Credit card processing fees typically range from 1.5% to 3.5% of the amount of each sales transaction, making the cost of online credit card processing an important consideration when choosing a provider. The processing fees you incur will depend on the pricing structure employed by your processor, which could be flat-rate pricing, interchange-plus pricing, or something else.
In addition to cost, deposit timing, customer support hours, contract details, and integrations can help you choose the best credit card processor for your online business.
Here are six of the best online credit card processing providers to consider.
- Square: Best flat-rate option
- Pricing based on a flat-rate structure.
- Online credit card payments: 2.9 percent plus 30 cents per transaction.
- One to two days for the deposit of funds into a bank account.
- Option for custom pricing for transactions exceeding $250,000 annually.
- Option to create a free e-commerce website or connect an existing site.
- Integrates with numerous apps across categories, including accounting, inventory, and billing.
- Monday through Friday is the only availability for phone support.
Square is the best flat-rate pricing option for online credit card processing, in our opinion. Square’s competitive transaction rates are available without a contract, and there are no monthly fees, startup fees, or PCI compliance fees. In addition, Square does not collect chargeback fees, which distinguishes it from rivals. You can create a free online store or integrate Square’s payment services with your existing website. Additionally, Square Payments includes free services for fraud prevention, dispute management, and inventory management. Square provides an extensive array of integrations, including the automatic import of your sales data into accounting software like QuickBooks and Xero.
- Stripe is ideal for companies with a global presence.
- Pricing based on a flat-rate structure.
- Online credit card payments: 2.9 percent plus 30 cents per transaction.
- The funds will be deposited into your bank account within two days.
- Allows for the processing of payments in multiple currencies.
- Numerous applications are compatible, including QuickBooks.
- May require expertise in software development to use.
Stripe is ideal if your online credit card transactions extend beyond the United States, as it supports over 135 currencies. Customers can pay in their native currency, and you will receive payment in your own. The transaction fees are comparable to Square’s, and no contract is required. No additional monthly or setup fees are required, but chargebacks incur a $15 fee. The hosted payment page supports international payment methods and language preferences. In addition to a large number and variety of integrations, Stripe offers integrations for accounting software. In addition, email, phone, and chat support are available around the clock from multiple locations.
QuickBooks Payments is ideal for QuickBooks devotees.
- Pricing based on a flat-rate structure.
- Online credit card payments: 3.5 percent plus 30 cents per transaction.
- Monthly fees are $20 for a 3.3% discount plus 30 cents per transaction.
- One to two days for the deposit of funds into a bank account.
- There are no monthly fees with the pay-as-you-go plan.
- Instant Deposit for same-day funding options (for an additional fee).
- Allows integration with QuickBooks Desktop and QuickBooks Online.
- Must already have an online store.
- Customer service is only available Monday through Friday.
If you’re already using QuickBooks for accounting, adding QuickBooks Payments may make sense. When processing credit cards online, you do not need to sign a long-term agreement and can choose between two plans. With the pay-as-you-go plan, there is no monthly fee, but the transaction fee is higher. Alternatively, you can pay a $20 monthly fee to receive a reduced transaction rate of 3.3% plus 30 cents. Instant Deposit is a feature of QuickBooks that will deposit up to $5,000 into your bank account within 30 minutes. However, a 1 percent surcharge is associated with this feature. Otherwise, the majority of funds are deposited the day after.
- Helcim is the best interchange-plus choice.
- Interchange-plus pricing structure.
- 0.50 percent plus 25 cents per transaction, in addition to an interchange fee, for businesses processing up to $25,000 per month.
- Deposit of funds within two business days.
- Volume discounts beginning at $25,001 per month.
- Transparency in pricing with comprehensive information on processing costs.
- Customer support isn’t available 24/7.
- Integrations are inferior to those of competitors.
Helcim is our top pick for the best interchange-plus pricing option. Depending on the volume of your transactions, you may benefit from this pricing model. Helcim does not require monthly payments or a contract. Pricing information and fees, including interchange rates for Visa, Mastercard, and other credit card networks, are easily accessible on the website. Moreover, if your monthly credit card volume exceeds $25,000, you may qualify for reduced fees. Helcim automatically reduces your rates when volume requirements are met. It integrates with QuickBooks for accounting, but there are not many other integration options.
- Dharma: Ideal for high-volume companies
- Interchange-plus pricing structure.
- Online credit card payments: 0.20 percent plus 11 cents per transaction, plus interchange fee.
- Deposit of funds within two business days.
- Month-to-month contracts with no cancellation fees.
- Volume discounts for monthly transactions exceeding $100,000 or 5,000.
- Reduced fees for charities.
- There is no direct integration between QuickBooks and other applications.
Dharma can be an excellent fit for high-volume businesses. Dharma recommends a minimum monthly transaction volume of several thousand dollars to offset the $25 monthly fee. You are only obligated to a month-to-month contract, and there is no cancellation fee if it doesn’t work out. If you’re interested in switching providers, Dharma offers a free cost comparison with your current provider to determine whether a switch will save you money. Help lines are available 24 hours a day, seven days a week, based on your merchant ID and the issue you’ve encountered. You can export sales data to QuickBooks, but integrations with other applications will likely require a third-party service.
- Payment Cloud is ideal for high-risk companies.
- Pricing model based on quotations.
- Quote-based online credit card payments.
- Monthly costs begin at $10.
- In addition to low- and medium-risk businesses, this company serves high-risk companies.
- There are no cancellation fees if you terminate service.
- An external payment gateway service provider is required.
PaymentCloud is an option for businesses that require high-risk merchant accounts and have a higher risk of fraud or chargebacks. A business deemed high-risk due to its industry, transaction volume, accepted payment methods, or another factor may find it challenging to acquire payment processing services. PaymentCloud utilizes a pricing model based on business risk, and its website does not list transaction fees. Monthly costs begin at $10. In addition to working with high-risk businesses, PaymentCloud is also an option for other businesses. You will be required to sign a contract with terms ranging from months to years; however, according to the company, you can cancel at any time with no cancellation fees. PaymentCloud integrates with accounting applications, such as QuickBooks and Freshbooks, as well as other types of applications. 24/7 merchant support services are available.
