Confused about credit card processors?

In the world of credit card processing, we rely on many service providers to train most small business owners to know how to get the best deal. However, when it comes to finding a good credit card processor for their business, many small business owners are unaware of their market.

How do you choose the one that is best for you and your needs?

Which type of merchant rate is right for your business?

When choosing the best credit card processor for your small business, a number of costs need to be considered, such as fees, processing time and handling fees. You need to be mindful of the fees while you’re looking for a good deal on your company’s credit card service provider. There are some additional points to consider when deciding which mobile credit card processing company is right for your small business.

Smiling cashier accepting credit card

If your small business accepts debit and credit cards in person, by phone or online

You must choose a dependable credit card processing company. If you are interested in picking the best mobile payment provider rate for small businesses, here are three options you need to explore first. Read on to learn more about the details of each.

Credit Card Machines

There are two primary types of payment processing solutions for small businesses, one that charges for each transaction and one for merchant accounts that includes a monthly fee but offers significantly lower processing per item. If your small business has not yet accepted credit cards and has a small average sales ticket, this may not be the best solution for you.

Small business owners who want a fully modernized checkout system that makes it easier to process credit card payments should use a card reader as part of an all-in-one checkout system. If you want to work with a more traditional payment processing company like Visa or MasterCard, a cloud-based tablet POS or even a mobile POS could be what your smaller business needs. Paypal is an option, but for relatively small, low-volume businesses that operate exclusively online or online and merge in stores – their fees are quite cost prohibitive.

As with most things in the business world, it really depends on what kind of transactions you have. Finding the best credit card machine is more than finding a merchant to process the cards; it will be the one that will not try to make as much profit as possible just so they can. As a new credit card merchant who wants to decide what to work with, opt for a familiar brand for small businesses.

For reliability and the lowest rate anywhere, choose LowMerchantRates.com. We offer access to a wide range of payment options for small businesses. A friendly payment processing specialist can guide you through the selection of the credit card machine that best suits your smaller business.

Clover Handheld POS

The equipment you need for small business credit card processing varies according to the type of business you are in, but we have covered the types you are looking for here. Besides the details of credit card processing, you have also learned that a good credit card processor typically has a wide range of software options, features, and payment processing features. What have you learned and, more generally, what payment solutions are needed for your small businesses to succeed?

Flat pricing

Flat pricing is exactly what it sounds like. You pay one flat fee for all transactions. This usually hovers between 1.75% – 3% and includes a per transaction fee.

Tiered pricing

Tiered plans group different card types and card member associations into “tiers” — most typically three general rates. So depending on the card a customer uses, you’ll be charged one of three rates that applies to that transaction. This includes gift cards, reward cards, American Express vs. Mastercard, etc.

If you’re currently on tiered pricing, it may be worth analyzing what types of cards your customers pay with most often and consider switching to interchange pricing if you have the chance to save money.

Interchange pricing

Interchange pricing is the most granular approach to pricing. Every cardmember association charges different processing fees depending on the card and manner in which it was run, so instead of bundling them together into a flat rate, interchange pricing just charges based on the card type and a small fee called the discount rate on top of that.

Accept mobile payments wirelessly
  • No Setup Fee With LowMerchantRates.com there is never a setup fee. If you would like to process payments through your phone we offer a brand new free card reader that is compatible with any iPhone or Android device. There is also no setup fee to download and start using the app. We also offer free second day shipping and training on how to use the terminal.
  • No Cancellation Fee With LowMerchantRates.com there is never a cancellation fee. Our “no cancellation fee” policy reinforces our commitment to providing the best ongoing support to merchants. If you ever need to close your account you simply need to call us and we will have your account closed the same day. There is no risk to try us out.
  • Same Day Setup Getting set up with LowMerchantRates.com is quick and easy. We have a simple one page electronic application that we can fill out for you. We can then text or email you the application and you can sign it with your mouse or your finger if viewing on your phone. The application takes about 5 minutes to fill out at most. An application on average is approved within 1-4 hours after submitting to underwriting. After your application is approved, we ship to you your free credit card machine or free card reader with free second day shipping.
  • Next Day Payments Get your money faster with LowMerchantRates.com. Payments that are processed today can be in your account in as little as 12 hours. No more waiting 3-4 days to clear your funds.
  • Wholesale Rates LowMerchantRates.com offers wholesale processing rates usually reserved for big box retailers to all of its merchants. If you have not had a statement analysis in a while you are probably paying too much in processing costs. Call us today and we will put together a details cost savings analysis for you. You have nothing to lose.
  • Live Customer Support Whenever you call LowMerchantRates.com a live person will always answer the phone, day or night 365 days a year. No more automated phone systems. We have some of the lowest hold times in the industry with an average pick up rate of under 15 seconds. Have peace of mind that if you ever have questions about your payment processing equipment or transactions that someone is always going to pick up the phone and be able to assist you.

Already have a merchant account but paying more than 2% on those transactions? You’re in the right place, most accounts across the board will realize significant savings and with zero downtime you have no reason not to request a quote today. With 24/7 support you will rest assured your business won’t trip when it’s most vulnerable and with Rapid Deposit you’ll get your money in minutes, not days. End-to-end encryption and data tokenization are standard, and your customers will love that you’ve opted to accept NFC payments including Apple Pay, Google Pay, WeChat Pay, Alipay and more. It’s all simple, and you’ll have your account same-day and any POS terminals you may request within one business day. Smart.

Ready for your rate quote?

Call now (650) 429-8520