Small Business Credit Card Processing Rates

We offer extremely competitive small business credit card processing rates to existing as well as startup businesses.  Most of our merchant clients are small businesses and appreciate the service we provide them as well as the low rates.  In addition to providing great rates and excellent service, we take the mystery out of credit card processing and keep it simple.

We were one of the first to offer small business owners the use of free EMV credit card terminals when other processing companies were either leasing them at many times the actual cost or selling them at high prices.  The last thing a merchant needs is a credit card sales agent who gouges them on equipment prices and then locks them into a three year processing contract with high rates and monthly fees.  We hate seeing lock-ups and early termination fees. We pride ourselves on fair pricing and terms like:

·         No application fees;

·         No multi-year lock-ups;

·         No early termination fees;

·         No monthly minimums; and

·         Free use of a Verifone vx520 credit card terminal.

We have advised many small business owners on avoiding lockup agreements and early termination fees, even those that were not our clients. If you are currently locked into an agreement and need some free advice, feel free to contact me and I would be glad to advise you on your options and a possible out that you may not have considered which could allow you to avoid an early termination fee.

EMV and Small Business Credit Card Processing Rates

When the industry started the big push for using chip cards and EMV credit card readers, we were pro-active and warned merchants about data breaches that could occur in many of the POS systems that were storing credit card data, and offered them a simple solution when their POS system reseller couldn’t. There are now several possible EMV solutions we advise small business owners about depending on what type of POS system they have, what type of POS system they are thinking of switching to, whether or not they want a fully integrated solution and whether or not they want a pay at the table solution. 

EMV does affect processing fees, but not necessarily rates. Most processors charge and extra $20 to $75 more per month if you are not EMV compliant, which includes using non-EMV equipment. One processor we know of decided to actually charge a higher processing rate (rather than a fixed amount) for its merchants not using EMV equipment. Needless to say if a small business is paying even $50 per month more as a result of EMV non-compliance, it is paying $600 yearly for either not upgrading or failing to pass the yearly questionnaire and security scan of their systems.

Small Business Credit Card Processing Rates for POS Systems

Depending on whether you are a retail or restaurant establishment, we ca advise you on some of the best solutions on the market today and how to save money on your merchant processing rates.  Unfortunately, there are probably way too many POS solutions on the market today, so merchants have to be careful not to choose one that lacks the proper backing and which may only be supported by one credit card processor or charges higher rates for connecting with only one gateway.

Talech is one of the better POS systems we recommend for our small business clients in the restaurant and retail industries. Talech is fully supported by Elavon, which is one of the largest processors in the US and is a wholly owned subsidiary of US Bank. Talech is an iPad based POS system which has many features such bill splitting, gift or loyalty cards, automatic discounts for specials you may run, printed receipts or signing on the screen, EMV for chip cards, and an integrated online ordering feature for your customers to order takeout. The Talech-Elavon partnership provides one of the best small business credit card processing rates for small merchants looking for an easy to use, low cost POS system.

Small Business Owners are Getting the Poynt

Another option that is getting quite a bit of attention from small business owners is the Poynt credit card processing terminal. It acts as a mini, wireless, pay at the table POS system. It has a sleek design and as a standalone processing solution can be used by the wait staff to take orders at the table and then at the end of the meal as a pay at the table solution. Poynt is a tablet that is a fully integrated EMV pay at the table solution that allows customers to review the entire bill, add a tip on the touch screen, sign the screen with their finger at the table and get their receipt emailed to them. No more manual tip adjust at the end of the night, it is done automatically. Think of it as a credit card terminal on steroids. 

Even restaurants that use Micros and Aloha are starting to use Poynt in combination with their POS systems for security reasons. A data breach at the POS system level can have catastrophic consequences and put a small business out of business as a result of Visa and Master Card fines. While Poynt integrates with Micros it does not yet integrate with Aloha. It is starting to get more and more acceptance in the restaurant industry for two main reasons:

Poynt provides (1) an EMV solution to eliminate friendly fraud problems and (2) an alternative to swiping cards at non-EMV POS systems where most data breaches occur.

Verifone, which has the largest market share of the credit card terminal market, is also in the POS system market, but has hardly been able to make a dent in that market compared to some of the larger players like Oracle (formerly Micros), Aloha, NCR Silver, POSitouch, Aldello and Talech.   In the future they may be coming out with their own branded pay at the table solution for restaurants to expand Verifone’s market reach.Regardless of he terminal or POS system you are using, this should have no effect on your small business credit card processing rates.

How to get the Best Small Business Credit Card Processing Rates

As you can see I have advised may business on small business credit card processing rates. Feel free to contact me for a comparison of what you are currently paying as a processing rate and what I might be able to save you monthly with my quoted rates. I use what is called Interchange Plus pricing, which simply means I charge a certain amount above the Interchange rates charged by Visa, MasterCard, Discovery and American Express.  If I can’t save you anything, which is rare, I will be sure to let you know and notify you that you in fact are fairly priced. Not all processors offer the same small business credit card processing rates, so be sure to compare rates and fixed monthly fees.

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