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The 5 Best Merchant Account Providers for Small Business 2024

Merchant Account Providers

Who is Merchant Account Providers?

The best merchant account providers will provide you with a customized merchant account and credit card processing services. All the merchant account providers will offer a reliable processing service. They will ensure your transactions through different credit card networks such as (Visa, Master, American Express, etc.). These companies include industry leaders such as First Data and TSYS processors.

What Is A Merchant Account?

If you are a business owner and you are completely aware of accepting a credit card transaction from your customer. Credit Card acceptance will increase your sales and also it will prevent the possible loss of a sale from customers.

How we can estimate the Best Merchant Service Providers

The merchant account service will vary for different business types. The merchant service should always be transparent, affordable and easy to use. 

Several Features that will be seen during evaluation some of them are as follows:

  • Pricing and Fees: We considered pricing structures for small businesses with different types of monthly volumes, sales, and average transaction rates.
  • Usability: We looked at how transparent and easy to use every merchant account provider is, including the application and arrangement process, and how the administration works with prevalent POS and e-commerce platforms.
  • Highlights: We considered any additional highlights like POS frameworks, reporting tools, or payment gateways.
  • User Reviews: We read and took into consideration user experiences and feedback on every framework.
  • Customer Support: The best merchant account providers should have free customer support with phone and email or chat choices.

The 5 Best Small Business Merchant Account Providers

Square

Square is like all in one merchant service provider. The payment process can be done through a mobile, online, virtual terminal, and even invoice payments. It is also the simplest and best merchant account provider for small business owners.

Pricing Features in Square

It operates a flat and transparent rate in the credit card processing fee. It is also the best free credit card merchant account provider. Square will offer the best business suite tool. With that, you can make access to everything. 

Square Customer Support

Square payments offer excellent customer service. You can reach them via email and twitter. The square customer care phone number can be reached only between 6 a.m. to 6 p.m. Pacific time.

Limitations in Square Payment

  • Square does not accept ACH payments, so it tends to low transaction fees.
  • Square customer support is limited. 
  • Since the phone support service is in limited hours it fails to help in real-time services.

PayPal

PayPal is the best option for e-commerce payment services. If you add Paypal as your payment option, it will increase your online transactions. PayPal has excellent flat transaction fees.

Pricing Features in PayPal

PayPal offers flat rate transaction fees for mobile and in-person payments. Businesses can acquire this rate for credit card payments using any of PayPal’s swipe, chip or card readers. Also, it has costlier features than square, so it is considered to be a rich merchant account provider.

PayPal Customer Support

PayPal has an excellent customer support service. It serves the customer on a 24/7 basis. You can reach them via email, community forums, and online resolution center. 

Limitations in PayPal

POS software is very limited in PayPal as compared to the square. Its inventory system and customer management tools are very basic. Also, very costly compared to the square.

Merchant Industry

Merchant Industry started with a small white card reader but haven’t stopped there. Our new reader guides our sellers to accept chip cards and NFC payments, and we have tools for customers too, like our Cash App, which lets people send money to friends and family instantly. Merchant Industry empowering the customers to send invoices, we’re here to help sellers of all sizes start, run, and grow their business—and helping them grow their business is good business for everyone. With all these positive approaches we are considered to be one of the best merchant account providers in New York

Merchant Account Providers for Small Businesses

Merchant Industry Pricing Features

Merchant Industry has some of the lowest processing rates available for all types of business owners. Retailers and businesses processing more amount per month. Businesses that can pay a certain fee for flat transactions at some percentage. 

Merchant Industry Customer Service

The customer service is amazing and awesome. Both online, as well as phone support, will be reachable on a 24/7 basis. Merchant Industry also has an online ticketing system which will make the customers more comfortable and also help them to resolve their issue immediately. 

Limitations in Merchant Industry

Like PayPal, Merchant Industry is also costlier one. Its monthly fee is an expensive choice for customers. The occasional sellers would be better off using a flat-rate provider like other credit card merchant providers.

Dharma Merchant Services

Dharma is a conventional merchant services provider it offers the best pricing and as well as credit card processing services. It uses the interchange pricing model which will be typically best for small business owners. Its transparent pricing fee structure will give a fair plan to the business owners accordingly. 

Dharma Pricing Features

Since it has a transparent pricing feature the business which opting for dharma will have a competitive funding schedule. Businesses that use dharma to process card-present or MOTO transactions will get a deposit immediately. Dharma has an option called Merchant Express or MX. This MX is for accepting mobile payments.

Dharma Customer Service

Dharma customer service is one of the best merchant services for small businesses. It will serve the customer by knowing their needs. With their experienced support team and knowledgeable representatives, the dharma merchant service will provide a needful solution to their customers.

Limitations in Dharma Merchant Services

Since its pricing features are affordable only for medium business owner’s dharma is quite costlier. Also, you have to set up separate accounts for online and direct sales.

Braintree Payments

Braintree payments are the best choice for E-commerce businesses. It is a dedicated online merchant account provider. With all the compatible technology solutions it is like all in one payment processor.

Braintree payments are used by all the major companies which provide an ideal platform for all the companies. 

Pricing Feature in Braintree

It is not much simpler in the pricing model. It will charge a particular percentage of the fee for each transaction. 

Limitations

Costlier and also its customer service was not up to the mark. Only limited hours of the time the customer care will be available.

How to Estimate Which is The Best Merchant Account Providers for Your Business

Our picks for the best merchant account providers on the market will help you to choose the right one for your business
Before choosing the best merchant, account providers to keep these four things in your mind
  • Does the merchant account provider offer the correct POS terminals you need to accept payments—i.e. countertop, mobile, and/or online?
  • Do they offer other services, like business management capabilities and app integrations, to help streamline your processes as much as possible?
  • How easily accessible is their customer support team?
  • Does the merchant account provider offer glorified solutions for your organization? (And do they work with your organization at all?) 

Conclusion

Any business needs to understand how the credit card processing fee work before choosing the best merchant account providers. The best merchant account provider will vary for each type of business one does not overcome the other in some features. If you are a merchant processing more than 10,000$ per month you can blindly go with Merchant Industry. It is all in one service provider. Its management tools were unbeatable for small business needs. Join Merchant Industry to make your business more effective.

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