4 days ago
Cayan is a payment processor and credit card processor company that was founded in 1998 under the leadership of Henry Helgeson, who saw an opportunity to create a simpler process for businesses to accept credit and debit card payments. The merchant accounts company was first called Merchant Warehouse until its change to Cayan. Impressively, Cayan identified a way to streamline equipment purchases while providing reasonable rates to benefit small businesses and is credited with being the first to build its own mobile application to accept credit cards and certify what is known today as point-to-point encrypted card readers. Cayan is currently one of the most trusted payment processing and merchant account providers in the nation. Headquartered in Massachusetts, the company's forward-looking statements reveal plans to accelerate growth through its acquisition by TSYS.
Opening its doors in 2007, National Processing is a merchant services provider that manages payment processing solutions for over 8,000 locations across the nation. National Processing’s mission is to build strong, trusting relationships with its customers. Additionally, the company promotes authenticity and seeks to carry out its mission with upfront pricing, service-oriented giving, and transparent business practices.
Founded in 2001, Flagship Merchant Services is a leading provider of credit card processing and payment acceptance solutions for e-commerce based businesses, every type of retail business, and other businesses that require processing services. Flagship Merchant Services has the payment solutions businesses need to accept any type of payment (credit card, debit card, EMV, NFC/contactless) securely and safely, and at a competitive rate. Flagship provides 24/7/365 customer service, quality credit card processor equipment, and technical support for all merchant account customers. Each customer also has access to a suite of business management analytics, customer service resources, and self-help for any big or small business through its propietary customer engagement portal. The company prides itself on maintaining strict pci compliance and quality customer service to provide merchants with every necessary solution for saving money.
Fattmerchant, which is based in Orlando, Florida, and has been in business since 2014, is an omni-channel tech company that exists to level the playing field for medium and small businesses. The company does this through transparent 0% markups, access to wholesale credit card processing rates, fixed monthly subscriptions with no contracts, and proprietary technology the company has developed to make operating a business much easier. Fattmerchant offers services ranging from integrations into existing systems, e-commerce, online and mobile virtual terminal, and more. With Fattmerchant, customers don’t need to worry about unreasonable prices and hidden fees. The payment processing company will work with each customer to help them choose the payment option that will work for their business and make their experience with the company that much more enjoyable.
Upserve was founded in 2009 by Angus Davis and is currently headquartered in Providence, Rhode Island. Upserve started out as an invite-only social shopping service where users could share their shopping experiences. Then it evolved into a loyalty platform for small businesses and further expanded its loyalty service into an all-in-one payments, analytics, and marketing solution for local area merchants with their main focus on providing a restaurant retail merchant account to customers, but they do service other retail industries as well. The Upserve merchant accounts system works with a merchant's existing credit card POS system. Upserve is a registered ISO/MSP of Wells Fargo Bank, N.A. in Walnut Creek, California.
Leaders Merchant Services was founded in 2000 and is a registered ISO/MSP of Wells Fargo Bank N.A. in Walnut Creek, California. The merchant accounts company specializes in providing point-of-sale (POS) equipment and merchant account services such as debit and credit card payments and processing for businesses of all sizes, including retail establishments, home-based businesses, mail-order companies, and Internet accounts. Leaders Merchant Services processes traditional card-present (swiped) transactions, as well as keyed (card not present) transactions.
CreditCardProcessing.com is a newer merchant accounts service provider that launched in 2013 and specializes in helping new, existing, big, and small businesses in a number of different industries obtain the best merchant services possible. The company offers reasonable rates for its merchant accounts services and credit card processing, and its staff offers hassle-free assistance to help business owners get started on accepting credit card payments. Additionally, CreditCardProcessing.com's application process is straightforward and its approval time is quick.
In 1995, goEmerchant started in the basement of a Five and Dime. Despite humble beginnings, goEmerchant has been a key player in the credit card processing and merchant services industry and has led in revolutionary innovations. For example, goEmerchant is responsible for the creation of the industry standard "Buy-Me Button" which created a more secure and simple way to process payment. Today, goEmerchant continues to push industry standards and provide a quality service to its merchant account customers.
PayPal got its start back in 1998, as a payment processing method for the then booming Ebay company. A short time ago, Ebay announced the two companies would become separate entities. PayPal is so much more than a checkout item via Ebay. Now, friends and family can use it to send money to each other. Most commonly today, small business owners use the merchant account to collect credit card payments from their customers.
Vantiv was previously operated under the name Midwest Payment Systems, which is a division of Fifth Third Processing Solutions and is currently headquartered in Cincinnati, Ohio. Vantiv was founded in 1970 and is a payment processing and technology provider based in the United States. It is also the largest PIN debit US acquirer. Vantiv's merchant accounts base includes retail, restaurants, government entities, e-commerce payments, supermarkets, drug stores, business to business, and various consumer services. Vantiv boasts more than 400,000 merchant accounts locations and over 12,000 ATMs in 46 states and eight countries.
Let’s be honest. Cash and checks are falling out of use. People are using their cards, especially their credit cards, more often than not to make their purchases, whether those purchases be a quick trip to the grocery store or large corporate needs. And that isn’t likely to change; if anything, this pattern is likely to continue and expand, which means your business needs to be able to accept credit card payments as a primary form of payment. And this is why you may need a merchant account: a merchant account is a bank account that allows businesses to accept credit cards. Before your company can accept any kind of credit card payment, you must first open a merchant account. While this can be intimidating, we are here to help you choose the best merchant account provider for your needs. Here are some things to consider.
If you are looking into a merchant services provider, you have probably also looked into point of sale options. You may be preparing to choose a point of sale (POS) system or you may already have one. Regardless, you need to understand which POS systems work with which merchant accounts. In choosing which merchant services company you work with, keep this in mind. Whenever buying this technology, make sure you buy it upfront rather than lease it from a merchant account company or a POS company. Leasing can lead you to paying far more than the hardware is worth.
Remember, too, that you have a variety of software and hardware options. Some recent systems offer touchscreens, which provides a more streamlined experience. Some systems use a cloud-based system. Additionally, consider mobile and wireless technology; even though it is also fairly new, it has its own benefits since it is cost-effective for small to mid-sized businesses with limited needs. No matter what you choose, it is important to have up-to-date hardware when opening your account. Hardware today needs to support EMV (chip technology, e.g. EuroPay MasterCard, Visa).
Once you narrow your options according to what is compatible and reasonable for your company, consider your business goals: How much inventory information do you need from your POS? How much are you willing to pay? How much should you pay according to your business’s revenue? How easy is the software and hardware to use?
There are three different types of pricing models for credit card processing: flat rate, tiered pricing, and interchange plus. Know which model works best for your company so you can find the merchant account service best equipped to service your customers. And make sure you know your company’s pricing model before you choose a merchant services provider. Also, be aware of your business type and if it is considered to be high risk or not because this will affect the pricing of your merchant account. High risk factors will often depend on if you have a small or large business, and if you have a lot of possible chargebacks and returns. So, make sure to have your merchant account provider break down the details for you and where you fall in the pricing model options. And here is a breakdown of the three types of pricing models.
Processors like PayPal have a flat rate model, which is the sometimes considered best for smaller companies that generate relatively low revenue totals each month. However, If you choose to use a flat rate model, make sure you do your research. Because flat rate is such an appealing option for many small businesses, some merchant accounting companies disguise their rates as flat rate models, causing you to pay more money than you anticipated.
Tiered payment processing pricing is based on a qualification system that determines which rate tier a merchant's transaction qualifies for. Tier pricing appeals to some merchants because it requires minimal time. However, it generally results in much higher processing costs overall, and you receive few to no details on what exactly the merchant is paying for.
Finally, an interchange plus pricing model allows merchants to pay only two fees: a flat fee, regardless of the wholesale processing rate, and a small transaction fee. This tends to be geared toward larger companies bringing in a fair amount of revenue, but recently, the market for merchant accounts is more competitive, so smaller businesses can get accounts on this pricing structure.
When budgeting for a merchant account service, make sure you understand all of the fees involved. While some merchant account providers do not charge added feeds, many companies do charge fees outside of the typical monthly charge. Carefully researching and asking questions is the key in this industry. Some companies may have their fees openly stated on their websites, others may not. Some companies may have aspects of the price listed, but not all of the information you need to accurately anticipate the costs you should expect. This is not to say that all companies intentionally withhold pricing information, but you should be aware that some companies — as with all industries — are less transparent than others. Because of this, don’t be afraid to ask a lot of questions and research each company before committing to a merchant account company. It is better to over prepare than to risk choosing a sub-par company or one that is ill-equipped to service your customers. Some of the different types of fees you may encounter include the following:
Should I use a flat rate, tiered pricing, or interchange plus pricing model?
Flat-rate pricing is the easiest of the billing platforms.You are charged one rate, regardless of transaction size or type, for all type of card transactions. In honest flat-rate systems, you should only be charged a small fee per transaction. Whether or not flat-rate pricing is most beneficial to you depends on what that flat rate covers. To make that decision, you would need a breakdown and analysis of your sales.
Tiered pricing was introduced to help merchants process their credit cards in simple ways, but many credit card experts criticize it because it doesn’t provide details or flexibility on credit card processing fees. Also, it is common to have what is called mismatching. For example, an inexpensive debit card could be billed to the merchant using an expensive rewards card rate transaction. This mismatching is legal and happens often.
Traditionally, only businesses with lots of credit card sales — usually $25,000 or more — could use interchange plus, but recently it has become more accessible to companies of every size. In interchange plus, you only consider two rates: a consistent, flat fee, regardless of the wholesale processing rate, and a small fee per transaction. While this system sets you up for competitive pricing, you must still have a competitive quote.
What factors will companies consider when I apply for a merchant account?
Anytime you try to open a merchant services account, the company providing the service will consider your company in terms of the following:
What questions should I ask merchant account companies before agreeing to work with them?
Always look for transparency in the companies you consider working with. Companies who avoid giving you information concerning pricing, fees, or general services are more likely to deal dishonestly with you. Here are some questions you should ask:
What is the difference between payment gateway and merchant account?
Many people feel confused about payment gateway and merchant accounts and what they are, or are not. Here is the simple answer for what they are, how they work, and how they apply to your business:
What are the best merchant account service companies?
When choosing a company to work with, there are many things to consider, but don’t stress out. More than anything, you should consider the needs of your company in choosing the best merchant accounting service. Of course, there will be constants in what to consider, such as company transparency, pricing, quality of service, customer care, and other similar considerations. Consult merchant account company ratings and compare their qualifications before making a final decision.