7 Best Merchant Account Providers For Small Business In 2024
Your small business needs a merchant account to process credit card payments. Read on to discover our top picks for merchant account service providers.
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WRITTEN & RESEARCHED BY
Senior Staff Writer
Last updated onUpdated
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REVIEWED BY
Senior Staff Writer
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 providers offer merchant services like credit card processing for in-person and online payments. We researched several merchant account providers based on pricing, service features, contract terms, and user reviews to help you compare the best merchant services for small business owners.
Learn More About Our Top Picks
| Company | Best For | Next StepsBest For |
|---|---|---|
Helcim
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National Processing
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PaymentCloud
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Square
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Dharma Merchant Services
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| Show More Options | ||
Host Merchant Services
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Chase Payment Solutions℠
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| Show Fewer Options |
Read more below to learn why we chose these options.
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Table of Contents [hide][show]
- 7 Best Merchant Services For Small Business
- Helcim: Best All-In-One Merchant Account Provider
- National Processing: Best For Free POS Terminal
- PaymentCloud: Best For High-Risk Businesses
- Square: Best For Low-Volume Businesses
- Dharma Merchant Services: Best For Large Businesses & Nonprofits
- Host Merchant Services: Best For Small Ticket & EBT Sales
- Chase Payment Solutions℠ : Best For Fast Funding
- What Is A Merchant Account?
- Types Of Merchant Accounts
- Which Merchant Account Provider Is Right For Your Business?
- FAQs: Best Merchant Services For Small Business
Table of Contents
- Let Us Help You Save On Credit Card Processing
- 7 Best Merchant Services For Small Business
- Compare Merchant Accounts For Small Business
- Helcim: Best All-In-One Merchant Account Provider
- Helcim
- Helcim Pricing
- Helcim Features
- National Processing: Best For Free POS Terminal
- National Processing
- National Processing Pricing
- National Processing Features
- PaymentCloud: Best For High-Risk Businesses
- PaymentCloud
- PaymentCloud Pricing
- PaymentCloud Features
- Square: Best For Low-Volume Businesses
- Square
- Square Pricing
- Square Features
- Dharma Merchant Services: Best For Large Businesses & Nonprofits
- Dharma Merchant Services
- Dharma Merchant Services Pricing
- Dharma Merchant Services Features
- Host Merchant Services: Best For Small Ticket & EBT Sales
- Host Merchant Services
- Host Merchant Services Pricing
- Host Merchant Services Features
- Chase Payment Solutions℠ : Best For Fast Funding
- Chase Payment Solutions℠
- Chase Payment Solutions Pricing
- Chase Payment Solutions Features
- Payment Processing Rating Methodology
- What Is A Merchant Account?
- Types Of Merchant Accounts
- Which Merchant Account Provider Is Right For Your Business?
- FAQs: Best Merchant Services For Small Business
7 Best Merchant Services For Small Business
The best merchant services providers for small businesses offer reasonable payment processing rates, point of sale system integrations, eCommerce software integrations, good customer service, and credit card terminals for taking payments on the go. Here are our top picks:
- Helcim: Best All-In-One Merchant Account Provider
- National Processing: Best For Free POS Terminal
- PaymentCloud: Best For High-Risk Businesses
- Square: Best For Low-Volume Businesses
- Dharma Merchant Services: Best For Large Businesses & Nonprofits
- Host Merchant Services: Best For Small Ticket & EBT Sales
- Chase Payment Solutions℠: Best For Fast Funding
Compare Merchant Accounts For Small Business
| Ideal Business Type | Monthly Fee | Payment Processing Rates | POS Included | |
|---|---|---|---|---|
| Square | Retail, restaurant, service businesses | $0-$89/location/month | 2.5%-3.5% | |
| Helcim | B2B/B2G, service businesses | $0 | Starts at interchange + 0.40% + $0.08 | |
| Host Merchant Services | Small ticket sales, grocery and convenience stores | $14.99 | Starts at interchange + 0.20% + $0.09 | |
| National Processing | Retail | $9.95-$19.95+ | 2.41%-3.5% | Clover POS terminal |
| Dharma | High-volume businesses and nonprofits | $12-$15 | Starts at interchange + 0.1% + $0.08 | |
| PaymentCloud | High-risk businesses | $10-$45 | 2%-4.3% | |
| Chase | Chase bank account owners | $0-$10 | 2.6%-2.9% |
Helcim: Best All-In-One Merchant Account Provider
Pros
- Interchange-plus pricing with automated discounts
- Automated lower payment processing fees for B2B/B2G transactions
- Free POS software and invoicing software
- Excellent customer support
Cons
- Does not accept high-risk businesses
- Per-transaction rates may be high for low-volume businesses
- Only available in US and Canada
Why We Chose Helcim For All-In-One Merchant Accounts
We like that Helcim offers full-service merchant accounts with no monthly software fees and interchange-plus payment processing for all businesses, regardless of business size or history. Helcim automatically lowers payment processing rates as you process more payments, which is very cost-effective for growing businesses.
We also appreciate Helcim's AI-powered tool that helps identify qualifying Level 2/3 business-to-business (B2B) and business-to-government (B2G) transactions. These transactions are more secure and result in lower payment processing fees, making Helcim an attractive option for B2B/B2G businesses.
Related: Read our guide to B2B payment processing.
National Processing: Best For Free POS Terminal
Get a free Clover Go card reader from National Processing when you sign up. Claim your card reader.
Pros
- Clover POS system comes with plans
- Lower in-person payment processing than Square
- Lots of software integrations
- 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 For A Free POS Terminal
We like that National Processing offers simple payment processing and a free Clover POS terminal with every plan. National Processing works with a variety of business types and integrates with several popular third-party software such as eCommerce store builders.
Get Started With National Processing
PaymentCloud: Best For High-Risk Businesses
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 For High-Risk Businesses
PaymentCloud is one of our best high-risk merchant account providers because the company assists high-risk business owners with their merchant account applications and partners with several acquiring banks and back-end processors to maximize the odds that one of them will accept your business. As a high-risk merchant, you'll have a better chance of getting accepted by PaymentCloud than you will with other merchant service providers, even those that nominally accept high-risk businesses.
The company also strives to give you a fair deal on your high-risk merchant account.
Square: Best For Low-Volume Businesses
Get a free card swiper from Square at no cost when you create a free account. Claim your card reader.
Pros
- Free POS plan and online store builder
- Predictable flat-rate pricing
- Niche features for retail, restaurant, and service businesses
- Easy for staff and customers to use
Cons
- Account stability issues
- Does not accept most high-risk businesses
- Payment processing structure not ideal for high-volume businesses
Why We Chose Square For Low-Volume Businesses
With an easy signup process, free and low-cost monthly plans, industry-specific POS software plans, free online store builder, and affordable POS hardware, Square is a great package for low-volume businesses with smaller budgets. Also, Square's transparent flat-rate payment processing structure is a good option for businesses processing less than $10K per month.
Related: Read our Square POS review to learn more about the POS software that comes with every Square account.
Dharma Merchant Services: Best For Large Businesses & Nonprofits
Pros
- Low payment processing rates
- Niche features for several business types
- Discount pricing for nonprofits and high-volume businesses
- Month-to-month contracts with no early termination fee
Cons
- Not available to high-risk businesses
- $49 account closure fee
- Not for businesses charging less than $10K/month
Why We Chose Dharma Merchant Services For Large Businesses & Nonprofits
We appreciate that Dharma Merchant Services offers some of the lowest and most transparent payment processing rates available, especially for nonprofits and high-volume businesses (processing $100K/month at least). Dharma works with almost all business types, with special solutions for nonprofits, healthcare and veterinarian offices, B2B businesses, and lodging/hospitality businesses.
Note: The company's payment processing rates and tools are not suited for businesses processing less than $10K/month in sales.
Get Started With Dharma Merchant Services
Host Merchant Services: Best For Small Ticket & EBT Sales
Pros
- Transparent interchange-plus pricing
- EBT program available
- More affordable payment processing for small ticket sales
- Good customer support
Cons
- Can be expensive for some low-volume merchants
- $14.99 monthly fee
Why We Chose Host Merchant Services For Small Ticket & EBT Sales
We like that Host Merchant Services offers a unique small ticket program so that businesses with small average ticket sizes (laundromats, car washes, small theatres, etc.) can get a better deal on payment processing. We also like that small convenience and grocery stores can sign up for EBT payment acceptance onboarding and all businesses can sign up for a cash discount program and have customers cover the payment processing fees.
Get Started With Host Merchant Services
Chase Payment Solutions℠ : Best For Fast Funding
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 For Fast Funding
We like that Chase Payment Solutions is both a free merchant account provider and a direct payment processor, so you don't have to work with any third-party payment processor and wait several days for your funds to get processed and paid out. Chase business bank account holders can even receive funding within the same day for no fees. For an additional monthly fee, you can also get fast ACH payments and lowered B2B transaction payment processing fees,
Get Started With Chase Payment Solutions℠
Payment Processing Rating Methodology
Merchant Maverick has been researching the payment processing industry since 2009. Our writers have reviewed hundreds of credit card processors, merchant account services, and mobile payment apps, evaluating each provider carefully on several different metrics.
When comparing different payment processing companies and applications to one another, we consider numerous data points. Our experts start by comparing credit card processing rates, the presence of additional fees, contract length, sales practices, and the presence or absence of additional features and services, like point of sale software. Each provider is judged on its own merits and how well it stacks up to industry standards; then it is weighed against the other providers on the list.
We spend an average of 10-15 hours researching and updating each one of our lists, making sure every company or application included meets our internal standards for quality and reputation. Any list of recommended payment processors on our site might contain a mix of standard merchant accounts, third-party payment processors, mobile payment devices, and high-risk payment processors, depending on what our expert feels is the best fit for certain scenarios or business types.
For additional details about Merchant Maverick’s review and rating processes, please refer to any or all of the following methodology pages:
- Credit card processor rating criteria
- High-risk merchant account rating criteria
- Credit card reader & mobile payment device rating criteria
15
Years reviewing payment processors
100+
Providers evaluated
25
Attributes and features assessed per vendor
40+
Years combined experience
What Is A Merchant Account?
A merchant account is a special bank account that temporarily holds money from credit and debit card transactions. Once transaction payment processing is complete and your merchant services provider has taken out its fees, the remaining funds are transferred to your business bank account.
Merchant services providers manage merchant accounts and sometimes provide other goods or services such as credit card terminals and virtual terminals for online payments.
Types Of Merchant Accounts
There are two main types of merchant accounts.
Which Merchant Account Provider Is Right For Your Business?
The best merchant account provider for your business offers the right pricing structure for your business size, built-in features or feature integrations you need to operate in your industry, and good contract terms.
If you want straightforward payment processing for a low-volume business and low monthly account fees, Square or National Processing is right for you.
If you’re looking for the best interchange-plus pricing structure for your low-risk business, compare your rates and available features from Helcim, Host Merchant Services, and Dharma.
If you have a high-risk business, PaymentCloud is most likely the way to go, although National Processing does work with some high-risk businesses.
Whichever merchant account you choose, make sure it integrates with one of the best POS systems if you’re going to take payments in person.
FAQs: Best Merchant Services For Small Business
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.
View Jason Vissers's professional experience on LinkedIn.
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