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Searching for the best credit card processing rates online can be time consuming. Save your business time by filling out the form below to compare multiple quotes from processing providers.

Setting Up Credit Card Processing for Small Businesses

If you are a small online business owner relying upon a standard payment method like PayPal, this could be significantly limiting your sales potential with your online customers. It’s important for businesses of any size to offer reliable credit card processing for their customers on the Internet. Credit card processing for small businesses will give you the opportunity to increase your online visibility by catering to more customers interested in your niche market.

Credit Card Processing for Small Businesses

When researching merchant accounts for small businesses, you may find that many companies will choose to send a representative to your business to verify your office location. Credit Card Processing for Small BusinessesIn order to complete an application, you will often have to provide a copy of your business license, copies of your tax returns from previous years, profit and loss statements, and a photo of your office.

Merchant accounts for small companies will also require access to your bank account once your application is approved. This is for the purpose of depositing funds directly into your account and withdrawing funds in the case of a chargeback.

Negotiating Credit Card Processing Contracts

When it comes to accepting credit cards for a small business, there are a few select providers that advertise no contracts with their service, yet in most cases a contract is advised to protect you as the merchant. In order to ensure a fair and accurate agreement, it is important to review your contract carefully.

Make sure to negotiate to eliminate an early termination fee clause from your contract. Credit card processors do have the power to take out extra cancellation fees in an agreement if you request this within your negotiations. It’s also beneficial not to lease equipment but to purchase it if possible. Once you own your own equipment or software, this will minimize the chance that a processor will try to charge you extra by increasing your monthly lease payments without your knowledge.

Last but not least, investigate credit card processing rates carefully before signing a contract. Many processors try to mislead small business owners by advertising very low rates, yet those rates may not apply to a commercial or rewards credit card, thus charging you much higher fees per transaction.

Credit Card Processing for Small Businesses: Pros and Cons

If your business has been invoicing customers successfully, you may not want to pay the extra money for merchant credit card services, which will eat up a percentage of your sales. However, not offering these payment options for customers can cause an even greater profit loss in the long run. Additionally, using credit card processing as opposed to monthly invoicing can increase productivity by eliminating the need to invoice and wait anywhere from 30 to 90 days for customer payment.

If you are selling directly to customers, using online merchant services will allow you to quickly expand your customer base by offering more payment options. However, neglecting to research merchant providers and negotiate your credit card transaction fee can cost you a serious hit in your monthly profit if you’re not careful.

By choosing the right merchant processor, you have the potential to grow the sales of your business exponentially. Make it your top priority to become familiar with the ins and outs of your contract. This will ensure that you clearly understand your fee schedule, your locked in rates, and when your profits will be deposited into your bank account after a sale has been made.

Prices on Credit Card Processing for Small Businesses

We are a small business who processes only 5-10 transactions per month. Saving about $10 a month over Elavon with our new partner.

- Buyer from Business Services, Alpharetta, Georgia

We went with a company that provided a free wireless terminal and there was no contract. Also it was possible to suspend the service during low volume periods. There is a $35.00 set-up fee, $26.95/month and a $79.00 annual fee.

- Buyer from Business Services, Olympia, Washington

Initial start up fee is $75. Monthly rate is $20. Rate is 2.25% for all, including business & reward cards. AMEX is 2.98% and 10 cents.

- Buyer from Manufacturing Industry, Corona, California

We went with a company that will charge us $12 per month plus 2 percent of each sale.

- Buyer from Wholesale Industry, Rochester, New York

We were very happy with the rates offered to us, they beat our former processing company prices. We were given a free processor and did not have to sign a contract.

- Buyer from Consultant, Vero Beach, Florida

Our business is paying $15.00 per month.

- Buyer from Health Care Industry, Friday Harbor, Washington

Our business is very happy with this service and are paying 1.59% blended rate for credit and debit cards; no batch fees, monthly PCI $7 fee, $30 monthly fee, and 15-cent transaction fee.

- Buyer from Financial Services, New York, New York

Other people are looking for

This is for a start-up restaurant business. I will accept all credit cards - I would be interested in wireless terminals for delivery orders if affordable. Thanks.

- Restaurant, New Orleans, LA

Homeowners Association that would like to see how much it would cost to set up this service.

- Real Estate, Lincoln, NH

Looking for credit card processing for small businesses - Hair Salon offering a variety of services and retail products.

- Salon, Centre, AL

Boating business need processing for deposits for services, motor and boat orders.

- Retail, Leesburg, FL

We are a hvac service and repair company looking to find more info on CCP for our business.

- Equipment Sales & Service, Upper Marlboro, MD

I run a dog daycare and boarding facility and am interesting in finding out more info around how to start accepting credit cards for my company.

- Pet Services, Menlo Park, CA

We have a catering business. We need to be able to run quite large transactions, and need an online gateway provider.

- Restaurant Services, Arvada, CO

We are a tax & accounting personal service business. I would like to do this as inexpensive as possible. We are a small business, about 250 clients and some would like to charge our services. We are going to use the Credit Card Service as a way to increase our business.

- Business Services, Chiefland, FL

We sell engineering simulation software, a large portion of orders, perhaps 70% or so, will come from abroad -- from companies, universities, and small business mostly.

- Computers - Software Industry, Sun Prairie, WI