Small Business Guide to Choosing the Right Payment Processor

Online transactions, payments, and billing processes continue to grow in popularity, and frustration, this year. But which payment processor is right for your small business?

Things to Consider When Choosing a Payment Processor

There are many high-view functions and things you need from your ACH provider. A lot of payment processors, from large outfits that Amazon uses to mom-and-pop shop solutions like Square and PayPal, will have these functions at different scales based on what they think your business will need.

But let’s narrow our view to some considerations you will need to make when choosing which payment processor best suits your business.


In the past, payment processing providers encouraged long-term contracts, but as the technology changes and small businesses have more tools available to them, this has changed.

Today, most payment processing providers offer month-to-month payment options, but it’s wise to check so you aren’t surprised if the provider presents you with a three- or five-year contract.


The good thing about having multiple options for payment processing is that you can find exactly what you need for your business without paying for extras you won’t use. But that also means the cost and fees associated with each payment processor can vary.

Typical credit card processing fees range from 1.7% to 3.5%, and there can be small monthly fees, transaction, incidental, and early termination fees also attached to your payment processor.

Payment Types

Credit card payments are just the tip of the iceberg with online transactions. Another important feature to look for in your search for the best payment processor is the integration and inclusion of a variety of payment types.

Some key questions to ask may be: does the processor accept different international currencies? Are mobile wallet payments accepted? Are there integrations for PayPal or other specialized payment software?


Payment processors employ a host of technologies that can add value to your business. If you have brick-and-mortar locations, your processor would need things like a credit card terminal, a point-of-sale system, and mobile/tablet readers for on-the-move transactions.

Another good piece of information to have is what type of payment gateway is being used. Payment gateways encrypt sensitive financial data, and some payment processing providers come with their own payment gateways, and others use a third-party gateway.

It’s time to upgrade your payment systems. ReliaFund’s ACH processing software and other payment processing services offer powerful features and payment flexibility for your business. Contact us to learn more.

Small Business Guide to Choosing the Right Payment Processor