Merchant credit card service companies are an important part of the credit industry. They serve as middlemen between merchants, retailers, wholesalers and other businesses who accept credit cards as payment for goods and services, and the banks and other financial institutions that maintain consumer credit accounts.
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There are hundreds of merchant credit card companies in the United States today! They service the needs of hundreds of thousands of businesses by smoothly and efficiently processing millions of consumer credit transactions each day.
Merchant credit card companies most often charge flat fees and a small percentage of each credit card transaction for their services. While these fees may seem small, they can quickly add up for a vendor who handles a large number of credit and debit transactions.
What are the top merchant credit card companies?
According to the Internet based website Top Ten Reviews, the best merchant credit card company five years in a row, and its 2012 Gold Award winner, is Flagship Merchant Services.
Flagship Merchant Services offers free applications and low fees in a completely paperless environment! They also enjoy a 98% approval rating from its broad customer base. A free quote can be obtained by calling toll free, 888-382-9179 or by visiting their website. The Better Business Bureau gives Flagship a very high “A” rating. The only negative is that Flagship is only available to U.S. based businesses and currently doesn’t offer international services.
Number two on the top ten list is Merchant Warehouse. The slogan featured on their website is, “105,000 customers can’t be wrong!” Merchant Warehouse is known for their high approval percentage and excellent customer service. They offer affordable start up options with competitive rates and additional discounts for Internet based businesses. This silver award winning company enjoys a 99% customer approval rating.
In third place for 2012 is National Bankcard. National offers incredible rates, as low as zero percent and 25 cents per transaction! Each credit card customer gets a free terminal backed by National’s guaranteed customer service and support. No contracts are required, nor are there any set-up fees or cancellation fees. With National Bankcard, there are no financial risks and service may be cancelled at any time. Once again, the only downside is that service is limited to customers in the United States.
Leaders Merchant Services offers customized solutions to its many business clients. If they can’t beat a competitor’s price, they will pay you $500! They offer low rates with no start-up costs, but as of yet, do not have an online application.
Number five on the top ten review list is Chase Bank and its Paymentech merchant service program. Because Chase has a large national presence with its many branches, Paymentech offers more personalized service, assigning an individual representative to each business client. Chase Paymentech gives its clients many payment options and includes all types of credit cards:
- Electronic funds transfer (EFT)
- Benefit cards (EBT)
The one negative with this service is that Chase appears to give preferential treatment to its banking customers.
The rest of the top ten include:
- Merchant One, known for approving applications the same day and its great customer service
- The Transaction Group, competitive rates without long term contract agreements
- Merchant Accounts Express, low overall credit card processing rates and high customer approval ratings
- Electronic Transfer Inc, able to set up new clients in a single day
- goEmerchant Merchant Accounts, no annual contracts, low costs, easy set up for online merchants
What are some other merchant card companies?
TopTenReviews provides comprehensive survey information on its top twenty merchant credit card companies. Numbers 10 thru 20 include:
- First Data
- Free AuthNet
- Merchant Credit Card
- E-Commerce Exchange
- Total Merchant Services
- Internet Media Solutions
- iTransact Inc
- U.S. Merchant Systems
Where else can I get information about merchant credit card companies?
Additional information about merchant credit card services can be found in a variety of web-based financial magazines such as Forbes, who in 2007, published an article giving advice on how to save on credit card processing fees,.
Websites like TrustLink, also provide informative reviews of merchant credit card service providers.
When considering any online credit cards, it’s always best to use a tool like our credit card finder.