Compare Merchant Services Providers
How to Compare Merchant Service Providers for Your Business
Learning how to Compare Merchant Services Providers involves more than looking for the lowest advertised processing rate. Pricing matters, but so do equipment costs, monthly fees, funding, payment technology, contracts, reporting, and the support you'll receive after your merchant account is opened.
Soltis Merchant Services helps business owners understand the complete picture before choosing a payment processing provider. Whether you're comparing your current processor with another company or opening your first merchant account, we'll help you evaluate the factors that can actually affect your business.
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What Should You Compare Between Merchant Services Providers?
An online merchant services comparison can be a useful starting point, but advertised rates rarely tell you everything you need to know.
When comparing providers, consider:
- Processing Pricing: Understand how transaction costs are calculated
- Monthly Fees: Review recurring account and software costs
- Equipment: Determine whether you're purchasing, leasing, or receiving equipment
- Funding: Understand when processed funds are expected to reach your bank
- Contracts: Review the agreement and any applicable cancellation terms
- POS Options: Make sure available technology fits your type of business
- Reporting: Consider how easily you can monitor transactions and deposits
- Support: Know who you'll contact when you actually need assistance
- Chargebacks: Understand what support and tools are available for disputes
Two providers advertising similar rates can ultimately deliver very different overall costs and experiences.
Local Merchant Services Provider vs. Large Processing Company
Working with a local merchant services provider can offer something that's difficult to measure with a percentage alone: a direct relationship.
Large processing companies can provide capable technology, but some small business owners prefer having someone they know who can help them understand their account, equipment, pricing, or processing questions.
Soltis Merchant Services combines that personal approach with payment technology capable of supporting businesses across the country.
You aren't limited to outdated technology simply because you want personal service. The goal is to provide modern processing capabilities while maintaining a relationship with the businesses we serve.
Compare Merchant Account Services by Total Cost
When you compare merchant account services, don't automatically choose whichever company advertises the smallest number.
Merchant processing statements can contain multiple types of costs. Depending on the pricing structure and account, these may include processing charges, monthly costs, software fees, equipment expenses, and other applicable charges.
The better question is:
What will my business actually pay to accept credit cards?
Understanding your total processing cost provides a much stronger comparison than looking at a single advertised percentage.
Cheap Merchant Account Providers Aren't Always the Cheapest
Searching for cheap merchant account providers makes sense. Every business wants to control expenses.
But the cheapest advertised offer isn't necessarily the lowest-cost option once everything is included.
A low headline rate can be much less meaningful if the complete processing setup includes other costs you weren't considering.
That doesn't mean every inexpensive offer is misleading. It simply means businesses should evaluate the complete pricing structure before making a decision.
The goal should be finding competitive overall pricing with the technology and support your business needs, not simply chasing the smallest number in an advertisement.
Calculate Your Effective Processing Rate
Your effective processing rate can help you better understand your current payment costs.
A simple way to estimate it is:
Total processing costs ÷ total card processing volume × 100
For example, if a business processes $20,000 and its total processing costs are $700, its effective processing cost would be approximately 3.5%.
Looking at the effective cost can make it easier to compare your current merchant services provider with another proposal.
However, the complete statement and pricing structure still matter because card mix, transaction types, and other factors can affect processing costs.
Get a Free Merchant Processing Statement Review
One of the easiest ways to Compare Merchant Services Providers is to start with your existing processing statement.
Soltis Merchant Services offers a free statement review for businesses already accepting cards.
We'll review your current processing costs, help calculate your effective rate, explain the fees we're seeing, and determine whether there may be an opportunity to improve your setup.
There is no obligation to switch processors because we reviewed your statement.
Even if your current pricing is competitive, you'll have a clearer understanding of what you're paying.
Compare Payment Equipment and POS Systems
Pricing isn't the only difference between providers.
Your payment technology should also fit the way your business operates.
A contractor may need mobile payments and invoicing. A retailer may want inventory management. Restaurants often require specialized food-service capabilities. Other businesses may only need a dependable countertop terminal.
Depending on your requirements, Soltis Merchant Services can help you evaluate North-supported solutions including:
- PayAnywhere: Flexible payment acceptance and business management capabilities
- Mynt POS: POS functionality for businesses requiring a more complete checkout environment
- HotSauce POS: Restaurant and food-service POS capabilities
- Korona POS: Strong retail, inventory, reporting, and multi-location capabilities
- Kwick POS: Another available POS option for applicable business environments
- Payments Hub: Online account tools that can support functions such as reporting and remote payment management
We focus on matching the technology to the business rather than recommending the same system to every merchant.
Compare Traditional Processing and Cash Discounting
Pricing structure is another major consideration when comparing providers.
Traditional merchant processing may make sense for many businesses. Other merchants may want to explore a properly structured cash discount program designed to offset eligible card processing costs.
Neither structure should automatically be considered better for every business.
Average transaction size, processing volume, industry, customer expectations, and business goals should all be considered.
Soltis Merchant Services can help you compare the options before deciding which structure makes the most sense.
Don't Ignore Merchant Services Support
Support becomes much more important when something goes wrong.
If you have questions about a deposit, transaction, chargeback, equipment issue, or account setting, you need to know where to turn.
That's one reason some businesses prefer working with a local merchant services provider rather than choosing solely based on an online advertisement.
Soltis Merchant Services focuses on giving merchants a direct relationship alongside the broader processing and technology infrastructure available through our payment partners.
Online Merchant Services Comparison Checklist
Before choosing a provider, ask these questions:
- What will my total processing costs look like?
- What monthly or recurring costs apply?
- What equipment will I receive?
- Are there hardware or software costs?
- How does funding work?
- What POS or payment technology is available?
- What reporting tools will I have?
- Who handles support?
- What happens if I have a chargeback?
- What are the terms of the merchant agreement?
- Can the system support my business if it grows?
Getting clear answers to those questions makes an online merchant services comparison significantly more useful.
Compare Merchant Services Providers with Soltis Merchant Services
The best way to Compare Merchant Services Providers is to evaluate the complete relationship—not one advertised rate.
Look at total processing costs, equipment, technology, funding, reporting, agreement terms, and support. If you're already processing cards, your existing merchant statement provides a valuable starting point for making an accurate comparison.
Soltis Merchant Services can review your current setup and help you compare merchant service providers based on your actual processing numbers and business requirements.
Start with a free statement review and find out how your current provider really compares.
Call (440) 570-9355 or Contact Us or Get Started Today!