20 Best Merchant Account Services To Process Electronic Payments In 2024

Helcim is a suite of payment solutions that help businesses take payments online and in-store. They offer many of the same features as other merchant account services on this list, but what sets Helcim apart is their pricing. There are no monthly fees and you get the lowest interchange rate for every transaction.

Why I picked Helcim: I think the company offers exceptional value for money, plain and simple. Helcim uses an “interchange plus” pricing model, which means the cost for each transaction fluctuates based on the underlying interchange rate. So when payments are processed at a lower interchange rate, your business gets the savings, not Helcim. I also think businesses will appreciate the fact that the company decreases its margin the more payments you process with them.

Helcim’s pricing structure also means you don’t have to pay a monthly subscription to access the platform. I like that point-of-sale software, online checkouts, and virtual terminals are all available for free.

Helcim Standout Features and Integrations

Features like an online checkout, card reader, and virtual terminal are just a small part of Helcim’s appeal in my view. I think what really sets the company apart from other businesses in my list is its pricing, as discussed above, and its customer service—who you can contact by phone, email, or social media.

Integrations let you connect Helcim with a range of third-party tools. These are split into three groups: accounting services (like QuickBooks), shopping carts (like Magento), and billing systems (like Great Exposure).

Merchant One is a full-service credit card processing provider with a focus on custom solutions. The company provides a range of payment solutions, but every package is tailored to merchants.

Why I picked Merchant One: I think the company’s flexibility is unrivaled. You don’t need to buy specific hardware to use Merchant One’s payment gateway service, for instance. That’s because the company provides a range of advanced API and SDK-based features that allow you to deploy Merchant One’s software on your existing terminals. I like that you aren’t left to figure this out on your own, either. The company provides integration examples, an integration guide, and API documentation.

Merchant One Standout Features and Integrations

Features include the merchant gateway service I have described above for card not present and online transactions. I think merchants will also appreciate that Merchant One provides several credit card terminals, as well as a range of Clover products, all pre-loaded with its software. iPhone and Android card readers are also available.

Integrations are possible through Merchant One’s API, meaning you can connect the company’s software to any existing POS hardware.

Square is a comprehensive payment solution that provides hardware and software to physical and online businesses. It can act as your store’s POS, help you create a website, manage your inventory, and report sales figures.

Why I picked Square: You’ve probably seen Square POS hardware when shopping locally. The more I learn about Square, the less I’m surprised. I think they are a popular choice for these kinds of stores for several reasons. Firstly, they offer affordable hardware that brick-and-mortar stores rely on to take payments in person. They don’t charge expensive leasing fees, either, and there is no fee to return the hardware.

Another thing I like about Square is that it provides several software solutions that help store owners manage their businesses. That includes an online store builder, a payment processing solution, payroll services, and inventory management. In the same way that Stripe is an all-in-one solution for digital business, Square is the only solution most physical retail outlets need.

Square Standout Features and Integrations

Features that I think make Square ideal for brick-and-mortar stores include a range of POS hardware suitable for any budget, business-focused software, like inventory management and appointment booking tools, and an online store builder. I also love that you can manage everything from a single app

Integrations are available from the Square App Marketplace. These include native integrations with popular business tools, like QuickBooks, WooCommerce, Jotform, and TrustPilot Reviews.

Stripe is a global payments platform that provides software and APIs to help businesses take payments. Like Stax, it offers a range of additional features such as invoicing terminal solutions, but it's particularly geared towards online businesses.

Why I picked Stripe: Speed and simplicity. That’s the two words that come to mind when I think of Stripe Checkout. It’s probably the easiest tool in my list to use to create a hosted checkout page, integrate it with your website platform, and start taking payments. I love that you don’t need to know how to code to get started, either. But if you are more technically minded, then you can use Stripe Elements to design your own payment flow. It’s basically got something for everyone.

It’s pretty common for online businesses to serve a global audience, which is another reason to choose Stripe. The platform supports over 135 currencies, as well as localized options like Alipay.

Stripe Standout Features and Integrations

Features that I think set Stripe apart from other tools in my list include its suite of pre-built payment products. This includes a checkout page, recurring billing functionality, and payment links, as well as payment processing. If you’re a developer, then you’ll love that Stripe makes it easy to build your own payment tools with access to APIs and low-code solutions.

Integrations are available with dozens of business tools, including e-commerce platforms like BigCommerce, bookkeeping software like Bench Accounting, and data platforms like Databox.

Stax Pay is a valuable payment processing platform designed to support businesses and SaaS platforms with cost-effective payment solutions. It features automated subscription billing to help manage recurring payments and reduce late or failed transactions. Additionally, Stax Pay supports compliant surcharging, allowing businesses to pass on credit card processing fees to customers while adhering to industry standards.

Why I chose Stax Pay: Stax Pay is an all-in-one platform that not only simplifies payment processing but also provides a range of capabilities such as surcharging, equipment, lending, mobile payments, and e-commerce solutions. This breadth of services, combined with a commitment to transparency and customer support, positions Stax Pay as a versatile and reliable partner for businesses seeking merchant account services.

Stax Pay also offers up to 40% savings on payment processing fees to assist businesses in managing their transactions efficiently.

Stax Pay Standout Features and Integrations

Features include payment processing, invoicing, inventory management, recurring billing, customer management, financial reporting, multi-location support, and customizable digital receipts. The platform also provides advanced security features, integration capabilities with various business tools, and real-time transaction monitoring.

Integrations include Slack, Zapier, Microsoft Office, Google Suite, and CRMs. Additionally, Stax Pay allows for easy integration of payment processing capabilities into software and mobile apps with comprehensive mobile software development kits in Javascript and Python, and a language-agnostic RESTful API.

Chase Payment Solutions is the merchant account service of Chase, the country’s biggest bank. It offers a suite of payment solutions, including some of the fastest funding rates in the business.

Why I picked Chase Payment Solutions: In my opinion, one of the biggest problems with the payment processing industry is having to wait several days or even a week to access the money you're owed. I know this delay can significantly hinder your cash flow, especially if you have to juggle rent payments, payroll, and paying your suppliers.

That’s why I recommend Chase Payment Solutions if you’re looking to improve your cash flow. One of the biggest benefits of using the country’s biggest bank to take payments is that they let you access funds the same day without additional fees. The only hitch is you'll need to open a Chase business checking account.

Chase Payment Solutions Standout Features and Integrations

Features like the ability to get same-day payments (if you have a Chase business account) and exceptional payment security are to be expected from the country’s biggest bank, if you ask me. But I like how Chase Payment Solutions also offers a terminal for in-person payments and a customer intelligence platform to help you make better decisions.

Integrations include the major players that you'd expect, such as accounting platform FreshBooks and e-commerce platforms BigCommerce and Shopify

Payment Depot is a highly-rated merchant account provider, owned by Stax. Its membership-style offering helps customers save on fees, but its credit card processing capabilities are where I think the company really shines.

Why I picked Payment Depot: If you’re a B2B business that processes a lot of credit card payments, I think you’ll love Payment Depot’s offering. It uses a payment gateway called PayTrace, which automatically fills data fields required to get level II and level III rates on business cards. Combine this with Payment Depot’s flat membership fee, and it’s a solid offering. As long as you don’t want a load of cutting-edge features, I think you’ll find Payment Depot hard to beat.

Payment Depot Standout Features and Integrations

Features aren’t quite as bountiful with Payment Depot as other providers in this list, if I’m honest. What you see is what you get. One feature I think brick-and-mortar merchants might love, however, is the wide range of POS equipment, courtesy of Clover, that Payment Depot provides.

Integrations include most major e-commerce platforms like Shopify and Magento, as well as Quickbooks, Revel, NCR, and Authorize.net.

Stax is a payment technology that offers just about every payment and financial-related service a small or medium-sized business could need. Use Stax to accept payments in a variety of forms, create and send invoices, manage recurring payments, and protect your business with payment security options.

Why I picked Stax: I like tools and platforms that play several roles, allowing you to minimize the number of subscriptions you have to pay. Stax fits the bill perfectly, in this regard. I think you can probably do away with two or three other payment-related tools by making the switch. You won’t need a separate invoicing platform, for instance, or a subscription management tool if you’re a SaaS company. Both of these features are available under Stax’s flat subscription fee.

Stax also works as a payment gateway meaning you avoid having to pay processing fees to middlemen. Stax will even connect with your retail Point of Sale system, allowing you to use the platform to take in-store payments—although you may prefer to use a specialist service like Square, instead.

Stax Standout Features and Integrations

Features that make Stax better than most of the options on this list for most small and medium-sized businesses include an all-in-one payment platform that lets you accept any type of in-person and online payment and invoicing tools. I also like the platform’s subscription management software.

Integrations let you connect Stax to all of your business apps. These include Slack, HubSpot, Quickbooks, Xero, MS Teams, Google Docs, Mailchimp, Asana, Wrike, monday.com, and more.

Flagship Merchant Services isn’t flashy and doesn’t have the best website, in my opinion. But it has the best approach to customer service, and all of the services most small and medium-sized businesses will ever need.

Why I picked Flagship Merchant Services: The company’s commitment to customer service puts it above a lot of other options on this list. If it’s your first time buying a merchant account, Flagship Merchant Services can guide you through the process. Unlike most of the other merchants on this list, you can call them up and speak to a sales rep. You also qualify for free equipment when you open an account and the company promises the best processing rates guaranteed—two great selling points for cash-strapped startups.

Flagship Merchant Services Standout Features and Integrations

Features include everything a first-time retailer needs to start accepting payments, in my view. This includes a free Clover Mini Point-of-Sale or EMV Certified Terminal, e-commerce credit card processing, and fraud prevention services. I like the fact that the offering can scale with you. For example, once you’ve found your feet as a retailer, Flagship Merchant Services also offers API access, so you can customize your checkout flow.

Integrations focus on Clover’s payment processing offering. Flagship’s ecommerce offering Quiq, has API access you can use to integrate with other software solutions.

Dharma Merchant Services offers a comprehensive merchant services account, with low rates and good customer service. But it’s their approach to surcharging that sets them apart from competitors and makes them an ideal choice for businesses like restaurants that handle a large amount of credit card payments.

Why I picked Dharma Merchant Services: I love that the company offers a surcharge service, which lets you pass on all of a credit card’s processing fees to the customer — something few other providers in this list do. I think it’s one of the easiest ways a company can reduce costs and improve revenue—as long as your customers are happy to pay it. What’s more, the company also offers “interchange plus” pricing, with flat, fixed margins and no monthly fee.

Dharma Merchant Services Standout Features and Integrations

Features are what you’d expect from a decent all-round provider. I like that the company offers multiple payment solutions that incorporate its surcharge capabilities, including a virtual terminal, mobile payment processing software, and online payment links. I’m also a fan of the reporting dashboard that offers a range of pre-built reports and means retailers can start understanding their businesses from day one.

Integrations include most POS hardware systems and MX Merchant.