It’s no secret that small business owners are constantly looking for ways to make their businesses more profitable. One way is by finding the cheapest way to accept credit card payments. But with all of the different providers out there, how do you know which one will work best for your needs? This blog post will look at some of the most common credit card processing services, including ChargeStripe for mobile credit card payments.
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Options for Accepting Credit Card Payments
To help you get started on the cheapest credit card services available, here is an overview of the solutions presented in this article:
|Stripe||No monthly fee||2.9% + $0.30 (for online transactions)||24/7|
|Square||No monthly fee||2.6% + $0.10 (for card-present transactions)||From Monday to Saturday, 6 AM to 6 PM (CST)|
|Braintree||No monthly fee||2.9% + $0.30 (per transaction)||E-mail or Support Page|
|Plaid||Pricing varies according to the business model||No information available||E-mail or online ticketing service|
|PayPal||No monthly fee||2.70%||From Monday to Saturday, 6 AM to 6 PM (CST)|
We’ll go through all of them and check the pros and cons of each solution for all types of businesses.
Credit Card Processing Services
If you run an online business, you’ve probably heard of Stripe. It’s one of the top payment services providers on the market. Stripe is easy to use, supports many currencies, and has a robust and safe platform for transactions. That is why big businesses like Facebook and Booking.com rely on them.
If you are looking for one of the cheapest ways to accept credit card payments for your business, Stripe is an excellent solution. All you need to do to get started is create your Stripe account. And if you need to accept mobile payments, download ChargeStripe, a Stripe verified partner, that will transform your phone into a credit card reader. After downloading the app, log into your Stripe account and start getting paid.
- Market leader and reliable payment platform
- No monthly fees
- No long term contracts
- Accepts more than 135 currencies
- Transparent transaction fees (Stripe: 2.9% + $0.30 – on online transactions. ChargeStripe: 1%)
- The cheapest option for online transactions
- 24/7 customer service support
- Payment deposit in 2-3 business days
- Additional services: recurring payments, stripe invoice, report dashboard
- All data management and income is held on the mobile phone
- It needs developer or coding skills if you are not using a third party like ChargeStripe.
Square is a top-rated cloud-based payment service that offers solutions for in-person, online, and remote transactions. Anyone can use Square to receive payments – with no need for application and approval processes.
Square has low costs and processing rates and a very flexible user interface, making this option one a favorite of small businesses. However, Square faces some account stability issues and has customer support available for limited hours (Monday to Friday from 6 AM to 6 PM).
- It is free to sign in and use it
- No application or approval processes
- Offers solutions for online and offline environments
- No chargeback or cancellation fees
- The platform can face some stability issues
- Customer support is limited
- Charges fee for same-day deposit
- Not ideal for high-risk businesses
Braintree is another one of the cheapest ways to accept credit card payments. The platform specializes in serving e-commerce and subscription businesses. Their payment gateway has a highly secured system that stores credit card data to perform recurrent transactions without the need to re-enter numbers and personal information.
Besides its great recurring payment feature, Braintree also accepts multi-currency payments, allowing most merchants to accept international payments.
- Specialized in e-commerce and recurring payments services
- Its services are provided by PayPal
- Accepts 44 different currencies
- Has no minimum or monthly fees for transactions
- Difficult to access customer support (available only through e-mail or website form)
- Fees and rates are not completely clear (it can change due to various factors)
Plaid is a financial start up that offers fintech services. This option enables an API to connect with users’ bank accounts, allowing them to make payments through those applications. They operate in the United States, Canada, Spain, France, United Kingdom, Ireland, and The Netherlands.
With the help of Plaid, consumers can pay through EFT or ACH without having to use credit cards, making those transactions faster and easier for them and the businesses.
- Shows account balances in real-time
- It is a safe platform that prevents frauds
- Supports all web-based devices
- Compatible with all kinds of businesses
- Pricing and fees unclear
- Customer support is limited to e-mail and ticketing services
- Operation limited to a few countries
Paypal is a well-known worldwide solution for online payment services for all kinds of businesses. They also have a mobile app called PayPal Here, which now helps this platform accept credit card payments in offline environments.
PayPal also has a great feature that helps organizations add a “Donate Now” button to their website if your business also works with some sort of fundraising.
PayPal has been one of the most popular solutions for businesses, but its services are mostly recommended for occasional sellers since they have unpredictable fund reserve policies that may affect regular sellers.
- No monthly fee
- No long term contracts
- Low transaction fees for credit cards (2.70%)
- Solution reliable and with a worldwide reputation
- Simple and easy to use mobile app for in-person transactions
- Free features like invoicing, online checkout, and QR code payment
- Only suitable for occasional sellers
- Limited support hours (From Monday to Saturday, 6 AM to 6 PM – CST)
- Has some stability issues
- Weekly limit for some payments processing
- Charges monthly fees for some extra features and services (like virtual terminal)
- It doesn’t offer automatic deposits in bank accounts.
Why Should Small Businesses Choose Stripe to Accept Credit Card Payments?
Stripe is an excellent and easy-to-use payment system that can perfectly accommodate small businesses looking for the cheapest way to accept credit card payments.
- Has primary and advanced features – This solution can offer you basic features – like charging for products or services – to an advanced list of tools and app integrations, making Stripe even more robust.
- Easily connects with your website – For online businesses, Stripe is an easy and secure way to connect payment features with your website, making it simple for your customers to pay for products and services.
- No need for a card reader – With the ChargeStripe app, you can accept credit card payments by using just your phone (with no need for a card reader). It takes about 5 minutes to set up and use Stripe and ChargeStripe together.
Using Stripe also offers small businesses other benefits like:
- Accepting retail and offline payments
- Friendly user-interface
- Secure data servers
- Customer support reputation
- A growing list of integrations and apps
- Data portability for different systems
- Transparent costs and fees
How to set up a Stripe Account
Setting up a Stripe account is simple. All you need to do is access their website and register a user account. After that first step, you will be asked to fill out some personal and business information:
- Your business email address
- Your business location address
- Your business phone number
- A customer support phone number
- Your business’s website (or social media profile if you don’t have one)
- Your Social Security Number or Employer Identification Number
- Your full name, home address, and date of birth
- The last four digits of your Social Security Number
- Your checking account routing number and bank account number
Make sure to fill in the information correctly to avoid getting your Stripe account rejected. When you finish filling out the information, it will take up to two business days for the account approval. This process is required to assure the security of your account and the integrity of your business data, avoiding fraudulent or illegal activities.
How can ChargeStripe Help with Accepting Credit Card Payments in Person?
Stripe is an online payment system that is mainly used for online payments. But it is possible to use Stripe to make your business grow by accepting credit card payments in person. To do that, you can use the ChargeStripe app. With ChargeStripe, it is possible to accept credit card payments from anywhere, and all you need is your mobile phone.
ChargeStripe offers a lot of features for Stripe users to take this payment system to another level. With this app, you’ll be able to:
- Connect with your Stripe account
- Scan credit cards with your phone camera
- Take a payment over the phone by typing in card information
- Send payment requests by email or text message
- Set up subscriptions and recurring payments
- Easily send receipts for your clients
How to use ChargeStripe
Getting started with ChargeStripe is quick and easy:
- Create a Stripe account or log in to your own if you already have one
- Download ChargeStripe on your iOS or Android device
- Open ChargeStripe on your phone and log in with your Stripe account
- It is all set up to start using your phone to charge your clients
Frequently Asked Questions
What is the cheapest way to accept credit card payments?
The cheapest way to accept a credit card at your business, clinic, or charging for a service is using Stripe through the ChargeStripe app. All you need to do is create a Stripe account and then download the ChargeStripe app. After that, you will be able to receive credit card payments using just your mobile phone, with no need to pay for card readers.
Stripe and ChargeStripe will only charge you for fees and taxes (the cheapest of the market) for each transaction.
How much does it cost a small business to accept credit cards?
Average credit card processing fees are usually high for small businesses. Traditional credit card payment systems charge from 1.3 to 3.5% on costs for each transaction – plus subscription fees and other hidden taxes some of them have. Stripe small businesses pay a fixed fee of 2.9% + $0.30 (for online transactions) and 1% if they use ChargeStripe. No extra or hidden costs.
Cheapest Credit Card Services Recap
This article reviewed some payment services that offer cheaper solutions for businesses to accept credit cards. Here is a recap of which ones we talked about:
- Payment Depot
- Payment Cloud
- National Processing
For businesses looking for a way to easily accept credit card and mobile payments without increasing their basic costs, ChargeStripe is the best solution. It is simple, reliable, and free of monthly charges.