What to Know Before Getting Started
Starting a New Business?
Selecting a credit card processor is often more complicated than most people expect. How much should you be paying in fees? Should you lease or buy equipment? Should you be locked into a service agreement for anything length of time? These considerations and several others are imporant to understand before signing up with any merchant account provider. Mistakes are easily made and can be very costly to your business. Along with seeing our top choices for payment services below, be sure to checkout this post to avoid common traps in the merchant services industry.
Considerations For Current Business Owners
Changing merchant accounts can be an expensive, complicated, and time consuming process. Are you really going to save as much as promised? Do you need to buy to new equipment or sign new lease agreements? Will there be other less accountable costs such as those associated with employee retraining? Before selecting one of our choices below, you may want to consider renegotiating your fees with your current payment processing vendors using the help of a contingency-compensated consultant. It can result in a dramatic decrease in costs without the pains of switching. In some cases business owner have also obtained substantial refunds of prior overcharges along with saving thousands in future processing costs. See this post to learn more about this little-known alternative to changing merchant account provider.
Heavy and industrial equipment rental companies are a rare breed due to the fact that they are card-present transaction environments with very high average tickets. This means that they will benefit most from traditional merchant accounts with low per-transaction fees and easy-to-use point-of-sale (POS) systems. Many construction rental businesses also accept card-not-present payments via online reservations and checkout, so they will want to look for a provider with e-commerce solutions and support. In addition to finding the right array of features, equipment rental companies will want to do their best to minimize per-transaction fees (even if it means paying a slightly larger monthly fee).
To help you find the best fit for your company, we’ve compiled the following list of the best merchant accounts for equipment rental companies. The providers on this list offer retail swipers, online invoicing, webstore integration, accounting integration, virtual terminals, and other features that make it easier for you to collect payments from customers. More importantly, though, they are also known to provide low-commitment contracts with fair pricing and quality customer service. To find the right provider for your equipment rental store, be sure to research each processor’s products and features and compare their pricing and terms.
Our unbiased articles are supported in part by helping you find highly reviewed merchant accounts. You can learn more here.
Why These Merchant Account Providers
Host Merchant Services
Host Merchant Services is a Newark, Delaware-based merchant account provider that is well-suited for equipment rental stores. The company’s products and services include retail point of sale solutions, online marketing tools, mobile credit card processing, an online payment gateway and virtual terminal, custom third-party integrations, recurring billing, and merchant cash advance. Host Merchant Services specializes in e-commerce businesses and provides a free website and business-class email to interested merchants. Host is an ideal option for equipment rental stores that would like to accept payments in person and via an online store at a reasonable cost.
Host Merchant Services has received only positive feedback on public forums, with most reviewers singling out the company’s customer service for praise. Host offers interchange-plus pricing with no early termination fees to all of its merchants, meaning that users will enjoy the most transparent pricing model and can cancel service without penalty. The Better Business Bureau gives Host an “A+” rating, and CPO also gives the company an “A+.”
Based in Woodland Hills, California, PaymentCloud is a merchant account provider that specializes in serving standard to high risk business types. The company’s products and services include point-of-sale solutions, mobile phone swipers, an online payment gateway and virtual terminal, EMV-compatible terminals, and merchant cash advances. These features allow equipment rental companies to easily charge for tickets paid in-store, over the phone, or online. Comprehensive POS solutions also make it easy to charge for daily, weekly, or longer-term rental fees. For those reasons, PaymentCloud is a good option for equipment rental companies.
PaymentCloud provides a dedicated account rep to all new merchants for the life of the account. The company has not received any negative complaints on consumer forums, and it customizes its pricing according to each merchant’s business type and processing history. The BBB does not maintain a profile for PaymentCloud at this time, but CPO gives the company an “A.”
Active since early 2014, Fattmerchant is a merchant account provider leading the industry’s move toward flat-rate, subscription-style pricing. The company’s products and services include EMV-compatible countertop terminals, a virtual terminal, an online payment gateway, an online shopping cart, mobile phone processing, QuickBooks integration, online invoicing, and recurring billing. Fattmerchant is capable of serving all standard-risk rental companies and offers a comprehensive dashboard for tracking all payments and customers.
Fattmerchant offers multiple pricing plans with different rates. Merchants can select either a plan that charges a flat fee on all transactions or a plan that charges a fixed monthly fee plus a fixed per-transaction dollar amount above interchange. In other words, merchants can choose whether or not they are charged a percentage markup on each transaction. Fattmerchant currently has an “A” rating on CPO and an “A+” rating with the Better Business Bureau.
Other Merchant Account Options
The providers in this section may not have been researched as thoroughly or may lack a quality that prevented them from being listed above. We have listed them here to provide a broader view of potential merchant account options. Are you a decision maker with your company and believe that you should be listed below? Tell us here.
Located in Chesapeake, Virginia, CDG Commerce is another reliable option for equipment rental companies of all sizes and types. CDG has been privately owned since 1998 and offers retail processing equipment, a proprietary online payment gateway (as well as a discount on Authorize.Net’s payment gateway), recurring billing, a virtual terminal, QuickBooks integration, mobile phone processing, sales reporting, security breach protection, and vulnerability scanning. CDG Commerce is ideal for rental companies that require a simple, low-cost, fully integrated processing solution across all payment channels.
CDG Commerce only charges a low, fixed fee per transaction and offers competitive contractual terms, including no annual fees, monthly minimums, or termination fees. CDG also offers next day funding to most business types. CDG has earned an “A+” rating in our review as well as an “A+” rating with the Better Business Bureau.
Transparent Merchant Services
Transparent Merchant Services is a Scottsdale, Arizona-based merchant account provider that offers a unique, membership-style pricing model. Rather than charging a percentage of each transaction, Transparent charges a small, flat fee above interchange on all transactions in addition to a fixed monthly membership fee. This makes Transparent remarkably affordable for merchants that process a low number of large-ticket transactions, which is perfect for equipment rental locations. This pricing model also keeps your pricing predictable and transparent from month to month.
Transparent has received exclusively positive public feedback since it opened in 2008 and offers month-to-month agreements with no early termination fees. Transparent provides its merchants with live phone support during business hours as well as chat support and email support. Our review of Transparent gives the company an “A” rating, while the BBB gives Transparent an “A+” rating.
Headquartered in Chicago, Illinois, Payline Data has consistently rated as one of the best merchant account providers on CPO since we first reviewed the company. Payline is capable of serving equipment rental businesses of all sales volumes and specialties. The company offers retail checkout solutions, mobile phone credit card processing (via Flint), an online payment gateway and virtual terminal, QuickBooks integration, recurring billing, online invoicing, and API integration for online payments. Payline Data is a good general option for any equipment rental service, regardless of size or specialty.
In addition to its wide array of services, Payline Data offers interchange-plus pricing with month-to-month contracts and no early termination fees. As a result, the company enjoys a large number of positive testimonials from its clients on this website and in other consumer protection forums. The Better Business Bureau currently assigns Payline Data an “A+” rating, and CPO also gives Payline an “A+.”
Dharma Merchant Services
Based in San Francisco, California, Dharma Merchant Services is a highly rated merchant account provider that places a corporate emphasis on social consciousness and community outreach. The company’s products and services include countertop terminals, mobile device payment processing, an online payment gateway (Authorize.Net), QuickBooks integration, and small business financing. Dharma donates a percentage of its profits to non-profits of its choosing every year, which may be appealing for merchants who are interested in social initiatives. Dharma is best equipped to provide savings for equipment rental businesses that process over $10,000 per month.
Dharma scores highly in our review and elsewhere due to its positively reviewed customer service, transparent marketing practices, competitive interchange-plus rates, and fair service agreements. The BBB currently assigns a rating of “A+” for Dharma Merchant Services, while CardPaymentOptions.com also gives the company an “A+.”
If your business offers merchant services for industrial equipment rental, please leave a comment in the comment section below or contact us through our contact page in order to get listed in this article.