In this post, we will be sharing the top 5 payment processors for 2022.Every business, whether it operates online or has a brick-and-mortar store, must be able to accept payments, and these days, that includes credit cards. There are a lot of options out there, though, so it can be hard for new business owners to choose the right one. Read on to find out about the top five payment processing choices for 2022 and make an informed decision.
Top 5 Payment Processors for 2022
1. BlueSnap
Bluesnap is more than just a payment processor. The company provides an all-in-one payment platform that includes a payment gateway designed for eCommerce businesses and features global payment capabilities. It also includes built-in tools to optimize payment conversions and world-class fraud prevention capabilities.
What sets BlueSnap apart from the competition is that it creates a completely frictionless customer experience at the checkout by allowing more than 100 different payment types and reducing cross-border fees. Anyone who plans to sell goods internationally should seriously consider this payment processor.
2. National Processing
National Processing is a payment processor that offers multiple plans to suit different business needs. Subscriptions are available that include gateway setup, although they tend to be more expensive because they deviate from the company’s primary offerings.
National Processing is popular among established business owners because the company offers very low transaction fees to customers willing to pay for monthly subscriptions.This payment processor is a good option for people who want to purchase hardware solutions such as handheld card readers or POS terminals as part of bundled packages. The company also works with high-risk merchants.
3. PayPal
PayPal offers both independent payment gateways and integrated payment processing services. This well-known company was one of the first options available to eCommerce merchants, so it should come as no surprise that some still use its services. Unlike most payment processors, PayPal charges a flat fee of 1.5% to all merchants that use its services, although micropayment discounts are available.
This platform is best for occasional sellers and those who sell items at less than $10 a piece, which makes them eligible for the program’s micropayment discounts. Once businesses start to grow, PayPal’s flat fee schedule can become problematic. Established businesses save more money by opting for a subscription-based service.
4. Chase for Business
Merchants who want to take care of all their banking and payment processing needs in the same place might want to look into Chase for Business. It’s a good option for business owners who already use Chase for other banking services, but Chase for Business doesn’t offer an all-inclusive hardware setup or transparent pricing. There’s no way for business owners to find out what they can expect to pay in terms of fees unless they contact a sales representative, which makes it difficult to evaluate whether Chase will be a good option for any particular type of company.
5. Helcim
Helcim attracts a lot of attention by offering free merchant software that serves as a POS system. However, the company makes up for its losses by charging interchange-plus pricing at average rates of 1.92% plus 8-25 cents per transaction. These fees can become unmanageable for merchants who sell many small items or have low monthly sales volumes.
How to Choose
There’s no one payment processor that can serve as the best choice for every business. Business owners need to consider their business models, transaction volumes, transaction amounts, and other needs. We hope our list of the top 5 payment processors for 2022 has made the decision a little easier for you.