand how
the credit card processing fee work before choosing the best merchant account providers. The
best merchant account provider will vary for each type of business one does not
overcome the other in some features. If you are a merchant processing more than
10,000$ per month you can blindly go with Merchant Industry. It is all in one
service provider. Its management tools were unbeatable for small business
needs. Join Merchant Industry to make your business more effective.
