5 Best Retail Payment Processors 2022

As the internet turns more and more towards digital purchases, retailers have to upgrade their payment processing systems. The industry is in a transitional phase as some providers are being replaced with new ones offering faster transactions. Here are 5 payment processors that will be on top of the list for retail by 2022.

The “credit card processing” is a payment method that allows consumers to purchase goods and services. The 5 best retail payment processors in 2022 are Square, Stripe, PayPal, Worldpay, and Adyen.

Retail credit card processors allow physical stores to accept payments over a secure and reliable interface with minimal processing costs and quick deposits. The top processors provide adaptable solutions, allowing shops to take payments at the register, on the move, on the sales floor, and via an online store. Small companies need a system that is simple to use, integrates with common point-of-sale (POS) systems, and provides excellent customer service.

The finest credit card processing firms for retail are:

• Helcim is the best retail payment processor in the world.
• Square is the best payment processor for small companies and mobile payments.
• Depot for Payments is ideal for mid- to high-volume merchants that want minimal processing fees.
• CDGcommerce is the best option for high-ticket products and B2B sales.
• Data on the Payline: The best processor for small and medium-sized businesses

If you’re looking for a high-risk processor, you’ve come to the right place. You may require a high-risk merchant account provider if you sell CBD/cannabis products, alcohol, cigarettes, or guns, or if you offer gaming, travel, or legal and financial services. PaymentCloud comes highly recommended.

Comparison of the Top Retail Payment Processors

Helcim is the best retail payment processor in the world.

Helcim

4.51 OUT OF 5 STARS FOR THE OVERALL PERFORMANCE

What We Enjoy

• Low account fees and transaction costs that include interchange
• There are no long-term contracts.
• Excellent customer service available 24 hours a day, 7 days a week
• Includes tools for setting up an online shop and setting up recurring billing.

What Isn’t There

• For low-volume firms (under $5,000 monthly), it’s too expensive.
• Doesn’t help high-risk businesses.

Pricing at Helcim

• There are no monthly costs.
• Fee for in-person transactions:
  • Interchange + 0.30 percent + 8 cents for amounts between $0–$25,000: interchange + 0.30% + 8 cents and $25,000.
  • Interchange + 0.25 percent + 7 cents for amounts between $25,001 and $50,000
  • Interchange + 0.20 percent + 7 cents on $50,001–$100,000
  • 0.18 percent + 6 cents on $100,001–$250,000
• Fee for online transactions:
  • Interchange + 0.50 percent + 25 cents: $0–$25,000: interchange + 0.50% + 25 cents–$25,000
  • Interchange +0.45 percent + 20 cents for amounts between $25,001 and $50,000
  • Interchange + 0.40 percent + 20 cents = $50,001–$100,000
  • Interchange + 0.30 percent + 15 cents on $100,001–$250,000
• Fee for chargeback: $15 (refunded if you win the dispute)
• There is no cancellation charge.
• Swiped, tapped, dipped, and mobile credit and debit card payments, mobile wallets, invoices, card-on-file, recurring subscriptions, and EFT/ACH payments are all accepted.

Helcim is a Canadian credit card processing and merchant services firm. This processor provides independent merchants with reasonable interchange-plus processing rates as well as automated volume savings, ensuring that you always receive the best deal.

Enrollment is easy—just complete a simple online form and get started right away. With There are no long-term contracts. or cancellation fees, there is no risk of opening an account. Helcim also offers free tools for point of sale, invoicing, online store, customer management, recurrent billing, and a virtual terminal to support a variety of business types.

In our payment processor ranking, Helcim received a 4.51 out of 5 rating. It gained marks for the large number of free tools offered and the availability of customer service 24 hours a day, seven days a week. It was chastised for having limits with offline payments and charging a low $15 chargeback cost (the industry norm is $25). However, certain processors, such as Square, do not charge these fees, and our scoring system reflects this. Helcim is a wonderful match for any firm that isn’t high-risk.

Helcim’s Unique Selling Points

Helcim is a very user-friendly processor with prices that suit all but the tiniest enterprises (if you process less than $5,000 per month, Square is a better option). We particularly enjoy the fact that as your processing volume grows, your charges automatically decrease.

Merchants do not need to contact Helcim to renegotiate pricing; the lowest rate available will be automatically applied. It publishes the prices of in-person and online transactions for companies that handle more than $5 million in a given month. So, regardless of the size of your company, you’ll never have to negotiate with a sales agent to ensure you’re receiving the greatest deal.

The following are some of Helcim’s notable features:

• Free POS module: Your Helcim account comes with a free POS module. You can keep track of your goods, manage your customers, generate unique discount coupons, and establish an infinite number of user profiles with different access levels. The Helcim POS works with existing hardware, such as a desktop computer, tablet, or smartphone. If you wish to compare a comparable system and processor, Square also provides a Free Retail POS.
• Your Helcim account comes with a free, integrated online shop (like competitor Square). This website is a great way to increase online sales of shipping goods or BOPIS items.
• Customers may produce invoices for one-time sales or recurring subscriptions in Helcim. You may save client payment information and use it to pay bills and subscriptions with a card on file, or you can send an email or SMS text message with a payment link to request payment. Helcim will issue payment reminders for past due bills automatically until they are paid.
• Helcim works with a wide range of accounting, billing, and shopping applications and platforms, including QuickBooks. Merchants may easily simplify operations and connect with online purchasing tools as a result of this.
• Helcim provides robust customer service 24 hours a day, 7 days a week by phone, email, and an online contact form. By giving your contact information and preferred callback time, you can also request a callback from a Helcim representative. Current and potential users may utilize the platform’s vast Support Center to search for particular subjects.

Read our whole Helcim review to learn more about what this processor has to offer.

Square: Best for Mobile Payments & Microbusinesses

Square

4.49 OUT OF 5 STARS FOR THE OVERALL PERFORMANCE

What We Enjoy

• Flat-rate pricing is simple to grasp.
• Even the tiniest enterprises are supported.
• Includes free e-commerce and point-of-sale software.
• Readers with low-cost smartphones are quite mobile.

What Isn’t There

• It’s tough to get in touch with customer support.
• For high-volume shops (above $100,000 per month), it is not the most cost-effective option.

Pricing in Squares

• There are no monthly costs. for payments; if you opt into higher tiers of POS service you’ll incur monthly fees
• Fee for in-person transactions: 2.6% + 10 cents
• Transaction fee for online and invoicing transactions: 2.9 percent + 30 cents
• Transaction charge for cards on file: 3.5 percent + 15 cents

For merchants that handle more than $250,000 per year, custom pricing are available.

• There is no chargeback cost.
• There is no cancellation charge.
• Dipped, swiped, tapped, mobile and online credit and debit card payments, mobile wallets, card-on-file, invoicing, and recurring payments are all acceptable payment methods.

Square is a San Francisco-based digital payments startup. It has been a strong promoter of independent small companies since its launch in 2009, allowing everyone from amateurs to brick-and-mortar retailers to take card payments with ease. Square, like Helcim, features a free online shop and POS software. Square, unlike Helcim and the other companies on our list, is user-friendly for even the tiniest businesses. It is your best choice for payment processing if you handle less than $10,000 per month.

On our payment processor score methodology, the platform earned a 4.49. It was praised for its straightforward flat-rate pricing, the absence of long-term contracts and chargeback fees, and the availability of free online shop and POS capabilities. Only for charging monthly fees or higher processing rates for invoicing and card-on-file tools, as well as having difficult-to-reach customer support, did it lose points. However, if you’re willing to study its extensive customer knowledgebase, you can typically find solutions to any queries you have.

Characteristics of a Square

Square is really simple to use—all you have to do is create a free Square account and purchase a card reader. It will give you a complimentary magstripe reader that you can use in your smartphone or tablet; extra magstripe readers may be purchased for $10 apiece. For $49 apiece, you can get a contactless or NFC card reader, or for $199, you can have a portable Square Terminal with a built-in receipt printer.

Small independent retailers will benefit greatly from this method. While Square provides volume savings to firms that handle more than $250,000 per year, these organizations may be able to get better deals elsewhere.

The following are some of Square’s notable features:

• Square is the only processor on our list that does not charge a fee for chargebacks. To utilize Square’s payment platform, you just have to pay a flat-rate transaction cost. So, if there’s a disagreement, you’ll only lose money if you lose the dispute with the card issuer. You will not be charged any extra fees by Square.
• Square’s Dispute Resolution Team contacts the merchant and populates their user dashboard with essential information whenever a cardholder starts a payment dispute or chargeback. The merchant then uploads the required documents, which Square sends to the customer’s bank and tells the merchant when the problem is rectified.
• Square Online Shop: Square, like Helcim, offers a free online store with all memberships. By following the Square setup tutorial, you can set up your Square Online shop in a single afternoon and begin taking online orders. You may include a Square payment link on your website if you already have one.
• Square Invoices: With Square Invoice, you can send and receive digital invoices and payments. Payment requests may be sent by email, SMS text message, or a shared link. There are no monthly costs with the free Square Invoice tool; all you pay is a slightly higher transaction charge (2.9 percent + 30 cents). You’ll need a Plus subscription, which costs $20 a month, if you wish to build and utilize custom invoice templates or add custom invoice fields.
• Multiple POS formats: Square, like Helcim, has an integrated POS system. There are no monthly fees or long-term obligations with the Free subscription. Users may pick between a free POS designed for retail firms (Square for Retail) or a restaurant POS (Square for Restaurant) (Square for Restaurants). For $60 per month, each POS system also provides higher-level subscription levels with extra capabilities if you need them.
• Hundreds of third-party integrations are available in the Square App Marketplace to help you run your company. Accounting connectors such as Xero and QuickBooks Online, as well as additional inventory capabilities and ecommerce integrations such as WooCommerce, are available.

Depot for Payments: Best for Mid- & High-volume Merchants Wanting the Lowest Processing Rates

Depot for Payments

AVERAGE RATING: 4.18 OUT OF 5

What We Enjoy

• Model of low-cost, membership-based pricing
• There is no need for a contract.
• SMS text payments are supported.
• POS and ecommerce connections are extensive.

What Isn’t There

• Seasonal and low-volume businesses may find it costly.
• According to some users, the UI has a steep learning curve.
• A unique quotation is required for any hardware costs.

Depot for Payments Pricing

• Fees per month:
  • $79 for a starter
  • The most popular price is $99
  • $199 for an enterprise.
• Fee for online transactions:
  • Interchange + 15 cents as a starter
  • Interchange + 10 cents is the most popular option.
  • Exchange + 7 cents for business
• Limitations on processing:
  • Starter: $50,000 per month
  • The most popular option is to pay up to $150,000 every month.
  • $300,000+ per month (enterprise)
• Fees for chargebacks aren’t made public.
• There is no cancellation charge.; but a cancellation takes 30 days to process, so you’ll pay an additional monthly fee
• In-person, internet, mobile card, SMS text, mobile wallet (Google Wallet, Apple Pay), and ACH payments are all accepted.

Depot for Payments is a membership-based payment processor. The subscription format is a bit different from others on this list; users pay a The cost of a monthly membership and a flat interchange-plus rate on each transaction. The end result is that most Depot for Payments customers save hundreds of dollars per month on their transaction costs compared to other processors. This makes the platform a terrific fit for midsize merchants that receive most of their payments by card or high-volume merchants that want to save on transaction fees.

However, for small businesses, the needed monthly membership may be too expensive. Regardless of how many cards you process, you must pay the monthly charge. Small and micro-businesses that transact less than $10,000 per month will probably be satisfied with Square.

Depot for Payments earned a 4.18 out of 5 on our payment processor ranking. The low rates and lack of a long-term contract and cancellation fee earned it high marks. The variety of available hardware also stood out. However, this processor took a hit in our evaluation because it lacks business management tools that others like Helcim and Square offer. But if getting the absolute lowest processing rates is your top priority, Depot for Payments is the processor for you.

Depot for Payments Standout Features

Depot for Payments operates on Fiserv and TSYS networks and supports a wide range of card readers. You’ll find hardware options from Clover, Poynt, SwipeSimple, Dejavoo, and First Data. You’ll need to contact Depot for Payments for pricing, but whether you are looking for PIN pad readers, mobile readers, simple tap and swipe readers, or full POS systems, Depot for Payments has you covered.

Depot for Payments’s standout features include:

• Mobile payment app: Depot for Payments offers simple mobile payments through smartphones and tablets via integration with SwipeSimple. You can download the app from Google Play or the Apple App Store and accept cards manually or via the optional SwipeSimple tap, dip, and swipe card reader. Receipts are delivered by SMS text, email, or an optional remote printer. With the ability to save cards on file and spool payments in offline mode, this single integration makes Depot for Payments an excellent choice for merchants that provide services outside a traditional brick and mortar.
• Virtual terminal: With Depot for Payments’s virtual terminal, you can accept card payments via a computer or tablet you already own. You can key in cards manually, or use an optional Bluetooth-connected swipe, dip, and tap card reader.
• POS integrations: If you want a full-scale POS, Depot for Payments offers two options: Clover and Vital Select. You can purchase terminals with cash drawers and card readers directly through Depot for Payments for custom-quoted prices.
• Custom plan option: If none of the listed plans seem like a good fit for your business, you can contact Depot for Payments for a custom quote. Once you get started, all accounts come with a 90-day risk-free trial, so you test drive the system before committing long-term.

CDGcommerce: Best for High-ticket Items & B2B Sales

CDGcommerce

4.06 OUT OF 5 STARS FOR THE OVERALL PERFORMANCE

What We Enjoy

• A broad range of organizations may benefit from a variety of subscription kinds.
• The lowest costs on this list are available via wholesale pricing.
• Support for chargebacks includes dispute resolution and collection help.
• PastePay Cloud POS, Vital POS, and Harbortouch Echo are all compatible.

What Isn’t There

• PastePay registration is required for invoicing and card-on-file payments, which costs an extra $79 per month.
• All monthly payments for wholesale customers must be paid in one single amount each year.
• Doesn’t offer POS hardware directly; you’ll have to get it from a third-party vendor.

CDGcommerce Costs

Flat-rate, Interchange-plus, and Wholesale charge structures are all supported by CDGcommerce.

• Fees at a Fixed Rate:
  • 2.75 percent + 30 cents in person and on mobile
  • 2.90 percent + 30 cents online
• Fees plus exchange:
  • Interchange + 0.30 percent + 15 cents online
  • Interchange + 0.25 percent + 10 cents in retail
  • Interchange + 0.20 percent + 10 cents for non-profits
• Wholesale:
  • See the features section for further information.
• Fees for chargebacks aren’t made public.; some sources list a $25 chargeback fee
• There is no cancellation charge.
• Swiped, dipped, taped, mobile credit and debit cards, mobile wallets, invoicing, card-on-file, recurring, and ACH payments are all accepted.

CDGcommerce is a payment processor with a variety of membership options. Users may select between a flat-rate cost model (like Square), interchange-plus pricing, or a wholesale model that combines a monthly fee with reduced interchange-plus rates. These choices guarantee that you obtain the best pricing based on your sales volume and client type.

The wholesale option, in particular, is ideal for jewelry businesses or car dealerships that offer a limited quantity of high-priced products. Even if companies lose a chargeback dispute, the integrated Chargeback Collector tool aids high-ticket firms in collecting any money due.

Based on our assessment criteria, the system received a 4.06 out of 5 rating. It scored high scores for its pricing and contract conditions, but it lost points since key functions, such as card-on-file payments and invoicing, need PastePay registration.

Also, CDGcommerce’s low-cost wholesale subscriptions require you to pay subscription fees in one annual lump sum. Depot for Payments uses a similar pricing structure (and its pricing is slightly higher), but its customers have the option of month-to-month payments.

Standout Features of CDGcommerce

CDGcommerce includes a number of features that small shops would like. The Wholesale subscription option is one that really sticks out. Users may lock in low interchange-plus transaction rates for a modest monthly membership price.

These fees are slightly lower than those of competitor Depot for Payments. CDGcommerce also includes a lower-priced Basic tier that can support smaller merchants. However, users should be aware that, unlike Depot for Payments, CDGcommerce requires monthly fees to be paid in a single annual sum. But if you don’t mind the lump-sum payment, you can lock in the lowest possible processing rates. This is especially helpful if your business sells high-value items or if you provide large wholesale orders to other businesses.

The following are some of CDGcommerce’s notable features:

• Chargeback help and fraud protection: When a chargeback dispute is filed, CDGcommerce will send you an email to let you know so you can prepare your answer. Representatives from CDG will assist you in gathering material in order to build the best case possible to win the dispute.
• Chargeback collection: Even if you lose a chargeback dispute, you may still be able to recover the funds from the transaction as a merchant. CDGcommerce provides collections services to assist you in locating these cash. The collection tool is free to use; you will not be charged if no money is collected, however any monies recovered will be divided 50/50 with the collection agency (which is better than nothing).
• CDGcommerce, like the other companies on this list, enables invoicing, card-on-file payments, and recurring payments. CDGcommerce’s invoicing and card-on-file capabilities need enrollment in its PastePay Cloud POS module (an extra $79 per month plus 25 cents per transaction), which costs an additional $79 per month plus 25 cents per sale. Check out Square if you’re looking for free or low-cost invoicing software.

Data on the Payline: The best processor for small and medium-sized businesses

Data on the Payline

4.04 OUT OF 5 STARS FOR THE OVERALL PERFORMANCE

What We Enjoy

• There are over 200 ecommerce connectors available.
• Pricing is open and clear.
• There are no long-term commitments or cancellation fees.

What Isn’t There

• The cost of a monthly membership
• There isn’t a built-in internet shop.
• A monthly fee of $10 is charged for the virtual terminal.

Data on the Payline Pricing

• Fees per month:
  • $10 for in-person transactions
  • $20 for online transactions
• Fee for in-person transactions: Interchange + 0.20% + 10 cents
• Online & invoice transaction fee: Interchange + 0.40% + 20 cents
• The chargeback cost is $25.
• There is no cancellation charge.
• Swiped, dipped, and tapped credit and debit cards, HSA/ FSA cards, ACH transfers, card on file, invoicing, and recurring payments are all accepted.

Payline is a merchant services provider that offers solutions for in-person, online, mobile, invoice, and recurring payments. Its pricing structure starts with a low monthly fee for in-person and online payments, ensuring that small businesses and startups don’t pay for payment types they won’t use. The interchange-plus transaction fees are also comparatively low, making this processor attractive to businesses processing less than $250,000 annually. Businesses that process more than that will likely find more savings with a provider like Depot for Payments.

This CPU received a 4.04 out of 5 rating in our testing. We loved the virtual terminal alternatives and automatic recurring payments, and it performed well in terms of pricing. Payline, on the other hand, lost some points since it did not have an integrated online shop. While it supports a number of popular ecommerce platforms, we believe Square and Helcim’s integrated and fully hosted online storefronts are more convenient for small company owners.

Data on the Payline Standout Features

Payline combines low monthly fees with low interchange-plus rates to create an affordable processing solution for small to midsize businesses. The built-in tools are especially useful for service-based businesses that send invoices or have a subscriber-based customer model. The recurrent billing tools are easy to use with some nice automation features. But if your business is high-volume, you can likely get lower rates from Depot for Payments.

The following are some of Payline’s notable features:

• Payline connects with major ecommerce systems such as Shopify, WooCommerce, BigCommerce, Magento, and others, allowing you to use whichever ecommerce tools you choose while still using your Payline account. You can develop further integrations utilizing the open application programming interface (API) to build a bespoke integration solution if you have the technical know-how (or an employee who does).
• Payline interacts with a variety of point-of-sale systems to help companies of all sizes. The cloud-based Clover and Vend connections will be preferred by small, independent retailers. The NCR Silver or Oracle/MICROS systems will better serve midsize to enterprise-level enterprises.
• Payline accepts invoice payments, with choices for full payment or scheduled partial payments until a project or service is completed. Payline bills are issued through email or paid using a secure payment link on your website; at this time, SMS text invoice payments are not supported by Payline. Check out Square or Helcim if this is a feature you need.
• Payline’s recurring billing module is one of the most automated on this list. You may set up your system to send clients monthly bills or set up a billing schedule so that customer charges are automatically paid using the card on file.
• Payline, like the other companies on this list, has a virtual terminal where clients may manually enter credit card information for phone, mail, or invoicing orders. To host your virtual terminal, you may use CardPointe, NMI, Transax, or Authorize.net gateways. Each one has its own set of reporting and customer service tools.

The Methods We Used to Assess Retail Payment Processors

Retailers want a merchant services provider with cheap transaction rates, a variety of payment alternatives, and a quick response time. To find the best solutions for diverse retail enterprises, we compared hundreds of processors and rated their total cost, in-person and online functionality, and possible integrations. We also took into account customer service hours and deposit speed to ensure that consumers have access to the resources they need to start and run a retail company.

Helcim is the top overall retail credit card processor, according to our research, achieving a 4.51 out of 5 on our ranking methodology. It provides interchange-plus pricing, QuickBooks connectivity, payment acceptance options for practically every payment method, and 24/7 support. It has no long-term commitments or cancellation fees, and it integrates with a variety of major retail applications.

Please see the tabs below for a complete list of our assessment criteria:

30%

Features of Payment Processing

25% of the overall score

Processors that don’t demand a long-term commitment, don’t charge a cancellation fee, provide free or low-cost chargebacks, and don’t have monthly minimums received bonus points. We also looked at each processor’s overall openness and affordability. For example, we only examined processors that make their price available to the public so that clients may know when they are receiving the greatest deals.

30% of the overall score

We only looked at processors that provide a wide range of options for POS, terminal, and countertop payments. Following that, processors with built-in solutions for online or ecommerce payments, invoicing, virtual terminals for mail or phone orders, mobile payments, saved or card-on-file payments, and contactless choices received points.

25% of the overall score

Retail processors with next-day or 24-hour deposits, 24/7 or dedicated customer support, free business management tools (such as chargeback monitoring, customer portals, and reporting), options for offline payment processing if an internet connection is lost, and capabilities for handling buy online, pick up in-store (BOPIS) orders and other omnichannel functionalities received bonus points.

20% of the overall score

We looked at ease of use, account stability, hardware options, online reviews, and whether or not it is compatible with popular retail POS systems, ecommerce platforms, and accounting software, in addition to overall transparency and affordability. Platforms should be easy for associates to learn and use in a fast-paced environment.

*Percentages based on total score

Conclusion

In our review of the best retail payment processors, Helcim came out on top. We liked Helcim’s flexible, straightforward pricing and large range of free business-supporting products. Its low-cost interchange-plus pricing approach is meant to expand with your company, and it provides a flexible credit processing solution for online, mobile, and in-store sales. To begin accepting payments, go to Helcim right now.

Pay a visit to Helcim.

With the “credit card processing comparison chart” you can compare 5 of the best retail payment processors for 2022.

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