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The Best Merchant Account Services Providers For Small Business 2023

Your small business needs a merchant account to process credit card payments. Read on to discover our top picks for merchant account service providers.

    Jason Vissers
  • UPDATED

Advertiser Disclosure: Our unbiased reviews and content are supported in part by affiliate partnerships, and we adhere to strict guidelines to preserve editorial integrity.
merchant account services

Choosing the best merchant services provider means finding the company that not only lets you accept your customer’s payments, but also offers a virtual terminal and processing hardware, has eCommerce software integrations, and provides other business tools to facilitate sales.

The merchant services provider that best fits your business will be the one that combines the services you need with reasonable contract terms, competitive pricing, and quality customer support.

That’s why we’ve put together this list of the best merchant services for small businesses. Whatever your business needs, one of the following providers should be able to meet them while providing honest, ethical service.

Learn More About Our Top Picks

CompanyBest ForNext StepsBest For
Square

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  • $0 monthly fee with a standard account
  • 2.6% + $0.10 per in-person transaction & 2.9% + $0.30 per online transaction
  • Doesn't accept high-risk businesses (except CBD businesses)
  • $0 monthly fee with a standard account
  • 2.6% + $0.10 per in-person transaction & 2.9% + $0.30 per online transaction
  • Doesn't accept high-risk businesses (except CBD businesses)

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Helcim

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  • $0 monthly fee
  • Starts at interchange + 0.40% + $0.08 per in-person transaction & int. + 0.50% + $0.25 per online transaction (rates decrease with higher sales volumes)
  • Doesn't accept high-risk businesses
  • $0 monthly fee
  • Starts at interchange + 0.40% + $0.08 per in-person transaction & int. + 0.50% + $0.25 per online transaction (rates decrease with higher sales volumes)
  • Doesn't accept high-risk businesses

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Host Merchant Services

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  • $14.99 monthly fee
  • Interchange + 0.20-0.25% + $0.09-0.10 per in-person transaction & int. + 0.35% + $0.10 per online transaction
  • Accepts most high-risk businesses
  • $14.99 monthly fee
  • Interchange + 0.20-0.25% + $0.09-0.10 per in-person transaction & int. + 0.35% + $0.10 per online transaction
  • Accepts most high-risk businesses

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National Processing

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  • $9.95-$199 monthly fee
  • Interchange + 0.18% + $0.10 per transaction with interchange-plus pricing (less with membership pricing)
  • Accepts high-risk businesses
  • $9.95-$199 monthly fee
  • Interchange + 0.18% + $0.10 per transaction with interchange-plus pricing (less with membership pricing)
  • Accepts high-risk businesses

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Dharma Merchant Services

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  • $25 monthly fee ($20 for nonprofits)
  • Interchange + 0.15% + $0.08 per in-person transaction & int. + 0.20% + $0.11 per online transaction w/ discounts for nonprofits & high-volume businesses
  • Does not accept high-risk businesses
  • $25 monthly fee ($20 for nonprofits)
  • Interchange + 0.15% + $0.08 per in-person transaction & int. + 0.20% + $0.11 per online transaction w/ discounts for nonprofits & high-volume businesses
  • Does not accept high-risk businesses

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PaymentCloud

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  • $15 monthly fee (low-risk businesses)
  • Interchange + 0.05%-0.30% + $0.08-$0.10 per transaction for low-risk businesses; high-risk businesses will pay more
  • Accepts high-risk businesses
  • $15 monthly fee (low-risk businesses)
  • Interchange + 0.05%-0.30% + $0.08-$0.10 per transaction for low-risk businesses; high-risk businesses will pay more
  • Accepts high-risk businesses

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Chase Payment Solutions℠

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  • $0 monthly fee (flat-rate pricing)
  • 2.6% + $0.10 per in-person transaction & 2.9% + $0.15 per online transaction (flat-rate pricing)
  • Does not accept high-risk businesses
  • $0 monthly fee (flat-rate pricing)
  • 2.6% + $0.10 per in-person transaction & 2.9% + $0.15 per online transaction (flat-rate pricing)
  • Does not accept high-risk businesses

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Read more below to learn why we chose these options.

Table of Contents

The 7 Best Merchant Services & Merchant Account Providers

The best merchant services providers combine reliable payment processing and quality hardware/software options with reasonable rates, flexible contract terms, and responsive customer service. The following merchant account providers are reputable companies that can accommodate a wide range of merchants. A few even support high-risk businesses.

1. Square: Best Merchant Services For Low-Volume Businesses

Square


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Get a free card swiper from Square at no cost when you create a free account. Claim your card reader.

Pros

  • Great for low-volume merchants
  • No monthly fees for basic services
  • Predictable flat-rate pricing
  • All-in-one payments package

Cons

  • Account stability issues
  • Does not accept most high-risk businesses

Why We Chose Square As A Top Merchant Services Provider

With its easy online signup process, month-to-month contracts, lack of monthly fees (for basic services), and expansive feature bundle, Square helped modernize the payments industry.

Square offers outstanding value and convenience to newer businesses and those processing under $10K/month — categories that encompass a wide swath of the total small business landscape. It also has a wide range of POS hardware, eCommerce tools, reporting capabilities, and software integrations.

Just know that Square is a third-party payment service provider (or PSP), which means that instead of getting your own unique merchant account, your account is bundled with every other Square account into a single umbrella merchant account. With PSPs, the signup process is much quicker and easier than it is with traditional merchant account providers. The flip side of this is that your individual transactions are scrutinized for compliance more heavily, increasing the chances that you might encounter a funding hold or account termination over a rule infraction (real or perceived).

Our guide to avoiding account holds and terminations from your payment processor contains valuable information as to how you can minimize the chances of this happening to you.

All told, Square provides exceptional convenience and value to a wide variety of merchants. And though Square doesn’t support most high-risk business activity, it does support CBD sellers with its specialized Square CBD merchant program. However, while Square’s flat payment processing rates are competitive for low- to mid-volume businesses, those processing over $10,000/month will likely save money (and find greater account stability) by choosing a full merchant account provider that offers interchange-plus pricing.

Square Features

Square’s payments ecosystem has grown by leaps and bounds over the years. These are just some of the major features you’ll have access to:

  • Credit and debit card processing
  • Free mobile card reader (magstripe-only)
  • EMV and NFC-capable card readers available
  • Square Register POS system available
  • ACH processing included with every account
  • Square Online eCommerce store builder included for free
  • Basic Square Invoices feature included for free
  • Analytics and reporting available through Square Dashboard

Square Pricing

  • No setup or application fees
  • $0/month for a basic Square account ($29+/month for Square Plus accounts)
  • Square POS software: Starts at $0/month; $29-69/month/location for premium industry-specific POS packages
  • 2.6% + $0.10/card-present transaction
  • 2.9% + $0.30/online transaction
  • 3.5% + $0.15/manually keyed-in transaction
  • 1%/ACH transaction (minimum $1 charge)
  • No ACH reject or chargeback fees
  • Square Reader for contactless & chip: $59 each
  • Square Stand: $149 (or $14/month for 12 months)
  • Square Terminal: $299 (or $27/month for 12 months)
  • Square Register: $799 (or $39/month for 24 months)
  • Our guide to Square pricing contains an even deeper dive into the various rates and charges you might encounter with Square.

    Get Started With Square

    Read our in-depth review

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    2. Helcim: Best All-In-One Merchant Services Provider

    Helcim


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    Pros

    • Exclusive interchange-plus pricing with increasing discounts for higher sales volumes
    • No monthly fees
    • No long-term contracts
    • Excellent customer support

    Cons

    • Does not accept high-risk businesses
    • Per-transaction rates may be high for low-volume businesses

    Why We Chose Helcim As A Top Merchant Services Provider

    Helcim has long been one of our favorite merchant services providers. Helcim offers full merchant accounts without charging a monthly fee, which is a rarity in this industry and something you’ll normally find only with PSPs.

    Beyond that, Helcim offers a full suite of hardware, features, and services to support countless types of merchants, whether online, in-person, or both.

    Offering month-to-month contracts with no early termination fees, fully-disclosed interchange-plus pricing, and excellent customer service, Helcim embodies the kind of honest practices we love to see in this often-opaque industry. What’s more, despite Helcim’s pricing system providing the lowest rates to the highest-volume businesses, Helcim has a lot to offer small businesses as well, particularly the Helcim Card Reader and Helcim Smart Terminal (slated to become available Summer 2023); both can be used on-the-go or, when used in conjunction with other hardware, as full affordable in-store POS systems.

    Helcim Features

    With no monthly fees, no long-term contracts, and a wide array of included services, Helcim has something for everybody — except high-risk businesses.

    Helcim’s payment processing features include the following:

    • Full-service merchant account
    • Proprietary Helcim Card Reader for in-person payments
    • Proprietary Helcim Smart Terminal, a new all-in-one touchscreen device with a built-in receipt printer
    • Helcim Payments app for mobile processing
    • Virtual terminal included with each account
    • Helcim POS software (requires a tablet, laptop, or desktop computer unless you use the standalone Smart Terminal)
    • Access to Helcim API for customized credit card payments
    • Full support for international payments

    Helcim Pricing

  • No monthly fee
  • No setup or application fees
  • In-person transactions start at interchange + 0.40% + $0.08 and decrease with higher sales volumes
  • Online transactions start at interchange + 0.50% + $0.25 and decrease with higher sales volumes
  • Helcim Card Reader: $109/unit (includes free countertop stand)
  • Helcim Smart Terminal (available for pre-order with a Summer 2023 release): $349/unit

  • Get Started With Helcim

    Read our in-depth review

    Jump back to comparison chart

    3. Host Merchant Services: Best Merchant Services For Interchange-Plus Pricing

    Host Merchant Services


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    Pros

    • Transparent interchange-plus pricing
    • Month-to-month billing
    • Free web hosting
    • Good customer support

    Cons

    • Can be expensive for some low-volume merchants
    • $14.99 monthly fee

    Why We Chose Host Merchant Services As A Top Merchant Services Provider

    Host Merchant Services was an obvious choice for our list of top merchant services providers. With transparent interchange-plus pricing, month-to-month contracts, and a full range of ancillary payment services, both proprietary and third-party, HMS is one of the top names in the merchant account business. eCommerce businesses will even get free web hosting upon signing up — an uncommon perk.

    HMS’s transaction rates are some of the lowest you’ll find in a payment processor. In an industry where many providers are still cagey about costs, HMS goes so far as to publish how much you would actually pay with the company’s payment processing in a variety of different transaction situations.

    best merchant services

    With this level of value and transparency, we’re happy to cite Host Merchant Services as an example of how interchange-plus pricing should be offered and presented.

    Host Merchant Services Features

    Here’s some of what you’ll get with Host Merchant Services:

    • Full merchant accounts
    • Accepts many high-risk industries (high-risk businesses will likely pay more than low-risk businesses, as with any provider)
    • Full line of countertop and mobile credit card terminals
    • Free terminal available to merchants processing over $20,000/month
    • Vital and SwipeSimple mobile processing solutions
    • Proprietary Bonsai POS system available
    • Clover and Vital POS systems are available
    • Authorize.Net payment gateway
    • Proprietary HMSExpress payment gateway
    • Virtual terminal included
    • Free web hosting included
    • Cash discounting program available

    Host Merchant Services Pricing

  • Retail: Interchange + 0.25% + $0.10/transaction
  • Restaurant: Interchange + 0.20% + $0.09/transaction
  • eCommerce: Interchange + 0.35% + $0.10/transaction
  • No application or setup fees
  • $14.99 monthly fee
  • 1099 reporting fee: $24/year
  • Gateway fee: $5.00/month (optional)
  • Voice authorization: $0.75/authorization
  • Batch processing fee: $0.20/batch
  • Chargebacks: $15.00/incident
  • Retrievals: $20.00
  • Cash discounting program: $20.00/month (under $5K/month) or $0.00/month ($5K/month or higher)
  • Host Merchant Services’s card-present rates are even lower for restaurants than for retail businesses, as the food industry is generally lower-risk/higher volume than most industries, plus HMS is trying to attract restaurant owners to its custom POS system.

    Get Started With Host Merchant Services

    Read our in-depth review

    Jump back to comparison chart

    4. National Processing: Best Merchant Services For High-Volume Businesses

    National Processing


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    Get a free Clover Go card reader from National Processing when you sign up. Claim your card reader.

    Pros

    • Interchange-plus and membership pricing both offered
    • Low-cost eCheck/ACH payment processing
    • No long-term contract if equipment purchased outright
    • Excellent online reputation

    Cons

    • “Free” equipment may require a long-term contract with an early termination fee
    • Monthly fees charges

    Why We Chose National Processing As A Top Merchant Services Provider

    National Processing is another merchant services provider that deserves our recommendation and a spot on this list. Offering full merchant accounts and payment processing for credit/debit cards, eChecks, and ACH, National Processing offers month-to-month contracts with no early termination fees to merchants so long as they purchase any POS equipment they need.

    If you sign up for a package that includes a “free” terminal, you’ll have to sign a three-year contract with an early termination fee, though you can get this fee waived under several common circumstances.

    National Processing sells merchant accounts to both low-risk and high-risk businesses, though its published rates only apply to low-risk merchants. Along with the standard features like payment processing, a payment gateway, and a virtual terminal, National Processing offers two different pricing models: interchange-plus, and, for high-volume merchants, membership pricing.

    With membership pricing, although you’ll be paying a significant monthly fee, you’ll be paying very little on a per-transaction basis as the per-transaction percentage markup found in interchange-plus pricing is eliminated. National Processing’s membership pricing is particularly advantageous for very high-volume businesses, though the company’s interchange-plus rates are exceptionally low as well.

    Though National Processing doesn’t offer as many feature add-ons as many of the other providers on this list, its exceptionally low rates and sterling public reputation made it a natural fit for this list.

    National Processing Features

    Here’s what National Processing offers:

    • Offers ACH and eCheck processing as an add-on
    • Offers mobile processing with a free SwipeSimple card reader
    • Offers a choice between either interchange-plus or membership pricing plans
    • No long-term contract if processing hardware is purchased outright
    • “Free” credit card terminal available if you sign a three-year contract
    • Free reprogramming of your existing POS equipment (if technically feasible)

    National Processing Pricing

  • $9.95/month account fee (interchange-plus plans)
  • $59-$199/month subscription fee (membership plans)
  • $7.95/month PCI compliance fee
  • $0/month for the cash discounting program (optional)
  • $15/month and 0-1.5% + $0.48/transaction for ACH and eCheck processing (optional)
  • Interchange + 0.18% + $0.10/transaction (interchange-plus plans)
  • Interchange + $0.09/transaction (subscription plan)
  • Interchange + $0.05/transaction (subscription-plus plan)

  • Get Started With National Processing

    Read our in-depth review

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    5. Dharma Merchant Services: Best Merchant Services For Nonprofits

    Dharma Merchant Services


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    Pros

    • Interchange-plus pricing
    • No annual fee
    • Month-to-month contracts with no early termination fee
    • Discount pricing for qualified nonprofits

    Cons

    • Not available to high-risk businesses
    • $49 account closure fee

    Why We Chose Dharma Merchant Services As A Top Merchant Services Provider

    Dharma Merchant Services is a merchant services provider with a unique value proposition: it specializes in serving nonprofit organizations. Not only does the company offer significant discounts to nonprofit organizations — it also provides a number of nonprofit-specific features, such as donation buttons and hosted donation pages.

    Combine that with the fact that Dharma donates a significant percentage of its profits to charity, and you have a merchant account provider with a lot of appeal to the nonprofit world.

    Of course, Dharma serves regular businesses as well. The company offers a full range of business products for taking payments, though it’s important to note that Dharma itself states that its pricing isn’t a good fit for businesses processing less than $10K/month. Additionally, Dharma doesn’t accept high-risk businesses — it refers high-risk merchants to another company on our list, PaymentCloud.

    Dharma Merchant Services Features

    Here’s what you’ll get through Dharma Merchant Services:

    • Full-service merchant accounts through Fiserv or TSYS
    • MX Merchant integrated payment platform
    • Choice of Authorize.Net or MX Merchant payment gateways
    • QuickPay virtual terminal
    • Full line of credit card terminals, including Verifone Engage V200c, Fiserv FD-150, Ingenico Desk/5000, Dejavoo Z11, and other models
    • MX B2B app for B2B processing
    • Full line of Clover POS systems
    • Credit card surcharging (no-fee, zero-cost credit card processing) program available

    Dharma Merchant Services Pricing

  • $25 monthly fee ($20/month for nonprofits)
  • Interchange + 0.15% + $0.08/card-present transaction (volume discounts available)
  • Interchange + 0.10% + $0.08/card-present transaction (qualified nonprofits)
  • Interchange + 0.20% + $0.11/card-not-present transaction (volume discounts available)
  • Interchange + 0.10% + $0.11/card-not-present transaction (qualified nonprofits)
  • No gateway fees with MX Merchant
  • $10/month for recurring billing (MX Merchant)
  • $20/month for B2B processing (MX Merchant)
  • No annual fee
  • No PCI compliance fees
  • No monthly minimum
  • $49 account closure fee

  • Get Started With Dharma Merchant Services

    Read our in-depth review

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    6. PaymentCloud: Best Merchant Services For High-Risk Businesses

    PaymentCloud


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    Exclusive Promo: PaymentCloud will give you $200 if they can't beat your current rate. Get Your Quote

    Pros

    • High-risk specialists
    • Great public reputation
    • No account setup fee
    • No monthly minimums

    Cons

    • No publicly disclosed pricing for high-risk merchants
    • Low-risk merchants may find a better deal elsewhere

    Why We Chose PaymentCloud As A Top Merchant Services Provider

    While a few other merchant services companies on this list accept high-risk businesses, PaymentCloud specializes in high-risk processing. The company partners with several acquiring banks and back-end processors to maximize the odds that one of them will accept your business and meet its processing needs. This means that as a high-risk merchant, you’ll have a better chance of getting accepted by PaymentCloud than you will with other merchant services providers, even those that nominally accept high-risk businesses.

    High-risk payment processing is a field rife with shady operators and business-unfriendly practices, but PaymentCloud stands out in its willingness and ability to give high-risk merchants a fair deal. What’s more, the company provides both high- and low-risk merchants with hands-on advocacy and guidance during and after the onboarding process. You’ll be hard-pressed to find a provider with such an attentive attitude toward clients and applicants.

    PaymentCloud Features

    Here’s what PaymentCloud offers both high-risk and low-risk businesses:

    • Mobile processing solution available
    • Virtual terminal included
    • Authorize.Net, NMI, or USAePay payment gateways are available
    • ACH and eCheck processing
    • Paysley QR-code payment service available

    PaymentCloud Pricing

  • No account setup fee
  • No monthly minimum (low-risk accounts)
  • $15 monthly fee (low-risk accounts)
  • Interchange + 0.05%-0.30% + $0.08-$0.10 per transaction (low-risk accounts)
  • Processing rates vary by acquiring bank/back-end processors (high-risk accounts)
  • Account fees vary by the acquiring bank/back-end processor (high-risk accounts)

  • Get Started With PaymentCloud

    Read our in-depth review

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    7. Chase Payment Solutions: Best Merchant Services For Multiple Pricing Models

    Chase Payment Solutions℠


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    Pros

    • Large direct processor
    • No monthly fee with a standard account
    • Month-to-month contracts available
    • Interchange-plus pricing available upon request

    Cons

    • Limited pricing information disclosed online
    • “Free” credit card terminal requires a long-term contract

    Why We Chose Chase Payment Solutions As A Top Merchant Services Provider

    Banking giant Chase offers a merchant services package that far exceeds that of many other big national banks, whose merchant services are often overpriced and come with onerous contracts. Offering both a flat-rate pricing model that fits the needs of lower-volume businesses and an interchange-plus pricing scheme that suits larger businesses, Chase Payment Solutions offers something for everybody, which is why we’re including the company on this list of top merchant services providers.

    Note that, like some other providers, Chase Payment Solutions offers service packages with a “free” POS terminal included, whereas accepting the “free” terminal requires you to sign a three-year contract with an early termination fee. We recommend buying your equipment outright so you don’t have to agree to a long-term commitment.

    Chase Payment Solutions Features

    • Full merchant account
    • Month-to-month billing with no long-term contracts
    • Choice of proprietary Orbital payment gateway or Authorize.Net
    • Virtual terminal
    • Chase Mobile app and QuickAccept card reader for mobile payments
    • Next-day funding for Chase business bank account holders
    • Choice of processing hardware, including Chase Smart Terminal, Ingenico, or Verifone models
    • Level II/Level III credit card processing for B2B payments
    • Support for international payments

    Chase Payment Solutions Pricing

  • 2.6% + $0.10/card-present transaction
  • 2.9% + $0.15/card-not-present transaction
  • 3.5% + $0.10/keyed-in transaction
  • $0 monthly fee
  • No PCI compliance fee or gateway fee
  • $49.95 Chase QuickAccept contactless mobile card reader
  • $299 Ingenico Desk/5000 countertop terminal
  • $399 Ingenico Move/5000 wireless terminal
  • $10/chargeback
  • Note that the rates listed above are for businesses that choose flat-rate pricing. With Chase, all interchange-plus rates must be negotiated.

    Get Started With Chase Payment Solutions℠

    Read our in-depth review

    Jump back to comparison chart

    Methodology For Choosing The Best Merchant Services

    We at Merchant Maverick evaluate merchant services providers based on their track record of working with various business types, as determined by our own research and by feedback from merchants. We combine this service assessment with an analysis of each provider’s transaction rates, recurring and one-time fees, hardware options, software features (both proprietary apps and third-party integrations), customer support capabilities, contract flexibility, and public transparency regarding each aspect of their services.

    The merchant services industry is Merchant Maverick’s original specialty, and for more than a decade, we’ve been highlighting the merchant-friendly practices we want to see more of in the industry.

    We’ve also tried to sound the alarm on the opaque and predatory practices that were once nearly universal in this field but which have thankfully become less common as businesses have come to expect better treatment.

    What Makes A Good Merchant Services Company, Anyway?

    So, what is a merchant services provider? A merchant services company should be as transparent as possible regarding the products and services it offers, the rates and fees it charges, and the nature of the customer service it provides. These don’t sound like big asks, but considering many players in the industry still divulge few specifics online and simply invite applicants to call the company for a quote, this kind of transparency is still a very positive indicator.

    Of course, in certain circumstances (particularly when a business is considered high-risk), not all features and prices can be spelled out beforehand, and with the largest sellers, everything is subject to negotiation. However, some base level of transparency should be provided for the average business applicant.

    Feature-wise, credit and debit card processing is at the core of a merchant services company’s offerings. Some providers specialize in brick-and-mortar (card-present) processing while others focus on online/eCommerce (card-not-present) processing, but at this point, most of the top providers are more than capable of both.

    Nearly all providers offer one or more payment gateway options, a virtual terminal, and POS equipment (whether in-house, third-party, or both) that can take chip and contactless (NFC) payments alongside old-fashioned magstripe payments. Other features commonly offered include ACH/eCheck processing, recurring billing, analytics and reporting, and invoicing. Some companies now offer web hosting and a basic website builder as well.

    As for merchant services pricing, there’s a lot that goes into determining your ultimate costs — more than can be covered in this article. Our merchant account fees explainer can help walk you through the common charges and fees you’ll face, as well as how to avoid getting hit with hidden fees. Likewise, our complete guide to credit card processing rates has a helpful discussion about the four different types of merchant services pricing: interchange-plus, membership, flat-rate, and tiered.

    Are Merchant Services The Same Thing As Payment Processors?

    When discussing the differences between merchant services and payment processing, things get technical fast. However, the key takeaway is that a merchant services provider provides the services necessary for a business to accept and process electronic payments, whereas the payment processor is the entity that actually processes your payments and sends them to your merchant account. The merchant services company is the entity you actually have a direct relationship with.

    Merchant services have traditionally been focused on the transmission of credit card funds from the processor to your merchant account. Alternative payment methods, such as ACH and mobile wallet payments, are typically supported through a separate, supplemental payment gateway.

    Which Merchant Account Provider Is Right For Your Business?

    Though the best merchant services for small business offer a lot of features in common, the right provider for your business will accommodate your specific payment needs for a price you can afford. In particular, startups and low-volume businesses don’t need to pay for more than what they need. This is why contract flexibility is key — so long as you’re not locked into using one provider, you can always change your merchant services company as your company grows and its needs evolve.

    Whether you’re looking for the best credit card processing, a guide to cash discounting programs, or a look at the best POS systems currently available, Merchant Maverick has the resources you need to start, build, and grow your small business.

    Merchant Services FAQs

    What do merchant companies do?

    Merchant services companies offer credit and debit card payment processing along with processing hardware, a payment gateway, and ancillary payment services such as virtual terminals, ACH processing, invoicing, reporting, and recurring billing. Some merchant services providers offer an eCommerce website builder and web hosting as well.

    Do I need a merchant service provider?

    Unless you intend to run a cash-only business, yes, you will need a merchant services provider if you intend to accept electronic payments.

    Do you need good credit for a merchant account?

    You’ll have no problem getting a merchant account if you have good or excellent personal credit. If your personal credit is fair, you may have to agree to extra stipulations like a rolling reserve in order to be approved. If your personal credit is very poor, you may either be rejected outright for a merchant account or be required to find a co-signer.

    How do I choose a merchant account provider?

    When choosing the best merchant account provider, look for companies that offer the features and support you need at a cost you can afford. You’ll also want to research the provider in question to make sure you’ve found a reputable, trustworthy company. Merchant Maverick’s merchant account reviews are great for this purpose.

    In Summary: The 7 Best Merchant Services & Merchant Account Providers

    1. Square:
      • $0 monthly fee with a standard account
      • 2.6% + $0.10 per in-person transaction & 2.9% + $0.30 per online transaction
      • Doesn't accept high-risk businesses (except CBD businesses)
    2. Helcim:
      • $0 monthly fee
      • Starts at interchange + 0.40% + $0.08 per in-person transaction & int. + 0.50% + $0.25 per online transaction (rates decrease with higher sales volumes)
      • Doesn't accept high-risk businesses
    3. Host Merchant Services:
      • $14.99 monthly fee
      • Interchange + 0.20-0.25% + $0.09-0.10 per in-person transaction & int. + 0.35% + $0.10 per online transaction
      • Accepts most high-risk businesses
    4. National Processing:
      • $9.95-$199 monthly fee
      • Interchange + 0.18% + $0.10 per transaction with interchange-plus pricing (less with membership pricing)
      • Accepts high-risk businesses
    5. Dharma Merchant Services:
      • $25 monthly fee ($20 for nonprofits)
      • Interchange + 0.15% + $0.08 per in-person transaction & int. + 0.20% + $0.11 per online transaction w/ discounts for nonprofits & high-volume businesses
      • Does not accept high-risk businesses
    6. PaymentCloud:
      • $15 monthly fee (low-risk businesses)
      • Interchange + 0.05%-0.30% + $0.08-$0.10 per transaction for low-risk businesses; high-risk businesses will pay more
      • Accepts high-risk businesses
    7. Chase Payment Solutions℠:
      • $0 monthly fee (flat-rate pricing)
      • 2.6% + $0.10 per in-person transaction & 2.9% + $0.15 per online transaction (flat-rate pricing)
      • Does not accept high-risk businesses
    Jason Vissers

    Jason Vissers

    Senior Staff Writer at Merchant Maverick
    Jason has been writing about small business software platforms, services, and financing since 2015. Jason’s expertise has been featured in Yahoo Finance, Time/NextAdvisor, Home Business Magazine, CreditCards.com, GoBankingRates, TheLadders.com, and other publications. He has a bachelor’s degree in Political Science from San Diego State University and currently lives in Philadelphia, Pennsylvania.
    Jason Vissers
    View Jason Vissers's professional experience on LinkedIn.