In today’s competitive market, businesses are constantly seeking ways to reduce their operating costs without compromising on the quality of services provided. One such area of potential savings is in credit card processing fees. To help you find the best and most affordable credit card processing services, we have compiled a list of the top five cheapest credit card processing providers available in July 2023.

1. Square

Square offers a simple and transparent pricing structure that makes it an attractive option for small business owners. With no monthly fees or long-term contracts, Square charges a flat rate per transaction of 2.6% + $0.10. Their free mobile card reader, user-friendly POS system, and seamless integration with other popular business software make Square a popular choice among small businesses.

2. Stripe

Stripe is known for its extensive developer tools and powerful API integrations, making it suitable for both startups and larger enterprises. Stripe’s affordable pricing includes a pay-as-you-go model that charges 2.9% + $0.30 per transaction with no setup or monthly fees, allowing businesses to only pay for the services they use.

3. PayPal

PayPal is an internationally recognized payment platform that offers competitive rates for credit card processing services. With no monthly fees or long-term contracts required, PayPal’s fee structure is 2.7% per transaction for in-person sales and 3.49% + $0.49 per transaction for online sales, making it an attractive option for businesses with a strong online presence.

4. Payment Depot

Payment Depot offers a unique membership-based pricing model that enables businesses to access wholesale credit card processing rates while paying a fixed monthly fee ($49/month). Members can benefit from low transaction rates (1) starting at interchange + $0.10 for in-person transactions and (2) interchange + $0+25 for e-commerce transactions. This pricing model is particularly advantageous for businesses with high-volume sales.

5. Fattmerchant

Fattmerchant positions itself as a credit card processing service that simplifies the pricing process by offering a subscription-based model. For a flat monthly fee of $99, businesses can access cost-effective transaction rates (1) at interchange + $0.08 for in-person transactions and (2) interchange + $0.15 for e-commerce transactions. Fattmerchant’s all-inclusive subscription includes features such as invoicing, inventory management, and analytics.

Conclusion

Finding the right credit card processing service for your business largely depends on your sales volume, transaction type, and specific business needs. The cheapest credit card processing services may not necessarily be the best option for all businesses, so it is crucial to carefully assess each provider’s services and pricing models to determine which one best aligns with your requirements.