Many business owners on a budget shop for a merchant account with a simple mission: How can I accept credit cards for the lowest cost possible? Which company has the lowest rates? How can I keep the largest possible percentage of my sales? For these businesses, specialized features and software are secondary concerns. What matters most is being able to take cards for the smallest possible amount.
If you’re one of these business owners, then the following ranking of the top five cheapest merchant account providers is for you. These processors offer the lowest per-transaction rates, setup fees, and recurring monthly costs for accepting credit cards. This list includes traditional merchant account providers as well as unconventional providers and mobile payment options. Each payment processor has a positive reputation among merchants and third-party reviewers as well as transparent pricing and live customer support. Businesses on a budget can’t go wrong with any of these providers.
It’s important to understand that there is no single cheapest option for all businesses; rather, each provider has advantages and drawbacks for certain merchant sizes. For example, high-volume merchant with multiple locations will be better served by large, traditional processors, while single-register locations might be better off with a free mobile phone or tablet app. Please also note that the rates and fees quoted below are accurate as of this article’s publication but may have changed in the time since. In order to be sure that you find the right fit for your business, be sure to contact multiple providers to see what services they offer for your specific business type.