Choosing the Best Card Payment Systems

Having the right card payment system is important for businesses allowing for more varied and affordable payment acceptance. When deciding which card payment system is best for the business, decide what type of processor you wan to work with. If the business is accepting less than $3,000 per month in payments, a mobile credit card solution might be easier for keeping fees low. Also consider how the business wants to accept cards. For brick and mortar locations, a terminal may be needed for a countertop check out station. If the business needs to accept payments online, find a system that supports both methods. Look for interchange plus rates. Using an interchange pricing model is one of the most cost-effective solutions. Some of the best card payment systems include SquareUP, Stripe, and Helcim. Check out these most frequently asked questions to learn more.

Frequently Asked Questions ( 9 )   Add a Question

  1. Which Payment System Is Best for Mobile?
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    Square UP is the easiest with mobile. All merchants have to do is sign up, download the app, and attach the card reader with mobile devices. Square UP will work with both iOS and Android devices, and it's a full-featured point of sale system, making it work for many different types of merchants.

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  2. Which System Is Best for Online?
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    Stripe makes it easy to set up online payments. Merchants just have to set up an account and either copy and paste the code in the online shop or customize the API into the shopping cart. There are integrations and plug-ins to help with set up, and services can be tailored to any needs of the business.

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  3. What Advantage Does Helcim Offer?
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    Helcim is transparent with its interchange plus pricing and rates are low. It's one of the few companies that has a rate lock, which means that merchants won't have to pay more over the life of the account. It offers in-person, online, and mobile processing, so merchants have many options for what works for their business.

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  4. What Should a Business Look for in a Pricing Quote?
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    It's necessary to look at the contract term and know that month to month is the best option, since it can be expensive to get out of a long-term contract. Look at the fees that the system will charge. These may be transaction fees, scheduled fees, and incidental fees. Many card payment systems will only quote over the phone and it's important to ask questions about the fees upfront.

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  5. What Is Interchange Plus Pricing?
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    This is a pricing structure that seems complicated, but it's not. The model includes two elements: interchange and a plus. The interchange is the percentage of the transaction that is paid to the bank and the credit card association. The processor has to pay this charge, so it passes it to the merchant. The plus is the amount over the above interchange costs that the merchant has to pay back to the processor. By including both, merchants can know exactly what they have to pay.

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  6. Is It Possible for a Business to Have More than One Card Payment System?
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    It may be possible, but it can be cumbersome to have different systems. Look for a system that will accept cards in different forms. It may also violate a contract to be working with two separate systems. If a business already has a point of sale system or is planning to get one, check with the company to see which credit card processors they are compatible with.

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  7. Which Companies Offer Transparent Pricing Structures?
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    Helcim, Square, and Stripe offer transparent pricing. One of the advantages of Helcim is that the company lists both complete rates and fees on the website. Stripe does the same thing with its flat transparent pricing. Square uses a flat rate pricing model. Helcim offers a rate at .25% + 8 cents above interchange per transaction. Square is a flat rate of 2.75% per transaction. Stripe is 2.9% plus 30 cents per transaction.

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  8. Which Card Payment System Offers the Best Customer Service?
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    Helcim offers 24/7 phone support, which is important because sometimes it's necessary to speak on the phone to solve the problem. Square's phone support is only accessible on weekdays from 6 a.m. to 6 p.m. PT. Stripe only has email support and doesn't provide direct access to the customer support team.

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  9. Do You Need to Purchase Equipment?
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    Helcim sells three different countertop and wireless terminals and a mobile card reader. Merchants can lease equipment and must purchase upfront. If you already have the equipment, Helcim offers an equipment exchange program. Square offers several equipment options. Start with the basic card reader and then add more as a business needs, such as the standard that will turn an iPad into a stationary POS system or register, which is a countertop model. Stripe does not have equipment for purchase and merchants can key in credit card information for phone or mail order purchases.

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