As a business, it is important to find a good online merchant service company to partner with to handle payment solutions. Because there are so many different online merchant service companies in the marketplace, you want to identify the right one that is going to provide you with the best results. There are a variety of factors that you should be looking at in order to properly identify the best one.
Factors To Consider:
- Startup Costs, Fees, and Equipment
One of the biggest concerns that you should have when it comes to choosing the ideal provider would have to be the startup costs that are going to be associated with choosing the specific service. You want to include everything including the fees and equipment that need to be purchased to integrate their payment solutions into your business.
Another thing that you should be concerned with when you are looking to choose the right service would have to be their implementation of new technologies. Nowadays, with more consumers looking to use their favorite smartphones to make their purchases, it is more important than ever to choose a merchant solution that is up-to-date with technological implementation and mobile payment solutions.
- Transaction Fees
You also want to be sure that you are looking at the merchant service to see how much it is going to cost on a per transaction basis. Being able to choose a solution with lower fees is key to getting the most value for your money.
Once you have looked at the above factors, you should be using them to do a thorough comparison of the various options you have to choose from. Below, we will talk about some of the best online merchant service providers based on the most important factors as noted above.
Best Online Merchant Service Providers:
Square happens to be one of the leaders when it comes to best merchant services online. If you are looking for a low cost and flexible merchant solution, Square is likely going to be an option that you are seriously considering. The good thing about Square is their technological implementation and the fact that they are forward-thinking in their mobile payment solutions. Square is the leader when it comes to offering mobile payment solutions to small and medium-sized businesses in particular. Therefore, when you choose Square, you know you are getting some of the best future-proofing of technological integration.
Along with this, they have a flat-fee pricing structure which makes it extremely easy to figure out how much you are going to be paying and offers cost certainty when it comes to your merchant solutions. At the same time, they offer low priced equipment which makes for a very low startup cost to integrate Square payment solutions into your business. They also happen to offer a very simple and intuitive back-office interface for anyone to be able to easily navigate.
Who Is It Ideal For?
Because of the easy to use interface, low/flat fee structure, and low startup costs – this payment solution is ideal for small to medium-sized businesses with low transaction volume. It is not ideal for those that make a lot of transactions.
- Intuit QuickBooks Payments
This particular online merchant service is another good option that you can consider if you are looking for tight integration with your accounting and financial software. Because Inuit/QuickBooks is a very popular accounting software that many businesses rely on, the tight integration is a very key factor to consider and it offers a lot of convenience having them work together seamlessly. With Intuit’s solution, you are going to get everything from mobile, desktop, and point of sale options. Therefore, it can be used for any type of business from a Food Truck to a full-blown retail outlet.
With QuickBooks, you are going to get excellent integration with your accounting and financial software, along with predictable fees. However, it might not be best for those that make very few transactions because it will likely end up costing more than a small transaction-based option like Square.
- Payline Data
Payline Data is another merchant processor that you are likely going to come across. This particular processor effectively caters to all businesses no matter the size. Not only do they offer competitive pricing, but they offer a variety of equipment choices for its merchants as well. They offer 24/7 support via phone and/or email which is key to getting the kind of support you need from the processor you end up choosing. Along with this, they do not charge a cancellation fee. They offer both transparent pricing and it happens to be a good option for merchants deemed high-risk as well. If you are looking for around the clock support and a well-regarded merchant payment solution, Payline Data is a good option to go with whether you have a large or small business.
Helcim is another option that you should be considering. Helcim offers transparency with its transaction fees, pricing, and everything else. The biggest downside with Helcim is the fact that they are not ideal for smaller businesses with few transactions. They disclose every single fee on their website which means you will never be guessing why you are paying specific fees.
Overall, there is a lot that you are going to want to consider when you are looking to find the best online merchant services. The truth is, there is no single best merchant service company for any business. It is all going to vary depending on what factors impact your business the most. For instance, if you are a smaller business that does few transactions, a micro online merchant service-based company like Square is likely going to be your best option. Whereas, if you are a much larger business with large scale transactions, you are going to want to go with a service much more tailored to your high amount of transactions. By using the information above, you should be able to figure out which merchant service is best for your business.