Our Take
5.0
NerdWallet rating
The bottom line:
Finix is a subscription-based payment service provider that’s best for businesses processing at least $5,000 in card payments per month. It sells point-of-sale hardware for in-person transactions, offers multiple online payment options and supports invoicing. Finix doesn’t require long-term contracts and passes interchange savings to merchants.
Finix
Payment processing fees
0% + 8¢ plus interchange, in-person; 0% + 15¢ plus interchange, online.
Monthly fee
$79.00 and up.
Learn more
on Finix's website
Pros & Cons
Pros
- No long-term contracts.
- Subscription model can help high-volume businesses save money.
- Transparent fee breakdowns.
Cons
- Limited POS hardware options.
- Lacks direct accounting software integrations.
Full Review
Finix helps U.S. and Canadian businesses process in-person and online transactions, send invoices and acquire POS hardware, like keypads and card readers. Online payment solutions include virtual terminals, payment links and checkout pages. Business owners with developer experience can also use the payment service provider’s API to create custom online checkout flows. Finix is an especially great fit for businesses that need a customizable payments solution and stand to lose a significant amount of money using a flat-rate payment processor that, while predictable, doesn’t pass interchange savings onto the merchant.
Since the company charges a monthly subscription rate, however, it’s not ideal for lower-volume businesses processing less than $5,000 in card transactions monthly. Plus, volume discounts don’t kick in until businesses are processing more than $1 million in card transactions each year. In addition to supporting standard retail stores and e-commerce businesses, the company also works with high-risk businesses in a range of industries, including nutraceuticals, CBD, lending and gambling.
The credit card processing company doesn’t charge extra fees for PCI compliance, setup or fraud protection tools. Next-day deposits are included, and businesses can access same-day deposits for an additional fee.
Finix is best for businesses that:
- Want transparent interchange-plus pricing: In exchange for a monthly subscription fee, Finix charges interchange fees plus a small additional fee. In addition to passing interchange savings to the business, the company gives a detailed breakdown of each transaction’s processing fees. Alternatively, flat-rate processors don’t pass interchange savings to the merchant and don’t typically disclose how processing fees are distributed.
- Process a high volume of transactions: To offset Finix’s monthly subscription fee, businesses should process at least $5,000 in card payments per month. Your business is eligible for volume discounts when it begins processing more than $1 million in card transactions annually.
Deciding factors
Payment processing model | Subscription-based. |
Payment processing fees |
|
Monthly fee |
|
Hardware cost | Finix offers a variety of handheld terminals, card readers and keypads. Additional options are quote-based.
|
Contract length | No long-term contracts. |
Customer support |
|
Where Finix stands out
No long-term contracts
Unlike some of its competitors, Finix doesn’t make businesses sign long-term contracts to lock in low markups. NerdWallet readers can also try it out for a month to make sure it’s the right fit before you start paying for a monthly subscription.
Subscription-based model
Though flat-rate payment processing is straightforward and makes it easy to predict processing costs, it’s often not the most cost-efficient pricing model. This is especially true for higher-volume businesses. Finix’s subscription model helps these businesses save money by keeping processing fees slim in return for a monthly subscription fee.
Transparent fee breakdowns
For each completed transaction, Finix shows you how much your business paid in processing fees and how those fees are being allocated. You can also save custom reports to your dashboard, choose from a variety of filters and view your most profitable types of transactions. This level of transparency is ideal for business owners who want to dig into their processing fees and figure out ways to save further.
Where Finix falls short
Limited POS hardware options
Finix’s POS hardware options mostly consist of handheld credit card terminals and countertop card readers with keypads. The company doesn’t sell full countertop POS register setups with touchscreens, cash drawers or receipt printers. While integrations with these systems may be possible, the process adds another step for the business owner.
Lacks direct accounting software integrations
Finix integrates with a variety of e-commerce platforms and shopping carts, like WooCommerce, BigCommerce and Magento. However, it doesn’t integrate with popular accounting software products, like QuickBooks Online or Xero. This means you’ll likely need to manually export your payments data to your accounting system, which isn’t convenient.
Alternatives to Finix
Square
Why we like it: Square is a flat-rate payment processor with a variety of POS hardware options, including mobile card readers, handheld terminals, countertop POS registers, cash drawers, receipt printers and barcode scanners. The company offers free POS software, too, and can be a simple solution for lower-volume businesses that need a full countertop POS register setup. Read our full Square review.
- $0 for Square POS, Restaurant, Retail and Appointments Free plans.
- $29 for Square Appointments Plus plan.
- $60 for Square Restaurant Plus plan.
- $69 for Square Appointments Premium plan.
- $89 for Square Retail Plus plan.
- $192 and up for Square Restaurant Essentials Bundle.
- Custom pricing for Square Retail Premium plan.
- 2.6% plus 10 cents for in-person transactions.
- 2.9% plus 30 cents for online transactions.
- 3.5% plus 15 cents for manually keyed transactions.
- 3.3% plus 30 cents for invoices.
- $0 for Square magstripe-only card reader ($10 for each additional reader) or if using Tap to Pay for iPhone (iPhone not included).
- $49 and up for Square Reader contactless and chip card reader.
- $149 for Square Stand iPad POS or Square Stand Mount (iPad not included; monthly financing available).
- $299 for Square Terminal mobile card reader with built-in printer (monthly financing available).
- $799 for Square Register two-screen system (monthly financing available).
Helcim
Why we like it: Unlike flat-rate processors, such as Square, Helcim uses an interchange-plus pricing model that passes interchange savings along to the merchant. Its processing fees aren’t as low as Finix’s rates, but it doesn’t charge a monthly subscription fee. It also offers volume discounts to businesses processing more than $50,000 in card transactions each month. Read our full Helcim review.
$0.
- Interchange plus 0.4% and 8 cents per in-person transaction (if $50,000 or less in monthly card transactions).
- Interchange plus 0.5% and 25 cents per online or manually keyed transaction (if $50,000 or less in monthly card transactions).
- 0.5% plus 25 cents for ACH payments.
- $99 for a mobile card reader (with stand).
- $329 for a stand-alone terminal with built-in thermal printer.
Learn more
on Finix's website
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.
