In the bustling world of small businesses, the ability to process payments efficiently, securely, affordably, and user-friendly is not just an option—it’s a necessity. The choice of a payment gateway can make or break a small business, dramatically affecting its bottom line and customer satisfaction.
It’s not merely about accepting credit card, debit card, and digital wallet payments like Apple Pay and Google Pay.
It’s about finding a partner that facilitates seamless transactions, ensuring your business thrives in the competitive market.
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Let’s explore the best 7 payment gateways that cater specifically to the unique needs of small businesses.
1. Shopify
Shopify stands out with its own payment gateway, Shopify Payments, designed to process online and in-person payments with ease. Its compatibility with various channels, including Facebook, Instagram, and Google, allows merchants to accept payments across a wide range of platforms.
- Fees: Varies from 2.9% + 30¢ to 2.4% + 30¢ per transaction, depending on your plan.
- Pros: Seamless integration with Shopify, competitive processing fees, and 24/7 customer support.
- Cons: Limited to Shopify merchants, with additional fees for using third-party payment gateways.
2. Clover
Clover, a comprehensive POS system since 2012, provides a blend of in-store and online payment processing technology that goes beyond mere transaction handling.
- Fees: In-person payments range from 2.3% + 10¢ to 2.6% + 10¢ per transaction; online transactions are at 3.5% + 10¢.
- Pros: Versatility in features including mobile payments, POS systems, and an expansive app marketplace.
- Cons: Higher monthly software subscription and potentially expensive POS hardware.
3. Square
Square is renowned for its affordability and straightforward pricing, making it a popular choice among small businesses for in-person and online transactions.
- Fees: 2.6% + 10¢ for in-person and 2.9% + 30¢ for online transactions.
- Pros: No monthly fees, free POS software, and a free mobile device card reader.
- Cons: Not suitable for high-risk merchants and limited 24/7 customer support to paid plans.
4. Stax
Stax offers a membership-style merchant account with a transparent interchange-plus pricing model, suitable for businesses processing a high volume of transactions.
- Fees: Monthly subscription from $99 to $199, interchange fees, plus 8¢ to 15¢ per transaction.
- Pros: 24/7 customer service, same-day funding options, and no contractual commitments.
- Cons: Monthly subscription may not be cost-effective for low-volume businesses.
5. Stripe
Stripe’s comprehensive platform is tailored for retail and ecommerce, supporting a wide range of payment methods and currencies.
- Fees: 2.9% + 5¢ for online payments and 2.5% + 30¢ for in-person transactions.
- Pros: No monthly fees, accepts over 135 currencies, and provides extensive software integration options.
- Cons: Not suitable for high-risk merchants and requires some technical skill for API integrations.
6. Payment Depot
Payment Depot is membership-based provider stands out for its straightforward approach to pricing, offering a cost-effective solution for businesses with consistent monthly credit card volumes.
- Fees: Interchange fees plus a per-transaction fee ranging from 7¢ to 15¢.
- Pros: 90-day risk-free trial, no cancellation fees, and 24/7 customer service.
- Cons: Not ideal for high-risk merchants and those with lower credit card volumes.
7. Helcim
Helcim offers a merchant account that is both comprehensive and cost-effective, particularly for businesses processing over $25,000 a month.
- Fees: Interchange fees plus a small markup (0.3% + 8¢ for in-person and 0.05% + 25¢ for keyed transactions).
- Pros: No monthly fees, set-up fees, or PCI compliance fees.
- Cons: Does not work with high-risk merchants and lacks 24/7 support.
Choosing the Right Payment Gateway for Your Small Business
Selecting the right payment gateway is crucial for your small business. Consider not just the transaction fees and pricing structures, but also the ease of use, included features, and quality of customer service. The right payment processor should align with your business model, transaction volume, and growth aspirations, ensuring you can focus on what you do best—running your business and satisfying your customers.
Remember, the cheapest option is not always the best. Consider reliability, customer support, and user experience, which can significantly impact your business’s success.
By carefully weighing these factors, you can unlock the best payment processing solution for your small business, fostering growth, enhancing customer satisfaction, and streamlining operations for your ultimate benefit.