Best Credit Card Service for Small Business
Locating the Best Services To find the best credit card processors for small businesses, we started by asking business owners which credit card processing companies they use or have worked with. We also asked what the businesses liked and disliked about these vendors, and whether they would recommend them to other small businesses and why.
Choosing the Best Services Next, we created a comprehensive list of credit card processors that are suitable for small businesses. In addition to those mentioned by small business owners we spoke to and those processors we were familiar with, we also looked at credit card processors that appeared on reputable online sources, such as review sites and business websites. Researching Each Service We then researched these vendors and narrowed our list down based on different use-case scenarios (Best Picks categories above). Our research consisted of reviewing each processor's website, watching videos, reading how-to guides, browsing help resources, and trying out demos when available.We also posed as business owners and asked questions of sales and customer-support reps, to get a better idea of the quality of service and find out information that isn't readily available online. Analyzing Each Service In all, we analyzed each service based on the following factors: Transaction/swipe rates, Equipment, setup and other costs, Ease of setup and use, Contracts and service terms, Types of processing offered, Types of payments accepted, Funding and processing time, EMV capability, Merchant services, Additional features and benefits, Customization options, Third-party integrations, Reporting and analytics, Service limitations, Customer service, Our Best Picks In total, we compiled a list of more than 50 credit card processors. Our top picks are Payline, Flagship Merchant Services, Stripe, PayPal and Square. Those that made it to our shortlist include Leaders Merchant Services, Fattmerchant, Charge.com, Authorize.Net, Leap Payments, Cayan (formerly Merchant Warehouse), National Bankcard, Total Merchant Services, Chase Paymentech, Gotmerchant, BluePay and CreditCardProcessing.com.
We also took into account minimum qualifications, but most business credit card providers out there require you to be a prime borrower. While it’s possible to qualify for a small business credit card with a 640+ credit score, we recommend having a 700+ score if you want to qualify with the best cards for the best rates and largest credit lines. If you have bad credit (less than 640) you can still qualify for a secured credit card or a prepaid business credit card.
Why would my business benefit from choosing an American Express OPEN Small Business Credit Card?An American Express OPEN Small Business Credit Card gives you a set credit limit, so you know how much you can spend each month. With a Small Business Credit Card, you are not required to pay your balance in full every month; your business can carry your balance from one billing cycle to the next, though a minimum payment is required each billing cycle. Any unpaid balance at the end of a billing period will incur interest charges.What kind of spending limit will my business get?A credit limit is determined based on financial details and information we receive in your application.What will my business be required to pay each month?You have the option to carry a balance each billing cycle, though a minimum amount is due. Any unpaid balance at the end of a billing period will incur interest charges.Will my business be charged interest?If you revolve any outstanding balance beyond your billing period, you will be subject to variable interest rates that depend on a number of factors.
In 2009, Twitter founder Jack Dorsey introduced Square (see our review), the first service that allowed merchants to accept credit card payments using their smartphones. Square included a card reader which, when attached to a smartphone, could read the magnetic strip information on a customer’s credit or debit card. The Square app provided an interface between the card reader and the merchant’s account for tracking transactions. While Square is still the leading player in the field of mobile payments today, it also has a lot more competition. Even just in the phone-based hardware department, you can see the current diversity of good-quality option in our post covering the best credit card readers for small businesses. (Spoiler alert: Square is still a dominant force and the best option for most merchants.) But today’s small business owner has a large variety of providers to choose from. While all offer the same core function (i.e., credit and debit card processing), each provider also offers unique features and options that differentiate it from its’ competitors.
What is American Express OPEN?American Express OPEN is a payment Card issuer for small businesses. We offer products and services that help small business owners run and grow their businesses. This includes business Credit Cards and Charge Cards that provide purchasing power, flexibility, rewards, and savings on business services from an expanded lineup of partners, and online tools and services designed to help improve profitability.As with any other aspect of your business, it's important to choose your tools carefully for the long-term management of your finances. American Express OPEN® Small Business Credit Cards and Charge Cards can be useful tools for a business looking to supplement cash flow and pay for business purchases. Small business owners can choose from a range of Small Business Credit Cards and Charge Cards that can help them buy what they need, when they need it. We provide innovative payment options, cash flow management tools, and cost reduction solutions.
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