5 Best Payment Processors for Business

September 13, 2015

4:00 pm

As credit cards become more dynamic, it is more important for small businesses to be able to accept as many payment options as possible. Accepting only cash may seem like the easiest option but you can rest assured that you will be missing out on big spenders who prefer plastic.

Accepting credit cards themselves is not hard. It is choosing the payment process that is the problem. There are a huge number of payment processers available for businesses and each of them seem to offer different benefits.

There is no perfect payment processor for every business. What is more important is that you choose the right payment processor for your unique business. To get you started, here is a guide to the five best payment processors for business today.

Square

Square’s popularity is partly due to its incredible versatility. Its flat 2.75% payment processing fee does not hurt it either. Square is perfect for small businesses because it does not require any equipment except for a device containing the free app and the free mag-stripe card reader.

As your business grows, your relationship with Square can grow, too. There are a variety of accessories that large businesses can integrate to make payment processing easier.

Shopify

Shopify is a fan favorite because businesses can integrate it into both online and brick and mortar operations. Sales data is easy to analyze because it is all included in one space.

To use Shopify in person, all you need to do is download the free iOS app and plug the free mobile mag-stripe reader into your headphone jack.

Flint Mobile

Flint Mobile is perfect for businesses that prefer to avoid extra hardware. With the Flint Mobile app, you can scan a customer’s credit card with the camera on your smart phone.

It is a dynamic payment system because you can include cash payments and online payments in the software. However, the system does charge a 1.95% fee for debit cards and 2.95% fee for credit cards.

Revel

Revel is the perfect processing system for large businesses with several locations. Revel is great for these businesses because it offers software that is robust enough to integrate it into complicated daily operations.

To run Revel, you will need an iPad. However, you can customize the software to run with several different types of hardware. You can also integrate it with other applications.

Clover

Clover is ideal for businesses who want to customize the payment processing hardware. The Clover software includes the options of downloading hundreds of apps and integrating them into the system.

Clover’s system is different because businesses have to lease or buy the Clover hardware from a vender. Businesses will also pay a monthly service fee to use the station.

These five payment processors are some of the best apps on the market today. Although these services are dynamic and high-tech, it is still important to ensure that the service is a good fit for your business’s needs before you commit to a new payment processor.

Image Credit: Flickr/frankieleon

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