The Top Payment Processing Companies for Small Businesses in 2019

In 2018, the revolving debt for Americans was over $1 trillion dollars! Americans love their credit cards.

Are you a small business that doesn't take credit cards for payment? If so, you're missing out on a lucrative business opportunity. 

Choosing the right payment platform is critical for your small business.

Are you ready to take payment through credit cards? Here are the top payment processing companies you should consider.

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Does your company have transactions between $10,000 and $32,000 dollars every month? If so, Dharma Merchant Services could be your best bet. 

Dharma offers competitive pricing and no monthly minimum. There is a $10-per-month fee. 

Dharma is great for nonprofits, restaurants, and large-scale retail stores. 


Square is great if you're a startup. 

If you're itching to take mobile payments, then Square is your platform. It's easy and offers a low per-swipe cost of 2.75%. There's no monthly fee.

The first card reader is free. After that, they'll run anywhere from $10 to $170 dollars, depending on your needs. 

It's also great for small companies processing less than $10,000 dollars per month. 

Without monthly processing fees, you'll have flexibility for obtaining other startup funds


Most people have seen PayPal when they're checking out of an online store. If you're a retail business transacting less than $10,000 dollars per month, PayPal offers affordable payment solutions.

There's no monthly fee with PayPal. The per-swipe fee is 2.7% of the sale. 

With all credit card processors, ask for the interchange plus pricing costs. All credit card issuers charge an interchange fee. The "plus" is the markup the processor charges. 


Another reliable and versatile payment processor is Fattmerchant. They also offer a mobile app.

With Fattmerchant, you'll pay a monthly membership fee which is high. But there's no markup. 

If you're processing under $500,000 dollars in annual sales, the fee is $99 dollars a month. Over $500,000 dollars in annual sales and the fee is $199 dollars per month. 

Fattmerchant has a magstripe and chip card reader for $75 dollars. It works on iPhone and iPad only. They also have in-store terminals. 

You pay the monthly fee whether you're using the service or not. If you're a start-up, Square might be a better option for you.  


Are you running an eCommerce site? Stripe is simple and quick. There's a free API for building a custom checkout on your website. 

There's no monthly fee or minimum. The per-swipe fee is in line with other processors at 2.9% + $0.30. 

Stripe is good for website credit card processing. But you'll need a developer to build your site. Or you can combine Stripe with a pre-built eCommerce site. 

The Best Payment Processing Companies

There are lots of payment processing companies. Take a look at each company based on the dollar amount of your monthly transactions.

Now you've identified your processing needs. 

Always ask for the interchange plus pricing costs from each card processor. Get quotes from credit card processors based on the type of transactions your company does. Then decide which company works best for you. 

Need a short-term loan to get your company started? Take a look at our term loans here