Credit card processing companies handle the batching and processing of purchases made with debit, credit, or gift cards. They will assist you with the required technology and service as well. They act as an intermediatory for the cardholder and the bank. Whenever you make a payment through your credit card, the following processes take place:
You purchase an item with a credit card.
You swipe your card through the card processing terminal and your card gets recognized.
Now, the terminal contacts the credit card processing companies for small business requesting authorization.
When you’re authorized to make the intended payment, the credit card processing company transfers the amount to the seller’s bank account through a merchant provider.
The same process repeats for all your purchases during that period and your total spend statement will be sent at the end of the period.
Now that we have seen the role of a credit card processing company, let’s quickly look at some of the popular and cheapest credit card processing companies for small business
Razorpay
Razorpay is one of the popular credit card processing companies for small business. This accepts both credit and debit cards from almost all the major banks and networks.
They provide us with the easiest integration, quick online onboarding, and smooth performance.
They also accept international credit cards from customers across different countries like Europe, the US, Asia, etc.
If you’re running a website or a mobile application to sell your products, you can use their payment gateway to enable a seamless online shopping experience for your customers.
You can also create custom pages suitable for your need.
You can also share the payment link with your customers through chatbot, SMS, Messenger, etc.
They’re PCI DSS L1 compliant, so you needn’t worry about regulatory compliance.
Visit their site at www.razorpay.com
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Stax
Stax is the cheapest credit card processing companies for small business. Unlike other processors, they do not incur charges for every transaction. They have around 12,000 customers around the world.
There’s 0% markup
No contract, annual fee, batch fee, or other hidden fees.
They offer customer support 24/7.
Using Stax, you can accept payments in-person, over the phone, on your Business website, or from a mobile device with an internet connection.
You can increase your cash flow and revenue with their automatic billing schedules and one-time payments.
Their processing fee starts from 0% markup + $0.08.
You can visit them at https://fattmerchant.com/business-news-daily-lp/
Clover
This is a reliable and the best credit card processing companies for small business. They provide Point of Sale systems for your business. The first month’s service fee is waived off for the new merchant gaining customers.
They offer customized POS that to help you run your business with ease.
Once your account is verified, you can access their system within a business day.
You will receive the full refund in 60 days and pay only for the return shipping.
The rates are low and consistent for all cards including reward and AMEX cards.
You can capture information, offer rewards, ensure order accuracy, and accept different payment types.
Their hardware systems come with large and versatile displays with reliability, speed, and power.
This works best for a restaurant business.
You can build your menu with the time of availability for a particular item.
You can also add feedback programs, promotions, and reward points for your regular customers.
You can provide your customers with a seamless online ordering experience through their service.
You can learn more about their services at Clover
The Founder One
This is one of the cheapest credit card processing companies for small business that brings together payments, banking, expense, and accounting management in a single place through Open’s business account. They’re associated with over 200,000 small businesses.
No card issuance fees
Interest-free credit for the first 30 days
The credit limit is 10X higher compared to other cards
It is integrated with expense management, where you can keep track of your expenses
You can set a budget and keep team spend in control
You can scan and upload receipts or invoices for offline spends through WhatsApp.
Reconcile and track payments made through cards.
They roll out reward points which you can use to avail discounts from their partner networks like AWS, GSuite, OYO, Dropbox, etc.
Learn more about their service at The Founder One
Wrapping Up!
Having a credit card processing system is crucial to prove the legitimacy of your business. A Cash-only option will hinder the sales and you might lose a wide number of prospective customers. If you implement credit card processing via credit card processing companies for small business, will instill trust and rapport with your customers. Your customer base will therefore increase massively, and this will boost the sales. Associating with a legit credit card processing company for your business is always legal, safe, and convenient. This also eliminates the risk of receiving bounced or bad checks.
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