Ranking the best credit card processors of 2016

[Last updated: June 27, 2016]

If you take credit cards for your business, fees can become a huge expense over time. Finding a processor that will treat you and your customers right while charging a fair price isn’t easy. Here at Authority, we’ve put together the best 10 credit card processors and organized them based on your business size and their overall value. The best we’ve looked at this year goes to Payment Depot.

Best Overall: Payment Depot 

Overview: Low rates, and innovative pricing structures make Payment Depot a favorite of small and big businesses alike. Risk-adverse and flexible plans make this our number one.

Summary: Payment Depot has little downside. Custom membership plans based on the amount of dollars you process a month keep things risk-adverse, and transaction fees are surprisingly low – starting out at 25 cents/transaction (these fees get lower and lower as you process more). Their fees are monthly membership based and plans are available for any sized business. And in an industry that reeks of dubious character, Payment Depot has no cancellation or early termination fees. Clap for ’em.

Read our full Payment Depot review here.

Best for Startups: Square 

Overview: Square is one of the newer processors, but has become one of the most well known to help small businesses and startups.

Summary: This processor has done wonders for the image of the industry (thank you, Jack). Square is now famously fanboy’d by startups and entrepreneurs, and the UI is so sleek your 8-year-old could start taking payments after a 30-second rundown. Flat-rate pricing with no swipe fees is another unique, game-changing feature in Square’s arsenal. It’s not only a processor, but can be an entire point-of-sale system that looks phenomenal in any setting – you’ve probably seen their whited-out mini card reader that attaches to smartphones. The customer service end seems to be lacking, though. They’re aimed to be so mainstream, they’re naturally trying to automate all their customer service (think: Paypal) so if you need someone holding your hand the entire time, you’d want to go with a smaller shop.

Read our full Square review here.

Number 3: Helcim

Overview: A Canadian credit card processor that recently entered the American market. Very clear fees that are also some of the most affordable.

Summary: If understandable pricing and transparency are at the top of your priority list, Helcim takes honesty to a whole new level. Their fees are so clearly laid out you’ll understand them before your browser fully loads. Everything is made plain, even how much they make on each transaction. The rates are also guaranteed which means the markup rate you have the first day your service starts will be the same for the life of your account. You won’t find any dedicated account reps to help you, but the information on their website is enough to help you become one yourself. Get ready for the red carpet because this processor also has the best customer service department around. A great choice for small and medium businesses who appreciate honesty and clarity.

Read our full Helcim review here.

Number 4: fattMerchant

Overview: Excellent for a high volume of transactions due to the subscription model pricing structure. Online merchant friendly with a virtual terminal.

Summary: fattMerchant stands out with a membership model and standard transaction fee. The surprising thing here is the lack of typical fees you’ll find elsewhere. They all add up to some pretty fatt savings (their joke not ours). The ideal client here is a mid to high volume shop that does a ton of business online. The cost for that will be a low monthly fee and a flat .08 cents/transaction. Many other companies charge a hefty fee for mobile or online payment processing, but fattMerchant is a low-cost, Ecommerce-friendly option at .15 cents/transaction. Big business or enterprise customers may find the per transaction too pricey, and could see a better rate from another processor. The math can be tough so break out your calculator, but there is a sweet spot of transactions that make fattMerchant one of the most affordable for your online biz.

Read our full fattMerchant review here.

Number 5: Payline

Overview: Flexible options and features available and charitable giving make Payline not only a great processor, but a humanitarian option as well.

Summary: On top of the two simple (low and high volume) plans offered by Payline, you’ll have your choice of features in an a la carte style buffet of service. If you don’t need ’em, they don’t charge for ’em. If you do, they won’t break the bank. You’ll find options for mobile, online and in-store. Honest and upfront, Payline is also incredibly charitable. Grants, benefits, and charities are a huge part of the culture. Their employees serve and volunteer for a non-profit 3 days out of the year. If you are someone who’s saving the world with a non-profit, special plans are available to help you save even more of those donated dollars. A perfect option for businesses who want to put on their goody-two-shoes (aka conscientious companies) to know a portion of your money makes a difference.

Read our full Payline review here.

Number 6: BrainTree

Overview: One of the best processors for connected devices and online shopping. With no brick-and-mortar options, this one is exclusively for goods sold via the internet.

Summary: Best for web-based businesses. Finding a good company to process your online transactions can be difficult. Most charge higher fees and while some say they’re “internet friendly”, it seems like a sham. BrainTree is one of, if not the best, option for online vendors at 2.9% + .30 cents. Plus, your customers will never to leave your site (unlike processors like Paypal). Buyers will go through a custom-designed wonderland that you create. It’s perfect for developers and anyone who wants to control your CX. Everything is customizable with leaves a lot of options and means it isn’t the cheapest option on the market. But it is a playground for online marketplaces. PayPal acquired BrainTree a few years back, but it still operates on it’s own and it hasn’t changed the features that make people dislike Paypal. If you only sell online, give this processor a closer look.

Read our full BrainTree review here.

Number 7: CreditCardProcessing.com

Overview: Flexible pricing options allow your business to choose how they pay for transactions and potentially save money. One of the better options for small businesses.

Summary: If you know you want to try all of the options before sticking with a processor, these are your guys. The flexibility that CreditCardProcessing.com helps small businesses keep their costs in check while they experiment like a mad scientist to find the best pricing structure. This solution offers multiple payment options including tiered and interchange-plus pricing to give you a look at your fees and see which setup is saving you more money. No cancellation fees or contracts mean no commitment if you hate them. If you’re interested, you’ll have to talk to a rep to get further details; could be a deal breaker. CreditCardProcessing.com is also a reseller for another payment processor which makes them less appealing to enterprises and larger businesses. If you’re small and looking to save all you can without having to know everything about the credit card industry, check ’em out.

Read our full CreditCardProcessing.com review here.

Number 8: Cayan

Overview: A great value processor with some of the best tiered-pricing available. Lack of transparency, including pricing options and fees may leave you leery.

Summary: Low cost is the sole motivator for a lot of businesses. If that sounds like you, then Cayan is rock-bottom. Their tiered pricing has one of the lowest monthly fees, along with some very affordable per transaction fees for qualified debit/credit cards. There is even a low price guarantee if you happen to find someone charging less. The “Genius” plan offered by the company promises to grow with your company so it fits the small and profitable all the way to baller status. The downside is  the very little transparency about their pricing and fee structure. No information on these topics is available from their website which seems silly at best and bad for business. While the fees are obviously low, it makes little sense not to publish that intel. Again, if you need transactions processed and want it done with as little cost as possible, Cayan is cheap.

Read our full Cayan review here.

Number 9: Dharma 

Overview: Not for small vendors, but a good option for small brick-and-mortar businesses who have more than $10,000 in credit card transactions per month.

Summary: Dharma has some fantastic benefits for small, but established businesses. The minimum to open an account is $10,000/mo in transactions, so part-time businesses and single person operations may want to sit this one out. Online shops will want to pass as well, due to the higher priced portal and pricey setup fee for online shopping transactions. The company also doesn’t provide individual account reps. Now, with all that bad out of the way, their customer service is cool and the charitable efforts are great. You’ll pay .75 cents and .75% for a $100 transaction, not too shabby. Dharma isn’t for most, but if you have a small physical business or a non-profit that takes in more than that $10K mark; Dharma fits that small bill.

Read our full Dharma review here.

Number 10: PayPal

Overview: PayPal is the biggest name in online transactions and a trusted name for buyers. If your site lacks trust, you can make customers feel safer by taking Paypal.

Summary: This processor is one of the most polarizing around. People either love or hate PayPal. The loving end seem to be buyers. If they see that logo, they know that their money is safe. Which is a value for online shops looking to persuade shoppers into making a purchase. It doesn’t have to be the only way to take money, but if your site looks shady it could be the only way to make money. Integration is also a snap and the sheer number of options is impressive. Multiple processing plans, mobile payments and some great physical equipment still make it a competitor in the space. Fast payment buttons and easy setup of recurring payments. The major downside is the need for buyers to leave your website and go to a borderline ugly processing page on PayPal’s website. This breaks the brand experience and can be a huge problem for some vendors. You may hate them, but they serve a purpose (if you need it).

Read our full PayPal review here.

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