BEST OF

10 Best Payment Processing Companies of February 2023

When weighing payment processing companies, consider if you want an online, all-in-one solution or a niche product.

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NerdWallet selected these top payment processing companies based on a variety of key factors including fair rates, transparency, customer service, useful features, ubiquity and global reach. The best choice for your small business depends on your industry, average sales and transaction sizes, as well as whether you're prioritizing in-store or online sales. Here are our top picks.

Best Payment Processing Companies

Our pick for

Overall payment processor

Helcim
Learn more

on Helcim's secure website

Helcim

Helcim

Payment processing fees

0.30% + 8¢

plus interchange, in-person; 0.50% + 25¢ plus interchange, online.

Monthly fee

$0
Learn more

on Helcim's secure website


Why we like it

Helcim offers transparent, competitive pricing and an all-inclusive platform. It's not the most affordable option for businesses with low sales volumes, but it's an excellent choice for most other small-business owners.

Pros

  • Pricing is transparent.

  • Offers all-inclusive platform.

Cons

  • Potentially expensive for low-volume businesses.

Read Full Review

Our pick for

All-in-one payment processor

Square
Learn more

on Square's secure website

Square

Square

Payment processing fees

2.6% + 10¢

in-person; 2.9% + 30¢ online.

Monthly fee

$0

Starts at $0/month for unlimited devices and locations.

Learn more

on Square's secure website


Why we like it

With its own hardware options, free point-of-sale software, free mobile card reader and accounting integrations, Square is an excellent choice for business owners who value convenience and want an all-in-one system.

Pros

  • Competitive, flat-rate pricing.

  • Offers free POS systems with many features and functions.

  • No contract or early-termination fees.

Cons

  • Lacks advanced POS features.

  • Doesn't run on Windows devices.

Read Full Review

Our pick for

Online, international transactions

Stripe
Learn more

on Stripe Payments' secure website

Stripe

Stripe

Payment processing fees

2.7% + 5¢

in-person; 2.9% + 30¢ online.

Monthly fee

$0

Learn more

on Stripe Payments' secure website


Why we like it

With Stripe Terminal, you can integrate in-person payments into your online payment setup. Transparent pricing and customizable features make it a good choice for online-first businesses looking to extend to in-person sales. However, many features — including connecting hardware to software — require coding experience or “no-code” integrations.

Pros

  • Highly customizable.

  • Competitive pricing.

Cons

  • Prioritizes online merchants.

  • Requires developer experience.

Read Full Review

Our pick for

Accounting and software integrations

Clover
Learn more

on Clover POS's secure website

Clover POS

Clover

Payment processing fees

2.3% + 10¢ or 2.6% + 10¢

in-person; 3.5% + 10¢ online.

Monthly fee

$15

$14.95 and up.

Learn more

on Clover POS's secure website


Why we like it

Clover point-of-sale hardware is pricey, but the reasonable monthly cost and low payment processing fees may help offset that upfront investment over time.

Pros

  • Competitive flat rates for payment processing.

  • Hardware performs well and is well designed.

Cons

  • No free options.

  • Pricing can be tough to understand.

Read Full Review

Our pick for

Alternative payment methods

PayPal

PayPal

Payment processing fees

2.99% + 49¢

credit and debit cards; 3.49% + 49¢ digital payments.

Monthly fee

$0

Standard; $5 Payments Advanced; $30 Payments Pro.


Why we like it

PayPal is a leader in developing and accepting payments in innovative ways, including through subsidiary Venmo, QR codes, payment links and buy-now-pay-later financing. Because it’s such a widely used platform, PayPal integrates with most websites and shopping carts.

Pros

  • One of the most commonly used payment processing platforms.

  • Easy to use and integrate with website hosts and shopping carts.

  • Transparent fixed fees in 25 currencies.

Cons

  • PayPal’s offerings are vast and can be difficult to grasp quickly.

  • Payment processing can be expensive for small purchases.

  • Not ideal for high-risk or high-volume businesses.

Read Full Review

Our pick for

E-commerce businesses

Shopify
Learn more

on Shopify POS's secure website

Shopify Retail POS

Shopify

Payment processing fees

2.70%

in-person; 2.9% + 30¢ online (Basic plan).

Monthly fee

$0

POS Lite; $89 POS Pro.

Learn more

on Shopify POS's secure website


Why we like it

Shopify POS syncs directly with the Shopify e-commerce platform. However, Shopify does not offer free POS software, and the platform is retail-focused.

Pros

  • Has good features for multichannel selling.

  • Offers integrated, flat-rate payment processing.

  • Easy to use.

Cons

  • More e-commerce focused than other competitors.

Read Full Review

Our pick for

Direct processor

Chase
Learn more

on Chase Payment Solutions℠'s secure website

Chase Payment Solutions℠

Chase

Payment processing fees

2.6% + 10¢

in-person; 2.9% + 25¢ online.

Monthly fee

$0

Monthly fee in some instances.

Learn more

on Chase Payment Solutions℠'s secure website


Why we like it

Chase Payment Solutions offers a familiar name and top-of-the-line technology, but limited hardware options and the company’s reseller program could make alternatives better options for some businesses.

Pros

  • Big, recognizable name.

  • Two-in-one processor and acquiring bank.

Cons

  • Reseller programs complicate buying process.

  • Pricing is relatively unclear.

Read Full Review

Our pick for

High-volume sales

Stax by Fattmerchant
Learn more

on Stax by Fattmerchant's secure website

Stax by Fattmerchant

Stax by Fattmerchant

Payment processing fees

0% + 8¢

plus interchange in-person; 0% +15¢ plus interchange keyed.

Monthly fee

$99

and up.

Learn more

on Stax by Fattmerchant's secure website


Why we like it

Stax is known for its pricing. It may be a good fit for businesses processing at least $5,000 in credit card transactions monthly.

Pros

  • No markup on interchange rate.

  • Unique add-on features.

Cons

  • Not a good option for businesses with low sales.

  • Pricing isn't as transparent as competitors.

Read Full Review

Our pick for

High-risk merchants

Payline
Learn more

on Payline's secure website

Payline

Payline

Payment processing fees

0.4% + 10¢

plus interchange in-person; 0.75% + 20¢ plus interchange online.

Monthly fee

$10

in person; $20 online.

Learn more

on Payline's secure website


Why we like it

Payline’s affordable and transparent pricing helps business owners accurately calculate their payment processing fees, and its user-friendly interface makes it a good option for small-business owners.

Pros

  • Competitive pricing.

  • Good customer service offerings.

Cons

  • Negative online reviews.

Read Full Review

Our pick for

Nonprofits

Dharma Merchant Services

Dharma Merchant Services

Payment processing fees

0.15% + 8¢

plus interchange in-person; 0.20% + 11¢ plus interchange online.

Monthly fee

$25

Why we like it

Dharma Merchant Services prioritizes simplicity and affordability. It integrates with most point-of-sale hardware systems.

Pros

  • Competitive transaction pricing.

  • Good flexibility.

Cons

  • Monthly fees can be barrier to entry.

  • Requires separate accounts for online and in-person payments.

Read Full Review

Helcim: Best overall payment processor

Pricing:

  • Interchange plus 0.3% and 8 cents per in-person transaction (if less than $25,000 in monthly card transactions).

  • Interchange plus 0.5% and 25 cents per online transaction (if less than $25,000 in monthly card transactions).

  • Interchange plus 0.5% and 25 cents per manually keyed transaction (if less than $25,000 in monthly card transactions).

  • 0.5% plus 25 cents for ACH payments.

Why we like it: With its volume discounts, transparent interchange-plus pricing and quick setup, Helcim is one of the best payment processors for small businesses. Businesses aren’t locked into a contract, and the merchant account provider doesn’t come with a monthly subscription charge. There are no setup fees or PCI compliance fees. Read NerdWallet’s Helcim review.

Square: Best all-in-one payment processor

Pricing:

  • 2.6% plus 10 cents for in-person transactions (2.5% plus 10 cents with Retail Plus plan).

  • 2.9% plus 30 cents for online transactions or invoices without a card on file.

  • 3.5% plus 15 cents for manually keyed transactions or card-on-file invoices.

Why we like it: Like Helcim, Square has no cancellation fees, PCI compliance fees, setup fees or monthly subscription charges. With its own hardware options, free point-of-sale software, free mobile card reader and accounting integrations, the platform is an excellent choice for business owners who value convenience and want an all-in-one system. Read NerdWallet’s Square review.

Clover: Best for accounting and software integrations

Pricing:

  • 2.3% plus 10 cents for in-person transactions for most plans.

  • 2.6% plus 10 cents for in-person transactions on Retail Starter, Personal Services Starter and Professional Services Standard plans, as well as Home & Field Services Standard and Advanced plans.

  • 3.5% plus 10 cents for online or keyed-in transactions.

Why we like it: In addition to handling payment processing, Clover also offers POS hardware and software. The large suite of apps and software that in Clover's App Market may be of particular interest to business owners looking for a POS that integrates with their existing accounting, payroll and tax platforms. While it’s a convenient option, its software plans do come with a monthly fee. Read NerdWallet’s Clover review.

Stripe: Best for online, international transactions

Pricing:

  • 2.9% plus 30 cents for online transactions.

  • 2.7% plus 5 cents for in-person transactions.

  • 3.4% plus 30 cents for manually keyed transactions.

  • 3.9% plus 30 cents for international cards or currency conversion.

Why we like it: Stripe's payment processing services are a good fit for businesses that conduct most of their sales online. It supports over 135 currencies and offers customizable payment forms, 24/7 support and integrates with more than 450 platforms and extensions. Similar to Square, the service has a flat-rate pricing structure, no monthly subscription fees and no setup fees. Read NerdWallet’s Stripe Payments review.

PayPal: Best for alternative payment methods

Pricing:

  • 2.99% plus 49 cents for standard credit and debit card payments.

  • 3.49% plus 49 cents for digital payments (PayPal Checkout and Pay with Venmo).

  • 2.29% plus 9 cents for card-present or QR payments through PayPal Zettle.

  • 2.89% plus 49 cents for online card payments through Payments Advanced or Payments Pro.

Why we like it: PayPal’s payment processing services stand out because they allow businesses to accept alternative payment methods like Venmo or consumer PayPal accounts. You can also accept payments in person using PayPal Zettle. Customers can also choose to buy now and pay later if they want. It also has a simple flat-rate pricing structure. Read NerdWallet’s PayPal Business review.

Shopify Payments: Best for e-commerce businesses

Pricing:

  • 2.4%, 2.6% or 2.9% plus 30 cents for online payments for Advanced, Shopify or Basic plan, respectively.

  • 2.4%, 2.5% or 2.7% for in-person payments for Advanced, Shopify or Basic plan, respectively.

Why we like it: Shopify is a comprehensive e-commerce solution that helps businesses build online stores, host them and process payments for them, among other functions. For business owners who already use the company for e-commerce, taking advantage of the payments platform makes sense, in part because an additional fee applies if you use an outside processor. Businesses get 24/7 customer support, POS software, fraud analysis, shipping discounts and the ability to sell products in dozens of currencies. Read NerdWallet’s Shopify Payments review.

Chase Payment Solutions: Best direct processor

Pricing: 

  • 2.6% plus 10 cents for in-person transactions.

  • 2.9% plus 25 cents per transaction for online transactions.

  • 3.5% plus 10 cents for keyed transactions.

Why we like it: Chase Payment Solutions is a direct processor, meaning it operates as both the payment processor and the acquiring bank that establishes the merchant’s bank account. So, this may be a good choice for existing Chase business customers. Additionally, Chase offers 24/7 service and has no monthly fees. It has payment processing solutions for service-based businesses, health care companies, restaurants, retail stores and e-commerce shops. Read NerdWallet’s Chase Payment Solutions review.

Stax (formerly Fattmerchant): Best for high-volume sales

Pricing:

  • Interchange plus 8 cents for in-person transactions.

  • Interchange plus 15 cents for manually keyed transactions.

  • $99 per month and up for software.

Why we like it: Instead of charging a percentage markup per transaction, Stax charges businesses interchange plus a fixed amount of money per transaction, plus a monthly subscription fee. Although the $99 per month is steep, it could be worth it for businesses that would otherwise pay more than that in percentage markups. The merchant account provider doesn’t make its clients sign contracts, and its plans include 24/7 customer support (via an online ticketing system) and PCI compliance. Read NerdWallet’s Stax review.

Payline Data: Best for high-risk merchants

Pricing:

  • Interchange plus 0.4% and 10 cents for in-person transactions, and $10 per month.

  • Interchange plus 0.75% and 20 cents for online transactions, and $20 per month.

  • Pricing varies by card type for manually keyed transactions.

Why we like it: Payline Data is a great solution for businesses in high-risk industries that can’t get merchant accounts from more traditional payment processing companies. Businesses that aren’t high risk, however, have to pay for two plans if they want to accept payments in-person and online. Read NerdWallet’s Payline Data review.

Dharma Merchant Services: Best for nonprofits

Pricing:

  • Interchange plus 0.15% + 8 cents for in-person transactions.

  • Interchange plus 0.20% + 11 cents for online transactions.

  • Interchange plus 0.25% + 8 cents for in-person AmEx transactions.

  • Interchange plus; 0.30% + 11 cents for online AmEx transactions.

Why we like it: With 24/7 customer support, no long-term contracts and no PCI compliance fees, Dharma Merchant Services is a solid choice for small businesses that process at least $10,000 of card transactions each month. The company also offers lower monthly fees and processing rates for nonprofits, which makes it a strong choice for these organizations. Read NerdWallet’s Dharma Merchant Services review.

Last updated on February 16, 2023

To recap our selections...

NerdWallet's Best Payment Processing Companies of February 2023