North American Bancard Blog

Compare Options: A Snapshot of Popular Merchant Services Solutions

Posted by Joshua Griffin on

Popular Merchant Service Solutions infographic

When you need payment processing for your business, compare your options first to find the best fit. Avoid getting locked in to credit card processing that doesn't match your needs. Use this infographic to compare merchant services so you can find a partner that benefits your business and your customers.

North American Bancard
www.northamericanbancard.com

What it does: North American Bancard offers comprehensive payment processing solutions, including credit card processing, ecommerce processing, mobile processing, and check and gift card acceptance. Service is month-to-month, and there are no cancellation fees.

Equipment: All equipment is free and provided, including NFC- and EMV-ready terminals, tablets, mobile card readers and countertop point of sale machines.

Security: Equipment from North American Bancard processes EMV chip cards, and all credit card processing is PCI-compliant. Fraud detection helps your business monitor threats.

Rates: Rates start at 0.29 percent per transaction.

Square
www.squareup.com

What it does: Square offers a magstripe reader for credit card processing, tablet stands for countertop point of sale processing and a Square Register that is a point of sale system. Square also integrates with ecommerce platforms. Merchants pay on a per-transaction basis.

Equipment: Merchants can plug the free Square Reader into their own smartphone or tablet device to accept payments. The Square Register costs about $999. All Square equipment accepts EMV chip cards and NFC payments.

Security: Square equipment is PCI-compliant.

Rates: Merchants pay 2.75 percent per swipe, dip or tap — or 3.5 percent plus $0.15 per keyed-in transaction.

PayPal
www.paypal.com

What it does: Merchants can accept credit card payments online through the PayPal app, or on a smartphone using a PayPal card reader.

Equipment: PayPal card readers are available for purchase, ranging from $14.99 for a mobile card swipe reader, to $79 for an EMV chip reader that also accepts contactless NFC payments.

Security: PayPal offers advanced encryption and 24-hour security monitoring.

Rates: Payments coming from within the United States range from a fee of 2.7 to 2.9 percent per transaction plus a $0.30 fee per online transaction, or 3.5 percent plus $0.15 per keyed-in transaction.

QuickBooks Payments
www.quickbooks.intuit.com/paym...

What it does: QuickBooks enables professionals to accept credit card payments and bank transfer

payments online or through a tablet or desktop device. All transactions integrate with QuickBooks accounting software.

Equipment: The QuickBooks card reader is free and accepts EMV chip and magstripe cards and NFC contactless payments.

Security: The QuickBooks infrastructure is PCI-compliant, but advanced features like tokenization and point-to-point encryption are lacking.

Rates: QuickBooks payments cost up to 2.9 percent plus $0.25 per swipe, dip or tap — or 3.4 percent plus $0.25 for keyed-in transactions. Desktop users with a significant amount of transactions can pay a monthly fee to lower their rates. ACH bank transfers are free for online users.

Dharma
www.dharmamerchantservices.com

What it does: Dharma offers credit card processing features like a virtual terminal, smartphone mobile payment processing, and storefront and restaurant solutions.

Equipment: All Dharma equipment is available for purchase. Terminals range from $249 for countertop devices, to $649 plus a $10 monthly fee for handheld tablet devices.

Security: Dharma payment processing is PCI-compliant and uses credit card tokenization during transactions.

Rates: Rates vary depending on the type of merchant and transaction, including virtual rates, storefront rates, and discounted rates for restaurants and quick-service merchants. Rates include interchange, assessment fees and Dharma fees. Rates range from 0.20 percent plus $0.07 per transaction above interchange for restaurants, to 0.35 percent plus $0.15 per transaction above interchange for virtual pricing.

Fattmerchant
www.fattmerchant.com

What it does: Fattmerchant offers payment processing solutions including mobile payment processing, EMV credit card processing and virtual terminals.

Equipment: A new EMV terminal or integration with a current one costs $99 per month at $0.08 per transaction and direct cost interchange fees. Mobile card readers cost $75.

Security: Fattmerchant helps clients manage annual PCI compliance requirements for free and offers free PCI-compliant payment processing.

Rates: Fattmerchant offers subscription model payment processing, with a monthly fee of $99 and $0.08 per transaction for merchants processing up to $1 million annually. Merchants processing more than $1 million annually pay a monthly fee of $199, plus $0.05 per transaction.

Cayan
www.cayan.com

What it does: Cayan offers countertop, in-aisle, ecommerce, in-app and mobile payment processing solutions. Cayan accepts EMV chip cards, gift cards, loyalty cards and ACH payments.

Equipment: The first magstripe and chip card reader a business purchases is free, and each additional reader costs $29. Credit card terminals start at $149 each.

Security: Cayan's PCI-compliant payment processing uses tokenization and encryption. Cayan provides fraud detection to reduce security risks.

Rates: Cayan rates range from 0.55 percent plus $0.37 per transaction for in-store debit card sales, to 2.3 percent plus $0.25 per transaction for online sales and keyed-in sales.

Want to Explore Your Options?

If you're interested in taking the first step toward a payment processing solution you can trust, get a free consultation from North American Bancard merchant services to learn how they can work for your business. Call (877) 840-1952, or visit online.

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