Top 5 Best Online Merchant Accounts

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Merchant services, also known as merchant accounts, are platforms and services businesses rely on to process payments made by their customers.

Small and large businesses leverage merchant services to process payment in an efficient and reliable manner.

If you are starting out an online business, you need to integrate a reputable merchant service into your account so as to allow for payment processing whenever your customer buys from you.

To help you know the right one, we review some of the most reputable payment processing gateways you can opt for today.

Here are the top 5 best online merchant accounts you can choose from;

1. SQUARE

If you don’t want to be paying monthly fees for a payment processing account, then Square is an excellent platform to use. With Square, you will just need to pay a flat rate- no hidden costs or monthly fees, and thus no surprises.

This means that you will know precisely how much to pay for every transaction as there are no interchange rates or fluctuations to keep in mind. However, on the downside, you will experience higher processing rates.

The good thing with Square is that it handles all types of services in virtually every industry, including eCommerce sales, invoices, no-card transactions, and in-person sales.

Therefore, regardless of the nature of your business, Square can work for you. And the good thing is that setting up this simple, powerful, predictable software is that it is straightforward.

From being a card reader to a point-of-sale system, Square has all you need to run online and offline business.

What’s more? Square has a mobile magstripe card reader that you plug in the headphone jack or charging port in your phone to make your phone a virtual terminal.

With Square, you can create Buy Now buttons and payment links, offer e-gifts cards, accept virtual payments, create and track invoices, schedule appointments, and monitor how your business is performing.

You can sign up for a free account with them.

2. HELCIM

For small and medium-sized businesses looking for reputable merchant service, Helcim is a great option. This is also a great option for freelancer business people that lacks a physical location but want to take payment via debit card or credit card.

Not only is it affordable and flexible, but it also simplifies payment processing. Whether you need to physically accept payment or want to create an online store, Helcim has all you need to process payments.

Another good thing is that Helcim allows you to turn your tablet, mobile device, or computer into a virtual terminal, so you don’t need to carry equipment with you.

The Helcim card reader hardware offers great flexibility to allow you to process payment anywhere.

With Helcim, you will get a ton of powerful features, including mobile and desktop apps, low interchange rates, 1-2 day deposits, international processing, etc.

The pricing structure of this payment processing platform is straightforward- you just need to pay $20 per month to access it. There are volume discounts you can enjoy, and there are no long-term contracts.

If your business process less than $25,000 a month, expect to pay an interchange rate of +0.30% + $0.08 per transaction.

3. PAYMENT DEPOT

This is one of the best online merchant accounts for businesses that transact large amounts of money every month. You just need to pay a monthly membership to enjoy low processing rates.

With Payment Depot, instead of charging high transaction fees, they have paid monthly subscription model.

When you subscribe to their highest tier, you can pay an interchange of as little as +$0.05 per transaction. This is incredibly low as compared to the average interchange rate in the industry, which is +2.9%. However, this comes at the cost of a low monthly fee of $199. This might not be cheap for small businesses, but for large businesses dealing with large sums of money, this is a competitive processing rate.

This makes it a great choice for midsize and large businesses looking for an affordable, reputable payment processing gateway.

With that said, their lowest tier starts from $49/month and has a processing interchange rate of +$0.15, which is ideal for small businesses dealing with transactions not exceeding $25,000 a month.

Payment Depot allows you to enjoy plenty of benefits, including next-day deposits, rate protection, breach protection, chargeback monitoring, free hardware and equipment, no hidden fees, and much more.

4. FLAGSHIP MERCHANT SERVICES

This merchant service is trusted by close to 30,000 businesses and offers a wide range of payment processing solutions- via mobile, MOTO, or in-store.

With Flagship Merchant Services, you can accept payment from all major credit card networks as well as alternatives payment gateways such as Google Pay, Apple Pay, and more.

Known for offering exemplary customer care to businesses since 2001, Flagship Merchant Services has all you need as a retailer, eCom owner, or restaurant owner. In addition to processing payment, this merchant service offers digital customer loyalty programs, cash advances, gift cards, and a portal for managing businesses.

5. STRIPE

This is among the leading merchant services for eCom sites and online stores. They are known to provide excellent digital services such as shopping carts, online checkouts, and more, as well as offering in-person tools.

They are an excellent choice for small, medium, and large-sized businesses that sell things online. From handling payments on marketplaces such as Amazon to handling digital invoices, Stripe has all that you need to streamline your online business payment processing.

What’s more? You also get plenty of inbuilt integrations that can help you run your online business better.

Stripe can handle over 135 currencies and accept payments from plenty of local payment gateways. And the best part is that they have no monthly fees, and you get to access all their features for free.

CONCLUSION

Which are the best online merchant accounts for your business? It all depends on the nature of your business and what you are looking for,

Payment Depot, Square, Helcim, and Stripe are all top online merchant services that you can opt for. However, there are also plenty of other great alternatives you can settle for, depending on your needs.

Stripe is great for eCom websites, while Helcim is ideal for small businesses. Payment Depot is great for businesses that deal with great sums of money. Square is great for businesses that don’t want to pay monthly fees.