10 best merchant services in 2024

Stax by Fattmerchant is a subscription-based payments platform offering zero markup on interchange exchange rates. With built-in inventory tracking and customer reporting tools, Stax is the best merchant service for high-revenue e-commerce platforms. Stax’s automated batch-scheduling feature helps high-volume sellers save time. It also integrates with most common e-commerce services, like Magento, WooCommerce and Bigcommerce. And, Stax supports payment links through text or email, invoicing and QR code payments.

However, we wish next-day funding was included with the subscription, especially since the $99 to $199 fee is pricey. Stax products are geared towards professional and retail services with higher sales volumes. Therefore, we recommend that seasonal or low-volume sellers and restaurants consider a platform without a monthly fee, like Square.

Clover is a merchant services provider offering secure POS systems for several industries, including retail and restaurants. Many third parties, such as Wells Fargo and Sam’s Club, resell Clover. Its hardware payment plans (upgrades and full warranty included), 24/7 support and competitive card-present rates make Clover a good choice for brick-and-mortar startups.

Clover, however, doesn’t have a free option like Square. You’ll pay $14.95 for a virtual terminal; the free equipment promotion is a statement credit. Also, hardware that’s purchased outright only includes a limited warranty and no upgrades.

Read our full Clover review.

Merchant One is a full-service credit card processing company offering custom pricing plans and approving most clients within 24 hours. It has mobile solutions (no hardware required), terminals and POS systems. In addition, all companies receive unlimited training. Merchant One is a best merchant service provider because its 98% approval rate includes businesses with less-than-perfect credit.

Besides mentioning that qualified prices start at 0.29% and a brief overview of its process, Merchant One doesn’t provide much information on its website. In addition, most users reported satisfactory experiences, but longer wait times appear to be an ongoing issue.

Paysafe provides online payment products, including investing and gaming solutions like cash cards and digital wallets. It works with businesses that most merchant service companies shy away from, such as travel agents and iGaming, direct marketing and forex and trading businesses. With decades of experience and best-in-class fraud support, Paysafe is the top merchant service for high-risk companies. Paysafe offers customizable fraud filters and on-demand reporting options, but the company doesn’t disclose information about its plans, fee estimates or features online.

Read our full Paysafe review.

Stripe is a merchant service company with a vast financial infrastructure that includes fraud prevention, banking-as-a-service and automated revenue reporting. It has direct bank setups in 47 markets and supports over 135 currencies. We chose Stripe as the best online merchant service for global payment processing because it helps businesses lower costs with alternative currency payouts and provides access to over 100 payment methods.

Although Stripe integrates with accounting programs, several payment tools require technical experience. As such, it’s a better option for businesses familiar with application programming interfaces (APIs). Since Stripe costs more for in-person payments and offers fewer equipment options than competitors, it’s a better choice for e-commerce companies.

Read our full Stripe review.

Square is a third-party payment processor that enables in-person, online, remote and buy now, pay later (BNPL) transactions. Businesses can accept payments without an internet connection and choose from several free and paid POS subscriptions with integrated payment solutions. Its flat rate per payment method and no contract requirements make Square the best merchant service for low-volume retail sales. However, Square does lack the global capabilities offered by Stripe. It also won’t work with telemarketing or insurance companies, nor does it have a surcharge or zero-fee program.

Read our full Square review.

Elavon Payment Processing is a wholly owned subsidiary of U.S. Bank, offering quote-based pricing for small, mid-sized and large businesses. It features reconciliation reporting, accessible from any device through an online portal. Its accounting system integrations and ability to automate analytics from a single file make Elavon Payment Processing the top merchant service provider for analyzing transaction data. The company also improves chargeback visibility and supports global expansion.

However, Elavon Payment Processing falls behind competitors in the customer service department. It also doesn’t mention rates or pricing structures online or provide free card readers.

Read our full Elavon Payment Processing review.

Helcim is a payments company offering free invoicing, inventory and recurring payment tools. Business owners can accept deposits or down payments and reduce processing costs with Helcim’s fee-saver program. However, we picked Helcim as the best-rated merchant service for invoicing because, in many cases, it has lower rates than Stripe, Square or Paypal. Although Helcim integrates with WooCommerce, QuickBooks and Xero, it lacks the expansive capabilities offered by Square, Stripe and Stax. Unlike Paysafe, Helcim doesn’t work with high-risk businesses, including those in the dropshipping or travel sectors.

Read our full Helcim review.

With over 435 million active consumer and merchant accounts, PayPal is one of the most well-known digital payment services internationally. Aside from debit and credit cards, businesses can accept Venmo, Google Pay, Apple Pay and cryptocurrency. PayPal is the best merchant services company for digital payments, thanks to its no-code eCommerce integrations, low-cost QR transactions and installment payment options.

While PayPal supports over 100 currencies (compared to over 135 with Stripe), it costs more to convert funds. Likewise, high-volume sellers may prefer an interchange-plus pricing model, whereas high-risk businesses may have better luck with Paysafe.

Read our full PayPal review.

ProMerchant’s mission is to deliver expert guidance tailored to all business owners, from detailed explanations of rate plans to integrating a gateway and shopping cart into a website. It has a user-friendly online application and fast approval and setup times. ProMerchant is the best merchant service company for responsive customer support because it provides round-the-clock service from a personalized support team.

Business users rate ProMerchant highly for customer support, and the company considers other factors besides a business’s credit score for application approval. But, it’s unclear whether ProMerchant supports international currencies or how well it integrates with e-commerce and accounting tools. Additionally, larger companies may have concerns over ProMerchant’s small team.

Read our full ProMerchant review.