A Brief Guide to some of the Best Merchant Service Providers for Small Business

    Merchant Services comprise of authorized financial affiliates providing a business the ability to carry out transactions and payments by means of credit or debit card use, either online or in-person. The services usually include card-reading hardware and multiple software products that make transactions efficient and quick.

    The Merchant Services industry largely requires a transparent approach to all processing but unfortunately is riddled with the issue of integrity of payment processors. However, Merchant Services Broker Solutions have managed to break the barriers with their innovative approach to providing affordable technology solutions. Their business is more of a partnership, built on the principles of trust and integrity. As a company, the dedicated team here is focused on matching your business needs with the best business solutions available.

    Compiled here for your quick reference is a brief guide evaluating some of the Best Merchant Service for Small business, based on a couple of relevant factors such as their features, pricing structures and customer service.

    1. Square

    One of the overall Best Merchant Services provider for small businesses, Square offers a wide range of processing services like mobile payments, invoice payments, online and even virtual terminal payments.

    • Fee Structure: The only fees you are required to pay is the card-processing fees which depends on the mode of payment, whether in-person, through a virtual terminal or online, at a nominal rate of 2.6%.
    • Features: Square offers a free mobile app, competitive flat-rates, offline payments, automated customer directory, integration with major e-commerce platforms and more.
    • Customer Service: Available via mail and twitter; there are multiple articles and a community forum on their website. Phone services are limited from 6am to 6pm.

    2. PayPal

    Recommended mainly for online transactions, PayPal also offers processing services at competitive prices.

    • Fee Structure: While flat processing rates are offered for in-store and mobile payments, a monthly fee is charged for the service of virtual terminal payment.
    • Features: PayPal offers a free mobile app and a POS app with basic and customizable features, virtual integration with e-commerce platforms, view custom sales report and more.
    • Customer Service: Quality servicing in the form of online resolution center, mail and free phone support and live chat option.

    3. Dharma

    Recommended for established businesses, Dharma is a traditional service provider furnishing credit card and interchange processing services.

    • Fee Structure: The interchange plus pricing model allows businesses who deal with credit card charges of $10,000-$20,000/month to make more savings, at a nominal rate of 0.15%.
    • Features: Dharma offers transparent pricing with low fees, easy integration with software and hardware services, competitive funding schedule, free access to MX Merchant and more.
    • Customer Service: Excellent services with free in-house phone support and out-of-time call support, online ticketing system, chat support and documentation on the website.

    4. Fattmerchant

    Recommended for growing businesses, Fattmerchant supplies a unique subscription model where businesses are required to pay a lower transaction fee and a higher monthly fee.

    • Fee structure: Depending on whether the business processes more or less than $50,000/year, the starting rates can be either $99 or $199/ month depending on the sales channel.
    • Features: Coupled with the unique pricing structure are a mobile app, online and offline business processing, integrations for any scenario as well as additional add-on features.
    • Customer Service: Offering free 24/7 services for technical and immediate support, online chat and a database of FAQ’s and how-to troubleshooting information.

    5. PaymentCloud

    Specializing in high-risk businesses, PaymentCloud accepts business proposals that have been turned down by other reputed Merchant account providers.

    • Fee Structure: Not a publicly disclosed feature, the price is determined when an account has been opened. But it is common knowledge that high-risk processing is an expensive venture.
    • Features: All traditional merchant services like multiple integrations, mobile app and POS systems are provided by Payment Cloud but high-risk processing is the area of specialization.
    • Customer Service: Along with phone support and FAQ’s on the website, there is a dedicated account manager dealing with issues like chargebacks with the risky undertaking.

    There are numerous Merchant Service providers in the market, but choosing one that is most suitable for your needs requires careful consideration on your part, depending on the model of your business.