The best merchant services have competitive processing fees and let you accept a range of payments. You can often get everything you need (e.g., POS system, merchant account, card processing) from a single provider.
Hillary Crawford writes about small-business software at NerdWallet and is certified in QuickBooks Online and web design. Her previous roles include news writer and associate West Coast editor at Bustle Digital Group, where she helped shape news and tech coverage. She's appeared on Cheddar News and also worked as a policy contributor for GenFKD. Hillary earned a bachelor's degree with high honors in political science from the University of Michigan.
Email: <a href="mailto:hcrawford@nerdwallet.com">hcrawford@nerdwallet.com</a>.
Lisa Anthony is a former NerdWallet writer covering small-business. Before Nerdwallet, she had more than 20 years of experience in banking and finance.
Whitney Vandiver joined NerdWallet in 2021. She has a bachelor's degree in English from the University of Central Oklahoma and a doctorate in linguistics from Purdue University. Her work has been published in The Washington Post, the Los Angeles Times and others.
Hillary Crawford writes about small-business software at NerdWallet and is certified in QuickBooks Online and web design. Her previous roles include news writer and associate West Coast editor at Bustle Digital Group, where she helped shape news and tech coverage. She's appeared on Cheddar News and also worked as a policy contributor for GenFKD. Hillary earned a bachelor's degree with high honors in political science from the University of Michigan.
Email: <a href="mailto:hcrawford@nerdwallet.com">hcrawford@nerdwallet.com</a>.
Lisa Anthony is a former NerdWallet writer covering small-business. Before Nerdwallet, she had more than 20 years of experience in banking and finance.
Whitney Vandiver joined NerdWallet in 2021. She has a bachelor's degree in English from the University of Central Oklahoma and a doctorate in linguistics from Purdue University. Her work has been published in The Washington Post, the Los Angeles Times and others.
Ryan Lane is an editor on the small-business team and a NerdWallet authority on student loans. He spent more than a decade as a writer and editor for student loan guarantor American Student Assistance and was a managing editor for publisher Cell Press. Ryan’s work has been featured by The Associated Press, USA Today and MarketWatch, and he previously co-authored the U.S. News & World Report Student Loan Ranger blog. Email: <a href="mailto:rlane@nerdwallet.com”">rlane@nerdwallet.com</a>.
Ryan Lane is an editor on the small-business team and a NerdWallet authority on student loans. He spent more than a decade as a writer and editor for student loan guarantor American Student Assistance and was a managing editor for publisher Cell Press. Ryan’s work has been featured by The Associated Press, USA Today and MarketWatch, and he previously co-authored the U.S. News & World Report Student Loan Ranger blog. Email: <a href="mailto:rlane@nerdwallet.com”">rlane@nerdwallet.com</a>.
NerdWallet's content is
fact-checked for accuracy, timeliness, and relevance by humans.
It undergoes a thorough review process involving writers and editors to ensure
the information is as clear and complete as possible. Learn more by checking
our
Editorial Guidelines.
Content was accurate at the time of publication.
Why trust NerdWallet
250+ small-business products reviewed and rated by our team of experts.
80+ years of combined experience covering small business and personal finance.
75+ categories of best business software selections.
NerdWallet's small-business software content, including ratings, recommendations and reviews, is overseen by a team of writers and editors who specialize in business software, including payment processing, accounting and payroll. Their work has appeared in The Associated Press, The Washington Post, Nasdaq, Entrepreneur, ABC News, Yahoo Finance and other national and local media outlets. Each writer and editor follows NerdWallet's strict guidelines for editorial integrity to ensure accuracy and fairness in our coverage.
Advertiser disclosure
You're our first priority.
Every time.
We believe everyone should be able to make financial decisions with
confidence. While we don’t cover every company or financial product on
the market, we work hard to share a wide range of offers and objective
editorial perspectives.
So how do we make money? Our partners compensate us for advertisements
that appear on our site. This compensation helps us provide tools and
services - like free credit score access and monitoring. With the
exception of mortgage, home equity and other home-lending products or
services, partner compensation is one of several factors that may affect
which products we highlight and where they appear on our site. Other
factors include your credit profile, product availability and
proprietary website methodologies.
However, these factors do not influence our editors’ opinions or ratings, which are based on independent research and analysis. Our partners cannot
pay us to guarantee favorable reviews.
Here is a list of our partners.
Hillary Crawford writes about small-business software at NerdWallet and is certified in QuickBooks Online and web design. Her previous roles include news writer and associate West Coast editor at Bustle Digital Group, where she helped shape news and tech coverage. She's appeared on Cheddar News and also worked as a policy contributor for GenFKD. Hillary earned a bachelor's degree with high honors in political science from the University of Michigan.
Email: <a href="mailto:hcrawford@nerdwallet.com">hcrawford@nerdwallet.com</a>.
Lisa Anthony is a former NerdWallet writer covering small-business. Before Nerdwallet, she had more than 20 years of experience in banking and finance.
Whitney Vandiver joined NerdWallet in 2021. She has a bachelor's degree in English from the University of Central Oklahoma and a doctorate in linguistics from Purdue University. Her work has been published in The Washington Post, the Los Angeles Times and others.
Hillary Crawford writes about small-business software at NerdWallet and is certified in QuickBooks Online and web design. Her previous roles include news writer and associate West Coast editor at Bustle Digital Group, where she helped shape news and tech coverage. She's appeared on Cheddar News and also worked as a policy contributor for GenFKD. Hillary earned a bachelor's degree with high honors in political science from the University of Michigan.
Email: <a href="mailto:hcrawford@nerdwallet.com">hcrawford@nerdwallet.com</a>.
Lisa Anthony is a former NerdWallet writer covering small-business. Before Nerdwallet, she had more than 20 years of experience in banking and finance.
Whitney Vandiver joined NerdWallet in 2021. She has a bachelor's degree in English from the University of Central Oklahoma and a doctorate in linguistics from Purdue University. Her work has been published in The Washington Post, the Los Angeles Times and others.
Ryan Lane is an editor on the small-business team and a NerdWallet authority on student loans. He spent more than a decade as a writer and editor for student loan guarantor American Student Assistance and was a managing editor for publisher Cell Press. Ryan’s work has been featured by The Associated Press, USA Today and MarketWatch, and he previously co-authored the U.S. News & World Report Student Loan Ranger blog. Email: <a href="mailto:rlane@nerdwallet.com”">rlane@nerdwallet.com</a>.
Ryan Lane is an editor on the small-business team and a NerdWallet authority on student loans. He spent more than a decade as a writer and editor for student loan guarantor American Student Assistance and was a managing editor for publisher Cell Press. Ryan’s work has been featured by The Associated Press, USA Today and MarketWatch, and he previously co-authored the U.S. News & World Report Student Loan Ranger blog. Email: <a href="mailto:rlane@nerdwallet.com”">rlane@nerdwallet.com</a>.
NerdWallet's content is
fact-checked for accuracy, timeliness, and relevance by humans.
It undergoes a thorough review process involving writers and editors to ensure
the information is as clear and complete as possible. Learn more by checking
our
Editorial Guidelines.
Content was accurate at the time of publication.
Why trust NerdWallet
250+ small-business products reviewed and rated by our team of experts.
80+ years of combined experience covering small business and personal finance.
75+ categories of best business software selections.
NerdWallet's small-business software content, including ratings, recommendations and reviews, is overseen by a team of writers and editors who specialize in business software, including payment processing, accounting and payroll. Their work has appeared in The Associated Press, The Washington Post, Nasdaq, Entrepreneur, ABC News, Yahoo Finance and other national and local media outlets. Each writer and editor follows NerdWallet's strict guidelines for editorial integrity to ensure accuracy and fairness in our coverage.
Advertiser disclosure
You're our first priority.
Every time.
We believe everyone should be able to make financial decisions with
confidence. While we don’t cover every company or financial product on
the market, we work hard to share a wide range of offers and objective
editorial perspectives.
So how do we make money? Our partners compensate us for advertisements
that appear on our site. This compensation helps us provide tools and
services - like free credit score access and monitoring. With the
exception of mortgage, home equity and other home-lending products or
services, partner compensation is one of several factors that may affect
which products we highlight and where they appear on our site. Other
factors include your credit profile, product availability and
proprietary website methodologies.
However, these factors do not influence our editors’ opinions or ratings, which are based on independent research and analysis. Our partners cannot
pay us to guarantee favorable reviews.
Here is a list of our partners.
Many or all of the products on this page are from partners who compensate us
when you click to or take an action on their website, but this does not
influence our evaluations or ratings. Our opinions are our own.
Businesses save when customers use cards with low interchange rates.
Offers free POS software.
Offers volume-based discounts automatically.
No termination fees, long-term contracts or PCI compliance fees.
Cons
Deposits may take up to two business days; same-day deposit option is not available.
Interchange-plus costs can be difficult to predict.
Unlike flat-rate payment processors that charge the same transaction fee across different types of credit cards, Helcim uses an interchange-plus pricing model. This means your business saves when a customer uses a card with low interchange rates. Helcim also offers volume discounts if you process more than $50,000 monthly, which is a plus for high-volume businesses. And if you need hardware for taking payments in-person, the company sells its own smart terminal and mobile card reader, too.
Offers helpful related services, like payroll, that integrate closely with its POS system.
No long-term contracts or termination fees.
All plans include a free online store.
Cons
Free plan processing rates are more expensive than competitors.
Complex industries might prefer a more specialized system.
Square’s free POS software plan, reasonably priced hardware options and brand familiarity make it a solid choice for brick-and-mortar businesses in quick-service food and retail industries. True — its free plan’s processing rates are higher than those of competitors. But we think it’s still a great value when you consider all of the plan’s features. These include low-stock alerts, an online store, item management and a variety of reports.
Can process transactions in more than 135 currencies.
No PCI compliance fees.
Cons
Doesn’t sell full countertop POS setups; hardware is limited to handheld terminals and card readers.
Deposits can take up to two business days.
No phone or email support.
Service-based businesses often accept payments online, and Stripe makes it easy. You can integrate its payment processing capabilities into your existing website or build a new checkout flow. The level of customization is up to you.
Stripe is even more ideal for service businesses with subscription pricing. It’s a great fit if you sell gym memberships or weekly lessons, for instance. These businesses can pay Stripe an annual contract fee — plus a portion of their sales — to set up custom billing workflows. These let you charge customers on a consistent schedule (e.g., monthly) or based on usage.
On top of that, Stripe supports more than 135 different currencies online. This allows you to expand your business’s reach beyond the U.S.
Using your bank as your processor makes deposits convenient.
Cons
Some hardware pricing is not readily available.
Chase’s Business Complete checking account comes with a $15 monthly service fee for some merchants.
Chase Payment Solutions is a direct processor, meaning it operates as both the payment processor and the acquiring bank that establishes the merchant’s bank account. You’ll get your money the next business day, which is faster than the two-day norm with many other processors, provided you use a Chase business checking account.
Same-day funding seven days per week for U.S. Bank checking account holders.
No cancellation fees.
Free POS software plan available.
24/7 support.
Cons
POS system onboarding assistance can be costly.
Deposit times are not as quick for merchants using third-party bank accounts.
Virtual terminal costs extra.
U.S. Bank offers business banking, payment processing and point-of-sale solutions for small businesses. The bank also offers Everyday Funding, which allows merchants to receive funds in their deposit account every day of the week, including weekends — not something you’ll find among many competitors.
There is also currently this welcome bonus: Earn $400 when you process $5,000 in transactions within 60 days of approval of your new U.S. Bank Payment Solutions Merchant account by March 31, 2026. Member FDIC.
Subscription model can help high-volume businesses save money.
Transparent fee breakdowns.
24/7 emergency phone and email support.
No PCI compliance fees.
Cons
Limited POS hardware options.
Lacks direct accounting software integrations.
Finix is a merchant services provider that can grow alongside your business, thanks to its ability to accommodate both small and large businesses alike. It charges low interchange markups for in-person and online transactions in exchange for a monthly fee. This subscription-based model becomes increasingly cost efficient for your business as it sells more. Other perks include a dedicated implementation manager and the option to customize payout schedules.
Businesses save when customers use cards with low interchange rates.
No cancellation fees.
Compatible with several POS hardware providers, including Clover.
Cons
Markups vary by business.
Interchange-plus costs can be difficult to predict.
Charges a monthly $10 PCI compliance fee.
Payment Depot is a payment processor owned by Stax, a membership-style payment processing platform. But as opposed to offering monthly subscription pricing like Stax, it uses an interchange-plus pricing model and charges no monthly fee. The margin Payment Depot charges on top of interchange varies, so businesses must reach out directly for specifics.
When it comes to online retail merchant services, it’s hard to beat Shopify’s integrated e-commerce platform and online payment processing. Its selection of more than 200 website design templates helps your business’s online storefront look professional and on brand with little effort. Additionally, all plans for online selling let you track up to 10 inventory locations and include 24/7 chat support.
Free plan available for restaurants with up to two POS terminals.
24/7 phone and web messaging support.
Offers helpful related services, like payroll and team management software, that integrate closely with its POS system.
Built specifically for restaurants with in-house delivery platform available, among other industry-specific features.
Cons
Requires a two-year contract and charges early termination fees.
Online payment processing rates are more expensive than competitors.
Charges setup fee, and offline mode includes hidden cost of backup router.
Online ordering and accounting integrations cost extra.
Unlike other merchant services providers that cater to a variety of industries, Toast is fully committed and tailored to businesses in the restaurant industry. It’s not the least expensive option on the market, though, so we recommend it mostly for full-service restaurants, since they’ll likely get more value out of it than, say, a small cafe. All plans include table and order management tools, basic employee scheduling capabilities, timekeeping and digital menus. There are add-ons for payroll, marketing and letting customers order and pay from their smartphone while seated in-house.
Businesses save when customers use cards with low interchange rates.
Offers free POS software.
Offers volume-based discounts automatically.
No termination fees, long-term contracts or PCI compliance fees.
Cons
Deposits may take up to two business days; same-day deposit option is not available.
Interchange-plus costs can be difficult to predict.
Unlike flat-rate payment processors that charge the same transaction fee across different types of credit cards, Helcim uses an interchange-plus pricing model. This means your business saves when a customer uses a card with low interchange rates. Helcim also offers volume discounts if you process more than $50,000 monthly, which is a plus for high-volume businesses. And if you need hardware for taking payments in-person, the company sells its own smart terminal and mobile card reader, too.
Businesses save when customers use cards with low interchange rates.
Offers free POS software.
Offers volume-based discounts automatically.
No termination fees, long-term contracts or PCI compliance fees.
Cons
Deposits may take up to two business days; same-day deposit option is not available.
Interchange-plus costs can be difficult to predict.
Unlike flat-rate payment processors that charge the same transaction fee across different types of credit cards, Helcim uses an interchange-plus pricing model. This means your business saves when a customer uses a card with low interchange rates. Helcim also offers volume discounts if you process more than $50,000 monthly, which is a plus for high-volume businesses. And if you need hardware for taking payments in-person, the company sells its own smart terminal and mobile card reader, too.
Businesses save when customers use cards with low interchange rates.
Offers free POS software.
Offers volume-based discounts automatically.
No termination fees, long-term contracts or PCI compliance fees.
Cons
Deposits may take up to two business days; same-day deposit option is not available.
Interchange-plus costs can be difficult to predict.
Unlike flat-rate payment processors that charge the same transaction fee across different types of credit cards, Helcim uses an interchange-plus pricing model. This means your business saves when a customer uses a card with low interchange rates. Helcim also offers volume discounts if you process more than $50,000 monthly, which is a plus for high-volume businesses. And if you need hardware for taking payments in-person, the company sells its own smart terminal and mobile card reader, too.
Offers helpful related services, like payroll, that integrate closely with its POS system.
No long-term contracts or termination fees.
All plans include a free online store.
Cons
Free plan processing rates are more expensive than competitors.
Complex industries might prefer a more specialized system.
Square’s free POS software plan, reasonably priced hardware options and brand familiarity make it a solid choice for brick-and-mortar businesses in quick-service food and retail industries. True — its free plan’s processing rates are higher than those of competitors. But we think it’s still a great value when you consider all of the plan’s features. These include low-stock alerts, an online store, item management and a variety of reports.
Offers helpful related services, like payroll, that integrate closely with its POS system.
No long-term contracts or termination fees.
All plans include a free online store.
Cons
Free plan processing rates are more expensive than competitors.
Complex industries might prefer a more specialized system.
Square’s free POS software plan, reasonably priced hardware options and brand familiarity make it a solid choice for brick-and-mortar businesses in quick-service food and retail industries. True — its free plan’s processing rates are higher than those of competitors. But we think it’s still a great value when you consider all of the plan’s features. These include low-stock alerts, an online store, item management and a variety of reports.
Offers helpful related services, like payroll, that integrate closely with its POS system.
No long-term contracts or termination fees.
All plans include a free online store.
Cons
Free plan processing rates are more expensive than competitors.
Complex industries might prefer a more specialized system.
Square’s free POS software plan, reasonably priced hardware options and brand familiarity make it a solid choice for brick-and-mortar businesses in quick-service food and retail industries. True — its free plan’s processing rates are higher than those of competitors. But we think it’s still a great value when you consider all of the plan’s features. These include low-stock alerts, an online store, item management and a variety of reports.
Can process transactions in more than 135 currencies.
No PCI compliance fees.
Cons
Doesn’t sell full countertop POS setups; hardware is limited to handheld terminals and card readers.
Deposits can take up to two business days.
No phone or email support.
Service-based businesses often accept payments online, and Stripe makes it easy. You can integrate its payment processing capabilities into your existing website or build a new checkout flow. The level of customization is up to you.
Stripe is even more ideal for service businesses with subscription pricing. It’s a great fit if you sell gym memberships or weekly lessons, for instance. These businesses can pay Stripe an annual contract fee — plus a portion of their sales — to set up custom billing workflows. These let you charge customers on a consistent schedule (e.g., monthly) or based on usage.
On top of that, Stripe supports more than 135 different currencies online. This allows you to expand your business’s reach beyond the U.S.
Can process transactions in more than 135 currencies.
No PCI compliance fees.
Cons
Doesn’t sell full countertop POS setups; hardware is limited to handheld terminals and card readers.
Deposits can take up to two business days.
No phone or email support.
Service-based businesses often accept payments online, and Stripe makes it easy. You can integrate its payment processing capabilities into your existing website or build a new checkout flow. The level of customization is up to you.
Stripe is even more ideal for service businesses with subscription pricing. It’s a great fit if you sell gym memberships or weekly lessons, for instance. These businesses can pay Stripe an annual contract fee — plus a portion of their sales — to set up custom billing workflows. These let you charge customers on a consistent schedule (e.g., monthly) or based on usage.
On top of that, Stripe supports more than 135 different currencies online. This allows you to expand your business’s reach beyond the U.S.
Can process transactions in more than 135 currencies.
No PCI compliance fees.
Cons
Doesn’t sell full countertop POS setups; hardware is limited to handheld terminals and card readers.
Deposits can take up to two business days.
No phone or email support.
Service-based businesses often accept payments online, and Stripe makes it easy. You can integrate its payment processing capabilities into your existing website or build a new checkout flow. The level of customization is up to you.
Stripe is even more ideal for service businesses with subscription pricing. It’s a great fit if you sell gym memberships or weekly lessons, for instance. These businesses can pay Stripe an annual contract fee — plus a portion of their sales — to set up custom billing workflows. These let you charge customers on a consistent schedule (e.g., monthly) or based on usage.
On top of that, Stripe supports more than 135 different currencies online. This allows you to expand your business’s reach beyond the U.S.
Using your bank as your processor makes deposits convenient.
Cons
Some hardware pricing is not readily available.
Chase’s Business Complete checking account comes with a $15 monthly service fee for some merchants.
Chase Payment Solutions is a direct processor, meaning it operates as both the payment processor and the acquiring bank that establishes the merchant’s bank account. You’ll get your money the next business day, which is faster than the two-day norm with many other processors, provided you use a Chase business checking account.
Using your bank as your processor makes deposits convenient.
Cons
Some hardware pricing is not readily available.
Chase’s Business Complete checking account comes with a $15 monthly service fee for some merchants.
Chase Payment Solutions is a direct processor, meaning it operates as both the payment processor and the acquiring bank that establishes the merchant’s bank account. You’ll get your money the next business day, which is faster than the two-day norm with many other processors, provided you use a Chase business checking account.
Using your bank as your processor makes deposits convenient.
Cons
Some hardware pricing is not readily available.
Chase’s Business Complete checking account comes with a $15 monthly service fee for some merchants.
Chase Payment Solutions is a direct processor, meaning it operates as both the payment processor and the acquiring bank that establishes the merchant’s bank account. You’ll get your money the next business day, which is faster than the two-day norm with many other processors, provided you use a Chase business checking account.
Same-day funding seven days per week for U.S. Bank checking account holders.
No cancellation fees.
Free POS software plan available.
24/7 support.
Cons
POS system onboarding assistance can be costly.
Deposit times are not as quick for merchants using third-party bank accounts.
Virtual terminal costs extra.
U.S. Bank offers business banking, payment processing and point-of-sale solutions for small businesses. The bank also offers Everyday Funding, which allows merchants to receive funds in their deposit account every day of the week, including weekends — not something you’ll find among many competitors.
There is also currently this welcome bonus: Earn $400 when you process $5,000 in transactions within 60 days of approval of your new U.S. Bank Payment Solutions Merchant account by March 31, 2026. Member FDIC.
Same-day funding seven days per week for U.S. Bank checking account holders.
No cancellation fees.
Free POS software plan available.
24/7 support.
Cons
POS system onboarding assistance can be costly.
Deposit times are not as quick for merchants using third-party bank accounts.
Virtual terminal costs extra.
U.S. Bank offers business banking, payment processing and point-of-sale solutions for small businesses. The bank also offers Everyday Funding, which allows merchants to receive funds in their deposit account every day of the week, including weekends — not something you’ll find among many competitors.
There is also currently this welcome bonus: Earn $400 when you process $5,000 in transactions within 60 days of approval of your new U.S. Bank Payment Solutions Merchant account by March 31, 2026. Member FDIC.
Same-day funding seven days per week for U.S. Bank checking account holders.
No cancellation fees.
Free POS software plan available.
24/7 support.
Cons
POS system onboarding assistance can be costly.
Deposit times are not as quick for merchants using third-party bank accounts.
Virtual terminal costs extra.
U.S. Bank offers business banking, payment processing and point-of-sale solutions for small businesses. The bank also offers Everyday Funding, which allows merchants to receive funds in their deposit account every day of the week, including weekends — not something you’ll find among many competitors.
There is also currently this welcome bonus: Earn $400 when you process $5,000 in transactions within 60 days of approval of your new U.S. Bank Payment Solutions Merchant account by March 31, 2026. Member FDIC.
Subscription model can help high-volume businesses save money.
Transparent fee breakdowns.
24/7 emergency phone and email support.
No PCI compliance fees.
Cons
Limited POS hardware options.
Lacks direct accounting software integrations.
Finix is a merchant services provider that can grow alongside your business, thanks to its ability to accommodate both small and large businesses alike. It charges low interchange markups for in-person and online transactions in exchange for a monthly fee. This subscription-based model becomes increasingly cost efficient for your business as it sells more. Other perks include a dedicated implementation manager and the option to customize payout schedules.
Subscription model can help high-volume businesses save money.
Transparent fee breakdowns.
24/7 emergency phone and email support.
No PCI compliance fees.
Cons
Limited POS hardware options.
Lacks direct accounting software integrations.
Finix is a merchant services provider that can grow alongside your business, thanks to its ability to accommodate both small and large businesses alike. It charges low interchange markups for in-person and online transactions in exchange for a monthly fee. This subscription-based model becomes increasingly cost efficient for your business as it sells more. Other perks include a dedicated implementation manager and the option to customize payout schedules.
Subscription model can help high-volume businesses save money.
Transparent fee breakdowns.
24/7 emergency phone and email support.
No PCI compliance fees.
Cons
Limited POS hardware options.
Lacks direct accounting software integrations.
Finix is a merchant services provider that can grow alongside your business, thanks to its ability to accommodate both small and large businesses alike. It charges low interchange markups for in-person and online transactions in exchange for a monthly fee. This subscription-based model becomes increasingly cost efficient for your business as it sells more. Other perks include a dedicated implementation manager and the option to customize payout schedules.
Businesses save when customers use cards with low interchange rates.
No cancellation fees.
Compatible with several POS hardware providers, including Clover.
Cons
Markups vary by business.
Interchange-plus costs can be difficult to predict.
Charges a monthly $10 PCI compliance fee.
Payment Depot is a payment processor owned by Stax, a membership-style payment processing platform. But as opposed to offering monthly subscription pricing like Stax, it uses an interchange-plus pricing model and charges no monthly fee. The margin Payment Depot charges on top of interchange varies, so businesses must reach out directly for specifics.
Businesses save when customers use cards with low interchange rates.
No cancellation fees.
Compatible with several POS hardware providers, including Clover.
Cons
Markups vary by business.
Interchange-plus costs can be difficult to predict.
Charges a monthly $10 PCI compliance fee.
Payment Depot is a payment processor owned by Stax, a membership-style payment processing platform. But as opposed to offering monthly subscription pricing like Stax, it uses an interchange-plus pricing model and charges no monthly fee. The margin Payment Depot charges on top of interchange varies, so businesses must reach out directly for specifics.
Businesses save when customers use cards with low interchange rates.
No cancellation fees.
Compatible with several POS hardware providers, including Clover.
Cons
Markups vary by business.
Interchange-plus costs can be difficult to predict.
Charges a monthly $10 PCI compliance fee.
Payment Depot is a payment processor owned by Stax, a membership-style payment processing platform. But as opposed to offering monthly subscription pricing like Stax, it uses an interchange-plus pricing model and charges no monthly fee. The margin Payment Depot charges on top of interchange varies, so businesses must reach out directly for specifics.
When it comes to online retail merchant services, it’s hard to beat Shopify’s integrated e-commerce platform and online payment processing. Its selection of more than 200 website design templates helps your business’s online storefront look professional and on brand with little effort. Additionally, all plans for online selling let you track up to 10 inventory locations and include 24/7 chat support.
When it comes to online retail merchant services, it’s hard to beat Shopify’s integrated e-commerce platform and online payment processing. Its selection of more than 200 website design templates helps your business’s online storefront look professional and on brand with little effort. Additionally, all plans for online selling let you track up to 10 inventory locations and include 24/7 chat support.
When it comes to online retail merchant services, it’s hard to beat Shopify’s integrated e-commerce platform and online payment processing. Its selection of more than 200 website design templates helps your business’s online storefront look professional and on brand with little effort. Additionally, all plans for online selling let you track up to 10 inventory locations and include 24/7 chat support.
Free plan available for restaurants with up to two POS terminals.
24/7 phone and web messaging support.
Offers helpful related services, like payroll and team management software, that integrate closely with its POS system.
Built specifically for restaurants with in-house delivery platform available, among other industry-specific features.
Cons
Requires a two-year contract and charges early termination fees.
Online payment processing rates are more expensive than competitors.
Charges setup fee, and offline mode includes hidden cost of backup router.
Online ordering and accounting integrations cost extra.
Unlike other merchant services providers that cater to a variety of industries, Toast is fully committed and tailored to businesses in the restaurant industry. It’s not the least expensive option on the market, though, so we recommend it mostly for full-service restaurants, since they’ll likely get more value out of it than, say, a small cafe. All plans include table and order management tools, basic employee scheduling capabilities, timekeeping and digital menus. There are add-ons for payroll, marketing and letting customers order and pay from their smartphone while seated in-house.
Free plan available for restaurants with up to two POS terminals.
24/7 phone and web messaging support.
Offers helpful related services, like payroll and team management software, that integrate closely with its POS system.
Built specifically for restaurants with in-house delivery platform available, among other industry-specific features.
Cons
Requires a two-year contract and charges early termination fees.
Online payment processing rates are more expensive than competitors.
Charges setup fee, and offline mode includes hidden cost of backup router.
Online ordering and accounting integrations cost extra.
Unlike other merchant services providers that cater to a variety of industries, Toast is fully committed and tailored to businesses in the restaurant industry. It’s not the least expensive option on the market, though, so we recommend it mostly for full-service restaurants, since they’ll likely get more value out of it than, say, a small cafe. All plans include table and order management tools, basic employee scheduling capabilities, timekeeping and digital menus. There are add-ons for payroll, marketing and letting customers order and pay from their smartphone while seated in-house.
Free plan available for restaurants with up to two POS terminals.
24/7 phone and web messaging support.
Offers helpful related services, like payroll and team management software, that integrate closely with its POS system.
Built specifically for restaurants with in-house delivery platform available, among other industry-specific features.
Cons
Requires a two-year contract and charges early termination fees.
Online payment processing rates are more expensive than competitors.
Charges setup fee, and offline mode includes hidden cost of backup router.
Online ordering and accounting integrations cost extra.
Unlike other merchant services providers that cater to a variety of industries, Toast is fully committed and tailored to businesses in the restaurant industry. It’s not the least expensive option on the market, though, so we recommend it mostly for full-service restaurants, since they’ll likely get more value out of it than, say, a small cafe. All plans include table and order management tools, basic employee scheduling capabilities, timekeeping and digital menus. There are add-ons for payroll, marketing and letting customers order and pay from their smartphone while seated in-house.
Our writers and editors gather more than 30 pieces of data for each merchant service we rate. To make our list, products must earn at least four stars and do the following:
Not charge a monthly fee.
Have competitive processing rates in at least one of their plans.
Be transparent about their rates and other monthly fees.
Process a variety of transactions (e.g., in-person, online, invoiced).
Sell POS hardware.
All of our picks meet most of that criteria. We may make exceptions if products excel in a particular industry or stand out for a specific feature. We also include options with different pricing structures. High-volume businesses, for example, may benefit from an interchange-plus model over a flat-rate one.
We rate products based on their lowest-tier, least expensive plans.
Merchant service providers with 5 stars are outstanding. They offer competitive in-person and online processing rates, built-in POS system features and free software plans. Plus, they can accommodate a variety of business types.
Merchant service providers with 4.0 to 4.9 stars are great to excellent. Typically, they have competitive pricing and robust POS features. However, they may have longer-term contracts or fall short when it comes to integrations and/or pricing transparency.
Merchant service providers with 3.0 to 3.9 stars may be good for specific types of businesses, but typically aren’t a universally great fit. Whereas 4-star providers are lacking in just a few areas, these processors fall short in more categories.
Merchant service providers with 2.9 stars or fewer don’t offer competitive rates or include the same core POS features that competitors do. We usually don’t recommend these products for small businesses.
What merchant services we consider
NerdWallet’s editorial team has evaluated more than 40 merchant service providers. This list names standalone payment processors and POS system providers with built-in payment processing capabilities.
We focus on big names in both of those spaces. These include Square, Clover and Stripe. But we also look at products made specifically for businesses in more niche spaces, like high-risk industries and nonprofits.
We base our coverage on research, as well as conversations with business owners. We factor in our own experiences with these products as consumers, too.
NerdWallet has a full-time team of small-business writers and editors. We keep an eye on the merchant services landscape by regularly reviewing product information. This mostly includes checking for rate changes and new POS plan features.
We do at least one full audit annually. But we aim to update pricing changes as soon as they happen. We also interview business owners and ask how they accept payments. Most often, this influences our take on a product’s usability.
What are merchant services?
Merchant services is the umbrella term for a group of products that help you accept payments. Most businesses need the following merchant services:
Credit card processing capabilities.
Merchant accounts.
POS systems.
You may need other merchant services depending on the transaction types you accept. In-person transactions may also involve extra credit card readers and other POS hardware. Services for online transactions, on the other hand, likely require e-commerce platforms and payment gateways.
There are also extra tools and capabilities that fall under merchant services. These include gift cards, loyalty programs and fraud protection, among other features.
What’s the cheapest merchant service for small business?
No merchant service will be the cheapest option for all businesses across the board. To get the best deal, follow these steps:
Look for competitive payment processing rates. In-person rates should be around 2.6% plus 10 cents and online rates should be about 2.9% plus 30 cents. Sometimes, providers with slightly higher rates can still offer great value, though. For example, we think Square’s free POS features make up for its slightly higher rates.
Compare payment processing models. Interchange-plus processors can be more cost-efficient than flat-rate processors for high-volume businesses. We’d consider your business to be high volume if your average transaction amounts exceed $50 and you do more than $8,000 in card transactions monthly. You can compare rates across multiple providers with our credit card processing fees calculator.
Find a free POS software plan. Most of the providers we list offer these. However, there can be benefits to choosing paid options. For example, you can often unlock lower rates and additional features by upgrading plans. POS software costs come in the form of a monthly, recurring fee.
Compare POS hardware costs. This is a one-time fee, unless you finance your POS equipment. Card readers are usually less expensive than countertop register systems. Overall, equipment can range anywhere from around $50 to more than $1,000 depending on what you need. Prices also fluctuate from one provider to the next.
What’s the difference between merchant services and merchant accounts?
Merchant services refers to a range of items that help businesses accept payments. Merchant accounts are one of those products.
In addition to merchant accounts, merchant services include payment processing services and POS systems. These are all part of your payments infrastructure.
Merchant accounts are where funds from your credit card sales get deposited. From there, you can transfer that money to your business bank account and withdraw it.
What are the different types of merchant accounts?
There are two main types of merchant accounts: dedicated and shared. You own a dedicated account by yourself. Shared accounts, on the other hand, combine multiple businesses’ funds together.
Applying for a dedicated account is more intensive than applying for a shared one. And it may take more time. But having a dedicated account helps minimize the chances of your payment processor freezing or shutting down your account due to flagged transactions. Examples include Helcim, Chase Payment Solutions and U.S. Bank Merchant Services.
You can get a shared merchant account from a payment service provider (PSPs). Businesses can almost instantaneously begin processing credit card transactions with a shared merchant account, but it can be riskier. The threshold for account freezes is often lower than it is for dedicated accounts. PSP examples include Square, Stripe and Shopify.
Do you need a dedicated merchant account?
You need some sort of merchant account to accept customer payments. But it doesn’t have to be a dedicated one. In fact, any business you notice using Square, for example, uses a shared merchant account.
However, a dedicated merchant account can benefit larger small businesses or quickly growing ones. That’s because dedicated account providers offer a more personalized approach. This could mean less account freezes, better customer service and the option to negotiate rates.
How to choose the best merchant service for your small business
Before committing to a merchant services provider, consider the following factors:
Weigh different payment processing models. Interchange-plus and subscription models can be more ideal for high-volume businesses. Otherwise, flat-rate models make it easier to predict processing costs.
Confirm your pick supports all of your sales channels. Different payment methods include online and in-person payments, contactless payments, digital wallets, QR codes and PayPal.
Consider all associated costs. Take into account the upfront costs for POS hardware. The same goes for the ongoing subscription costs with POS software plans. Similarly, compare different providers' per-transaction rates and fees. There could also be fees for PCI compliance, chargebacks, setup and merchant account maintenance.
Make sure your provider is compatible with your POS system. It’s most convenient to use a merchant services provider that offers POS systems and payment processing services under the same umbrella. If that’s not an option, make sure the processor integrates with your POS system and, preferably, your accounting software.
Check customer service availability. Think about which days and times you accept the highest volume of transactions, and check to see if live customer support is available then. Live chat and phone support are ideal so that you can reach a representative immediately. Some merchant services providers also assign businesses dedicated account managers for one-on-one support.
Last updated on October 30, 2025
Frequently Asked Questions
Merchant services help facilitate the payment process so that merchants can collect funds from card transactions.
Merchant services include payment processing, merchant and business bank accounts and point-of-sale solutions. Some examples of merchant services providers include Helcim, Square and Stripe.
If you’d like to accept credit and debit card payments — and not just cash — your business likely needs a merchant services provider. In addition to helping your business accept card payments, merchant services can also make the checkout process more efficient by offering user-friendly POS hardware, collecting sales data, syncing that data with your accounting software and providing customer support.
Methodology
NerdWallet’s ratings of payment processing providers rewards companies whose products and services are priced well and work in a variety of payment scenarios, among other criteria. Ratings are based on weighted averages of scores in several categories, including overall cost, hardware and software options, system capabilities, customer service, contract requirements and integrations. Learn more about how we rate payment processing providers.
These ratings are a guide, but fees, hardware, software and contract requirements can vary widely from business to business and provider to provider. We encourage you to shop around and compare several providers.
NerdWallet does not receive compensation for any reviews. Read our editorial guidelines.
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