Credit card processing is a vital component of any retailer seeking success. Simply put, you cannot grow without offering your customers the convenience of credit cards. Yet finding a good deal is not as easy as walking into a bank. Often, small businesses are forced to do business with third parties as most banks don’t offer accounts directly to them. This tosses the small business into a complex world of fees and charges where unscrupulous organizations try to squeeze every last cent out of hard working companies. Fortunately however, there are some shining lights when it comes to credit card processing. Without further adieu, here are the top five credit card processing companies of 2011.
# 5: Merchant One
With an extraordinary approval rating of 98%, Merchant One is a shining beacon in the world of credit card processing. Their award winning customer support is feted by many as the best in the entire industry. Included amongst its features:
- No setup fees
- Same day account setup
- Round the clock customer service
- Internet based transactions
- Works with online and offline retail stores
- Total protection against fraud
Unlike other nefarious organizations, Merchant One does not hit small businesses with hidden charges. Its fees are up front for businesses to see:
- Monthly Payment - $9.95
- Statement Fee - $7.95
- Monthly Minimum - $20
- Transaction Fees - $0.20
- Discount Rate - 2.05%
Companies new to credit card processing are recommended to visit Merchant One and benefit from their peerless customer service.
#4: Chase Paymentech
Chase Paymentech enjoys a customer approval rating of 98% making it yet another safe option for those looking for credit card processing solutions. Its prices compare well to other companies in the industry and its customer service is available all day, everyday. Chase Paymentech is recognized as a leader in the industry, winning the Visa Service Quality Performance Award seven times. Their Orbital Payment Gateway won the 2010 Retail System award for Card and Payments Solutions of the year. The company offers features such as:
- Variable startup cost
- Account setup in 24 hours
- Compatibility with several different card readers
- Various payment options such as debit cards, Bill Me Later etc.
In terms of fees, Chase Paymentech charges:
- Transaction Fee - $0.24
- Statement Fee - $7.50
- Gateway Fee - $10
- Address Verification - Free
Chase Paymentech has many years of experience in the credit card processing industry and is one of the most established companies.
#3 goEmerchant
GoEmerchant is renowned for approving 99% of all businesses who apply for assistance. This makes it the number one credit card processing merchant when it comes to approval rating. GoEmerchant’s goal is to make life easier for its customers with features such as:
- Free Startup
- Various forms of customer service including online chat, toll free phone calls and email with rapid response time
- No application fee
- Sets up accounts within a day
- Virtual terminal
- 9 different POS systems on offer
When it comes to fees, goEmerchant charges:
- Gateway Fee - $14.95
- Monthly Minimum - $15 for online companies, $25 for normal retail
- Statement Fee - $7.95
- Transaction Fee - $0.25
- Discount Rate Average - 2.29%
The lack of application and startup fees make goEmerchant an attractive proposition for new companies with a small budget.
#2: Merchant Warehouse
Merchant Warehouse also offers a 99% approval rating with internet based businesses benefiting most of all from low fees and charges. This company has a reputation for quickly dealing with specific customer issues and is growing rapidly. It won the prestigious Stevie Award for Sales Lead Management System of the Year at the fifth Stevie Awards for Sales & Customer Service. Among the features offered include:
- Instant connection with a sales rep rather than a computer answering machine
- Monthly contracts
- No cancellation fees
- Several different gateways
- Applications approved within 48 hours at the latest
Merchant Warehouse charges:
- Monthly Minimum - $25
- Voice Authorization Fee - $0.65
- Address Verification Fee - $0.05
- Charge Back Fee - $25
- Statement Fee - $7.95
- Transaction Fee - $0.21
- Discount Rate - 2.19%
Few credit card processing companies are regarded as highly as Merchant Warehouse.
#1: Flagship Merchant Services
Flagship Merchant Services is rated by most businesses as the number one credit card processing company in the business. Their application process is conducted online and as a result, they have the quickest approval time in the industry. They do not restrict companies with a long contract. Instead, they offer month to month deals because they are so confident in their ability to impress. Flagship Merchant Services has also won the TopTen Reviews gold award for credit card processing companies. It offers features such as:
- Free application
- 24 hour approval
- 24/7 technical support
- 3 different POS systems
In terms of fees, Flagship charges:
- Gateway Fee - $9
- Statement Fee - $7.95
- Monthly Minimum - $20
- Discount Rate - 1.59% card present, 2.04% online transactions
- Transactions Fees: $0.21 card present, $0.24 online transactions
All of the above credit card processing companies can be trusted to provide top notch service while offering low fees and charges. Although small businesses are advised to shop around, it is unlikely you will find better organizations than the five listed above.