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Merchant services

Learn how different providers and services can help your business grow.

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Happy business owner hanging open sign

What are merchant services?

Merchant services are financial services that help your business run. This can include:

  • Payment processing. A payment processor allows your business to accept credit card payments.
  • POS systems. A point-of-sale (POS) system tracks payments and works with your payment processor to accept credit cards.
  • E-commerce systems. For businesses that operate online or need to accept online card payments, specialized online solutions can include apps and payment gateways. Many e-commerce companies help build an online store from the ground up.
  • Hybrid payment solutions. If you have both an online store and a brick-and-mortar location, the easiest way to manage your finances is with a company that offers both e-commerce and physical POS solutions. This allows you to keep track of all of your orders in one place.
  • Management software. This can include payroll management, tools to keep track of employee hours, inventory management, project management and any other software or tools that help you keep track of how your business runs.

How does each service work?

Payment processors, POS providers and e-commerce platforms are all unique, and you’ll want to choose a provider that works with your business. Read our guides to learn more about what to expect from different providers.

A Shopping Cart On A Laptop

E-commerce
Learn what you need to open an online store and compare platforms.

Man making a credit card purchase

Payment processing
Learn how to accept credit cards in your store and compare payment processors.

Saleswoman Accepting Card Payment At POS

POS systems
Learn how point-of-sale systems work and how to find the right solution.

Man paying using a credit-card

Merchant accounts
Learn how dedicated merchant accounts work and whether you need one.

Digtal marketing businessman using his tablet

Marketing
Learn what tools are available to help you grow your business.

Compare merchant services providers

Data indicated here is updated regularly
Name Product Products Prices start at Hosting
BigCommerce
Payment processing
Website builder
Inventory tracking
Shopping cart software
Shipping software
$29.95/mo
Hosted
BigCommerce is an all-in-one e-commerce platform created to help you sell more.
Helcim
Payment processing
POS software
POS hardware
Website builder
Inventory tracking
0.10% + $0.10 per transaction
Hosted
Conveniently packaged into three service tiers for in-person and online sales.
Square E-commerce
Payment processing
Website builder
Inventory tracking
Shopping cart software
Shipping software
$0/mo + processing fees of 2.9% + 30¢
Hosted
Easy-to-use online store builder lets you create beautiful layouts to help drive business
Shopify
Payment processing
Website builder
Inventory tracking
Shopping cart software
Shipping software
$29/mo
Hosted
Shopify offers both e-commerce and in-person POS systems designed to help you build a new online store from the ground up.
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Compare up to 4 providers

Data indicated here is updated regularly
Name Product Contract required? Prices start at Processing time High-risk merchants accepted?
Chase Merchant Services
No
2.6% + 10¢ per swiped credit card
Next day when you deposit into a Chase business checking account
No
Accept, process and deposit customer payments in your store, online or on-the-go.
Fattmerchant
No
$99/month + interchange + 8¢/transaction
Next day for qualified businesses
No
Businesses that process more than $10,000 monthly can save with Fattmerchant's interchange+ pricing.
Square
No
2.6% + 10¢ for payment processing, POS software included
Next day
No
Square is a one-stop shop with both e-commerce and in-person solutions.
Helcim
No
0.10% + $0.10 per transaction
Two business days
No
Conveniently packaged into three service tiers for in-person and online sales.
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Compare up to 4 providers

Data indicated here is updated regularly
Name Product Prices start at Products Industries Hardware
ShopKeep
Around $69/month + processing fees
Payment processing
POS software
POS hardware
Inventory tracking
Restaurant
Retail
Third-party
Shopkeep offers all-in-one payment processing and POS solutions.
Square
2.6% + 10¢ for payment processing, POS software included
Payment processing
POS software
POS hardware
Website builder
Inventory tracking
Shopping cart software
Restaurant
Retail
Proprietary
Square is a one-stop shop with both e-commerce and in-person solutions.
Talech
$35/month
POS software
Inventory tracking
Restaurant
Retail
Services
Third-party
Offers a feature-rich tablet-based POS system.
Toast
2.49% + 15¢ for payment processing, $79/month for POS software
Payment processing
POS software
POS hardware
Restaurant
Proprietary
Toast offers restaurant-specific POS solutions, including kitchen display systems, online ordering systems and a restaurant podcast.
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Compare up to 4 providers

How much will I pay for merchant services?

How much you’ll pay depends on your provider and the size of your store. Costs can include:

  • Startup costs. These can include buying any hardware and establishment fees charged by the provider.
  • Monthly fees. Depending on the provider, you may have to pay one flat monthly fee that includes a certain number of transactions or a small monthly fee on top of card processing fees — or no monthly fees at all.
  • Card processing fees. Depending on the provider, you may have to pay a flat or percentage-based fee each time you process a card payment. Fees can vary for credit and debit cards.
  • Chargeback fees. You’re generally charged a fee if the cardholder disputes a credit card transaction.

How do I decide what solutions my business needs?

To decide what type of card payment terminal to get and whether you need a separate POS system, ask yourself the following questions:

  • Where will I accept card payments? The type of system you need depends on whether you accept card payments online, in-store or in a number of different locations.
  • Will I accept cash? Not all POS systems accept both cash and cards. If you’re planning on accepting cash, you’ll want to look for a POS system that can keep track of it seamlessly.
  • Do I have a business bank account? Merchant services run by banks may require you to have a linked checking account for your business.
  • Is my POS system compatible? If you already have a POS system and are looking for a credit card terminal or a bank or provider to process card payments, all the pieces of your system need to be compatible to work together seamlessly.

POS systems vs. credit card terminals

A POS system not only processes credit cards, but it can help your business in a lot of other ways. Depending on the system, it could print and email receipts, keep track of inventory, keep track of cash, scan barcodes, store product prices, analyze profits and sales, accept gift cards and apply discounts.

A credit card terminal can process credit cards — and that’s it. Some credit card terminals are connected to POS systems, but on their own, they can’t apply discounts, store product prices or do any of the other tasks that a POS system does.

Will I need multiple merchant services providers?

Generally yes, but how many services you’ll need and how complicated it is depends on the size and structure of your business.

For example, a large business with an in-person and online presence may have a checking and savings account, a payment processor with a dedicated merchant account, a specialized POS system, a self-hosted website and customized shipping and inventory software. But a small online startup may just have a subscription with a payment service provider like Square and a business checking account.

The best solution is one that’s customized to your business, and it may evolve and change as your company grows.

    Frequently asked questions

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